Indian shares slipped on Thursday, led by declines in financials and metals, as fears of an impending global recession and worsening Sino-U.S. trade relations marred investor sentiment

The broader NSE Nifty fell 0.46% to 10,994.55 as of 0354 GMT, while the benchmark BSE Sensex inched down 0.44% to 37,293.80.

Meanwhile, stocks in regional markets across Asia struggled to recover with MSCI's broadest index of Asia-Pacific shares outside Japan trading flat.

Domestic investors also remained cautious ahead of GDP data for the April-June quarter due on Friday.

"Sentiment is a fair worry, consumer and business sentiment has to change," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai.

"The outcome of the trade war is also uncertain."

The weather office on Wednesday said monsoon rains in India were below average for the first time in five weeks in the week through Wednesday, further dampening spirits.

Monsoon rains are key to farm output and economic growth as the agricultural sector accounts for about 15% of India's $2.5 trillion economies.

Indian markets are likely to see some volatility ahead of August derivative contracts' expiry.

Shares of Indiabulls Housing Finance Ltd slipped as much as 7.97%, the stock will not be included on the Nifty 50 NSE Nifty from Sept. 27.

The Nifty metals index inched 0.82% lower, with all 14 constituents trading in the red.

Only 10 of the 50 stocks on the NSE blue-chip index were trading in positive territory.

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ICICI Bank has recommended buy rating on the stock with a target price of Rs 520 in its research report dated August 23, 2019

ICICI Bank's (ICICIBC) annual report reaffirms our view that the bank is progressing well in its endeavour to strengthen the balance sheet with a strong focus on the retail franchise. While its retail portfolio has been leading overall loan growth, GNPA has remained stable at 1.7% for many years; also, retail fees contribute over 70% to total fees. The concentration of the top-20 advances/exposures improved by 206bp/208bp to 12.1%/11.9% during the year. 

On the liability side, the concentration of the top-20 depositors improved by ~50bp to 5.7%. BB and below pool reduced to INR175b (~3.0% of total loans) while net stressed loans declined to 3.3% (excluding NNPA). During 1QFY20, the BB & below pool further reduced to INR154b (~2.6% of loans) while net stressed loans declined to 2.9% (excl. NNPA). 

SA per branch has improved to INR448m in 1QFY20 v/s INR354m in FY17, thus, indicating higher productivity and operational efficiency at branch level. The bank has one of the highest proportion of retail deposits with a strong CASA mix. With asset quality stabilizing, we expect credit cost to moderate sharply and estimate core RoA/RoE to improve to 1.5%/15.5% by FY21.

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Auto stocks have been witnessing traction after the Finance Minister Nirmala Sitharaman announced measures to boost the sector

Most auto stocks were trading with decent gains in morning trade on August 27, keeping their sectoral index in the green

The BSE auto index traded 1.61 percent higher at 16,048.24 around 1010 hours (IST) and looked on course to extend its gaining spree into the third consecutive session.

Among the total 16 components in the index, only one - Cummins India - was in the red at that time.

Ashok Leyland, Tata Motors, Mahindra & Mahindra, Hero MotoCorp and Maruti Suzuki gained significantly.

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Mitessh Thakkar of  recommends buying Mahindra & Mahindra with a stop loss of Rs 528 and target of Rs 546 and Reliance Industries with a stop loss of Rs 1262 and target of Rs 1300

Indian indices ended on a positive note on August 23 in hopes of a stimulus package from the government. Buying was seen in the metal, auto, pharma, infra and IT, while FMCG stocks remained under pressure.

Sensex was up 228.23 points at 36,701.16, while Nifty was up 88.00 points at 10,829.40. About 1,310 shares advanced, 1,125 shares declined, and 130 shares were unchanged.

IndusInd Bank, ITC, ICICI Bank, Eicher Motors and Kotak Mahindra Bank were among major losers on the Nifty, while gainers were Zee Entertainment, Vedanta, UPL, BPCL and Yes Bank.

According to the pivot charts, key support level is placed at 10,690.17, followed by 10,551.03. If the index starts moving upward, key resistance levels to watch out for are 10,915.47 and 11,001.63.

Nifty Bank closed at 26,958.7, down 684.85 points on August 23. The important pivot level, which will act as crucial support for the index, is placed at 26,610.43, followed by 26,262.16. On the upside, key resistance levels are placed at 27,257.13 and 27,555.57.

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Gangwal said the board has now approved a new related-party transaction policy and to also close an open issue if the Articles of Association are amended at the company's upcoming annual general meeting (AGM) to increase the board size to 10 directors

InterGlobe Aviation promoter Rakesh Gangwal on Friday said the company’s board has approved a new policy on related-party transactions, amid an ongoing feud with co-promoter Rahul Bhatia over governance issues. The company is the parent of the country’s largest airline IndiGo. “While much work lies ahead, including mending some fences and the regulators completing their investigations on the governance issues raised with them, it is gratifying to see progress towards better governance,” Gangwal said in a statement.

Gangwal said the board has now approved a new related-party transaction policy and to also close an open issue if the Articles of Association are amended at the company’s upcoming annual general meeting (AGM) to increase the board size to 10 directors. “In light of this positive and important development, I will be supporting the proposed changes to the Articles,” he said.

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Etihad Airways, a strategic partner of Jet Airways, also backed out of the resolution process earlier this month stating “there remained very significant issues relating to Jet's liabilities

The resolution professional (RP) for Jet Airways has received a fresh expression of interest (EoI) from a “known foreign entity”, two people with knowledge of the matter told FE. The committee of creditors (CoC) for Jet Airways will meet on August 26 to consider the proposal, which came in this week. The CoC will also try to resolve the dispute over Siroya Centre, Jet’s headquarters till recently, sources said.

“A fresh EoI was received this week which looks promising. Since it came after the deadline had ended on August 10, it will be taken up for the CoC’s consideration on Monday. Of the three EoIs that were submitted before the deadline, Volcan Investments has officially withdrawn its EoI this week and Avantulo group was not provisionally shortlisted,” one of the persons mentioned above said.

Volcan Investments is the family-owned trust of Anil Agarwal, the founder and executive chairman of Vedanta Resources.

Etihad Airways, a strategic partner of Jet Airways, also backed out of the resolution process earlier this month stating “there remained very significant issues relating to Jet’s liabilities.” Before the August 10 deadline, two other parties — Panama-based Avantulo Group and a Russian entity, Treasury RA Creator — had submitted EoIs.

The CoC will also take up the settlement proposal put forth by the legal counsel for Luckystar, the owner of Siroya Centre, over the disputed premises. Luckystar had approached the tribunal last month seeking to repossess Siroya Centre, the six-storey building which was the headquarters of Jet Airways; the lease expired on June 7. The legal counsel for Luckystar has since put forth a settlement proposal, which, if agreed upon by the CoC, will lead to Jet Airways vacating the premises.

Additionally, the CoC will take up the settlement proposal put forth by HDFC regarding the dispute on keeping Godrej BKC out of Jet’s resolution proceedings. The National Company Law Tribunal (NCLT) will hear both matters on August 28.

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India's Reliance Industries is seeking a liquefied natural gas (LNG) cargo for delivery in October, two industry sources said on Friday

The refiner is seeking the cargo on a delivered ex-ship (DES) basis for delivery over Oct. 5 to 14 into Hazira, one of the sources said.

The tender closed on Thursday and it was not immediately clear if it had been awarded.

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Prakash Gaba of prakashgaba.com recommends buying Asian Paints with the target at Rs 1620 and stop loss at Rs 1580 and Nestle India with a target at Rs 13000 and stop loss at Rs 12250

The BSE Sensex plunged 267.64 points to 37,060.37 while the Nifty 50 lost 98.30 points to close below 11,000 levels, at 10,918.70, forming a bearish candle on the daily charts.

Experts feel the bearish bias may continue in coming session also if the index breaks its August lows.

Among sectors, Nifty Metal fell most with loss of nearly 3 percent followed by Bank and FMCG which declined nearly a percent each. The correction in broader markets was quite high compared to benchmarks as the Nifty Midcap index fell 1.6 percent and Smallcap index lost 1.9 percent.

According to the pivot charts, key support level is placed at 10,872.2, followed by 10,825.7. If the index starts moving upward, key resistance levels to watch out for are 10,999.7 and 11,080.7.

Nifty Bank closed at 27,719.05, down 263.40 points on August 21. The important pivot level, which will act as crucial support for the index, is placed at 27,557.24, followed by 27,395.37. On the upside, key resistance levels are placed at 27,989.94 and 28,260.77.

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Coffee Day Enterprises (CDE) owns Café Coffee Day, India's largest cafe chain that operates 1,750 outlets across the country

Shares of Coffee Day Enterprises gained on August 19, the first time in 17 trading sessions, after a media report said that the promoters were likely to resume talks with Coca-Cola for a stake sale in Cafe Coffee Day chain to cut the debt.

In fact, the stock traded high for the first time after the shock death of founder VG Siddhartha, whose body was found on the banks of the Netravati river in Karnataka on July 31, two days after the 60-year-old businessman had gone missing.

The stock was locked in 5 percent upper circuit at Rs 66.05 on the BSE. It was in lower circuit for previous consecutive 12 trading sessions after July 29 and lost 68.5 percent in the previous 16 sessions.

"The promoters of the Coffee Day Group plan to restart talks with Coca-Cola for selling a chunk of their stake in the Café Coffee Day (CCD) chain in a bid to cut the group's debt further," The Economic Times reported on August 19.

Siddhartha had begun talks with the beverage giant, seeking a valuation of Rs 8,000-10,000 crore for the company in June but was reluctant to sell a majority stake, the report said.

Coffee Day Enterprises (CDE) owns Café Coffee Day, India's largest cafe chain that operates 1,750 outlets across the country.

The deal will help Coca-Cola get a foothold in the cafe space as it tries to expand beyond its core carbonated drinks portfolio.

The move will help Coffee Day Group reduce debt obligations significantly. The company's debt as on July 31 was Rs 4,970 crore, with the debt incurred by its logistics arm, Sical, accounting for about Rs 1,488 crore.

The group recently sold Global Village Tech Park, under it is real estate arm Tanglin, in Bengaluru to Blackstone Group for about Rs 2,600-3,000 crore.

The total debt position of Coffee Day Group will reduce by Rs 2,400 crore after the payment for the deal is received.

The debt position of the Coffee Day Group (excluding Sical and Magnasoft) post repayment of debt out of proceeds from the sale of Global Village will be Rs 1,000 crore in the next 45 days.

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India's largest lender, the State Bank of India, on Sunday said that it is extending the repayment period for stressed automobile dealers by 15-30 days to help them out of current inventory builds-ups due to the slowdown in the sector and in the economy

"Normally, the repayment period is 60 days. So we extend it for 75 days for some dealers and to 90 days for a few others. We are talking to each dealer. We also had meetings with the Federation of Auto Dealers. We are actively engaged with all of them. 

"On a case to case basis, whichever dealer has faced any problem on account of excess inventories, we have been working out solutions for all of them," SBI's Managing Director, Retail & Digital Banking, P.K. Gupta said.

He also said the current slowdown would not create NPAs. 

The auto sector is the worst-hit sector in the current slowdown and apart from huge inventory build-up, the companies are resorting to production shutdowns to cope up with poor sales. 

"SBI is looking at extending the credit period for those auto dealers faced with inventory build-up due to poor demand. Our main focus is making available funds at cheaper cost for those retail customers keen on buying cars. We also fund the dealers when they buy cars from the manufacturer. However, for the aspect of the revival of demand, only the government can step in," Gupta said.

The bank has an exposure of Rs 11,500 crore to auto dealers.

Gupta said that at the moment, some automobile dealers are facing difficulty in repaying existing loans as per schedule. He was, however, hopeful that the festive season will boost auto sales.

"Our discussions with dealers' associations suggest that the festive season is going to start soon and then they will be able to clear most of the inventory and most of the accounts may not turn into NPAs. But it will all depend on what kind of demand revival takes place," he said.

The SBI on Sunday said in a statement that it conducted sessions with officials starting from the branch level to chalk out a roadmap for reviving credit. The rush for conducting these meetings is a result of a push from the Central government asking banks to come up with suggestions on the future of the industry.

It said the bank is trying to ensure availability of credit to car buyers, and low-interest rates and the current slowdown in the country's auto sector may not create non-performing assets for the banking sector. 

"I think it will be difficult to say at this point in time (whether there will be NPAs in the auto sector). We have seen some cases of dealers having an excess inventory, and we have been working out solutions for them," Gupta said.

Auto sales in July this year fell to a 20-year low, and at the current monthly average sales, total projected annual sales of passenger vehicles for 2019-20 may drop to yearly sales levels seen in 2014-15 and 2015-16.

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Glenmark Pharmaceuticals Ltd perhaps needs a stronger pep pill. Its first-quarter (Q1) results disappointed and fell short of analysts’ expectations. Besides, investors are not expecting its debt reduction plans to be any smooth either

A bigger disappointment came in its overseas businesses, particularly in the US, which clocked revenue growth of just 3.86% year-on-year in the June quarter. Analysts were expecting double-digit growth in the low teens from this important market.

Europe posted a fairly decent increase of about 10.5%, while Latin America saw revenues shrink 17%. Revenue growth in the rest of the world was about 5.4% year-on-year.

The US business was impacted by a decline in sales of its Mupirocin cream. Besides, tropical dermatological and skincare products are seeing significant price erosion, which has been continuing for three quarters now. Thankfully, two generic approvals in the second quarter could shore up its US business.

Besides, the company has launched multiple products in major countries in Europe during Q1, which should aid growth in the coming quarters.

Costs, though, have piled up in Q1. Raw material prices have surged by about 22% year-on-year. As a result, Ebitda margins have dipped from 16% a year ago to 14.7% in the June quarter. This is about 200 basis points below analysts’ estimates. Ebitda is earnings before, interest, taxes, depreciation and amortization.

Besides, Glenmark is undergoing a restructuring exercise. The company plans to reduce debt by about ₹700-800 crore in FY20. On this front, it is seeking a partner for its speciality chemicals business. Additionally, it is also seeking a minority partner in the recently separated active pharmaceutical ingredient business, Glenmark Life Sciences Ltd.

But slow business conditions, particularly in the US, are not convincing the market of this debt reduction programme. “Despite several niche approvals, Glenmark’s US business has failed to take off and restricted the company’s ability to meaningfully reduce debt as parallel investments in speciality/innovation pipeline have continued. Given a tepid outlook, we expect debt reduction to be gradual ( 400 crores vs. 700-800 crore guidance)," said analysts at Emkay Global Financial Services Ltd in a note to clients.

Additionally, its Baddi plant is facing regulatory issues, with the US FDA classifying it as Official Action Indicated, which impedes business from this facility. Much will depend on how soon Glenmark comes out of this and how its US business progresses, going forward.

“Increasing pricing pressure in the US and highly leveraged balance sheet limit the stock’s upside potential," said Reliance Securities Ltd in a recent client note. Little surprise, Glenmark has tumbled over 15% since its results were announced on 13 August.

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The share touched its 52-week high Rs 404 and 52-week low Rs 79.50 on 20 August 2018 and 05 August 2019, respectively

Shares of Yes Bank fell nearly 3 percent intraday on August 9 after the private lender announced the opening of qualified institutional placement (QIP) at a floor price of Rs 87.90 per equity share with a proposed discount of not more than 5 percent.

Yes bank is planning to raise about Rs 2,000 crore ($ 285 million) via QIP.

JM Financial, Motilal Oswal and CLSA are managers to the sale.

The announcement was made after market hours on 8 August 2019.

Yes Bank was quoting at Rs 87.60, down Rs 1.55, or 1.74 percent on the BSE.

The share touched its 52-week high of Rs 404 and its 52-week low of Rs 79.50 on 20 August 2018 and 5 August 2019, respectively.

Currently, it is trading 78.24 percent below its 52-week high and 10.57 percent above its 52-week low.

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Slamming Price Waterhouse & Co's recent allegations of violation of the Companies Act 2013 by Reliance Capital, the company on Thursday said that the audit firm's recent letter to the Ministry of Corporate Affairs was invalid

The company board met earlier in the day to review the matters arising out of the letter filed by PwC with the Ministry of Corporate Affairs (MCA), under Section 143(12) of the Companies Act, 2013.

A company statement said the Board took note of the views of the other joint auditors, who have been auditors of the company for the last three financial years and continue as the sole Statutory Auditors of the Company, confirming that there are no violations as alleged by PWC

"The Board also noted that PwC had duly audited the accounts for the financial year 2017-2018, as also a limited review of financial results of three consecutive quarters ended December 2018, without any qualifications or raising any concerns," it said.

Reliance Capital's board also took note of the views of legal experts who independently carried out an in-depth examination of the matter and the issues raised by PwC, as per the company and the independent legal opinion from reputed law firm confirmed that there was no violation.

"The Board noted the independent legal opinion from reputed law firm confirming that there was no violation attracting Section 143(12) of the Companies Act, and which concluded that the PwC letter is devoid of any rationale or basis and is invalid," the statement said.

Further, the board observed that the alleged basis relied upon by PwC for reporting under Section 143(12) is itself "grossly inadequate, and does not even point to a single specific instance of alleged fraud".

As per the statement, PwC had chosen not to attend the audit committee meeting on June 12, 2019, despite being invited to do so and abruptly resigned at the unearthly hour of 4.32 a.m. on June 11, 2019.

"After resigning and ceasing to be the auditor of the company, PwC filed its letter with MCA later the same day; and PwC did not even share a copy of its letter with the company or even with the Board's independent audit committee, despite repeated requests by the company." 

The Board reaffirmed to take all appropriate steps to safeguard the interests of all stakeholders.

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Seltos, the first car manufactured for India by South Korean auto major Kia Motors, rolled out of its plant in Andhra Pradesh's Anantapur district on Thursday

The world's eighth-largest automaker rolled out the production version of the sports utility vehicle (SUV), which will be launched on August 22.

The company announced the commencement of mass production of Seltos after testing the vehicle over 20 lakh km in different climatic conditions and some of the most challenging terrains in India.

The first Kia Seltos was rolled off the assembly line by South Korea's ambassador to India, Shin Bong-Kil, and Managing Director and Chief Executive Officer (CEO) at Kia Motors India, Kookhyun Shim.

"The roll-out of the first Seltos is an emotional moment for all of us, especially for the people at the plant as we worked together relentlessly to build the future of Kia Motors in India. The invaluable contribution made by the government of Andhra Pradesh has enabled us to achieve our target of manufacturing the Seltos in record time. The first Seltos is the symbol of our promise and commitment to the Indian market," said Kookhyun Shim.

"The Seltos will be BS-VI compliant right from its launch. It will be available in a highly efficient, brand new smart stream engine that will come in three variants: 1.5 Petrol, 1.5 Diesel and first in segment 1.4 Turbo Petrol, offering the perfect balance of performance and efficiency," the company said.

The Seltos will be launched on August 22 and bookings are being accepted across all Kia dealerships along with the Kia official website.

Since the commencement of pre-booking on July 16, Kia Seltos has already gathered 23,311 bookings.

The Seltos is available for test drives across all Kia dealerships. 

Kia's manufacturing facility in Anantapur is spread over 536 acres and has an annual capacity of 300,000 vehicles. The plant will also be capable of producing hybrid and electric vehicles.

The plant in Anantapur is equipped with the most advanced global technologies such as robotics and artificial intelligence and is remarkably environment-friendly with capabilities like 100 per cent water recycling within the plant, the company said.

The plant also houses a five-acre training facility offering the basic technical course (BTC) in automobiles for skill development to provide all skills necessary for an entry-level job on the factory floor.

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The Sensex was up 636.86 points at 37,327.36, and the Nifty was up 177 points at 11,032.50

After remained volatile in the first half on August 8, the bulls took the charge in the second half and help Nifty to close above 11,000 after media reports suggested that the government is likely to roll-back recently impose a higher tax on foreign portfolio investors (FPIs).

At close, the Sensex was up 636.86 points at 37,327.36, and the Nifty was up 177 points at 11,032.50. About 1379 shares have advanced, 1020 shares declined, and 149 shares are unchanged. 

HCL Technologies, Tata Motors, JSW Steel, Reliance Industries and M&M were among major gainers on the indices, while losers were Tata Steel, Cipla, UltraTech Cement, Indiabulls Housing and IndusInd Bank.

All the sectoral indices ended higher led by the IT, auto, bank energy, FMCG, metal, pharma and infra.

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India VIX is down 1.97 percent and is trading at 16.41

Indian benchmark indices are trading on a positive note with Nifty up 39 points to 10,894 while the Sensex jumped 131 points to 36,822.

Nifty PSU Bank along with the realty index has added over a percent each. The top performers from the PSU banking space are Bank of Baroda, Punjab National Bank, Bank of India, Canara Bank and State Bank of India.

The top gainers from the real estate space are Indiabulls Real Estate, DLF, Sobha and Sunteck Realty.

Nifty Auto added half a percent led by Tata Motors, which jumped 2 percent followed by Hero MotoCorp, Maruti Suzuki, Bosch and Ashok Leyland. However, Motherson Sumi Systems is down over 5 percent.

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The Sensex was down 286.35 points at 36,690.50, while Nifty was down 92.80 points at 10,855.50 

The last hour selling has pulled the indices to the day's low level after remained volatile as Reserve Bank of India (RBI) has cut the repo rate by 35 bps at 5.40 in its policy meet.

At close, the Sensex was down 286.35 points at 36,690.50, while Nifty was down 92.80 points at 10,855.50. About 1107 shares have advanced, 1348 shares declined, and 159 shares are unchanged. 

Indiabulls Housing, M&M, Tata Steel, Tata Motors and BPCL were among major losers on the Nifty, while gainers were Zee Entertainment, Cipla, HUL, Yes Bank and Hero Motocorp.

Except for IT and pharma, all other sectoral indices ended in the red led by bank, metal, auto, energy and infra. BSE midcap and smallcap index ended with a marginal loss.

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If the index breaks below 10,782 then further decline towards 11,580 and 10,450 levels is possible. Maximum open interest for Put is seen at strike price 10,800

Indian equity markets shrugged off weak global cues immediately after opening lower and witnessed steady gains through the day to touch intraday high of 11,018 on August 6

But, profit booking in the last hour of trade saw the Nifty closing off its high at 10,948, up by 0.79 percent. The broader market indices outperformed the benchmark as BSE Midcap and Smallcap gained 1.4 percent and 1.7 percent, respectively, for the day.

The market breadth on the NSE was positive with eight advancing stocks versus three declining. Following August 5 Hammer candle, the Nifty has formed a bullish engulfing pattern on the daily time frame that suggests buying at lower levels.

However, if the index breaks below 10,782 then it may decline further towards 11,580 and 10,450. In the Nifty weekly options, maximum open interest for Put is seen at strike price 10,800 followed by 10,700; while for Call maximum open interest is seen at 11,200 followed by 11,000. The index bounced back after touching a low of 10,782. If the index crossed and sustained above 11,020, the index could see a pullback towards 11,150-11,200.

India VIX closed for the day at 16.12, down 2.77 percent. VIX is at higher levels after a sharp bounce from lower levels suggesting volatility to continue.

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The board also approved a project for setting up of an integrated facility for the development of PTFE at an estimated cost of Rs 424 crore

Shares of SRF rose more than 8 percent in the early trade on August 6 after the company posted strong numbers for the quarter ended June 2019.

The company registered 42 percent jump in its Q1 profit to Rs 189.2 crore against Rs 133.8 crore in the same quarter last year.

Revenue of the company increased 9 percent at Rs 1,828.4 crore versus Rs 1,676.2 crore.

The board of directors of the company declared an interim dividend at 70 percent i.e. Rs. 7 per share on the paid-up equity share capital of the company.

The board also approved a project for setting up of an integrated facility for the development of PTFE at an estimated cost of Rs 424 crore.

The proposed capacity addition is 5,000 MTPA by October 31, 2021, with a mix of debt and internal accruals.

SRF was quoting at Rs 2,788.25, up to Rs 209.80, or 8.14 percent on the BSE.

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Cigarette-to-soap maker, ITC’s June quarter results were not particularly encouraging. The cigarette business, which is ITC’s mainstay, disappointed

Varun Lohchab, an analyst at Jefferies India Pvt. Ltd points out that “ITC’s Q1FY20 missed slightly operationally as cigarette volumes grew 3% year-on-year (versus our 4% expectation)." Note that cigarettes form a big chunk of ITC’s profit contribution. For the June quarter, cigarettes accounted for as much as 86% of the company’s overall earnings before interest and tax, or Ebit. The cigarette business’ Ebit increased by 8% year-on-year during April-June. To put it in perspective, the growth was 1% below Jefferies’ estimates.

ITC’s fast-moving consumer goods (FMCG) business saw revenue growth of 6% which is not extraordinary and is largely in line with broader consumption trends, given the slowdown in the economy. Revenue growth from other businesses--hotels, farm, and paperboards, paper and packaging--was in double digits, which is nothing to complain about. However, the contribution from these segments to profits is relatively low at the moment. As such then, these segments don’t move the needle dramatically for ITC.

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