Nagarjuna Constructions: ‘Buy’ with TP of Rs 118 – The Financial Express

Nagarjuna Constructions: ‘Buy’ with TP of Rs 118 – The Financial Express

Debt declined Rs 1.4bn sequentially due to working capital improvement. Thus, we are raising FY19E earnings by 15%.Nagarjuna Construction (NCC) delivered spectacular Q2FY19 results with revenue and adjusted PAT surging 139% YoY and 118% YoY, respectively. H1FY19 order intake of ~Rs 84bn implies that the company is on track to beat its FY19 order-accretion guidance of `140bn (refer to Hyderabad diaries: Opportunity in adversity). Debt declined Rs 1.4bn sequentially due to working capital improvement. We expect NCC to maintain its robust performance going ahead aided by robust revenue visibility (book-to-bill of 3.2x), healthy execution and improving working capital cycle. Thus, we are raising FY19E earnings by 15%.Maintain ‘BUY’ with an SoTP-based target price of `118.Top line soared 139% YoY in Q2FY19. While IND-AS adoption boosted revenue by ~`1bn each in Q1FY19 and Q2FY19, execution remained robust even after this adjustment. EBITDA margin rose 220bp YoY to 11.8%; adjusting for the `475 m provision in overseas subsidiaries, profits surged 118% YoY to at `1.7bn (topping our estimate of `1bn). Debt too surprised, declining sequentially to `16.6 bn led by improvement in the working capital cycle. Management is confident of achieving FY19 revenue guidance of `110bn; EBITDA margin guidance stands at 11.3%.The company bagged `84bn worth of orders in H1FY19; after removing the slow-moving orders of ~`10bn, it ended Q2FY19 with an order book of `330bn (book-to-bill of 3.2x). In October too, the company won ~`13.5bn worth of orders, taking the YTD order intake to ~`97.5bn. All in all, the company remains on track to surpass FY19 order-wins guidance of `140bn.Improving revenue visibility, strong execution and healthy balance sheet (debt:equity at 0.4x) are the key positives.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Govt bonds surge as RBI signals more debt purchases – The Financial Express

Govt bonds surge as RBI signals more debt purchases – The Financial Express

Volumes in India’s government bonds surged to the highest in more than a year, reflecting a revival of bullish spirits in a market emerging from a yearlong selloff, after the central bank signaled it may keep buying debt for four more months. RBI, Government bonds, debt purchases, inflation projection, RBI policy reviewThe benchmark yield slid to a new eight-month low of 7.41 percent at 11:30 a.m. in Mumbai. (PTI)Volumes in India’s government bonds surged to the highest in more than a year, reflecting a revival of bullish spirits in a market emerging from a yearlong selloff, after the central bank signaled it may keep buying debt for four more months. Turnover surged to 883 billion rupees ($12.4 billion) on Wednesday, the highest since June 2017, as the Reserve Bank of India added to the cheer by cutting its inflation projection at its policy review. The benchmark yield slid to a new eight-month low of 7.41 percent at 11:30 a.m. in Mumbai.“The yield may fall as low as 7 percent if oil prices remain low,” said Mahendra Jajoo, the head of fixed income at Mirae Asset Global Investments in Mumbai. “The outlook is very bullish.”Also read| India to pay crude oil bill to Iran in rupees as Trump sanctions block European banking channelsThe plunge in oil prices, the bugbear for the nation’s trade deficit, from a four-year high reached in October along with the RBI’s debt-buying support, have turned the tide in the nation’s bond market that had bled for five quarters amid concerns of the government missing its budget targets. Benchmark 10-year bonds are now set for their first quarterly advance since June 2017.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Petrol price slashed again, Rs 71.32/litre in Delhi; check latest rates in Mumbai, Chennai, Kolkata – The Financial Express

Petrol price slashed again, Rs 71.32/litre in Delhi; check latest rates in Mumbai, Chennai, Kolkata – The Financial Express

Petrol price today: While petrol is being retailed at Rs 71.32 per litre, a cut of Rs 0.40 from yesterday price, diesel can be availed at Rs 65.96 per litre, down Rs 0.43 in Delhi.Petrol Prices in Delhi today, Diesel Prices in Delhi today, Petrol and Diesel Prices in Delhi today, Petrol and Diesel Prices in four metro cities, IOC, Crude, BPCL, HPCL, Petroleum ministryPetrol price today: In Mumbai, petrol and diesel are trading at Rs 76.90 per litre and 69.02 per litre, respectively. (Reuters)Petrol price today: Fuel prices were further slashed on Thursday after remained unchanged on Wednesday. While petrol is being retailed at Rs 71.32 per litre, a cut of Rs 0.40 from yesterday price in Delhi, diesel can be availed at Rs 65.96 per litre, down Rs 0.43, according to data available with the Indian Oil Corp. In Mumbai, petrol and diesel are trading at Rs 76.90 per litre and 69.02 per litre, respectively.Fuel prices have been on the decline in the last 48 days and now petrol is being retailed below Rs 80 per litre mark and diesel below Rs 70 per litre mark across all major cities. Since October 17, petrol prices have reduced by Rs 11.50 in Delhi. The latest prices are the least since April 1 in the major metros, mainly on account of on softer international rates.Also Read I Share market LIVE updatesMeanwhile, crude oil prices declined on Thursday, but trading was tepid ahead of a meeting by OPEC that is expected to result in a supply reduction aimed at draining a glut that has pulled down crude prices by 30% since October this year.US stock futures and Asian shares also tumbled on Thursday after Canadian authorities arrested a top executive of Chinese tech giant Huawei for extradition to the United States, fanning fears of a fresh flare-up in tensions between the two superpowers.On Wednesday, the benchmark Treasury 10-year yield dropped 1.7 basis points to 2.906%, near Tuesdays three-month low of 2.8%. US markets too closed the day to mark the death of former President George H W Bush.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

OPEC agrees to cut crude oil output; may decide final figures by Friday – The Financial Express

OPEC agrees to cut crude oil output; may decide final figures by Friday – The Financial Express

OPEC agreed on Thursday a tentative deal to cut oil output but has not yet come up with a final figure, an OPEC delegate said.OPEC, cut in crude oil output, crude oil output, non-OPEC Russia, Khalid al FalihSaudi Arabias Oil Minister Khalid al-Falih talks to journalists at the beginning of an OPEC meeting in Vienna, Austria December 6, 2018. REUTERSOPEC agreed on Thursday a tentative deal to cut oil output but has not yet come up with a final figure, an OPEC delegate said. Saudi Energy Minister Khalid al-Falih said earlier that the Organization of the Petroleum Exporting Countries needed non-OPEC Russia to come on board with cuts. He said a final decision by OPEC and its allies was likely by Friday evening.(More details are awaited.)Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Muthoot Fin Q2 net profit rises 9% to Rs 484 crore – The Financial Express

Muthoot Fin Q2 net profit rises 9% to Rs 484 crore – The Financial Express

During the quarter, loan assets increased by 4% to Rs 1,322 crore.Sequentially, the net profit of the lender has declined by 2% from Rs 492 crore in Q1 of FY 19.Gold loan NBFC Muthoot Finance on Wednesday announced a 9% year-on-year increase in standalone net profit for the July-September quarter to Rs 484 crore. Net profits during the second quarter of FY18 stood at Rs 446 crore. Sequentially, the net profit of the lender has declined by 2% from Rs 492 crore in Q1 of FY 19.The Kerala-based lender , which also has a microfinance, broking and home loan company in the group, said that diversification into new business areas continued to gain momentum with new, non-gold businesses, now contributing 10% in the consolidated AUM (asset under management).Total income of the lender declined marginally by 1% to Rs 1,650 crore from Rs 1,662 crore in the year-ago period. Sequentially, the total income has increased by 1% from Rs 1,633 crore in the Q1 of the current fiscal.Loan assets for the finance company stood at Rs 32,319 crore as on September 30, 2018, against Rs 27,613 crore till September 30, 2017, an y-o-y growth of 17%. During the quarter, loan assets increased by 4% to Rs 1,322 crore.MG George Muthoot, chairman, said, “We witnessed a strong growth with consolidated loan assets growing y-o-y of 21% reaching Rs 35,956 crore as on September 30, 2018. Gold loan portfolio also witnessed a strong growth during the quarter with Muthoot Finance loan assets increasing by Rs 1,322 crore, a q-o-q increase of 4%. Profit after tax (PAT) of MFIN increased by 23% at Rs 975 crore for the half year as against last year of Rs 791 crore.”Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Indian Commodity Exchange (ICEX) to launch pepper and cardamom contracts soon – The Financial Express

Indian Commodity Exchange (ICEX) to launch pepper and cardamom contracts soon – The Financial Express

Prasad believes that the new provision could be a game changer and help in the growth of the commodity market.The exchange was the first to launch the worlds first diamond derivatives contracts in August last year.The Indian Commodity Exchange (ICEX) said on Thursday that it would launch pepper and cardamom contracts in its platform in the near-future.Last year, ICEX had merged with National Multi Commodity Exchange (NMCE) creating the country’s third biggest commodity exchange. The exchange was the first to launch the worlds first diamond derivatives contracts in August last year.ICEX managing director and CEO Sanjit Prasad told FE that the exchange would focus on commodities in which India is relevant and could be the price maker. He added that the exchange launched derivatives in diamond and steel as India was a major player in both the commodities.“India has a 70% share in cutting and polishing of diamonds and in steel we are the second largest market. We have a daily turnover of Rs 100 crore in diamond contracts and Rs 20 crores in steel. We are looking at a daily turnover of Rs 500-600 crores in diamond alone by the next quarter with Sebi approving foreign entities having actual exposure to Indian physical commodity markets to trade in the commodity market,” he said. Prasad believes that the new provision could be a game changer and help in the growth of the commodity market.NMCE rubber contracts started trading in ICEX post Sebi approval on September10, 2018.Volumes and open interest is seen increasing consistently in rubber post the merger, he added.Currently, rubber contracts in ICEX have a daily share of `4-5 crores in the total daily turnover of `125- 130 crores.“We expect large players like tyre manufacturers to participate more in the rubber contracts as the tax rules states that companies with exposure to the physical market of one commodity can offset a gain or loss against a gain or loss in the futures market. Earlier it was treated as a speculative gain and taxed ,” he said.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Market jitters: Sensex sheds 572 points; rupee loses 44 paise – The Financial Express

Market jitters: Sensex sheds 572 points; rupee loses 44 paise – The Financial Express

Technology stocks pulled down Asian indices after the global chief financial officer of Chinese technology giant Huawei, Meng Wanzhou, was arrested in Canada for alleged violations of US sanctions.As of Thursday’s close, the market capitalisation of BSE listed companies stood at Rs 139.88 lakh crore.Sensex hit a two-week low on Thursday as global sell-off and concerns of outcome of the state elections weighed on the investor sentiment.While the Sensex shed 572.28 points or 1.6% to close the session at 35,312.13, the broader Nifty50 pared 181.75 points or 1.7% to end at 10,601.15. Thursday marked the third day of fall for both Sensex and Nifty50, wiping out investor wealth to the tune of Rs 3.6 lakh crore. As of Thursday’s close, the market capitalisation of BSE listed companies stood at Rs 139.88 lakh crore.The rupee depreciated 44 paise to close at 70.90 against the dollar due to capital outflows and stronger greenback overseas.A weakening rupee, which plunged below 71-mark intra-day also dented investor sentiment, analysts said. The 10-year benchmark bond yield fell to as low as 7.38% in early trade, its lowest since April 11. “The yield may fall as low as 7% if oil prices remain low,” said Mahendra Jajoo, the head of fixed income at Mirae Asset Global Investments in Mumbai. “The outlook is very bullish.” Bond prices rose to over eight-month high as rate hike fears faded after the RBI promised to keep buying government bonds to infuse liquidity.Technology stocks pulled down Asian indices after the global chief financial officer of Chinese technology giant Huawei, Meng Wanzhou, was arrested in Canada for alleged violations of US sanctions. Hang Seng declined 2.5%, Nikkei and Shanghai Composite slid 1.9% and 1.7%, respectively.At 10,601.15, the benchmark Nifty50 has given a negative return of 9.3% in dollar terms since January, while the SP 500 has risen by 1% over the same period.With agency inputsGet live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Investor concerns: Bank Nifty falls for 5 days in row – The Financial Express

Investor concerns: Bank Nifty falls for 5 days in row – The Financial Express

The proposed mechanism will not account for banks cost of funds and may, therefore, lead to lower margins.The Bank Nifty on Thursday ended 1.21% lower than its previous close as fears of banks facing a margin squeeze persisted a day after the RBI announced they will have to move to a pricing model linked to an external benchmark for new retail and MSME loans from next fiscal.The Bank Nifty on Thursday ended 1.21% lower than its previous close as fears of banks facing a margin squeeze persisted a day after the RBI announced they will have to move to a pricing model linked to an external benchmark for new retail and MSME loans from next fiscal. The proposed mechanism will not account for banks cost of funds and may, therefore, lead to lower margins.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

OPEC talks end without oil-cuts deal as Russia holds back – The Financial Express

OPEC talks end without oil-cuts deal as Russia holds back – The Financial Express

OPEC ended talks without a deal on oil production cuts for the first time in nearly five years as Russia flexed its muscles by so far refusing to commit to the big output curb that Saudi Arabia is demanding.OPEC talks end without oil-cuts deal as Russia holds backOPEC ended talks without a deal on oil production cuts for the first time in nearly five years as Russia flexed its muscles by so far refusing to commit to the big output curb that Saudi Arabia is demanding.After two days of talks in Vienna, Saudi Energy Minister Khalid Al-Falih said he isn’t confident of an agreement when the Organization of Petroleum Exporting Countries meets again with its allies on Friday. A proposal for a combined OPEC and non-OPEC cut of 1 million barrels a day was left dangling in uncertainty.“Not everybody is ready to cut equally,” Al-Falih told reporters in Vienna. “Russia is not ready for a substantial cut.”The failure to secure a deal is the latest example of how OPEC is under pressure from forces that are re-drawing the global oil map, leaving it increasingly dependent on the support of non-member Russia. In a striking development, the U.S. government revealed that it turned into a net exporter of petroleum for the first time in 75 years last week thanks to the shale boom.The oil market quickly reacted negatively to OPEC’s setback, with Brent crude tumbling as much as 5.2 percent to $58.36 a barrel in London.Much has changed for OPEC since 2016, when Russia and Saudi Arabia ended their historic animosity and started to manage the market together. The alliance has transformed the cartel into a duopoly in which the Kremlin is asserting its power.As ministers sat down at OPEC headquarters, Russian Energy Minister Alexander Novak flew to St. Petersburg to meet President Vladimir Putin to decide on their country’s contribution. If the group’s most important partner in the OPEC+ alliance decides to make a sizable cut, the cartel would follow up.“The impression that the group can’t really come to a decision without first checking with Moscow is going to be difficult for some members to swallow,” said Derek Brower, a director at consultant RS Energy Group. “The market won’t care if tomorrow they manage a sizable cut with proper metrics, but that’s still a big if.”Elusive AgreementEarlier on Thursday, ministers were discussing a proposal to curb combined OPEC and non-OPEC output by about 1 million barrels a day, a delegate said. That was in line with Saudi Arabia’s preference for a moderate reduction that wouldn’t “shock the market.” The kingdom is under economic pressure after a collapse in oil prices last month, yet it’s seeking to walk a fine line between preventing a surplus next year and appeasing President Donald Trump.While Middle Eastern producers need high oil revenues to pay for government spending, sensitivities are different in Russia, which is running a budget surplus and benefits from a weak ruble that mitigates the impact of lower crude prices in dollars. The government is concerned about the impact of higher prices on consumers, stoking discontent with economic policy, according to one Kremlin official.Although Russia, the largest producer in the OPEC+ group, had agreed to a cut in principle, the eventual size of their contribution remained undefined through this week’s talks in Vienna. In private conversations earlier in the week, OPEC delegates said that Saudi Arabia had favored a Russian cut of about 300,000 barrels a day, but Moscow was seeking a smaller reduction of about 150,000.Before Thursday’s meeting, Al-Falih said that “if everybody is not willing to join and contribute equally, we will wait until they are” and he was prepared for the consequences of no deal.READ ALSO| Bitcoin woes: Options bought for $1 million will soon be worthless Sticking PointsAnother sticking point in the talks was Iran’s contribution, a delegate said. The Gulf nation is currently subject to U.S. sanctions and as such won’t participate in any curbs, Oil Minister Bijan Zanganeh said. Other members said it should participate, said a delegate.OPEC ministers were also discussing whether to exempt Libya and Venezuela from making production cuts, another delegate said. Those countries, along with Nigeria, were opposed to participating in a supply reduction, the delegate said.Some countries will struggle because their economies are very constrained and Nigeria itself could only manage a small cut, Minister of State for Petroleum Resources Emmanuel Kachikwu said in a Bloomberg television interview before the meeting.Beyond its internal disputes, OPEC is also contending with vociferous opposition from the U.S. president, who’s taken to using his Twitter account to berate the group’s policies and sees low oil prices as key to sustaining America’s economic growth.While ministers met on Wednesday, Trump tweeted that the “world does not want to see, or need, higher oil prices!” Thursday’s inconclusive talks could end up giving the president what he wants.OPEC will first reconvene on Friday without outside partners, at 9 a.m. in Vienna, then at 12 p.m. local time the group meets with its non-OPEC allies, including Russia, a delegate said.“The risk of OPEC+ not being able to agree on a deal was always very high and this will now pressurize prices significantly lower,” said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd. “There is no anchor for the market.”Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. 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Petrol prices slashed by 40 paise today; diesel selling at Rs 68.59 per litre in Mumbai – The Financial Express

Petrol prices slashed by 40 paise today; diesel selling at Rs 68.59 per litre in Mumbai – The Financial Express

Petrol Prices in Delhi today, Diesel Prices in Delhi today, Petrol and Diesel Prices in Delhi today, Petrol and Diesel Prices in four metro cities, IOC, Crude, BPCL, HPCL, Petroleum ministryIn Kolkata petrol and diesel are selling at Rs 72.97 and Rs 67.28, respectively,today. (Reuters)Petrol, diesel prices today: The prices of petrol and diesel were slashed 40 and 43 paise, respectively across the cities by the oil marketing companies (OMCs) Friday as global crude oil prices continue to decline. On Friday, petrol is available at Rs 70.92 per litre and diesel at Rs 65.55 per litre. The petrol is selling at Rs 76.50 per litre and diesel at Rs 68.59 per litre in Mumbai today.In Kolkata petrol and diesel are selling at Rs 72.97 and Rs 67.28, respectively,today.  While in Chennai, petrol and diesel are selling at Rs 73.57 per litre and 69.19 per litre respectively today.Also read: Share Market Live updates: Sensex, Nifty may open higher on global cues; HCL Tech, Jet Airways shares in focusOPEC meetMeanwhile, OPEC members are meeting to agree on their response to recent declines in oil prices, with analysts predicting a cut in production of at least 1 million barrels per day. Crude prices began falling in October and continued to plunge last month because of oversupply and fears weaker global economic growth would dampen energy demand.The price of both benchmark U.S. crude and the standard for internationally traded oil fell 22 percent in November, AP reported.Checking latest rates in your cityTo get the latest indicative petrol and diesel prices in any city, a customer can log into the IOCL app on mobile. Or, a customer can SMS  “RSP Dealer Code of Petrol Pump” to 92249 92249.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.