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YES Bank and Maruti Suzuki announce Q2 results, Indian Markets were gripped by BEARS on expiry day…. Market updates for 25/10/18

PurpleTrades - stock market courses > News > YES Bank and Maruti Suzuki announce Q2 results, Indian Markets were gripped by BEARS on expiry day…. Market updates for 25/10/18

Report by- Sabyasachi Bhattacharya

 

YES Bank announced their Q2 results; Profit dips by 4% as asset quality weakens-

Private sector lender Yes Bank’s second quarter profit fell 3.8 percent year-on-year to Rs 964.7 crore, dented by sharp rise in provisions and weak asset quality performance. YES Bank few weeks back saw a major plunge in their market capitalization due to weakening stock price. After the sudden and forced exit of their CEO Rana Kapoor, YES Bank’s stock plunged by more than 20%. Let us take a look at the key insights of their report-

  • Profit included the impact of Rs 252.2 crore of one time MTM provisioning, predominantly on corporate bonds. Adjusted net profit grew by 36.2 percent YoY.
  • Net interest income during the quarter increased 28.2 percent to Rs 2,417.55 crore with healthy loan growth of 61.2 percent driven by refinancing (in corporate segment) and retail book.
  • Yes Bank said retail banking advances grew 103 percent YoY to 14.3 percent of advances in comparison to 11.4 percent in Q2FY18. Deposits growth was also strong at 41 percent YoY.
  • The private sector lender’s asset quality deteriorated during the quarter. Gross non-performing assets (as a percentage gross advances) increased to 1.60 percent against 1.31 percent in June quarter. Net NPA was also higher at 0.84 percent against 0.59 percent in previous quarter.
  • In absolute terms, gross NPAs were higher by 37 percent sequentially at Rs 3,866 crore and net NPAs by 60 percent at Rs 2,019.7 crore in quarter gone by.
  • Provisions and contingencies in Q2 at Rs 939.98 crore shot up sharply by 50.2 percent sequentially and 110.3 percent year-on-year.
  • Other income (non-interest income) grew by 18 percent on year to Rs 1,473.5 crore and operating profit increased by 24.1 percent to Rs 2,366.4 crore for the quarter ended September 2018.

 

Take a look at the company’s report, released today.

Source- MoneyControl, Purple Trades Research Department       

 

 

 

Maruti Suzuki announced their Q2 results; weak Rupee and high commodity prices hit profit-

Automobile major, Maruti Suzuki, reported a fall of 10 percent in its net profit for the September quarter as compared to the same period of last year. The company blamed a range of factors such as commodity prices, adverse foreign exchange rates, among other reasons behind the profit falling. Here are key takeaways from the results announcement to help you understand its financials-

  • The automobile major reported a fall of 9.8 percent year-on-year (YoY) in profit for the September quarter at Rs 2,240.4 crore. During the same period of last year, the company had reported a profit of Rs 2,484.3 crore. It reported net sales at Rs 21,551.9 crore for the quarter, growing over half a percent as compared to the last year.
  • The operating profit for September quarter stood at Rs 2,710.1 crore during Q2, down 9.5 percent YoY. The company attributes this fall to increase in commodity prices, adverse foreign exchange movement, and higher sales promotion expenses. These were partially offset by cost reduction efforts.
  • The company sold a total of 4.84 lakh units during the quarter, down 1.5 percent over the corresponding period of last year. Sales in the domestic market stood at 4.55 lakh units, while exports stood at 29,448 units. For the first half of this fiscal year, the company sold a total of 9,75,327 vehicles in H1, a growth of 10 percent over the same period of the previous year. Sales in the domestic market stood at 9,19,240 units and exports were at 56,087 units.
  • Material costs as a share of net sales have risen to 70.8 percent, a rise of 110 basis points from 69.7 percent. The employee cost has also risen by 60 basis points to 3.7 percent from 3.1 percent last year.

 

Take a look at the company’s report, released today.

Source- MoneyControl, Purple Trades Research Department       

 

Markets trade range-bound on expiry date as 10,100 proves to be crucial support-

Chart source- Upstox

Indian markets had a volatile day as Nifty traded in a range-bound manner. On the day of expiry it was expected that 10,100 mark was to provide a crucial support if the markets fell. The markets opened up in a Gap-Down fashion, losing almost 80 points before even the markets opened. Throughout the morning session markets fell to 10,100 levels. Nifty even managed to breach the 10,100 level, further going down to 10,089 level but couldn’t sustain that level and hence made an upwards move. Markets are expected to fall further below the 10,100 mark by experts. The Sensex was down 343.87 points at 33690.09, while Nifty was down 99.90 points at 10124.90. About 930 shares have advanced, 1559 shares declined, and 1121 shares are unchanged. Barring IT, all the other sectoral indices ended in red. Wipro, Coal India, Kotak Mahindra Bank, ITC, Asian Paints are the top gainers on the Sensex, while Bharti Airtel, Vedanta, Yes Bank, Tata Motors and Sun Pharma are the top losers on the Sensex. Major Global Indices were trading in the Green today but European markets were down as CAC and DAX were seen in the red.

 

Let’s take a look at the performance of major Indices.

 

Source- MoneyControl, Purple Trades Research Department   

 

 

 

Top sectors that moved the market today-                            Data source- Moneycontrol

 

 

Top Gainers for today-                                                                                        Data source- Moneycontrol

 

Top losers for today-                                                               Data source- Moneycontrol

 

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