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The company reported standalone net profit during the quarter stood at Rs 18.33 crore compared to net loss of Rs 46.79 crore in the previous year quarter.  Net revenue of the company rose substantially by 49.21 per cent at Rs 101.24 crore in January-March quarter of this fiscal as against Rs 67.85 crore in the corresponding period last year.  During January-March quarter, operating expenses dropped by 44.11 per cent to Rs 67.52 crore from Rs 120.81 crore in year ago period. Other Income dipped by 74.36 per cent at Rs -0.50 crore versus (Mar'18 Rs -1.95 crore). Operating Profit surged by 163.67 per cent to Rs 33.72 crore as against Rs -52.96 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 142.66 per cent in March quarter.  Interest grew by 23.75 per cent y-o-y to Rs 5.94 crore, while Taxation increased by 122.49 per cent at Rs 4.14 crore (Mar'18 Rs -18.41 crore). Best Share Market News, Click Here T...

Research house Macquarie has maintained neutral call on the United Spirits with a target at Rs 583 per share. Shares of United Spirits shed nearly 4 percent intraday Thursday on the back of weak set for numbers for Q4FY19. The company's Q4FY19 net profit declined 40.2 percent at Rs 126.2 crore against Rs 211 crore in the same quarter last fiscal. Revenue of the company was down 3.5 percent at Rs 2,250 crore versus Rs 2,173.7 crore. Operating profit or EBITDA rose 2.9% at Rs 283.6 crore, while margin was at 12.6 percent. Research house Macquarie has maintained neutral call on the United Spirits with a target at Rs 583 per share. According to firm, the pressure on gross margin may continue in the near term, while the company has levers to cut operating costs in the medium term. The company's margin was at 12.6%, helped by lower A&P sends, it added. At 09:52 hrs United Spirits was quoting at Rs 532.75, down Rs 2.60, or 0.49 percent on th...

Today, USD-INR pair is expected to quote in the range of 69.60 and 70.20. The Indian rupee opened higher by 11 paise at 69.72 per dollar on Thursday versus previous close 69.83. The local currency fell for the second straight day on May 29 as it lost 14 paise to end the session at 69.83 against the US dollar. Rupee was weighed down in yesterday’s session following broad strength in the dollar against its major crosses. Volatility for the currency could remain low ahead of important economic numbers that will be released tomorrow. GDP and fiscal number that will be released on the domestic front could set the tone for RBI meeting that is scheduled next week. Expectation is that the central bank could cut rates and a dovish stance could keep the rupee weighed down. Broadly, trade war concern is keeping most market participants on the edge. Today, USD-INR pair is expected to quote in the range of 69.60 and 70.20, it added. Best Share Market News, Click ...

Sudarshan Sukhani of s2analytics.com recommends buying Titan Company with stop loss at Rs 1222 and target of Rs 1244, BPCL with stop loss at Rs 395 and target of Rs 405 and Britannia Industries with stop loss at Rs 2885 and target of Rs 2945. The market snapped its three-day winning streak and closed sharply lower on May 29 ahead of the expiry of May derivative contracts. Banks, auto and metals stocks lagged. Global trade war tensions and Arun Jaitley's decision to opt out of the new government due to health issues hit traders' sentiment. The BSE Sensex fell 247.68 points to close at 39,502.05 while the Nifty 50 ended down 67.70 points to end at 11,861.10, forming a bearish candle on daily charts. According to the Pivot charts, the key support level is placed at 11,821.3, followed by 11,781.5. If the index starts moving upward, key resistance levels to watch out are 11,916.4 and 11,971.7. The Nifty Bank index closed at 31,295.55, down 302.35 points on Ma...

We expect broader markets to outperform benchmarks, therefore one should accumulate quality midcap stocks for medium term perspective. The Nifty50 crossed the 12,000-level for the first time ever during the previous week on political stability as the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) forms government for the second consecutive term. On the weekly chart, the index has formed a strong bull candle with a higher high and higher low and a bullish gap between (11,407- 11,592) below its base signaling strength and positive bias. The key point to highlight in the current up move is that subsequent to a golden cross in the Nifty. The Nifty midcap and smallcap indices have also recorded a golden cross indicating a major shift in trend direction. In the technical parlance, when a medium-term moving average (50-days) crosses above the longer-term moving average (200-days) it is termed as a “Golden Cross”. Going ahead, we expect broade...

Morgan Stanley has overweight call on the stock and raised price target to Rs 347 from Rs 320 as Prestige is a strong real estate brand in South India with steady growth visibility. Prestige Estates Projects shares gained nearly 2 percent intraday to hit a 52-week high of Rs 290.55 on May 29 after global brokerage houses retained bullish stance on the stock and raised price target following quarterly earnings. The stock in last three-month has been one of the biggest gainers among midcaps, rising 40 percent. It was quoting at Rs 287.55, up Rs 2.35, or 0.82 percent on the BSE at 1054 hours IST. The Southern India-based real estate company reported a healthy 30 percent year-on-year growth in March quarter profit at Rs 139.1 crore on strong operating income. Revenue during the quarter grew 7 percent to Rs 1,979.3 crore YoY. At operating level, earnings before interest, tax, depreciation and amortisation (EBITDA) increased 31 percent to Rs 487.9 crore in Q4 with ma...

Top five stocks according to Nomura are ICICI Bank, Axis Bank, L&T, Concor and State Bank of India. Nomura has set Nifty's FY20 target at 12,250 as favourable election outcome has led to the re-rating of market multiples, the global investment bank said in a note last week. However, the current slowdown in economic growth and its impact on the near-term earnings limit the scope for the valuation multiples to move higher, at least in the near-term, it added. Nomura continues to value the market at 16x one-year forward earnings to arrive at March 2020 Nifty target of 12,250. Its previous target for December 2019 was at 12,170. In terms of portfolio changes, the global investment bank raised its weight in corporate banks and insurance companies. It has increased exposure in infrastructure companies but remains underweight on cement. Nomura upgraded OMCs to overweight, but remained underweight on healthcare and downgraded auto to neutral. Top five ...