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TOP CORPORATE NEWS- 14 MAY 2018

Corporate News

Sun TV stock zooms 12% after strong Q4FY18 numbers

Shares of Sun TV Network Ltd’s stock zoomed over 12% after the company announced its Q4FY18 numbers. The company’s revenue grew by 23.1% yoy and 4.9% qoq to Rs717cr driven by strong subscription and advertisement revenue growth. Its adjusted PAT grew by 22.8% yoy and 8.5% qoq to Rs289.8cr.

The stock is the biggest gainer since February 7 and the volume was 1.3 times its three-month daily average. It was the top gainer on the BSE 500 index.

EBITDA came in at Rs522cr, up 32.7% yoy and 6.2% qoq. EBITDA margin expanded by 528bps yoy and 85bps qoq to 72.86%. Revenue, EBITDA and PAT came above estimates of Rs6,816cr, Rs481cr and Rs267cr respectively.

Lupin’s Nagpur plant completes successful USFDA inspection

Lupin has announced that its Nagpur facility has successfully completed the USFDA inspection. The inspection concluded without any observations. Lupin’s Nagpur plant is a formulation facility dedicated to the manufacturing of solid oral dosage forms. It is a new plant which got commissioned in August 2013.

This plant before the inspection had NAI status in the USFDA’s database and post the successful inspection, the plant will retain the same status until the next inspection.The previous inspection was held in March 2015.

April WPI inflation rises to 3.18%; Hits 4-month high

The annual rate of inflation, based on monthly WPI, stood at 3.18% (provisional) for the month of April 2018 (over April 2017) as compared to 2.47% (provisional) for the previous month and 3.85% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 0.69% compared to a build-up rate of 0.00% in the corresponding period of the previous year.

The rate of inflation based on WPI Food Index consisting of Food Articles from Primary Articles group and Food Product from Manufactured Products group increased from (-)0.07% in March 2018 to 0.67% in April 2018.

UCO Bank stock falls 4% post Q4FY18 numbers

Shares of UCO Bank fell over 4% on the BSE. The company’s revenue for Q4FY18 declined by 12.3% yoy to Rs3,424.65cr. Its NII for the quarter came at Rs807.89cr as against Rs609.3cr yoy, which has increased by 32.6% yoy.

The bank has reported a net loss of Rs2,134.36cr, against loss of Rs588.19cr reported in the corresponding quarter last year.

Its GNPA for Q4FY18 stood at 24.64% against 17.12% yoy, which has increased by 219bps. NNPA for the quarter came at 13.1% against 8.94% yoy, which has increased by 416bps. The provision for the quarter came at Rs2,239.01cr as against Rs701.02cr yoy.

Dairy stocks rise; Parag Milk Foods gains 11%

Parag Milk Foods ends up 9%  at 336.75 from its previous closing of Rs 308.60 on the NSE. The company reported a healthy set of numbers for the quarter with 20.9% yoy growth in the revenue to Rs517.8cr. The growth was primarily driven by aggressive distribution expansion and addition of new variants in the value added product category. The company enjoys 33% market share in the Indian cheese industry, which is growing at 31% CAGR. In order to tap this growing opportunity and increase its share, company is aggressive in launches, distribution network and retail segment.

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