Tale of the Tape 

Howdy folks.

Nifty (-0.6%) and Sensex (-0.5%) fell in the second half after India-Pak tensions severely escalated with drone strikes from both sides. Midcaps (-2%) and Smallcaps (-1.4%) saw deeper cuts. 4 out of 5 stocks on the NSE500 ended in the red. Check out the heatmap:

Except IT (+0.2%), all other sectors closed lower. Metals (-2.1%) saw the most selling pressure, followed by Auto (-1.9%) and Pharma (-1.6%).

Indian Rupee weakened more than -1%; biggest single day fall in over two years, against the US Dollar.

Asian Paints (-1%) Q4 numbers missed Street estimates. Meanwhile, Dabur (-3%) was down after a disappointing Q4 show. More details below.

Tata Motors may be the biggest winner of recent trade deals! Also, ICICI recently took TCS’s spot on the net profit list. Check out our analysis below.

Symphony, Niva Bupa and Bluestar saw big moves. Check out their charts below.

Bank of Baroda fell -4% after a double downgrade from Nomura.

UPL slipped 5% after China imposes anti-dumping duty on cypermethin import

Results reaction. Bharat Forge (-2%) posted a -7% YoY dip in its Q4 topline. Canara Bank (+2%) Q4 results beat Street estimates.

Zaggle Prepaid was up +5% after bagging a three-year contract with Grant Thornton for its spend management platform.

Earnings
Earnings Roundup

Dabur (-3%) posted meh Q4 results. Weak urban demand resulted in its India revenue falling -4% YoY, leading to overall flattish topline growth. FYI -  a bump in its beverage biz (+9% YoY) was offset by smaller slumps in its home & personal care (-3% YoY) and healthcare (-5% YoY) verticals. 

Higher food inflation led to its operating margins hitting a 10-year-low, which in turn pulled down profits. PS - Antique Stock Broking has downgraded Dabur and reduces its target to Rs 524 p/sh vs Rs 590 p/sh earlier.

Dabur’s management admitted that the demand environment was “challenging” in Q4, but said that it expects it to “recover progressively” in both rural & urban quarters. 

Here are its key stats:

• Revenue: Rs 2,830 cr; +1% YoY (vs Est: Rs 2,840 cr)

• EBITDA: Rs 427 cr; -9% YoY (vs est: Rs 429 cr)

• EBITDA Margin: 15.1% vs 16.6% YoY

• PAT: Rs 313 cr; =9% YoY (vs Est: Rs 329 cr)

Dabur is -8% YTD.

Asian Paints (-1%) Q4 results missed Street estimates! Volumes for its decorative business came in at +1.8% YoY vs expectations of 4%-5% growth. PS - last quarter, the company said demand conditions will remain rough in Q4 and that value growth would take another two quarters to reach “low single digits”.

Margins dropped on the back of competitive pricing pressures. FYI - its bottom line wasn’t great, but the headline number looks worse than it is due to a one-off of Rs 180 cr (an impairment & fair valuation loss).

Here is its Q4 report card:

• Revenue: Rs 8,359 cr; -4% YoY

• EBITDA: Rs 1,407 cr; -15% YoY

• EBITDA Margin: 17.2% vs 19.4% YoY

• PAT: Rs 701 cr; -45% YoY (vs Est: Rs 1,105 cr)

Asian Paints is -19% over the last year.

Specials
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