Bajaj Electricals Q4 net profit down 81% on one-time hit from loans to Starlite JV - 24 May 2018

The company took a hit of Rs 89.4 crore due to an exceptional item

Bajaj Electricals posted an 81 percent drop in its March quarter standalone net profit at Rs 7.3 crore YoY missing estimates because of a one-time hit of Rs 89.4 crore from loans given to its joint venture with Starlite Lighting.

The company had posted net profit of Rs 38.42 crore in the fourth quarter of FY17. A Reuters poll of equity analysts had estimated net profit to rise by 50 percent to Rs 57.6 crore in the fourth quarter.

In its results statement, the company said that it has re-assessed the recoverability of its investments and loans provided to Starlite Lighting Limited. Consequently, it has impaired it fully in both standalone as well as consolidated financial results and disclosed as an exceptional item.

This decision has been taken by Bajaj Electricals after the reduction in the compact fluorescent lamp (CFL) business and future outlook, according to their statement.

The total income saw a 26.3 percent jump YoY to Rs 1,628.82 crore in Q4. In terms of the segment revenue, consumer products saw a 5.5 percent increase in revenue YoY to Rs 644.64 crore. Engineering, Procurement and Construction (EPC) segment saw a jump of 44.1 percent YoY in revenue to Rs 961.48 crore in Q4.

The company announced that Anant Bajaj has been elevated as the Managing Director of Bajaj Electricals.

The board has recommended a final dividend of Rs 3.50 per share, subject to approval of shareholders.

Shekhar Bajaj, Chairman and Managing Director, Bajaj Electricals said that the benefit of Range and Reach Expansion Programme (RREP) is evident from the topline and bottomline growth in consumer products segment, which is driven by strong demand for LED and few other products.

"The RREP rollout in J&K, Himachal Pradesh and North-East states is in progress and is expected to be completed by end September 2018," he added.

RREP refers to a programme wherein the sales staff is evaluated on the number of outlets and the number of stock unit covered.

An Edelweiss Securities report had said that the company’s consumer durables segment is expected to grow 5 percent as they launch new products to gain back its lost market share.

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Indian Signing Foundational Agreements with US Would Broaden Defence Relationship - 19 May 2018

Ahead of her visit to India next week, Tina Kaidanow, Principal Deputy Assistant Secretary of State for Political-Military Affairs, told a group of reporters that it is important for Indian officials to understand these foundation agreements because it allows them to do so much more.

Noting that India and the United States are currently having discussion on a wide variety of state-of-the-art military hardware, a senior US official today insisted that New Delhi signing the "foundational agreements" with it would broaden the scope and potential of bilateral defense relationship.

Ahead of her visit to India next week, Tina Kaidanow, Principal Deputy Assistant Secretary of State for Political-Military Affairs, told a group of reporters that it is important for Indian officials to understand these foundation agreements because it allows them to do so much more.

"These are the kinds of things that we conclude with all of our friends and allies. It broadens the scope of the potential for the defence relationship," she said.

"Our hope is that ... the Indian government has the sovereign right to decide obviously ... but for all these agreements that we can come to a good understanding because that allows us to do so much more in the defence space," Kaidanow said in response to a question.

India-US bilateral defence trade has risen from near zero to USD 15 billion since 2008. India is projected to spend billions on military modernisation over the next decade. Her talks in India will focus on expanding the security cooperation while furthering opportunities for American industry.

Referring to the Lockheed-offer to relocate its F-16 manufacturing base to India under "Make in India", she said a lot of what the two countries are talking about here is indeed in the co-production, co-development arena.

"My hope is that the Indian government can come to some relevant decisions in the not so distant future," she said.

While bilateral defence trade figure of USD 15 billion is very compelling, but increasing this figure will hinge on not only how the two countries agree to sign foundational agreements, but also to come to an understanding on the contracts and all the other kinds of things that have to happen as a function of concluding some of these deals.

"That's the reason for a trip like mine is to see how far we can further some of those efforts," the senior US official said in response to a question.

The scope of India-US defence trade relationship has expanded fairly dramatically over the last decade and the Trump administration would like to see that expand even further.

"We consider the Indians to be important partners for us," she said adding that the US is currently engaged with India in a "very good, very productive, very robust" conversation on a whole host of things that they might choose to acquire from Washington at some point.

Much recently, a US team was in India to look at some of these things and to talk more with their Indian counterparts, she noted.

When asked about India's interest in armed drones and some of the other high-tech military hardware, Kaidanow said the US is still in the process of trying to discern exactly what their requirements are and then how it can provide the right tactical equipment that will meet those requirements.

"Part of this will be not just our decision but also the Indian government's decision as to what they procure," she said.

"We are having a full conversation on the entire array of things that India might be interested in. Nothing is necessarily precluded. It's just a function of what meets the requirements and what we can provide to meet the necessary requirements," Kaidanow said.


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Nifty likely to open flat Asian stocks open mixed; Fortis in news; HUL earnings today - 14 Mar 2018

Indian Indices:                              

The Nifty50 is expected to open flat on Monday following muted trend is seen in other Asian markets and SGX. The Nifty50 closed 89 points higher at 10,806 on Friday. Trends on the Nifty futures on the Singaporean Exchange indicate a flat opening for the market, with a hint of a negative bias. SGX Nifty was trading around 10,800 levels, a change of five points on the lower side.

Global Market:

• Asian markets- Asian markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.24% while the Hang Seng is up 1.36%. The Shanghai Composite is not trading.

• US Markets: Dow Jones futures rose 0.5% vs. fair value. S&P 500 futures climbed 0.4%. Nasdaq futures advanced 0.5%. The Dow Jones industrial average, S&P 500 index and Nasdaq composite all rose more than 2% last week, with the Dow Jones and S&P 500 reclaiming their 50-day moving averages.

• European markets- European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.31%, while the DAX led the CAC 40 lower. They fell 0.17% and 0.07% respectively.

Major Headlines of the day:

• Ashoka Buildcon executed a concession agreement with NHAI

• Canara Bank: Sharp rise in provisions widens the bank’s net loss to Rs 4,859 crore.

• Federal Bank and its subsidiary entered into definitive agreements for Fedfina to issue fresh equity shares

• Infosys: Ravi Venkatesan steps down as Independent Director 'to pursue a new role'.

• Graphite India: Net profit soars to Rs 453.7 crore

• Dena Bank: RBI restricts the bank from assuming fresh credit exposure & recruitment of staff

• JK Cement to raise fund by an issue of secured/redeemable NCDs for an amount up to Rs 500 crore during 2018-19

• Oriental Bank of Commerce: Net loss for Q4 widens to Rs 1,650 crore

• Allahabad Bank approved raising of equity capital aggregating up to Rs 1900 crore through various modes

The trend in FII flows:-  

The FIIs were Net Value of Rs  -325.44 the cash segment FRIDAY while the DIIs were Net Value of Rs 1163.35 as per the provisional figures.

TODAY ON EARNING FRONT:-  

HUL, SHAILY ENGG, BLUESTAR, GODREJ AGROVET, BALAJI AMINES, AWADH SUGAR, BOMBAY DYEING, JK PAPER

Securities in Ban For Trade Date 14-MAY-2018:- 

1. BALRAMCHIN
2. DHFL
3. IRB
4. JETAIRWAYS
5. WOCKHARDT

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Opening Bell @Capitalstars 9 May 2018

CS OPENING BELL:

NIFTY SPOT DOWN 7 @ 10709

SENSEX UP 8 @ 35221 

BANK NIFTY FUTURES DOWN 33  @ 26009

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CS NIFTY FUTURES (MAY ) OVERVIEW

TREND BEARISH
RES2: 10850
RES 1:10770
SUP1:10650
SUP2:10600

CS BANK NIFTY FUTURES (MAY ) OVERVIEW

TREND BEARISH
RES 2: 26250
RES 1: 26150
SUP1: 25900
SUP2: 25800

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