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State Bank of India Q2FY11 result estimates
SBI’s net income is likely to grow by 20. 4% to Rs110bn in Q2FY11 driven by favourable base effect in NII. The operating profit is likely to grow by 31% as the employees related provisions reduce. The investment depreciation could eat into net profits. In Q2FY10, there were MTM gains of Rs494mn. Key things to watch out- 1) recoveries and upgrades 2) any announcements on capital raising.
Jubilant Foodworks Q2FY11 Result Update; Surprise Package, Maintain ACCUMULATE; Target: Rs 600
n Jubilant FoodWorks (JFL) stellar performance continues – revenue growth of 67.1% yoy to Rs1633 mn and adjusted net profit growth doubled to Rs184 mn
n 3rd consecutive quarter of positive surprise - same store sales growth at 43% yoy – demand buoyancy and acceptance of new SKU (Pasta, Wraps & Deserts) are key contributors
n Revised our assumptions on same store sales growth from 16% to 25% in FY11E
n Upgrade earnings by 12% (Rs11.3/Share) and 27% (Rs15.4/Share) for FY11E and FY12E -Maintain ‘ACCUMULATE’ rating and revised price target to Rs600/Share
n Dealer Comments
The markets started the day’s session on a very optimistic note with almost 160 odd point’s upward gap led by slew of positive news on the global and domestic fronts leading to a strong start mainly led by Asian counterparts. Post very solid opening markets just kept on scaling higher and higher with each passing hour till the closing bells. It as double dhamaka for the markets on the Diwali eve supported and lightened by strong global cues post FOMC announcement to infuse $600 billion, assurance of consistent foreign flows and extravagant listing of Coal India IPO. Coal India saw a stupendous trading volumes of around crores and aided by a strong delivery marking of around 25 crore shares. Even today banking stocks continued to see good interest and saw some of the heavyweight banking shares touching newer highs in today’s trading. Besides buying was seen in oil & gas exploration companies’ share, with Reliance witnessing fresh buying interest after some sessions of quiet consolidation. Finally markets closed the day on an extremely positive note towards the end at day’s highs with Sensex gaining 428 points or 2.09% higher to settle at 20894 levels while Nifty gained 121 points or 1.97% higher to settle at 6282 levels just shy of couple of points from 6300 levels. The overall traded volumes were quite higher compared to the earlier day by almost 55% and were at Rs 1541 bn. While delivery based volumes were also higher compared to the earlier day at 42.3% of the total traded turnover. Among the Fund activities FII’s were net buyers to the tune of Rs 11.22 bn while Domestic Funds were net sellers to the tune of Rs 3.98 bn respectively on 3rd November 2010. While on 4th November 2010, FII’s bought shares worth Rs. 54.75 bn in cash segment (provisional) while in the F&O segment they were net buyers to the tune of Rs 19.24 bn whereas Domestic Funds also bought shares worth Rs. 8.74 bn (provisional).
n Technical Comments
Bullish gap intact
Nifty opened with a gap up once again on Thursday and rallied steadily for the remainder of the day to register an all-time high closing for the index. Nifty has now closed above the 6300 mark is only a few points off from the all-time intraday high of 6357. The momentum oscillators are in bullish territory, the daily MACD has also triggered a buy crossover. Market wide breadth was in favor of advances. Nifty is trading in a rising trend channel and unless that channel is intact one can expect Nifty to test our medium term bias.
BSE Auto:
The index has gone past the previous swing high indicating that the bullish momentum is still strong and one can look for targets in range of 10550-10700.
n Results Today
Aban Offshore | I D F C | Jain Irrigation | Jindal Saw | State Bank of India | Vascon Engineers |
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