India Markets

Indian Business in the week ahead (April 22-26, 2019)

Two of the seven phases of Lok Sabha elections 2019 are over. This week, the third phase is scheduled. Political rallies and campaigns will take the major share of headlines.

But, the earnings season is also on. There are a few important results, including the country’s largest car maker Maruti Suzuki, Axis Bank, Hero MotoCorp and Biocon. Do keep an eye on them.

April 22: The Election Commission has banned the release of the Modi biopic till elections are over. The makers of the movie have moved the Supreme Court. Will the country’s apex court lift the ban?

AgustaWestland case: The Delhi High Court has sought response of Christian Michel, arrested in the AgustaWestland VVIP chopper case, and the CBI on Tihar Jail authorities’ plea challenging an order allowing him to make international phone calls in violation of prison rules. In January, the trial court had granted Michel to make international phone calls to his family, friends and lawyers 15 minutes a week. The high court listed the matter for further hearing on April 22.

Modi biopic row: The Supreme Court has asked the Election Commission (EC) to watch the Narendra Modi biopic before taking a call on its release. The Supreme Court has asked the poll panel to share its views with the court in a sealed cover by April 19, and the panel headed by Chief Justice Ranjan Gogoi will make a decision by April 22. The SC was hearing a plea filed by the makers of the movie challenging the EC decision to ban the movie till the Lok Sabha elections are over.

TikTok ban issue: The Supreme Court, which refused to stay an interim ban on download of TikTok app by the Madras High court, will hear on April 22 a plea challenging a Madras High Court order, over concerns of dissemination of pornographic content. The Madras High Court will also have a hearing on TikTok on April 24.

Earnings: AU Small Finance Company estimates: Revenue at Rs 533 crore (YoY growth 0.27 percent), net profit at Rs 109 crore (YoY growth 31.57 percent)

Tejas Network estimates: Revenue at Rs 235 crore (YoY growth 130.49 percent), net profit at Rs 31 crore (YoY growth 6.98 percent)

Other earnings: Abirami Financial, Ashika Credit, Goa Carbon, Jumbo Bag, Lux Industries, Mahindra Lifespace, QGO Finance, Sacheta Metals, Shiva Cement, Swaraj Engines, Systematix Securities, VTM Ltd

April 23: Third phase of voting will happen. The Patiala House Court is scheduled for hearing of the JNU sedition case, while the Supreme Court will have the final hearing on income tax case against Congress President Rahul Gandhi and his mother Sonia.

Final hearing on Income Tax case against Sonia, Rahul: The Supreme Court is scheduled for final hearing on an appeal filed by Congress President Rahul Gandhi and his mother Sonia against the Delhi high court order allowing re-assessment of their Income Tax for 2011-12 in connection with the National Herald case. The Gandhis had sought adjournment of the hearing which was opposed by the Income Tax Department (ITD).

JNU sedition case: A hearing is scheduled in Patiala House court in the JNU sedition case filed against former JNU student leaders Kanhaiya Kumar and nine others. The hearing was earlier scheduled on March 11. By deferring the hearing, the court had given more time to the Delhi government which is supposed to sanction prosecution of the accused. It is a sensitive case and might provide common ground for the opposition to take on the government.

Earnings: ACC estimates: Revenue at Rs 3,962 crore (YoY growth 11.38 percent), net profit at Rs 429 crore (YoY growth 73.30 percent)

Coromondel International estimates: Revenue at Rs 2,912 crore (YoY growth 22.82 percent), net profit at Rs 117 crore (YoY growth 59.61 percent)

Sterlite Technologies estimates: Revenue at Rs 1,278 crore (YoY growth 50.98 percent), net profit at Rs 136 crore (YoY growth 10.38 percent)

Tata Global Beverages estimates: Revenue at Rs 1,827 crore (YoY growth 8.22 percent), net profit at Rs 74 crore (YoY decline 35.61 percent)

Other earnings: Bharat Seats, E.Com Infotech, ICICI Securities, Menon Bearings, Nucleus Software, Sasken Technologies, Ushdev International

April 24: Keep your eyes on the Street. There are quite a few results, including Indiabulls Housing and UltraTech Cement lined up.

Earnings: Hexaware Technologies estimates: Revenue at Rs 1,268 crore (YoY growth 20.86 percent), net profit at Rs 145 crore (YoY growth 7.73 percent)

ICICI Prudential Life Insurance Company estimates: Revenue at Rs 9,891 crore (YoY growth 14.27 percent), net profit at Rs 452 crore (YoY growth 32.92 percent)

Indiabulls Housing Finance estimates: Revenue at Rs 4,860 crore (YoY growth 31.72 percent), net profit at Rs 1,132 crore (YoY growth 10.46 percent)

Mahindra and Mahindra Financial Services estimates: Revenue at Rs 1,279 crore (YoY decline 48.79 percent), net profit at Rs 392 crore (YoY decline 23.66 percent)

Shriram City Union Finance estimates: Revenue at Rs 927 crore (YoY decline 25.45 percent), net profit at Rs 238 crore (YoY growth 406.27 percent)

Syngene International estimates: Revenue at Rs 510 crore (YoY growth 24.76 percent), net profit at Rs 100 crore (YoY growth 18.58 percent)

Tata Elxsi estimates: Revenue at Rs 431 crore (YoY growth 14.72 percent), net profit at Rs 72 crore (YoY growth 1.72 percent)

UltraTech Cement estimates: Revenue at Rs 10,338 crore (YoY growth 9.74 percent), net profit at Rs 735 crore (YoY growth 64.66 percent)

Other earnings: Automotive Stampings, Agro Tech Foods, Benares Hotels, Bharti Infratel, Meera Industries

April 25: The Aam Aadmi Party, which has formed an alliance with Congress in Delhi, will be releasing its manifesto. The Delhi High Court will be hearing the DTH case regarding the regulator’s new tariff regime.

And, it’s a busy day at the Street. Axis Bank, Biocon, Maruti Suzuki and Nestle India are among the key company that will announce quarterly earnings.

AAP’s manifesto: The Aam Aadmi Party (AAP) will release its manifesto for the Lok Sabha election on April 25. The manifesto will contain details of AAP’s demand for full statehood, which is the central election theme for the party.

Tata Sky vs TRAI: The Delhi High Court scheduled to for hearing of a petition filed by top DTH operators Tata Sky, Airtel Digital TV, Sun Direct and broadcaster Discovery India Communication challenging Telecom Regulatory Authority of India (TRAI) and its new tariff regime. In the last hearing, Discovery India concluded its arguments, which commenced on 4 February.

Earnings: Axis Bank estimates: Revenue at Rs 5,824 crore (YoY decline 50.53 percent), net profit at Rs 1,596 crore (YoY decline 172.92 percent)

Biocon estimates: Revenue at Rs 1,600 crore (YoY growth 36.84 percent), net profit at Rs 183 crore (YoY growth 23.75 percent)

Cyient estimates: Revenue at Rs 1,149 crore (YoY growth 8.23 percent), net profit at Rs 125 crore (YoY growth 3.52 percent)

Multi Commodity Exchange of India estimates: Revenue at Rs 75 crore (YoY growth 6.83 percent), net profit at Rs 36 crore (YoY growth 6 percent)

Maruti Suzuki India estimates: Revenue at Rs 22,976 crore (YoY growth 11.57 percent), net profit at Rs 2,268 crore (YoY growth 20.50 percent)

Nestle India estimates: Revenue at Rs 3,109 crore (YoY growth 13.59 percent), net profit at Rs 480 crore (YoY growth 13.28 percent)

Rallis India estimates: Revenue at Rs 410 crore (YoY growth 10.35 percent), net profit at Rs 18 crore (YoY decline 7.05 percent)

SBI Life Insurance Company estimates: Revenue at Rs 9,707 crore (YoY growth 5.09 percent), net profit at Rs 479 crore (YoY growth 25.64 percent)

Other earnings: Apcotex Industries, Betala Global, Aditya Birla Money, Cochin Malabar Estates, GHCL, Oriental Hotels, PH Capital, Vesuvius India, Wendt India

April 26: Prime Minister Narendra Modi will file his nomination from Varanasi where he won in 2014. Earnings highlights: Hero MotoCorp and Yes Bank.

PM Narendra Modi to file nomination from Varanasi: Prime Minister Narendra Modi will file his nomination papers for the upcoming Lok Sabha elections from Varanasi after he holds a mega roadshow.

Earnings: Atul estimates: Revenue at Rs 1,038 crore (YoY growth 19.78 percent), net profit at Rs 126 crore (YoY growth 25.70 percent)

HDFC Life Insurance Company estimates: Revenue at Rs 14,862 crore (YoY growth 66.99 percent), net profit at Rs 325 crore (YoY decline 6.36 percent)

Hero MotoCorp estimates: Revenue at Rs 8,482 crore (YoY decline 0.96 percent), net profit at Rs 758 crore (YoY decline 21.7 percent)

Indian Energy Exchange estimates: Revenue at Rs 69 crore (YoY growth 24.31 percent), net profit at Rs 41 crore (YoY growth 28.86 percent)

Yes Bank estimates: Revenue at Rs 3,987 crore (YoY decline 30.58 percent), net profit at Rs 1,022 crore (YoY decline 13.36 percent)

Other earnings: Carborundum Universal, Classic Electricals, DIC India, Foseco India, HDFC Asset Management Company, Hindustan Appliances, Shikhar Leasing, Supreme Petrochem

Earnings estimates based on Reuters and MoneyControl consensus

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