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| CapitalStars Investment Adviser |
Sun Pharma surges on strong India/US business, low R&D expenses
Shares of Sun Pharma are up 7% as a reaction to the very strong Q1FY19 numbers. Sun Pharma’s revenue grew by 16.4% yoy to Rs7,224.2cr, while EBITDA grew by 46.6% yoy to Rs1,606.7cr in Q1FY19. We had expected revenue/ EBITDA of Rs6,907cr/ Rs1,517cr in Q1FY19. EBITDA margins came at 22.2% vs. our estimate of 22% and PAT came at Rs1,110cr vs. our estimate of Rs888cr.
India sales grew by 22%, which were above our expectations. The biggest beat came from the US business, where we had expected flat revenue, however against our expectations revenue grew by 8.3% to $380mn. Notably, Taro’s numbers in Q1FY19 showed weakness, hence we had expected some pressure in the Sun’s US business. Sun Pharma’s US revenue ex-Taro, however, grew by 18.6% which shows that specialty products are doing much better and have fully offset the pricing pressure.
Allahabad Bank slumps 8% after Q1FY19 numbers
Shares of Allahabad Bank slumped 8% in afternoon trade on Tuesday after the bank reported a loss of Rs1,944cr in the first quarter of FY19 .
Bank’s NII during Q1FY19 increased 37% to Rs1,704cr yoy. Their gross NPA dropped 5% to Rs25,068cr and net NPA declined 14% to Rs10,410cr qoq.
Cadila Healthcare declines ~5% after Q1FY19 numbers
Shares of Cadila Healthcare declined ~5% in the afternoon session on Tuesday as the company missed markets expectation.
Overall results are below expectations, with revenue and EBITDA 3%/6% below expectations, respectively, while net profit 9% above expectations due to higher other income.
Oil marketing companies decline as rupee slips below 70 per dollar
Shares of major oil marketing companies (OMCs) were trading in the red in late morning trade on the NSE on Tuesday as the Indian rupee fell below 70 per dollar for the first time. Weakness in the rupee against the dollar makes oil imports costlier for these companies.
The fall was led by Hindustan Petroleum, followed by Bharat Petroleum, Indian Oil, and Oil and Natural Gas Corporation.
PNB scam: Govt dismisses former MD Usha Ananthasubramanian
The central government has dismissed former MD of scam-tainted PNB and state-owned Allahabad Bank, Usha Ananthasubramanian, from service today, as per media reports. The government crackdown comes on the day Ananthasubramanian was all set to superannuate. Further, they have also allowed the CBI to prosecute her in the PNB-Nirav Modi fraud case.The development comes about three months after Allahabad Bank stripped her of all powers following allegations of her involvement in the Rs14,000cr PNB scam.
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