July 25, 2019

Mphasis Q1 profit up 2.4% at Rs 265 crore

New Delhi: IT firm Mphasis Group on Thursday reported a 2.4 per cent rise in consolidated net profit at Rs 264.6 crore for the June 2019 quarter. The company had posted a net profit of Rs 258.3 crore in the year-ago period, Mphasis said in a regulatory filing. Its revenue from operations increased 13.3 per cent to Rs 2,062.5 crore in the quarter under review from Rs 1,820.2 crore in the April-June 2018 period, it added. The company said it registered new deal wins of USD 151 million in its Direct International business, of which 80 per cent are in new-gen services. Earnings per share (EPS) grew 6.4 per cent year-on-year to Rs 14.2. "Our growth has been broad based across all segments as we continue to play a strategic role in helping our clients with their business transformation," Mphasis Chief Executive Officer and Executive Director Nitin Rakesh said.
July 25, 2019

Biocon Q1 profit surges 72% to Rs 206 crore

New Delhi: Biotechnology major Biocon on Thursday reported a 72.34 per cent rise in consolidated net profit to Rs 206.3 crore for the quarter ended on June 30, 2019 mainly on account of robust growth of biologics and small molecules segments. The company had posted a net profit of Rs 119.7 crore for the corresponding period of the previous fiscal, Biocon said in a filing to BSE. Consolidated total income of the company stood at Rs 1,490 crore for the quarter under consideration as against Rs 1,192.6 crore for the same period year ago. "Robust performance by our biologics and small molecules business segments fuelled the 25 per cent growth in Q1 FY20 revenue to Rs 1,490 crore," Biocon Chairperson & MD Kiran Mazumdar-Shaw said. Company's long-term investments in biosimilars are delivering expected results as demonstrated by the 96 per cent growth in its biologics revenue at Rs 490 crore this quarter, led by the expansion of geographical footprint and increased penetration of pro..
July 25, 2019

ECB pledges more easing and opens door to goal review

European Central Bank President Mario Draghi all but pledged to ease policy further as the growth outlook deteriorates and even hinted on Thursday at a reinterpretation of the ECB's inflation target, the cornerstone of its entire policy framework. Draghi said the euro zone's central bank was looking at interest rate cuts, fresh bond buys and new policy guidance to lift persistently low inflation, which has undershot its target for the past six years -- most of his eight-year term. With a global trade war sapping confidence, Europe's export-focused manufacturing sector has been in free-fall recently. That threatens to infect a so far resilient domestic economy which is yet to fully recover from the bloc's debt crisis. "This outlook is getting worse and worse, and it is getting worse and worse in manufacturing and getting worse and worse in countries where manufacturing is very important," Draghi, who will step down on Oct. 31, told a news conference. The ECB has ..
July 25, 2019

Trade setup: Technical pullback imminent, but Nifty50’s gains seen capped

In a session dominated by rollovers, NSE Nifty on Thursday slumped for a sixth straight session to end 19.15 points or 0.17 per cent lower at 11,252.15. A robust technical pullback is now overdue. On the expiry day the shifting of maximum Put open interest from 11,300 to 11,200 pushed Nifty below the 11,300 level. Similarly, the shifting of maximum Call open interest to 11,300 did not allow the index to go beyond this level. However, with expiry now behind us, a technical pullback cannot be ruled out in the immediate short term. A flat to mildly positive start can be expected again on Friday. The 11,300 and 11,385 levels will act as immediate resistance while supports will come in at 11,200 followed by the 200-DMA, which is at 11,132. The Relative Strength Index (RSI) on the daily chart stood at 30.76, and this makes Nifty almost oversold. The RSI has marked a fresh 14-period low, which is bearish, but it did not show any divergence against the price. The index also appeared to be t..
July 25, 2019

Wall Street falls after mixed earnings; ECB chief disappoints

US stocks fell on Thursday after a handful of mixed earnings reports pointed to a slowing global economy, and as the European Central Bank chief's comments on monetary policy failed to impress investors. European Central Bank President Mario Draghi said the bank's all-important inflation target should not be viewed as a 2% cap, in a significant move accompanied on Thursday by further explicit hints of easing down the road. "The market was really looking for a dovish Draghi and he kind of under delivered on that. He wasn't as outspoken as the market had hoped he would be," said Bas van Geffen, quantitative analyst at RaboResarch in Utrecht, the Netherlands. Tesla Inc tumbled 14.1% and was the biggest drag on the Nasdaq after the electric carmaker softened its language once again on meeting its profit timeline after missing its quarterly financial targets. Ford Motor Co fell 6.9% after the automaker reported a lower-than-expected profit and gave a disappointing full-ye..
July 25, 2019

Ex-Scotia Capital, Bear Stearns metals trader pleads guilty, will cooperate in ‘spoofing’ probe

A former trader at Scotia Capital and Bear Stearns pleaded guilty Thursday to a federal crime and admitted manipulating precious metals markets for nine years — the latest in a series of crackdowns in the commodities markets by the Justice Department. The trader, Corey Flaum, 41, of Mount Kisco, New York, is cooperating with an ongoing federal criminal investigation, officials said as they announced his guilty plea to one count of attempted commodities price manipulation in U.S. District Court in Brooklyn. Flaum during his guilty plea admitted that from approximately June 2007 and July 2016 he "placed thousands of orders to manipulate the prices of gold, silver, platinum and palladium futures contracts," according to the Justice Department. Flaum worked at Scotia Capital from 2010 to 2016, and the defunct investment bank Bear Stearns from 2006 to 2008, according to FINRA's BrokerCheck system. He is scheduled to be sentenced Oct. 29. Scotia Capital declined to comment when contacte..
July 25, 2019

Here are the biggest analyst calls of the day: Activision Blizzard, Dollar General, Etsy & more

Here are the biggest calls on Wall Street on Thursday: Following the company's earnings results, Credit Suisse upgraded the stock but said it still had concerns about "competitive" challenges. "We are raising our rating on AT&T shares from Underperform to Neutral as near-term negative catalysts have played out, primarily video subscriber losses having hit what we believe are peak levels in 2Q19/3Q19. " Bank of America upgraded UPS and said it saw "upside" in the company if it can "hold" its margins. "We raise our rating to Buy from Neutral, and increase our PO to $130 from $115, on a 16x lower end of range target multiple. We increase our 2019 and 2020 EPS estimates 1% each, to $7.55 and $8.15, from $7.50 and $8.10, respectively. We believe the structural shift will continue to provide upside if UPS can hold its margins. " Bank of America said it saw less "upside" in the game maker's Live Services. "The basis for our positive view was that Apex could be a source of signifi..
July 25, 2019

European markets lower after Draghi’s mixed message on stimulus

European stocks fluctuated Thursday afternoon, after the European Central Bank ECB kept interest rates on hold but signaled that more monetary easing could be on the horizon. European Markets: FTSE, GDAXI, FCHI, IBEXThe pan-European Stoxx 600 was down by 0.5% during afternoon deals, with most sectors and major bourses in negative territory. The ECB prepared markets for more easing measures on Thursday, causing the euro to briefly fall to a two-year low against the dollar, also sending shares higher. However, ECB President Mario Draghi gave a more mixed message in a subsequent press conference, suggesting that some members of the central bank weren't convinced on certain aspects of a possible stimulus package. He told CNBC's Annette Weisbach that all ECB members agreed that further stimulus was needed, but there were differences regarding the various elements of any program. "We had a broad discussion," he said, "Whenever we have a package so complex as this, you'd expect..
July 25, 2019

The EU’s long, drawn-out trade deal with South America is at risk of being rejected

OSAKA, JAPAN - JUNE 29: Germany's Chancellor Angela Merkel and France's President Emmanuel Macron talk with Argentina's President, Mauricio Macri, during the announcement of a trade agreement between the European Union and Brazil, Argentina, Uruguay and Paraguay on June 29, 2019 in Osaka, Japan.Carl Court | Getty Images News | Getty ImagesThe European Union and four South American countries put an end to 20 years of trade discussions last month, but it is not yet clear whether their deal will ever see the light of day. Brazil, Paraguay, Uruguay and Argentina agreed to open their markets to the 28 EU member states, despite recent criticism of multilateralism across the world. However, the trade deal is raising concern in some countries with strong agricultural sectors, such as France and Ireland. EU member states still have to ratify the agreement before its implementation as well as the European Parliament, and in some cases the national parliaments in different capitals..

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