Thermax stock gains ~3% after net profit up 29% in Q1
For the first quarter of FY19-20, at the consolidated level, Thermax's profit after tax for the quarter was higher by 29% at Rs63cr vs. Rs49cr in Q1FY19. Revenue was up 34% at Rs1, 392cr as compared to Rs1, 035cr in the corresponding quarter last year.As on June 30, 2019, Thermax Group's order balance was down 18% at Rs5, 250cr vs. Rs6, 420cr in FY19. Order booking for the quarter was 26% lower at Rs1, 217cr on account of slowdown in investment sentiment witnessed in both domestic and international markets.
Cipla down 3% after muted Q1 nos, brokerage downgrades
Shares of Cipla fell 3% intraday and is currently trading 4% down after the pharma major reported weak numbers for the June quarter yesterday.The pharma company's revenue declined in India and South Africa, which account for ~50% of its sales.Further, media reports stated that international brokerage firm CLSA downgraded Cipla to "sell" from "outperform" and cut the target price on the stock to Rs460 from Rs600.CLSA also cut EPS (earning per share) estimates over FY20-22 by 9-14% owing to the absence of a near-term catalyst.
Maruti Suzuki cuts production by 25% yoy for 6th month in a row in July
Maruti Suzuki India cut its production in July by by 25.15% yoy, making it the sixth month in a row that the country's largest car maker reduced its output.The company produced a total of 1, 33,625 units in July, compared with 1, 78,533 units in the year-ago month, according to the co's filing on the BSE.Passenger vehicles' production last month stood at 1, 30,541 units as against 1,75,456 units in July 2018, a decline of 25.6% yoy.
Siemens stock soars 4.5% after Q3FY19 profit up by 21.4%
For the third quarter of Financial Year 2019 ended June 30, 2019, Siemens Ltd. registered profit after tax at Rs248cr, with an increase of 21.4 % over the same quarter last year. Revenue stood at Rs3, 110cr, a 4.9% increase over the same quarter in the preceding year.The company new orders stood at Rs3, 023, registering a 6.4% increase over the same quarter last year. Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd., said, We have delivered very solid results in the third quarter although we see a slowdown in capex related ordering by our customers, both public and private, and across our market verticals. Liquidity is becoming a concern in the industry, with payments being delayed and inventory offtake slowing down. In this scenario, our focus continues driving our short term and digitalization businesses with a clear focus on profitable growth and working capital management.
Tata Steel divests 70% in Thailand arm to Synergy Metals & Mining Fund
Tata Steel's board on Wednesday approved of signing of a memorandum of understanding (MoU) with Dubai-based Synergy Metals and Mining Fund to divest 70% of its stake in Tata Steel Thailand.
Synergy Metals and Mining Fund is a private equity fund focussed on investments in the metals, mining, and natural resources sectors.The approval comes a day after Tata Steel announced that it will no longer be selling its South East Asian units including NatSteel and Tata Steel Thailand to China's Hesteel with which it had signed definitive agreements in January for the same.
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