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Manappuram Finance Q4 net profit jumps 36%

Manappuram Finance Ltd reported a full year consolidated profit after tax of Rs919.87cr, a sharp increase of 36% over the previous year.  The company’s consolidated net profit for the fourth quarter ended March 31, 2019, stood at Rs255.59cr compared to Rs179.05cr booked in Q4 of the preceding year. The company’s operating income for the year stood at Rs4,116cr, up by 20.33% over the previous year’s figure of Rs3,421cr. Profit before tax (PBT) for the fourth quarter was reported at Rs380cr as…

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Karnataka Bank’s Q4FY19 PAT at Rs477.24cr

Karnataka Bank posted an all-time high annual net profit of Rs477.24cr for the FY19, with a growth rate of 46.57%. The previous highest net profit of Rs452.26cr was posted during the year 2016-17. The Non-Performing Assets (NPA) also moderated. The GNPA [Gross Non-Performing Assets] of the Bank declined to 4.41% as of March 31, 2019, from 4.92% as on March 31, 2018. Similarly, the NNPA (Net Non-Performing Assets) also moderated to 2.95% from 2.96% as on March 31, 2018. The…

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M&M’s auto sales fall 9% to 43,721 units in April

Mahindra & Mahindra Ltd. (M&M Ltd.), a part of the $20.7bn Mahindra Group, announced its auto sales performance for the month of April 2019. The company reported sales of 43,721 vehicles in April 2019, which has declined by 9%. The company had sold 48,097 vehicles during April 2018, the company said in the filing on Thursday. Domestic sales dropped by 8% at 41,603 vehicles during April 2019, as against 45,217 vehicles in April 2018. The Passenger Vehicles segment (which includes…

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FY20 GDP growth revised downwards to 7.3%: India Ratings

India Ratings and Research have revised its FY20 gross domestic product (GDP) growth marginally down to 7.3% from its previous forecast of 7.5%. The key reasons for the downward revision are (i) The prediction of lower-than-normal monsoon for 2019 and the continued agrarian distress, (ii) The loss of momentum in the industrial output growth, especially manufacturing and electricity and (iii) The slow progress on cases referred to the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016, that…

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Asian markets mixed after Chinese data

Stocks in Asian markets were oscillating between its gains and losses on Wednesday after positive Chinese economic data. Japanese shares climbed while stocks in Hong Kong and Shanghai fluctuated. China’s economic growth figures were above expectations, as was industrial production and retail sales data. China’s economy unexpectedly held up in the first three months as policy makers boosted stimulus measures to sustain growth, and should ease concerns about a flagging global economy. The resilience suggests that pro-growth policies are taking…

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Welspun Corp rises 2% after receiving additional pipe orders

Shares of Welspun Corp rose in the morning trade on the NSE after the company received pipe orders of 180KMT on a global basis. The company’s order book stood at 1,661 KMT valued at Rs14,100cr. “The company has received additional pipe orders of 180 KMT on a global basis. Out of these additional orders, 136 KMT will be serviced from India, with a major portion to be executed from the new facility in Madhya Pradesh and balance mainly from Americas,” the company…

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Stock Recommendations for March 25th-March 29th, 2019

  Stock Pick Observation Company City Union Bank The stock is trading in a strong higher top higher bottom chart structure and is witnessing an uptick in volume as the price trends higher. Tracking the daily chart, the stock has given bullish continuation Cup & Handle pattern breakout. It is showing strong momentum on MACD Histogram along with a good strength on the ADX Indicator, wherein the +DI line has crossed the 25 level and is trading above DI &…

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Media, Oil stocks decline; IT stocks lead in today’s trade

Equity benchmark indices were trading higher on Wednesday amid global markets and rising crude oil prices. The most active stocks on NSE are Infosys, Reliance Industries, Jubilant, and Axis Bank. The Nifty Media index dropped 2% in early morning deals amid increased selling pressure were witnessed in Zee Entertainment Enterprises, Dish TV, UFO, Zee Media, and PVR. In the auto space, the index is trading lower at 8,538.30 level. Bharat Forge, Bajaj Auto, Eicher and Motherson Sumi were trading lower by 1% each. However, Exide Ind,…

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Stock Recommendations for March 18th-March 22nd, 2019

Stock Pick Observation Company PC Jeweller The stock has given a sharp pullback after witnessing a strong rally since the start of the March series. The stock has formed a bearish Engulfing pattern on the daily chart along with an addition of fresh short positions, indicating a negative bias going into the next week. Recommendation Buy or Sell Sell ( Mar Futures) Range Rs  83.5-85.5 Target Rs  80 Stop Loss Rs  87 Duration 1 week 200 D-EMA Rs  112 NSE…

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Grasim gains 1% on acquiring stakes in Soktas India

Shares of Grasim Industries gained 1% on Wednesday after the company signed a definitive agreement to acquire 100% equity shareholding of Soktas India Private Limited, from its current promoters, for an enterprise value of Rs165cr. The acquisition is subject to net debt and working capital adjustments, as of the closing date, the company said in a press note after markets hours to the exchanges on Tuesday. The transaction will be funded by the company primarily out of internal accruals. Post-acquisition Soktas India…

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