Kotak Securities FIT Plan Reviews, Brokerage, Margin, Cost

Tata Steel tumbles over 5% on weak Q3 numbers

Tata Steel tumbles over 5% on weak Q3 numbers
Several brokerages slashed their target price for the stock
The company reported net loss of ₹1228.53 crore in Q3

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Shares of Tata Steel Ltd on Monday slipped 5.4%, the highest fall in two months, as the company reported weak numbers for the December quarter and as several brokerages slashed their target price for the stock.
At 1102 am, the stock was trading at ₹446.45 apiece on the BSE, down 5.2% from its previous close.
The company reported a net loss of ₹1228.53 crore in the third quarter of this fiscal against a profit of ₹1753 crore a year ago.
Consolidated revenue fell 8.9% year-on-year to ₹35,520 crore in October-December. Earnings before interest, tax, depreciation and amortization (Ebitda) nearly halved to ₹3,659 crore in Q3, from ₹6,726 crore in the previous year, while Ebitda per tonne fell to ₹5,003 from ₹10,404 in Q3 FY19.
Tata Steel’s net profit from India operations was ₹1,194 crore, down 47% year-on-year. Revenue fell 4.6% to ₹21,299 crore even though steel sales rose 25% in the quarter to 4.85mt.
For Europe operations, the company reported its worst-ever quarterly performance with an EBITDA loss of ₹960 crore. While analysts expect EBITDA to recover in January quarter given better steel spreads, the purchase of carbon credits would put a lid on profits.
“Tata Steel reported a substantial miss on adjusted earnings majorly led by EBITDA loss at Europe and partially due to weak domestic margins. Domestic margins should recover from 4QFY20 due to a surge in prices. However, cost reduction initiatives in Europe are taking longer to yield results and we expect cash breakeven only from 2HFY21E. The company is prudently delaying growth capex to contain leverage,” said Kotak Institutional Equities in a note to its investors.
Kotak has cut its EBITDA estimates by 14-8% for fiscal 2020-21 and slashed its target price to ₹560 a share from ₹600.
“While steel margins are likely to improve in the near term, the impact of carbon costs would keep TSE margins under check. Successful completion of the announced TSE business restructuring and the turnaround of the acquired Bhushan assets hold the key to achieve the guided USD1b net debt reduction in FY21,” said brokerage firm Motial Oswal in a note to its investors. The brokerage firm has cut its target price by 4% to ₹450 a share.
Brokerage firm Investec has reduced its target price to ₹515 from ₹560, while Edelweiss Securities has cut its target price to ₹570 from ₹590 a share. Brokerage firm Philip Securities has downgraded the stock to neutral from buy and kept its target price at ₹476.83 a share.The stock currently has 22 buys, four holds and four sell ratings, according to Bloomberg.
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Nifty gives up gains after hitting 12,400

Nifty gives up gains after hitting 12,400
Oil prices rose to their highest in more than week.
HDFC Bank, TCS and Kotak Mahindra Bank were among the top losers.

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Indian markets gave up most of their early gains after setting new highs in early trade. The Nifty hit 12,400 level for the first time when it rose 78 points to 12,430 at day’s high. The Sensex rose over 300 points when touched 42,273 in early trade. However, Sensex and Nifty later pared most of their early gains to turn flat as a surge in oil prices hurt the sentiment.
HDFC Bank, TCS and Kotak Mahindra Bank were among the top losers, down between 0.5% and 1%.
Crude has again raised its ugly head today with fresh issues cropping up in Iraq and Libya. The Nifty is discounting the solid results of RIL and other Nifty constituents, HDFC Securities said in a note.
Reliance Industries reported a 13.5% rise in quarterly net profit, led by strong performance of its consumer-facing businesses and robust refining margin. HDFC Bank reported a 32.8% growth in net profit year-on-year to Rs. 7,416.5 crore for the third quarter ended December 31 driven by interest and non-interest income.
Oil prices rose more than 1% today on supply concerns after exports from Libya, which has been riven by fighting between rival factions since a 2011 NATO-backed uprising, were blocked after a pipeline was shut down by armed forces.
And in Iraq, which is OPEC’s second biggest producer, a strike at a key oil field hit output.
Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, says Nifty has major support at 12150 levels. On the flipside, resistance is placed in the zone of 12,450-12,500, he added.
Asian markets were mostly higher today as the mood remained optimistic after the last week’s signing of China-US trade pact. China’s GDP data, which was released on Friday, also provided some reassurance to traders, indicating a growth slowdown in the world’s number two economy may have bottomed out.
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Sensex, Nifty fall over 1% as oil surges on escalating Middle East tensions

Sensex, Nifty fall over 1% as oil surges on escalating Middle East tensions
Indian shares slid on Monday as tensions in the Middle East lifted crude prices, stoking fears of inflationary pressures as well as a rise in the import bill for the world’s third biggest oil consumer.
The rupee hit its lowest level since Nov. 14 and was last weaker by 0.36% to 72.06 against the dollar as oil prices surged more than 2%.

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Fears of supply disruption to oil gained ground after U.S. President Donald Trump threatened sanctions on Iraq, the second largest producer among the OPEC, after its parliament voted in favour of expelling U.S. and foreign troops.
Iraq’s move is an outcome of a growing backlash against the U.S. killing of a top Iranian general in Baghdad on Friday.
Trump also threatened to retaliate against Iran after the country vowed to avenge the killing of its top commander.
By 0405 GMT, the Nifty, which tracks blue-chip equities, was down 1.17%% at 12,083.25, while the Sensex plunged 1.13% to 40,993.48.
The Nifty fell as much as 1.3%, recording its sharpest one-day fall in three months.
Markets worldwide came under pressure from a major escalation in tensions in the Middle, said Ashish Nanda, executive vice president at Kotak Securities in Mumbai. “Equity markets never like uncertainties and it would result in weakness in the short term.”
Shares in oil marketing and refining firms fell on fears of falling margins due to the surge in crude prices. Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd fell 1%-4.7%.
Other Asian equities too fell, while the price of gold hit a near seven-year high as investors flocked to safe havens.
Shares in Indian IT services companies, which benefit from a weaker rupee as they earn a bulk of their revenue from overseas, climbed higher for a second straight session. Tata Consultancy Services was up 0.5%.
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Margin Trading: In the stock market, margin trading refers to the process whereby individual investors buy more stocks than they can afford to. Margin trading also refers to intraday trading in India and various stock brokers provide this service. Margin trading involves buying and selling of securities in one single session. Over time, ... Access to market data & updates with real-time prices are available only for Kotak Securities customers. Please login or open an account with us. Sr. No: Scrip Name: NSE Symbol: MT Multiple : 1: Power Grid Corporation of India Limited: POWERGRID: 4: 2: Marico Industries Limited: MARICO: 4: 3: MRF Limited: MRF ... Indiabulls Shubh: Get flat rate Rs.15 per Trade + Zero%* Brokerage on Equity Trades; Zero Margin Money. Open Account Now! Motilal Oswal: Free (Trading & Demat Account) + Free Brokerage for 1st Month (i.e. Rs 1000 waived). Kotak Securities Free Intraday Trading Margin. With this Kotak Securities FIT plan, there is no change to the margin policy of this stockbroker. You get similar exposure values across the trading segments even though you are using the low brokerage plan. For more information, you are suggested to check out this Kotak Securities Margin Calculator.

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