TOP Headlines : 10 May 2017
• Kotak Mahindra Bank plans to raise Rs5370 crore via QIP
• Petronet LNG Q4FY17: Miss in operating profit
• Bharti Airtel gains on stable Q4FY17 margins performance
• Biocon drops as USFDA issues 8 Observations
• Aurobindo Pharma gains on USFDA nod for HIV Drug
• CESC plans to separate retail business Spencer
Kotak Mahindra Bank plans to raise Rs5370 crore via QIP
Kotak Mahindra Bank: As per media reports, Kotak Mahindra Bank is looking to raise around Rs5370 crore and is likely to launch a QIP next week.
The Bank may utilize funds to pursue consolidation opportunities.
Petronet LNG Q4FY17: Miss in operating profit
PLNG’s Q4FY17 results: Miss in operating profit due to lower volumes and higher opex; PAT boosted by higher than expected other income and lower effective tax rate; maintain our positive view on PLNG
Petronet LNG’s (PLNG) reported operating profit at Rs616 crore (+24.1% YoY; +1.5% QoQ) was 14% below our estimates of Rs Rs713 crore.
This was primarily on the account of lower than expected Dahej terminal volume of 177.1tbtu (+19.3% YoY; -5.6% QoQ and utilization rate of 92.6%) vs our estimate of 187.5tbtu and higher than expected other expenses at Rs209 crore (+80% QoQ).
Kochi terminal continues to disappoint with volume of 2.9tbtu (utilization rate of 4.7% only)
PAT at Rs471 crore (+92% YoY; +18.4% QoQ) was higher than our estimate of Rs413 crore. The beat in PAT was primarily on the account of higher than expected other income at Rs151 crore (vs only Rs55 crore in Q3FY2017) and lower than expected effective tax rate of 23.9% (vs 32% in Q4FY2017 and our assumption of 33% for the quarter).
Bharti Airtel gains on stable Q4FY17 margins performance
Bharti Airtel along with other older incumbents are facing headwinds from aggressive Jio Launch, for Q4FY17 also consolidated revenues were down by
11% yoy and 5.9% qoq to Rs21980.6 crore, led by 4.7% qoq and 9.6% yoy drop in the voice revenues, led by fall in realization by 17.5% qoq and 27%
yoy, though voice volume were grew by 15.5% qoq and 24% yoy.
Voice ARPU declined by 7% qoq and 17% yoy to Rs114, while MoU up at 471 against 419 in Q3FY17 and 415 in Q4FY16.
Data Revenues declined by 18% yoy and 11% qoq to Rs2750 crore, led again by drop in realization by 47% yoy and 32% qoq.
ARPU at Rs162, down 17% yoy and 7% qoq. Blended ARPU declined by 19% yoy and 8% qoq to Rs158.
Churn rate improved during the quarter, declined to 3.6% vs 4.1% qoq.
OPM for the quarter declined by 238bps yoy to 36.0 %, better-than-expectations, attributed to marginal decline in margins in India as well as wireless business.
India’s business OPM stood at 39.3% vs 40.3% in Q3FY17. While, African operation margin improved to 26% from 24% in Q3FY17.Net income for the quarter was down by 74.4% yoy to Rs373.4 crore.
Biocon drops as USFDA issues 8 Observations
Shares of Biocon dropped over 3% to Rs1014 on NSE in an otherwise weak market after the USFDA issued 8 Observations to company Bengaluru Unit in March-April 2017 inspection.
Aurobindo Pharma gains on USFDA nod for HIV Drug
Aurobindo Pharma has got USFDA nod for HIV Drug, while in other news report Unit 3 which was inspected in April 2017, got 6 Observations from USFDA, stock is in focus today.
CESC plans to separate retail business Spencer
CESC is planning to separate its retail business Spencer. Spencer to raise cash on its own strength soon after it is carved out as per the report.
The company’s management has indicated that Spencer’s will raise cash through a placement of shares with financial institutions to repay its debts of Rs400 crore.
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