Adjusted profit at Rs 10,813 crore, Jio registers 73% net growth; GRM beats estimates

Reliance Industries (RIL) on April 30 reported a consolidated profit of Rs 6,348 crore for the March quarter as it unveiled the terms of a rights issue of Rs 53,125 crore, India’s biggest, and said another Facebook-like deal for its digital unit Jio Platforms was in the works.

India's largest listed company also said Saudi Aramco’s $15-billion investment in its oil-to-chemicals business was on track. These transactions will fast track the target of achieving debt-free status ahead of the March 2021 deadline, it said.

RIL's consolidated profit dropped 45.5 percent due to the slump in oil prices triggered by coronavirus but an impressive 72.7 percent sequential growth by Jio Platforms limited the decline. Last week, Facebook picked up a 9.9% stake in Jio for $5.7 billion (Rs 43,574 crore).

The bottom line was hit by an exceptional loss of Rs 4,267 crore due to fall in oil prices and demand destruction following the coronavirus outbreak. RIL’s YoY decline in profit was 38.7 percent. The consolidated profit in the previous quarter was Rs 11,640 crore and Rs 10,362 crore in the year-ago period.

"In respect to refining and petrochemicals business, the company has determined the non-cash inventory holding losses in the energy businesses due to dramatic drop in oil prices accompanied with unprecedented demand destruction due to COVID-19 and the same has been disclosed as exceptional items," RIL said.

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Morgan Stanley bullish on US market, says recovery will be much faster in banks, consumer stocks

Morgan Stanley’s Mike Wilson expects beaten-down sectors to bounce back at a much faster rate once the US economy starts recovering from the weakness induced by the coronavirus pandemic.

"We’re bullish overall, and we just think there’s more upside in potentially some of the laggard areas," Wilson, who is Morgan Stanley’s chief US equity strategist, told CNBC.

He prefers banks and consumer discretionary stocks at the current juncture given the sharp fall in the sectors since March.

"That’s not saying anything bad about Google or the largecap growth stocks. They’re wonderful companies. They’re wonderful business models, but they just don’t have the upside potential that some of these other laggard areas do," Wilson added.

Despite his overall bullish stance, Wilson advised investors to stay away from the energy sector even though they saw historical crashes in the wake of fall in demand due to the pandemic.

"I wouldn’t recommend diving back into energy given what’s going on there in the commodity markets."

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Experts say these 7 stocks are a good long-term bet amid virus-led crisis

The market has recovered around 21 percent from lows in March but has not attained the same levels as before. Indices are moving in a range and are lacking any direction in the absence of any positive news on COVID-19 front.

"The situation is very fluid but if we are to assume that there are no large shockwaves emerging from global markets, we expect market to remain rangebound for near term till further clarity on emerging of lockdown and the coronavirus cases top out and start reducing consistently," Sumit Bilgaiyan, Founder of Equity99 told Moneycontrol.

"In case of any news in terms of sharp rise in cases globally or failure to come out with an effective medicine and vaccine the markets may witness a sharp correction. Also, further significant extension of lockdown may lead to a sharp correction," he said.

Ajit Mishra, VP Research at Religare Broking also said markets were constantly facing headwinds as the prevailing lockdown has completely derailed the economy and the news of a further delay in the stimulus package has dampened the sentiment.

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Bull or bear market: ‘Maximising returns’ may no longer be retail investor's mantra

The coronavirus-triggered fall has not only led to a sharp selloff in equity markets but also caused a major shift in the fixed-income space as well.

Post-COVID-19, while investing in stocks or fixed-income instruments, the focus will largely be on “safety of capital”, experts say.

Investors will be better off with minimum returns than trying to maximise profits, a scenario which could become a reality, experts told Moneycontrol.

“This crisis has exposed us to risks that we have been ignoring for a long time. In that sense it will definitely change our behaviour towards consumption and saving. People would probably look to have a larger safety net before spending on consumption,” Pankaj Pathak, Fund Manager, Fixed Income, Quantum Mutual Fund, told Moneycontrol.

IL&FS crisis followed by DHFL and then Franklin Templeton resulted in a loss of confidence in the debt market space.

In equity markets, sharp cuts were seen across largecap, midcap as well as smallcap spaces since the beginning of March.

The Nifty bounced back sharply after falling nearly 40 percent from record highs of January to hit a swing low around 7,500 levels in March but many individual stocks, especially in the small and midcaps space, were down more than 30 percent in the same period.

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Lockdown winners: 12 stocks turned multibaggers when market recovered 21%

The lockdown announced in March completed one-month last week. It's also been a month since the market recovery started after hitting lows in March.

On the other hand, India has not seen a decline in the number of infected cases fromCOVID-19.

Lockdown was first announced on March 25 to contain the spread of COVID-19.

After a knee-jerk reaction and hitting 2020's closing low of 7,610 on March 23 to factor in expected weakness in earnings and economy in FY21. The market has recouped 21 percent of losses since then.

The market has seen been rangebound lately with no clear direction. Some of the factors responsible for that - no vaccine found on virus yet, no trend of major decline in each day new infections, weak management commentaries after Q4 earnings, closure of schemes by Franklin Templeton fund and delay in biggest stimulus package from government though other developed nations announced trillions of dollars package to boost economy.

"The rising cases of coronavirus infections and no success in drug development so far are worrying about the markets. Investors are still struggling in evaluating the impact of coronavirus pandemic on business as companies refrain from giving guidance," Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services told Moneycontrol.

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The Market Podcast | Height of uncertainty in markets! Mihir Vora talks about pockets of value

The market seems to be taking one step forward and two steps back which suggest that there is the height of uncertainty in the market as the globe has not seen this kind of situation before and investors are taking one day at a time, Mihir Vora, Director and Chief Investment Officer of Max Life Insurance who manages an AUM of over Rs 70,000 cr.

There are two forces that are moving in the opposite direction, highlights Vora. Number one is fundamentals – we know that GDP is likely to shrink all over the world, and on the other hand to counter the slowdown we have monetary and fiscal stimulus responses from most of the large economies in the world.

Back home, the Reserve Bank of India (RBI) also initiated many steps to counter the slowdown in the Indian economy due to the COVID-19 outbreak.

The value in the market is in beaten-down sectors. “We are not talking about leverage companies or leverage stocks in the consumer discretionary space, but some of the good quality engineering cap goods companies which were beaten down in this downturn,” he said.

To that extent when economies globally and locally stabalise – we could see value unlocking in these segments, explains Vora. After being darling of investors in the past 5 years, private and public sector financial stocks could see a bounce back because the economy cannot turn around without credit growth.

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Sustainability of market rally a concern, but bet on these 4 stocks

The sustainability of the rally is a point of concern given the fact that the spread of the virus continues in a linear fashion in many parts of the world and its impact on business is getting extended. Stringent lockdown is expected to continue, distracting businesses heavily this quarter. And, the implication may get extended unless we start to get the benefit of lockdown and visible remedies in terms of control and treatment.

The market has been in a bear rally in the last one month. The Nifty50 intraday low was 7,511 on March 24 with a high of 9,391 on April 20, up 25 percent on absolute terms. The closing on April 24 was 9,154, which is up 20 percent on a closing basis.

During the week, the high volatility of crude, currencies and winding-up of MF schemes highlights the selling pressure of investors (including, corporates & retails) to reduce risky assets and go for the safety of cash.

Similar tactics were seen in the equity market, wherein India's main indices corrected by 40 percent. Now, we are seeing a second wave of correction in the financial market, which may impact equities in the future.

Having said that, the market still believes the world will win the situation and hoping that the economy will open by June-end. In that case, if this thesis is still correct that to see reversal in business post June, then the low in equity is intact in place.

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All you need to know about winners and losers in a post-lockdown stock market

COVID-19 pandemic and the subsequent economic lockdown has shaken up, among other things, many a rule of the stock market investment. The unforeseen episode has amplified the hitherto overlooked risk factors for investors as they scramble to retool their strategies to deal with investment dangers lurking ahead.

There are no two opinions that right-minded policy actions can, to a great extent, mitigate/offset the second-order impact - economic cost – of the COVID-19 pandemic and the subsequent 'Great Lockdown'.

On its part, the Reserve Bank of India (RBI) is doing 'whatever it may take' to keep the systemic liquidity in the comfort zone while supporting growth.

All eyes are now on the Finance Ministry which is expected to come out with a constructive stimulus package any time soon to revive effective demand to set the wheels turning for the economy.

Interestingly, the virus has done what was once unthinkable by putting everybody on the same page when it comes to rolling out active and unconventional policies to kick-start economic growth.

Therefore, it is only natural to expect that the Government and the RBI will play active roles in supporting growth through necessary fiscal and monetary measures going forward.

This, in turn, would shape/shift investors’ behaviour towards several sectors shaping new investment themes. Here is our forecast on emerging investment themes and sector rotation based on a deep dive into 

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The Market Podcast | Market forces to blame for Franklin Templeton fiasco; says Vaibhav Sanghavi

Franklin Templeton winding down of six of its credit strategy-oriented debt mutual fund schemes weighed on investor sentiment on Friday, but investors should not look the event in isolation as market forces are to be blamed for the fiasco, Vaibhav Sanghavi, Co-CEO, Avendus Capital Alternate Strategies told Moneycontrol.

In a special ‘Market Podcast’ with Moneycontrol, Sanghavi highlighted the management of Franklin has acted in the interest of the investors and that is why they have taken these steps.

“We need to see some sanctity in the debt market the way papers are traded, and for long term basis I would recommend the regulator to increase the ambit of investors who can invest into this debt market,” he said.

“This would help bring in more liquidity into debt markets. What it would do is that in case these kinds of things occur, investors can get an easy exit without disrupting the supply to a great extent,” highlights Sanghavi.

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Trade Setup for Friday: Top 15 things to know before Opening Bell

Benchmark indices rallied for the second consecutive session in a row on April 23 with the Sensex closing 484 points, or 1.54 percent, higher at 31,863.08 and Nifty settling 127 points, or 1.38 percent, up at 9,313.90.

Experts said rotational buying in select heavyweights is helping the index but the upmove lacks decisiveness even as hopes of government stimulus is underpinning the sentiment.

"Hopes are high that the government will soon be announcing the second round of stimulus and that would be a comprehensive one and any disappointment from that front could also push the markets lower. At the same time, an increasing number of COVID-19 cases as well as muted corporate earnings would further impact investor’s sentiments. We reiterate our cautious stance and suggest focusing more on risk management aspects," said Ajit Mishra, VP - Research, Religare Broking.

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RIL shares extend rally to 12% on Facebook deal

Reliance Industries (RIL) share price extended rally to 12 percent in afternoon on April 22 after social media giant Facebook announced an investment in the company's telecom unit. Facebook has bought a 9.9 percent stake in Reliance Jio for USD 5.7 billion (Rs 43,574 crore) in the telecom unit of RIL. This deal gives the social media giant a firm foothold in a fast-growing massive market and helps the Indian oil-to-telecom conglomerate to significantly cut debt.

Reliance Industries, Jio Platforms and Facebook, Inc. today announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms, as per the company release.

This investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value (USD 65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar), it added.

Catch our entire coverage on the Facebook-Jio deal here

Jio said, "The partnership between Facebook and Jio is unprecedented in many ways. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India.

Our efforts with Jio will be focused on opening new doors and fueling India’s economic growth and the prosperity of its people, Facebook said.

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Sensex below 31,000, Nifty tests 9,000: 5 factors weighing on D-St

Crude oil price crash, along with weak global cues, led to a sharp selloff in markets across the globe, including India. The S&P BSE Sensex fell more than 1,000 points in the morning trade to breach 31,000 on the downside though the Nifty50 was holding 9,000 levels.

Sectorally, the action was seen in healthcare and FMCG stocks while selling pressure was visible in metal, auto, banks and finance stocks.

Crash in crude oil prices would be a positive for India, which is a net importer of the fuel, but it also signifies a fall in global demand. Fall in crude prices resulted in a knee-jerk reaction in equities across the globe and fuelled safe-haven buying.

“It's a grim situation playing out in the oil markets, grabbing eyeballs of the entire investor fraternity and defying logic. The absolute collapse of WTI prices is primarily owing to the expiry of May WTI contracts, alongside the significant demand destruction due to lockdowns in several countries and supply glut in oil markets,” Sugandha Sachdeva, VP-Metals, Energy & Currency Research, Religare Broking Ltd told Moneycontrol.

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Jubilant Life jumps 5% as Rakesh Jhunjhunwala raises stake to 4.41% in March quarter

Shares of Jubilant Life Sciences gained 5 percent intraday on April 21 after ace investor Rakesh Jhunjhunwala increased his stake in the pharma company to 4.41 percent in the quarter ended March 2020.

As per the shareholding pattern available on exchanges, Rakesh Radheshyam Jhunjhunwala held 2.74 percent and 1.67 percent stake in the company through two accounts.

In December quarter, he held a 3.45 percent stake in the company, which meant the shareholding increased by 0.96 percent during the March quarter.

Foreign portfolio investors also increased their stake in the company to 27.91 percent from 27.43 percent QoQ, wherein Lazard Emerging Markets Small Cap Equity Trust upped stake to 1.78 percent (from 1.3 percent earlier QoQ).

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WTI Crude futures for May delivery plummets 40.18% to $10.93/barrel

WTI Crude Oil futures for May delivery slipped to $10.93 per barrel on April 20 on fear of rapidly filling global storage facilities caused by the novel coronavirus pandemic. The fear in the market is that US storage facility will run out of space by mid-May.

West Texas Intermediate (WTI) crude contact for May fell 40.18 percent to $10.93 per barrel in New York. The May contract is set to expire on April 21. The June contract was trading down 11.03 percent to $22.27 per barrel.

“NYMEX crude May contract has slipped below $11/bbl for the first time since March 1999. June contract is down 7 percent near $23/bbl and is still holding above the lows set earlier in the day. The sell-off in near month contract is largely because of position squaring ahead of expiry .There are huge stocks in US storage and this has pressurised near month prices,” said Ravindra Rao, VP- Head of Commodity Research at Kotak Securities.

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Infosys misses FY20 revenue guidance; 8 takeaways from company's Q4 scorecard

IT major Infosys, which on April 20 reported the results for the March quarter, missed its FY20 revenue guidance as full-year revenue growth in constant currency was 9.8 percent and 8.3 percent in dollar terms due to lockdown in major parts of the world to limit the spread of novel coronavirus.

The company had estimated full-year revenue growth in constant currency in the range of 10-10.5 percent over FY19.

The company said it is making every effort to tackle the turbulence caused by the coronavirus outbreak.

"Infosys continues to make every effort to deliver the certainty of its services even in these times of uncertainty. Businesses, from various parts of the globe, have acknowledged these efforts and expressed their appreciation for the services and support they are receiving from Infosys," the company said.

Here are eight takeaways from the company's Q4FY20 scorecard:

The numbers: Infosys reported a profit of Rs 4,321 crore for the quarter ended March 2020, 3.1 percent less compared to December quarter 2019, impacted by lower other income (down 25.8 percent) and tax benefits in the previous quarter.

Profitability was ahead of the CNBC-TV18's analysts' poll which was pegged at Rs 4,230 crore due to lower tax cost (down 16.1 percent QoQ).

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D-St awaits more fiscal measures as RBI’s Bazooka 2.0 was rather conservative

The RBI’s Bazooka 2.0 was rather conservative as the Governor indicated a piecemeal manner of infusing liquidity. These were indeed steps in the right direction and have addressed major concerns for NBFCs, financial institutions such as SIDBI, NABARD, NHB, and the real estate sectors.

Banks have also received some relief on the NPA recognition and stressed asset reclassification front. A 25 bps reduction in the fixed reverse repo rate will definitely enable the banking sector to lend further and improve liquidity in the system.

The relief measures are definitely a big positive for the real estate, NBFCs, HFCs, banks, and agriculture sectors.

More fiscal measures are generally awaited at a time when uncertainty clouds sentiments and markets have always embraced any fiscal measures with open arms during such uncertain times.

Going ahead, it is expected that markets will remain volatile backed by low volumes and open interest.

Given that in the past weeks Indian bourses have aligned with global markets, a similar reaction is expected until the lockdown ends and then markets could read and react to the ground-level reality.

Hence, when global cues start endorsing positive sentiments the same may follow back home.

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HDFC Bank Q4 profit rises 18% to Rs 6,928 cr, NII growth at 16%

HDFC Bank, the country's largest lender by market cap, has reported a 17.72 percent year-on-year growth in profit at Rs 6,927.69 crore for the quarter ended March 2020. It was lower than the average of estimates of analysts polled by CNBC-TV18 which was pegged at Rs 7,228.9 crore.

Profitability was supported by higher other income, operating income, NII and lower tax cost, but the sharply higher provisions limited growth.

Net interest income, the difference between interest earned and interest expended, grew by 16.15 percent YoY to Rs 15,204.06 crore for the quarter driven by strong loan and deposits growth, against CNBC-TV18 poll estimates of Rs 14,972.7 crore. Net interest margin for the quarter stood at 4.3 percent.

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Closing Bell: Nifty ends above 9,200, Sensex gains 986 pts; Nifty Bank up over 6%

The Economic distress because of the pandemic is beyond doubt. And it is commendable that RBI is addressing the issue head-on and continually telling that they will keep looking at the data and take action proactively to reduce the stress in the Economy as the situation develops in the next few months.

It was heartening to see that RBI is taking a lot of concrete actions to ensure that the liquidity in the banking system is utilized for the purpose of lending to the corporate sector. RBI has also been addressing the concerns of the NBFC sector. The allocation of Rs 50,000 crore dedicated towards TLTRO of NBFC’s should also boost investor sentiments. This amount has to invested in Bonds, CP, NCD of NBFCs, with about 50% earmarked for the small and mid-sized NBFCs. This should ease the liquidity requirement of the smaller NBFC houses. Given the state of affairs of the economy they were the once having funding issues and the current corpus should make liquidity easily available for them.

The Liquidity boosting measures announced by the RBI on the back of positive global cues boosted the markets today despite profit booking seen in afternoon trade. Financials led the charge today and several heavy weights joined the party as the day progressed in anticipation of a Stimulus Package.


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Trade Setup for Friday: Top 14 things to know before Opening Bell

Benchmark indices ended in the green on April 16 with the Sensex closing 223 points higher at 30,602.61 and Nifty finishing 68 points up at 8,992.80. Mid-caps and small-caps outperformed the benchmarks as their sectoral indices on BSE closed 1.42 percent and 1.71 percent higher.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services said the market would continue to remain volatile as it would track the trend in coronavirus cases and government relief measures to combat the economic crisis due to it. Earnings season has kicked started, and thus investors would be focusing on the management commentary with regards to the impact of COVID-19 on their respective businesses, he said.                                              

Nifty Bank closed 1.80 percent up at 19,400. The important pivot level, which will act as crucial support for the index, is placed at 18895.5, followed by 18,391. On the upside, key resistance levels are placed at 19,712.4 and 20,024.8.

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IT bellwether posts lacklustre numbers; 8 key takeaways

The country's largest IT services provider Tata Consultancy Services (TCS) on April 16 reported a consolidated profit at Rs 8,049 crore, registering a 0.85 percent decline compared to the previous quarter.

The profit for the quarter ended December 2019 stood at Rs 8,118 crore.

Profitability was hit by lower other income and higher finance cost, but supported by operating growth.

The numbers: The company said its consolidated revenue for the quarter increased to Rs 39,946 crore, from Rs 39,854 crore in the October-December period 2019 and from Rs 38,010 crore in the March quarter of FY19.

The numbers were slightly below analyst estimates. Profit was estimated at Rs 8,200 on revenue of Rs 40,440 crore for the quarter.

Dollar revenue for the quarter at $5,444 million, while constant currency revenue growth at 3 percent during the quarter, much lower compared to 6.8 percent in December quarter and 12.7 percent in Q4FY19.

Life sciences lead revenue growth: TCS said its revenue growth was led by life sciences and healthcare (16.2 percent), communications and media (9.3 percent) and manufacturing (7 percent).

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Trade Setup for Thursday: Top 15 things to know before Opening Bell

Benchmark indices failed to hold on to gains and closed in the red on April 15.

Sensex closed 310 points, or 1.01 percent, down at 30,379.81 while Nifty finished 69 points, or 0.76 percent, lower at  8,925.30.

The broader markets outperformed as BSE Midcap and Smallcap indices ended higher by 1.3 percent and 1.2 percent,  respectively.

The sectoral indices witnessed a mixed trend wherein FMCG, Realty, Capital Goods and Metals ended with gains whereas other indices like Auto, Banking, Finance and Consumer Durables ended with losses.

"We reiterate our cautious view on Indian markets and suggest not to go overboard during this recovery move. Domestic factors such as a sharp surge in the coronavirus cases and extension of the lockdown will continue to weigh on investors’ sentiment ahead," said Ajit Mishra, VP - Research, Religare Broking.

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Despite highest-ever sell-off in March, FIIs bought into these 6 sectors

More than Rs 65,000 crore of foreign money was withdrawn from the equity market in March, making it the highest-ever sell-off by foreign portfolio investors (FPIs) in a month.

Overseas investors rushed to dump equities, which are generally considered riskier, as COVID-19 pandemic gripped major economies around the world and the nationwide lockdown added to the fears of a global recession.

The insurance sector was on the top of their shopping list, raking in Rs 568 crore data provided by National Securities Depository Ltd (NSDL) shows.

Foreign investors have been net buyers in the insurance sectors in every month of the last financial year and have poured in Rs 833 crore since the beginning of 2021.

The insurance industry in Indian consists of 57 companies, of which, 24 are in the life insurance business and 33 are non-life insurers. HDFC Life Insurance, SBI Life and ICICI Prudential are some of the major listed companies in the sector.

Other sectors that FPIs bought into include consumer durables (Rs 74 crore), airport services (Rs 43 crore), commercial services & supplies (Rs 22 crore), diversified consumer services (Rs 2 crore) and telecommunications equipment (Rs 1 crore).

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Lockdown extended: Global cues to drive market, experts see stimulus by April-end

Prime Minister Narendra Modi on April 14 announced an extension in lockdown till May 3. Earlier the lockdown period was announced from March 25 till April 14.

He further said the government will observe the situation of every state and will start operations in those parts which are green zones. Agriculture and essential services will not get disturbed during the lockdown period, he added.

Experts feel the extended lockdown will have impact on economy and earnings. Hence they expect some selling pressure to remain but overall the market will not have any major reaction during the extended lockdown period and will remain rangebound till the virus spread gets controlled.

"The continuation of the lockdown will certainly put additional pressure on an already sinking economic growth, consumer sentiment and corporate earnings. We expect the markets to remain under pressure unless the virus gets defeated or some medical solution emerges," Kedar Shahoo Kadam, DGM & Head Research at Cholamandalam told Moneycontrol.

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