The road project was worth Rs 350.01 crore. The appointed date for same was July 20, 2017, and the scheduled completion date was July 20, 2019

Shares of Dilip Buildcon rallied 2.7 percent intraday on August 28 after the company received Provisional Completion Certificate for the road project in Andhra Pradesh.

The stock gained nearly 14 percent in the last three days after falling more than 50 percent in the last year. It was quoting at Rs 382.85, up to Rs 5.90, or 1.57 percent on the BSE at 1000 hours.

The road project company informed exchanges that its project of rehabilitation and up-gradation of Eeppurupalem - Ongole section of NH-214A (new NH-216) to two-lane with a paved shoulder in Andhra Pradesh under NHDP -IV on EPC basis has been provisionally completed.

The Provisional Completion Certificate was issued by the authority on August 17. As on July 20, the project was declared fit for operation.

The road project was worth Rs 350.01 crore. The appointed date for same was July 20, 2017, and the scheduled completion date was July 20, 2019.

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NEW DELHI: Finance NSE 0.15 % Minister Nirmala Sitharaman’s decision to roll back enhanced surcharge on long-term and short-term capital gains will apply to incomes from derivative trades as well

Sitharaman on Friday removed the surcharge on incomes arising from the transfer of equity shares, units of equity oriented-mutual funds and units of business trusts. 

While gains from trading in futures and options (F&O) segment are usually treated as business income, for foreign portfolio investors, they have considered capital gains because derivative exposure taken by these investors are considered as capital assets. 

Friday’s announcement meant tax payable on gains arising from the transfer of these instruments will be also be exempted from the levy of the enhanced surcharge. 

“It is decided that the tax payable on gains arising from the transfer of derivatives (future and options) by FPIs, which are liable to a special rate of tax under Section 115AD, shall also be exempted from the levy of the enhanced surcharge," the government said in a release 

The surcharge, meanwhile, will still be applicable on capital gains from debt instruments and other income such as interest, noted Jairaj Purandare, Chairman, JMP Advisors. 

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This project is funded by the Department of Telecom (DOT), Government of India and BSNL has been appointed as the nodal agency by the DoT for project execution

Shares of Himachal Futuristic Communication (HFCL) surged 8.5 percent intraday on August 20 after the company received purchase order worth Rs 2,467 crore.

The company has received a purchase order worth Rs 2,467 crore from Bharat Sanchar Nigam for setting up the converged nationwide IP /MPLS backbone & access network for armed forces under the network for spectrum (NFS) programme of the government.

The scope of work also includes operation and maintenance for a period of 10 years including 3 year warranty period for which Rs 862 crore will be paid by the Indian Defence Services after the warranty period is over.

This project is funded by the Department of Telecom (DOT) and the Government of India. BSNL has been appointed as the nodal agency by the DoT for project execution.

Himachal Futuristic Communication was quoting at Rs 19.85, up Re 1, or 5.31 percent on the BSE.

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Shares of Tata Motors kicked off August 20 session on a bumpy track as the stock declined over 1 percent but rebounded soon to trade with a gain of about half-a-per cent.

The stock swung between gains and losses a day after CARE Ratings downgraded its long-term credit rating, in the light of the weak financial performance of its British subsidiary Jaguar Land Rover Automotive PLC (JLR).

CARE Ratings downgraded the rating on the long-term bank facilities of Tata Motors to 'AA-/Negative' from 'AA/Stable' but reaffirmed rating on short term bank facility and commercial paper at 'A1+'.

In a similar move last week, CRISIL downgraded the rating on the long-term bank facilities of Tata Motors to 'AA-/Negative' from 'AA/Negative' but reaffirmed rating on short term bank facility, commercial paper and short-term debt at 'A1+'.

Hit by the weakness in the global economy amid the US-China trade war and Brexit woes, JLR's sales have been deteriorating of late. Its wholesale volumes declined about 10.8 percent in fiscal 2019 over the previous fiscal and were about 10 percent lower year-on-year in Q1.

Reduction in volumes has been largely driven by a slowdown in China, ongoing uncertainties around diesel vehicles in Europe, and weaker volumes in overseas markets.

Given the high operating leverage in this business, declining volumes have impacted profitability, reflected in operating margins of 8.2 percent in FY19 and 4.2 percent in Q1 FY20, down from 10.8 percent in FY18 and 6.2 percent in Q1 FY19.

Shares of Tata Motors traded at Rs 121.35, up to Rs 0.60 or 0.50 percent on BSE around 0945 hours.

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Shares of multiplex operators PVR Ltd and Inox Leisure Ltd are now down about 1.6% and 3.2%, respectively, after Reliance Industries Ltd’s (RIL’s) annual general meeting. 

The stocks had fallen much more last week, after the oil-to-telecom conglomerate’s bundled entertainment offering including a disruptive concept for watching new movies at home on the same day they are released in theatres.

Why are investors breathing easy? To start with, since RIL hasn’t given many details about its plans, the exact impact is difficult to quantify at the moment. “We do not expect any material impact on overall revenues of PVR as such a segment which subscribes to ‘premium Jio Fiber’ would be relatively small," analysts from Bank of America Merrill Lynch said in a note to clients.

Analysts at HSBC Securities and Capital Markets (India) Pvt. Ltd said to its clients, “We do not think exhibition players such as PVR and Inox Leisure will be affected by Jio’s movie offering as out-of-home entertainment demand cannot be challenged by at-home movie offerings."

As such, considering that RIL is looking to launch the so-called First Day First Show service only in the middle of 2020, from a near-term perspective, the threat from this move seems limited.

Still, the uncertainty of how the situation would evolve may weigh on multiplex stocks.

If JioFiber manages to screen popular movies on the same day as their launch on theatre screens, the impact will not be trivial.

“Reliance JIO’s announcement of ‘First Day First Show’ movie launch is in-line with our long-term thesis that consumers will reduce the visits to a multiplex due to the content being available on OTT," said Spark Capital Advisors (India) Pvt. Ltd’s analysts in a report on 19 August. OTT is over-the-top and refers to internet streaming media services such as Amazon Prime Video and Netflix.

Given more choices at the consumer’s disposal, it will be interesting to watch if at-home movie offerings will take a big bite from the out-of-home entertainment demand. “Theatrical and at-home are two completely different experiences and each has their own places. Both these experiences have co-existed and prospered for decades and will continue to so in future," said PVR in a statement on 13 August.

From a medium- to long-term perspective, there are potential risks, nonetheless. “With content producers deriving ~75% of their revenues from theatrical Box Office collections, we see no immediate impact to PVRL’s footfalls; however, we believe more movie producers will commence embracing the OTT format over the long term as they begin to see a value proposition emerging out of the new modus operandi," added the analysts at Spark Capital.

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Shares of Info Edge (India) Ltd have slipped nearly 11% after scaling a 52-week high of about 2,444 on June 3. Continuing losses in investee companies have been worrying investors lately. Post its first-quarter results, some analysts have even downgraded the stock

In the first quarter ending June, Info Edge’s standalone revenue growth remained healthy at 20.5% YoY, much in line with analysts estimates. In fact, the recruitment business continues to grow at a healthy clip. Revenues here were up 19.2% YoY in Naukri. 99acres grew at a faster clip at about 34.6% YoY, while other segments contributed about 10% revenue growth.

Real estate growth, though, has been sluggish, and growth numbers seem high due to 99acres’ tiny base. Its strong foothold in the online listing space with about 50% market share though, should provide room for growth.

Its flagship portal, Naukri though has seen a decent growth, driven by IT and IT services. Naukri adds about 19,000 resumes on a daily basis. Its recent acquisition IIMJOBS.com has seen a 22% growth in revenues in the first quarter to 57 crores and is close to break-even, according to the management.

On a consolidated basis, though, Info Edge’s growth numbers have been a drag. Some of Info Edge’s investments such as Zomato and PolicyBazaar have been loss-making. These businesses are currently in a growth phase with Zomato starting to control costs and reducing losses. On a consolidated basis, though revenues grew at 15.4% YoY, which is reasonable. InfoEdge, though, reported a loss of 190 crores in the first quarter against 22 crores in the year-ago quarter.

Much of Info Edge’s business is in a growth phase. However, the stock has climbed about 47% in the past year with valuations touching sky-high levels. “INFOE’s market leadership positions in recruitment and real estate segments, as well as investments in Zomato and PolicyBazaar make it well-positioned in the classifieds space. Current valuations, however, more than capture these positives," said analysts Kotak Securities Ltd institutional business.

“We downgrade the rating to SELL with a revised fair value of Rs1,910 as we roll forward to June 2021E," noted Kotak Institutional Equities.

That’s about 14% lower than current levels, though much of its future depends on the valuations that Zomato and other investee companies command during the next round of fundraising.

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The key positive highlight of UltraTech Cement Ltd’s June quarter earnings is the sharp improvement in operating margin. Cast your eyes on the chart alongside. Ebitda margin surged 26%, exceeding analysts’ estimate of 23-24%

Ebitda is earnings before interest, tax, depreciation and amortization, and is a key measure of profitability.

This improvement in margin was primarily driven by higher price realizations. “Cement realisation/tonne witnessed sharp uptick by 13.5% YoY and 12% QoQ at ₹5,037 (which seems to be the highest compared to peers reported so far)," said analysts from Reliance Securities Ltd. Softening input costs also supported operating performance.

Unfortunately, the margin performance wasn’t enough for investors to shift focus from the company’s weak volume growth. Cement sales volume increased by merely 2% year-on-year to 17.86 million tonnes (mt), much lower than the anticipated 18.5 mt.

In its investor presentation, UltraTech Cement indicated that the cement industry’s volumes declined by 3-4% during the June quarter. At the same time, the industry’s capacity utilization was at 67%, suggesting demand was rather tepid.

In a post-earnings conference call with analysts, the management said that cement demand was impacted by general election code of conduct, but is likely to improve in the second half of the year. The company foresees 6% growth in cement demand for the industry in the fiscal year 2020.

As far as prices are concerned, the management said the June exit price was 3% lower than the average price seen earlier in the month and the demand-supply dynamics would play on prices, hereon. The benefits of the decline in the price of petroleum coke, a key input, will be seen in the quarters ahead, it added.

Going ahead, UltraTech Cement’s focus remains on deleveraging and consolidation of sister firm Century Textiles’ cement assets.

Meanwhile, improved performance of the acquired assets from Binani Cement Ltd and Jaiprakash Associates Ltd (Jaypee Cement), besides sequential reduction in debt were some other positives. But the sour point for the market remained poor volume growth.

Reacting to its earnings, the UltraTech Cement stock swung from the green to red, closing over 2% lower to ₹4,233.15 on Thursday. Nonetheless, it was the second-most expensive pan-India-focused cement stock after Shree Cement Ltd, trading at a one-year forward EV/Ebitda of 15 times. EV stands for enterprise value.

To be sure, analysts have cautioned of some more downside in the UltraTech Cement stock given that September is a seasonally weak quarter for the sector.

The lull in demand, especially from the housing sector, continues to weigh on cement prices. This does not bode well. Cement prices across the country corrected further in July and are likely to remain on a weak footing, at least for now.

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The bank reported standalone net profit during the quarter stood at Rs 118.33 crore compared to a net loss of Rs 1522.24 crore in the previous year quarter. Interest income of the bank rose by 0.40 per cent at Rs 5714.44 crore for the quarter ended June 30, 2019, as against Rs 5691.87 crore in the corresponding period last year. During the April-June quarter, total income rose moderately by 9.97 per cent to Rs 6,493.55 crore from Rs 5,904.82 crore in the year-ago period. Meanwhile, operating expenses dropped by 2.40 per cent to Rs 5,388.72 crore from Rs 5,521.21 crore in the same period last year. Operating profit surged 188.01 per cent to Rs 1,104.83 crore from Rs. 383.61 crore. Provisions and Contingencies slipped by 62.62 per cent at Rs 1,034.78 crore from Rs 2,768.22 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 6.67 per cent at Rs 1,790.19 crore versus Rs 1,678.18 crore in the year-ago period. Non-interest income rose 265.87 per cent year-on-year to Rs 779.11 crore. On the asset side, gross non- performing assets (NPAs) fell to 19.93 per cent of the gross advances as at the end of June 30, 2019, from a level of 22.17 per cent year earlier. Its net NPAs or bad loans too declined to 7.98 per cent of net advances on June 30, 2019, from 10.58 per cent a year ago.

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The company reported a standalone net profit of Rs 3.61 crore for the quarter ended June 30, 2019, as compared to Rs 1.85 crore in the same period last year, registering a year-on-year growth of 95.14 per cent. Net revenue of the company rose moderately by 10.35 per cent at Rs 30.80 crore in the April-June quarter of this fiscal as against Rs 27.91 crore in the corresponding period last year. During the April-June quarter, operating expenses increased by 4.53 per cent to Rs 27.24 crore from Rs 26.06 crore in the year ago period.

Other Income grew by 85.00 per cent at Rs 0.37 crore versus (Jun'18 Rs 0.20 crore). Operating Profit surged by 92.43 per cent to Rs 3.56 crore as against Rs 1.85 crore in the year-ago period, while Operating Profit Margin (OPM) expanded year-on-year to 74.36 per cent in June quarter. Taxation increased by 65.00 per cent at Rs 0.33 crore (Jun'18 Rs 0.20 crore).

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Eight of the 10 most valued Indian companies suffered a combined erosion of Rs 89,535 crore in market valuation last week, with SBI emerging as the biggest drag. In the top-10 list, only Tata Consultancy Services (TCS) and HUL saw gains in their market capitalisation (m-cap) for the week ended Friday. Reliance Industries Ltd (RIL), HDFC Bank, HDFC, Infosys, ITC, Kotak Mahindra Bank, SBI and ICICI Bank closed the week with losses. The valuation of SBI tumbled Rs 30,388.3 crore to Rs 2,75,279.64 crore. RIL's m-cap plummeted Rs 18,952.5 crore to Rs 7,50,674.86 crore and that of HDFC Bank plunged Rs 16,774.8 crore to Rs 6,05,627.15 crore. The market valuation of HDFC tanked Rs 7,660.34 crore to Rs 3,66,471.19 crore and that of ITC declined Rs 6,995.81 crore to Rs 3,24,753.23 crore. Infosys' market cap eroded by Rs 5,111.1 crore to reach Rs 3,33,037.59 crore and that of ICICI Bank went lower by Rs 3,003.03 crore to Rs 2,65,122.36 crore.

The valuation of Kotak Mahindra Bank fell by Rs 649.22 crore to Rs 2,87,873.18 crore. In contrast, the m-cap of TCS zoomed Rs 36,491.94 crore to Rs 8,27,794.83 crore and that of Hindustan Unilever Limited (HUL) jumped by Rs 1,493.71 crore to Rs 3,76,145 crore. In the ranking of top-10 firms, TCS was at the number one ranking, followed by RIL, HDFC Bank, HUL, HDFC, Infosys, ITC, Kotak Mahindra Bank, SBI and ICICI Bank. Last week, the Sensex lost 764.57 points or 2.01 per cent.

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The past few months have been a roller-coaster ride for Indian equity investors. A combination of unfavourable domestic and global cues continue to dampen sentiment on Dalal Street. In this week as well, key Indian benchmark indices the Nifty and the Sensex lost more than 2% percent each

Consequently, the valuation of Indian equities has come-off from its recent peak following the ongoing market correction. Currently, the MSCI India index is trading at a one-year forward price-to-earnings (PE) multiple of 17 times moderating from the high of 19 times.

Another valuation parameter, the bond equity earnings yield ratio (BEER) paints a similar picture. An analysis by domestic brokerage house Antique Stock Broking Ltd showed that at 1.1 times, BEER for the Nifty50 has slipped to similar levels seen during demonetisation and taper tantrum of 2012-13.

This ratio compares the 10-year treasury bond yield to the earning yield of the stocks or stock index – in this case, the Nifty. Earning yield is the reverse of the PE ratio. Theoretically, if the reading is at 1, it means that both equity and bond markets are fairly valued. A reading greater than 1 would mean that the equity market is overvalued, while below 1 means that the equity market is undervalued.

However, as the alongside chart shows, although the ratio is a little above 1, the reading has been heading southward. At 1.1 times BEER is much lower than its historical average of 1.5 times.

As per the broking firm, since the Reserve Bank of India (RBI), akin to global central banks, is expected to further cut interest rates to boost economic recovery, valuations of Indian equities are unlikely to see a further de-rating.

“We believe there is a strong possibility of another 50 basis points repo rate cut by RBI given benign inflation, weak economic growth, fiscal consolidation and unchanged overall government borrowing along with an option of borrowing overseas through the foreign sovereign bond. In the backdrop of easing risk free rate, we do not foresee further de-rating in Indian equities," it said in a report on 29 July. One basis point is one-hundredth of a percentage point.

That said, it cautions of some risks to valuations emerging from corporate earnings downgrade.

Meanwhile, the report further added that sectors which are looking attractive from BEER perspective are auto, pharmaceuticals, energy and capital goods. Also, large caps are looking more attractive as compared to mid-caps

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At close, the Sensex was down 462.80 points at 37,018.32, while Nifty was down 138 points at 10,980

The final hour recovery helped the Nifty to close around 11,000 level and Sensex above 37,000 after remained under immense selling pressure throughout the day.

At close, the Sensex was down 462.80 points at 37,018.32, while Nifty was down 138 points at 10,980. About 830 shares have advanced, 1587 shares declined, and 147 shares are unchanged. 

Vedanta, JSW Steel, Hindalco Industries, SBI and Tata Motors were among major losers on the Nifty, while gainers were Wipro, Bharti Infratel, Maruti Suzuki, Reliance Industries and Power Grid Corp.

Among sectors, except energy all other indices ended on weak note led by the metal (down 3 percent), PSU bank (down 2 percent), IT (down 1.8 percent) followed by infra, pharma and FMCG.

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The company reported a standalone net profit of Rs 18.59 crore for the quarter ended June 30, 2019, as compared to Rs 23.64 crore in the same period last year, registering a year-on-year decline of 21.36 per cent. Net revenue of the company declined marginally by 2.61 per cent at Rs 854.75 crore in the April-June quarter of this fiscal as against Rs 877.66 crore in the corresponding period last year. During the April-June quarter, operating expenses dropped by 2.81 per cent to Rs 816.98 crore from Rs 840.62 crore in the year-ago period.

Other Income grew by 127.72 per cent at Rs 6.49 crore versus Operating Profit surged by 1.97 per cent to Rs 37.77 crore as against Rs 37.04 crore in the year-ago period, while Operating Profit Margin (OPM) expanded year-on-year to 4.74 per cent in June quarter. Interest grew by 0.00 per cent y-o-y to Rs 2.69 crore, while Taxation decreased by 23.54 per cent at Rs 9.94 crore.

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Mahindra & Mahindra (M&M) reported a decline of 16% year-on-year (YoY) in its total domestic wholesales to 37,434 units in July, as the economic downturn continues to hurt the auto industry

The company’s passenger vehicle wholesales fell 15% YoY to 16,831 units during the month, while commercial vehicle sales declined 17% to 15,969 units. The drop in wholesale numbers hint at more production cuts, which automakers have been undertaking to manage unsold inventory.

The company had reported a decline of 2% YoY and 9.4% YoY in passenger vehicles and commercial vehicles, respectively, in the first quarter of the current fiscal, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

For M&M, the bigger decline in CV sales came from subdued sales in the light commercial vehicle (LCV) category, where the Bolero range of light trucks-- under 3.5 ton--dominates. It reported total domestic sales of LCVs, below 3.5 tons, at 14,874 units in July, down 16% YoY.

The fall in demand for LCVs is a clear indication that small and medium enterprises (SMEs) have also been hit.

The medium and heavy commercial vehicle (M&HCV) category, which primarily reflects the economic health of sectors such as transportation and infrastructure, has reported a drop of 52% from 866 units sold in July last year to 417 units last month.

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The top gainers from NSE include Hero Moto, IndusInd Bank, YES Bank, Sun Pharma and Grasim Industries while the top losers are Zee Entertainment, Axis Bank, Bharti Infratel, Tech Mahindra and Indiabulls Housing Finance

Indian benchmark indices continue to trade in the red following weak Asian cues with Sensex down 193 points at 37,204 while the Nifty50 is down 69 points at 11,015.

Nifty Realty is down close to 3 percent dragged by Indiabulls Real Estate, DLF, Phoenix Mills, Sobha, Prestige Estates, Godrej Properties and Sunteck Realty.

The IT index is also trading in the red, the top losers were Tech Mahindra which is down over 3 percent followed by Infosys, Tata Consultancy Services and Mindtree.

Nifty Media shed 2 percent in this morning session dragged by Zee Entertainment which shed over 4 percent followed by Eros International Media, PVR, TV Today Network, UFO Moviez, Dish TV and DB Corp.

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At a time when there is a broad-based economic slowdown, growth in lending is hard to come by

In that scenario, Axis Bank Ltd’s swift turnaround to a robust core income growth, driven by a 19% increase in domestic loans, should cheer investors.

The fact that this growth comes in tandem with a reduction in the private sector lender’s toxic loan pile is an added positive. Indeed, the management said the bank is not chasing extraordinary growth, but would rather lend to good borrowers, a message given by most other private-sector lenders that have announced results so far.

This preference for safety is writ large over the Axis Bank’s balance sheet. Loan growth is driven by retail; small businesses, especially the dealership network of the automobile sector, have been avoided. Another safety net provisions, which rose 14% from a year ago, despite the toxic loan stockpile reducing in the June quarter.

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We believe that for companies with strong growth prospects and sound fundamentals, it would be prudent to accumulate such stocks on dips as any correction in the prices should be used as a buying opportunity.

Siddharth Sedani

Indian benchmark indices continued its losing streak for the sixth consecutive day as Nifty finished below 11,300 level. Overall trading sentiment remains weak in the near term due to taxation issues, dull earnings and slowing consumption.

Also, oil prices have nudged higher on rising tensions over Iran and a sharp fall in US crude stocks, although worries about weak demand will continue to keep a cap on gains. Markets are expected to be volatile in the near term on account of broad events including US Fed policy meeting scheduled on July 30-31, the progression of monsoon, upcoming RBI policy and the results of various companies.

Other important factors such as oil prices, movement of rupee and investment trend by overseas investors would also influence trading in the market. Though slowdown issues could drag the markets in the medium term, it gives an investment opportunity for long term investors who have a horizon of more than 2-3 years.

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Time schedule for completion of the work shall be 330 calendar days after commencement date of the contract.

Mcnally Bharat Engineering shares rose 4.6 percent intraday Thursday after company won an order worth Rs 46.70 crore.

It has touched a 52-week low of Rs 2.30.

The company received one order from SGTORE Company, a Hong Kong based company, relating to work of design and engineering, supply of equipment, two years spare parts, three months consumables on EPS basis worth Rs 46,70,58,418.

The scope of work of the contract include implementation of first phase of an out door lead and zinc floatation plant project for production of 170,000 metric tons of zinc concentrate with zinc Grade of 55% and 54,000 metric tons of lead concentrate with lead grade of 60%.

Time schedule for completion of the work shall be 330 calendar days after commencement date of the contract.

At 12:10 hrs Mcnally Bharat Engineering was quoting at Rs 2.49, up Rs 0.11, or 4.62 percent on the BSE.

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CLSA factored in volume growth for the rest of FY20 as the base is turning benign.

Shares of Tata Motors rebounded nearly 3 percent intraday on July 26 after hitting a fresh nine-year low in early trade after a disappointing show in June quarter (Q1). Global brokerage houses are mixed in their opinion with CLSA cutting price target on the stock.

The scrip touched an intraday low of Rs 138.15, the lowest level since February 2010, but rebounded to day's high of Rs 148.25 which could be due to the positive commentary by the management. At 1031 hours, Tata Motors was quoting at Rs 147.90, up 2.46 percent on the BSE.

CLSA has a sell call on the stock and slashed price target to Rs 120 from Rs 140 per share after cutting FY20-21 EPS estimates by 9-31 percent as the company reported worst pre-exceptional loss-before tax in a decade.

Tata Motors, on July 25, posted a huge loss of Rs 3,698 crore in June quarter, dented by a disappointing performance by Jaguar Land Rover.

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ICICI Direct also said Infratel's reported revenues (without the impact of IndAS 116) at Rs 3,629.7 crore were better than its estimate of Rs 3,558.3 crore

Shares of Bharti Infratel rallied nearly 6 percent intraday on July 25 as Morgan Stanley retained positive stance on the stock after strong Q1 show.

While having an overweight call on the stock with a target price at Rs 323 (implying a 22 percent potential upside from current levels), the global brokerage house said revenue in Q1FY20 was in-line with its estimates.

The investment firm further said tenancy movement was positive this quarter with fewer tenancy deletions.

ICICI Direct also said Infratel's reported revenues (without the impact of IndAS 116) at Rs 3,629.7 crore were better than its estimate of Rs 3,558.3 crore.

The outperformance was on account of core rental revenues that came in at Rs 2,182 crore, up 3.5 percent YoY against its expectation of Rs 2,065 crore.

The company reported a net increase of 523 co-locations on consolidated basis against brokerage's expectations of net loss of 1,750 tenancies. The addition of tenancy happened after six quarters which was anyway positive development.

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