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<ul><li><keyword id="260169" type="COMPANY" weightage="20" keywordseo="Pidilite-Industries">Pidilite Industries</keyword> reported a 94% decline in its consolidated net profit to ₹15.82 crore.</li><li>The total revenue was down 56% year-on-year to ₹897.84 crore during the period.</li><li>Investors pessimism priced in, share price has fallen nearly 2% since the beginning of the first quarter, till date.</li></ul>Fevicol maker’s revenue fell to less than half and the bottomline was teetering on the edge of a loss as the COVID-19 pandemic brought most construction and renovation projects to a grinding halt. Pidilite Industries, India’s largest maker of adhesives, reported a 94% decline in its consolidated net profit, which fell to ₹15.82 crore for the first-quarter ended June 30. <div type="Article" hostid="261" msid="77370693" title="Pidilite shareholders are paying the price for the real estate slowdown — weak pre-monsoon sales to drag revenues" mstype="2" mssubtype="0"></div> The total revenue was down 56% year-on-year to ₹897.84 crore during the period, the company said. However, this is still better than what analysts had predicted. The street was expecting a washout quarter. According to various analyst reports, the company was slated to see a revenue decline of almost 64%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pidilite </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth Q1 (YoY) </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-56% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-94% </td></tr></tbody></table> The share price also reflects that investors were hoping for the same. The stocks have declined nearly 2% since the beginning of the first quarter, till date. <div type="image" title="Pidilite (1)" msid="77394911" hostid="261"></div>A larger chunk of money for the company comes from the renovation and the new houses. The company’s consumers list includes carpenters, painters, plumbers, mechanics and amid the lockdown, these services were shut and later people were reluctant to allow workers into their houses due to the fear of the virus. And even for the future, with COVID hitting people’s pockets, <a href="https://www.businessinsider.in/business/news/asian-paints-share-price-falls-as-goldman-sachs-downgrades-stock/articleshow/75691813.cms">analysts think home renovation is not going to be on people’s minds anytime soon</a>. And, with high real estate prices, buying a new house is out of the question. Historically bad quarter This is the first largest drop in the first quarterly profit of Pidilite in at least three years— as the pre-monsoon season is usually the best time of the year due to people renovating homes using its products such as Dr Fixit, M-Seal and others. Earlier, the last such dip in the first-quarter profit was recorded in 2017 when the performance was impacted by the short term challenges of the transition to GST. <div type="image" title="pidilite Profit" msid="77395089" hostid="261"></div> This dent is large because of the low sales amid the coronavirus induced lockdown. The company saw zero sales in April, 50% sales in the month of May and 80% after a gradual recovery in June. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbi-governor-shaktikanta-das-leaves-repo-rate-unchanged-to-check-inflation/articleshow/77387591.cms" data-type="tilCustomLink">‘Watchful’ RBI leaves repo rate unchanged to keep inflation in check</a> <a href="https://www.businessinsider.in/stock-market/news/hdfcs-share-price-opened-1-5-higher-after-announcing-14000-crore-fundraising/articleshow/77385962.cms" data-type="tilCustomLink">HDFC’s share price opened 1.5% higher after announcing ₹14,000 crore fundraising</a>

COVID crashed profit and Pidilite couldn’t fix it⁠— yet

<ul><li>According to various analysts reports, the company is slated to see a revenue decline of almost 64%. </li><li>Pidilite’s shares have declined nearly 3% since the beginning of the first quarter, till date. </li><li>The pre-monsoon season for the 61-year old brand Pidilite is usually the best time of the year, as people go all out on renovation ahead of the rainy season. </li></ul>For the 61-year old brand Pidilite, the pre-monsoon season is usually the best time of the year— as people go all out on its prominent waterproofing products such Dr Fixit, M-Seal and others to renovate their homes ahead of the rainy season. However, it wasn’t the same this year. The company owns 70% of the market share in the waterproofing segment, and it saw a huge revenue decline during the nationwide lockdown, as its services are not included under the essential item lists. And, even as states began unlocking in phases, the pessimism around allowing carpenters, painters and plumbers into houses has kept demand under constraint and is expected to impact the company’s sales larger than ever before. With COVID hitting people’s pockets, <a href="https://www.businessinsider.in/business/news/asian-paints-share-price-falls-as-goldman-sachs-downgrades-stock/articleshow/75691813.cms">analysts think home renovation is not going to be on people’s minds anytime soon</a>. And, with high real estate prices, buying a new house is out of the question. That is the reason Pidilite’s shares have declined nearly 3% since the beginning of the first quarter, till date. <div type="image" title="Pidilite" msid="77370679" hostid="261"></div> “Waterproofing is facing headwinds due to slowdown in real estate,” the <a href="https://www.financialexpress.com/market/pidilite-industry-shares-pain-manufacturing-consumer-habits-post-coronavirus-change-spending-on-this-stock/1996673/">Kotak Institutional Equities</a> report said. According to various analysts reports, the company is slated to see a revenue decline of almost 64%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue growth (expected) </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-62.70% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-65% </td></tr></tbody></table> Moreover, this will be the first time in at least three years that the company will report such a big drop in its first quarterly profit. The last dip in the first quarter profit was recorded in 2017 when the performance was impacted by the short term challenges of the transition to GST. Due to the newly enforced tax regime, the company’s profit was largely impacted as a result of destocking by customers in June, the company <a href="https://www.business-standard.com/article/news-cm/pidilite-industries-drops-after-poor-q1-result-117072600226_1.html">said in the filing</a> to the stock exchanges. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quarter </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth in net profit </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 Q1 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 Q1 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.38% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 Q1 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-16.77% </td></tr></tbody></table> The dent in profit could be worse if not for cheap crude oil According to Edelweiss, the company is slated to see a profit dip of nearly 94%. However, this would have really been worse if not cushioned by the cheap crude oil in the first quarter. The company i<a href="https://www.livemint.com/Money/vohuVXJursYKglynv2wMCO/Pidilites-shares-hold-their-ground-despite-weak-rupee-and-r.html">mports a large amount of Vinyl acetate monomers to meet its manufacturing requirements. VAM is a derivative of crude oil</a> and is Pidilite’s key input — used for making glue and other adhesive material. VAM was trading 20% lower in the spot market from the fourth quarter of the last fiscal year at $670/t, according to a Credit Suisse report. Investor’s wait for management commentary However, the management is siding more in favour of caution than hope. “These low levels of prices are not going to benefit Pidilite for long-time, but in the short term, there will be gains which will accrue to them,” the company told analysts. “Reading June sales and extrapolating it could be misleading, as there is pent-up demand which may be coming through. This is especially true for categories like waterproofing where remedial work is happening just before the monsoon season begins,” the company told analysts. SEE ALSO: <a href="https://www.businessinsider.in/india/news/these-are-the-coronavirus-quarantine-guidelines-for-airline-passengers-in-every-indian-state-as-of-august-1/articleshow/77364628.cms?upcache=2" data-type="tilCustomLink">Here's all you need to know about COVID-19 quarantine guidelines for airline passengers in every Indian state</a> <a href="https://www.businessinsider.in/business/corporates/news/dgca-asks-spicejet-to-stop-ticket-sale-offer-as-govt-imposed-fare-limits-are-in-place/articleshow/77333769.cms" data-type="tilCustomLink">DGCA asks SpiceJet to stop ticket sale offer as govt-imposed fare limits are in place</a> <a href="https://www.businessinsider.in/india/news/checkout-covid-19-quarantine-guidelines-for-international-passengers-arriving-in-india-from-august-8/articleshow/77342418.cms" data-type="tilCustomLink">Here’s a checklist for international passengers arriving in India from August 8</a>

Pidilite shareholders are paying the price for the real estate slowdown — weak pre-monsoon sales to drag revenues

<ul><li>India’s top SUV and tractor maker, Mahindra and Mahindra, saw its profit fall by 96% compared to the same time last year.</li><li>The company’s revenue from operations plunged over 37% to ₹16,321.34 crore.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>India’s top SUV and tractor maker, Mahindra and Mahindra, saw its consolidated net profit nearly wiped out and the outlook for the rest of the year is hardly any better. The bottomline, before exceptional items, showed ₹39 crore, down 96% from a year earlier. If not for the contribution from associate businesses like insurance, IT services (Tech Mahindra), and joint ventures in financial services like the one with Manulife, M&amp;M would have clocked a consolidated loss of nearly ₹850 crore. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April-June 2020 (YoY) </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-37% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-97% </td></tr></tbody></table> The farm equipment segment (which includes tractors) contributed around 30% to the total revenue but it still wasn’t as good as a year ago, reflecting the hollowness of the much-celebrated strength of India’s rural economy. This was visible in the <a href="https://www.businessinsider.in/india/news/escorts-earnings-only-show-that-calling-a-rural-recovery-right-now-would-be-pompous-all-eyes-will-now-be-on-mm/articleshow/77200867.cms">earnings of Escorts,</a> a major competitor for M&amp;M in tractors. The management is, expectedly, distraught. “A combination of lower incomes and heightened uncertainty is expected to drag consumer spending and business investment in F2021. It is now a foregone conclusion that the economy is set to contract during the year — the first time in 41 years” the company said in a statement . “Tractor demand is likely to remain buoyant in coming quarters but the Utility vehicles category is showing no good sign of demand revival,” said Rajit Rajoriya, equity research associate, Angel Broking. “The timely relaxation of the lockdown for the agricultural sector along with positive rural sentiment led to good sales numbers for tractors during the quarter despite the supply chain issues, showing a positive growth rate in May and June 2020,” the company said. However, for the entire quarter, the revenue from every major segment was less than a year ago. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth % </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Automotive </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-52% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Farm equipment </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-19.20% </td></tr></tbody></table> M&amp;M share price fell over a percent lower after the company announced its quarterly results. <div type="image" title="M&amp;amp;M share new" msid="77411292" hostid="261"></div> SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/mahindra-and-mahindra-first-quarter-preview-sales-and-share-price-chart/articleshow/77389244.cms" data-type="tilCustomLink">M&amp;M’s farm equipment segment may have fueled investors hopes — but analysts aren’t too optimistic about it</a> <a href="https://www.businessinsider.in/business/corporates/news/covid-crashed-profit-and-pidilite-industries-couldnt-fix-it-yet/articleshow/77394385.cms" data-type="tilCustomLink">COVID crashed profit and Pidilite couldn’t fix it⁠— yet</a>

M&M has given up on this year’s prospects as first-quarter profit is nearly wiped out

<ul><li>Indian <keyword id="74523" type="PERSON" weightage="20" keywordseo="Adhesive">adhesive</keyword> maker <keyword id="38797" type="COMPANY" weightage="20" keywordseo="pidilite">Pidilite</keyword> has announced that it has acquired Huntsman Group’s Indian subsidiary for ₹2,100 crore.</li><li>HAMS Group makes brands like <keyword id="9445587" type="COMPANY" weightage="20" keywordseo="araldite">Araldite</keyword>, Araldite Karpenter, and Araseal in India. </li><li>After the announcement, Pidilite shares jumped by over 4% as of 10.40 am. </li></ul>Fevicol-maker Pidilite has announced that it has acquired Huntsman Group’s Indian subsidiary, Huntsman Advanced Materials Solutions (HAMS), for ₹2,100 crore. HAMS Group makes brands like Araldite, Araldite Karpenter, and Araseal in India. The acquisition announcement led to a surge in the Indian adhesive giant Pidilite’s shares, which saw an over 4% rally as of 10.40 am. <div type="image" title="pidilite." msid="78925501" hostid="261"></div> What does Pidilite gain? With the acquisition, Pidilite will also get a trademark license to sell Araldite in the Middle East, Africa, and ASEAN countries. The company said that Huntsman would receive as much as 90% of the cash consideration while the balance 10% will be under an earnout within 18 months if the business achieves sales revenue in-line with 2019. In 2019, the company had posted a revenue of ₹400 crore. “With this acquisition, Araldite will add to the already very strong portfolio of Pidilite’s adhesive and sealant brands and will complement our retail portfolio. We are confident that this acquisition will create significant shareholder value through strong revenue and cost synergies,” said Bharat Puri, Managing Director, Pidilite Industries in a statement. While Pidilite is yet to announce its second-quarter results, for the first three months of the current financial year, Pidilite had posted a profit of ₹15.82 crore, a massive fall from its profits of ₹294.39 crore in Q1FY20. Its revenue was also down by 56% year-on-year to ₹897.4 crore. However, its minuscule profit was better than what analysts had expected – a <a href="https://www.businessinsider.in/business/corporates/news/covid-crashed-profit-and-pidilite-industries-couldnt-fix-it-yet/articleshow/77394385.cms">complete washout</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/byjus-backer-lightspeed-india-invests-in-a-live-tutoring-platform-teachmint/articleshow/78924152.cms">BYJU'S backer Lightspeed India invests in a live tutoring platform Teachmint</a>

Pidilite shares surge as the 61-year old company acquires Araldite maker for ₹2,100 crore

Shares of <keyword id="315902" type="COMPANY" weightage="100" keywordseo="Pidilite-Industries-Ltd-">Pidilite Industries Ltd.</keyword>, the makers of Fevicol, were the top gainers in the futures and options market after the adhesive maker reported a sharp surge in quarterly earnings on the back of an equally sharp drop in raw material costs. 
 Pidilite said its first quarter <keyword id="6431508" type="UNKNOWN" weightage="100" keywordseo="Net-profit">Net Profit</keyword> rose 34 percent to 225 crore rupees compared with 168.5 crore rupees in the same quarter a year ago. Sales during April-June gained 9.3 percent to 1,469 crore rupees from 1,344 crore rupees in the year ago period. 
 Pidilite rose 2.7 percent, or 14.5 rupees, to 557 rupees on the <keyword id="53581" type="CITY" weightage="100" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword>, where 1.7 lakh shares were traded in the first 20 minutes of trade compared with the 5-day average of 2 lakhs. 
 
Pidilite's market capitalisation has gained 53 percent in the past one year to 27,776 crore rupees as investors sought the safety of predictable revenue and profit streams from companies that own popular brands. 
(Image credits: youtube)

Pidilite is on a high!

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> rose in morning trade on Monday amid positive cues in global markets. </li><li>Amongst the top gainers were stocks from the banking, auto and realty sectors. </li><li>Both the benchmark indices were up by 1% in morning trade, with Sensex hovering at 61,670 points and Nifty50 at 18,245 points. </li><li><keyword id="6367820" type="General" weightage="20" keywordseo="adani-group" source="Orion">Adani group</keyword>, <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword>, <keyword id="6359432" type="General" weightage="20" keywordseo="britannia" source="Orion">Britannia</keyword> and <keyword id="6361485" type="General" weightage="20" keywordseo="marico" source="Orion">Marico</keyword> are amongst stocks in focus today. </li></ul>India’s benchmark indices Sensex and Nifty50 rose in morning trade on Monday amid positive cues in global markets. Amongst the top gainers were stocks from the banking, auto and realty sectors. Both the benchmark indices were up by 1% in morning trade, with Sensex hovering at 61,670 points and Nifty50 at 18,245 points. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.91% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.61% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.66% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.67% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.30% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr. Reddy's Laboratories </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.62% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.25% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sun Pharma </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.37% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco Industries </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.01% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.36% </td></tr></tbody></table> Source: NSE, as on May 3, 2023 Earlier last week, the markets wrapped up a week of volatility in the green despite selling pressure on Friday. While Sensex gained 0.73%, NIfty50 closed 0.96% higher in the last week. Positive news from the US in terms of jobs data eased recession fears and this reflected in the softening prices of gold and silver. Gold prices fell to ₹60,600 per 10 grams while silver was down to ₹77,000 per kilogram. Crude oil prices, on the other hand, edged up, with Brent crude prices crossing the $75 per barrel mark. <cmsannotation type="cmsannotation" annotationid="US markets cheer jobs data" comment="subhead" text="US markets cheer jobs data">US markets cheer jobs data</cmsannotation> Markets in the US cheered jobs data which beat expectations – new non-form jobs stood at 2.53 lakh in April, as against expectations of 1.79 lakh. This led to the Dow Jones rising 1.65%, while S&amp;P 500 rose 1.85%. The tech-heavy Nasdaq rose 2.25%. Asian markets were largely positive, led by Shanghai Composite which was up 1.69%, while KOSPI gained 0.9% and Hang Seng rose 0.83%. Taiwan Weighted gained 0.61%, but Nikkei 225 was down 0.65%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> Adani group: Adani Transmission and Adani Total Gas’ free-float will be lowered to 10% and 14%, respectively from 25% in the MSCI May index review. One97 Communications (Paytm): The payments company reported a 52% YoY rise in revenue to ₹2,335 crore in the March quarter, while its net loss narrowed to ₹168 crore from ₹761 crore a year ago. <keyword id="146218" type="General" weightage="80" keywordseo="britannia-industries" source="Orion">Britannia Industries</keyword>: The FMCG player has reported a 47% jump in March quarter net profit to ₹557 crore while revenue from operations grew 13% to ₹4,023 crore. Marico: Parachute and Saffola oil marker has reported 20% on year net profit growth at ₹302 crore for March quarter while revenue rose 4% to ₹2,240 crore. The FMCG player reported 5% volume growth in its India business for the quarter. Union Bank of India: The lender has reported 93% jump in net profit at ₹2,782 crore while net interest income was up 21% at Earnings today: UPL, Canara Bank, VIP Industries, Birlasoft, Balkrishna Industries, Exide Industries, Pidilite, Aarti Industries, APollo Pipes among companies to report their quarterly earnings on Monday. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/how-hra-exemption-can-help-you-save-tax-in-2023-24/articleshow/100014412.cms">How HRA exemption can help you save tax in 2023-24</a> <a href="https://www.businessinsider.in/business/corporates/news/with-another-wedding-season-ahead-analysts-are-upbeat-on-titan/articleshow/99986767.cms">With another wedding season ahead, analysts are upbeat on Titan</a> <a href="https://www.businessinsider.in/business/news/indigo-airlines-stock-to-surge-further-as-go-firsts-troubles-mount/articleshow/100009541.cms">The skies are clearer for IndiGo stock to surge further as Go First’s troubles mount</a>

Sensex, Nifty50 edge up in morning trade led by banks, auto and realty stocks

<ul><li>Shares of most paint makers have fallen in the last five days after one of the leading players, Asian Paints, reported a slowdown in profit on concerns over rising raw material prices.</li><li>Moreover, the market leader expects the increase in raw material prices to persist for some more time, which will eventually impact profits.</li><li>Raw material prices have been pushed up due to the high crude oil prices</li></ul>More than the excitement for anticipated demand during Diwali, an Indian festival, paint manufacturers are worried about the rising raw material prices hitting their profitability. The concern over rising costs elevated after one of the leading players, Asian Paints, reported a fall in profit due to high raw material prices, which is further expected to remain high for some time. Raw material prices have been pushed up due to the high crude oil prices. Note that half of the material used by paint companies are crude oil derivatives. Asian Paints reported a decline in net profit to ₹595 crore in September, below analysts’ expectations. "Steep inflation seen in raw material prices, since the beginning of this calendar year, has been phenomenal and has impacted gross margins across all businesses in the quarter," said Amit Syngle, managing director and chief executive of Asian Paints in a statement to an exchange on October 21. The commentary on rising cost inflation hit shares of other paint makers fearing slowdown in profitability in the near term. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Paint manufacturers </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Returns in 5 days </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Berger Paints </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-14% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-10% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kansai Nerolac </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-10% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Pidilite Industries </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-9% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Shalimar Paints </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-7% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indigo Paints </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-3% </td></tr></tbody><tbody></tbody></table> “Higher input prices will keep margins of the paint companies in the near term,” said a report by broking house Sharekhan. Adding to it, global chip shortage could impact supply of tinting machines which are key for paint dealers. The chip shortage could <a href="https://www.livemint.com/market/mark-to-market/paint-manufacturers-may-face-disruption-from-chip-shortage-11632765366605.html">reportedly</a> impact the supply of tinting machines and the expansion plans of paint companies. These machines help shops create different shades of paints within the store, in line with the requirement of customers. Dealers who use tinting machines do not have to hold large amounts of shades in stock. “We expect delays in (the supply of) tinting machines to remain for a few quarters for most paint companies. We expect less impact on top two companies, Asian Paints and Berger Paints, as they already have a high tinting machine penetration compared to smaller peers," said analysts at Edelweiss Securities, <a href="https://www.livemint.com/market/mark-to-market/paint-manufacturers-may-face-disruption-from-chip-shortage-11632765366605.html">reportedly</a>. With steep inflation in input costs weighing on profitability, paint companies may announce further price hikes and pass on the burden to consumers. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-lost-subscribers-for-the-first-time-in-10-quarters-but-theres-good-news-for-mukesh-ambani-in-this-too/articleshow/87251614.cms">Reliance Jio lost subscribers for the first time in 10 quarters but there's good news for Mukesh Ambani in this too</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/bad-loans-at-icici-bank-have-never-been-this-low-in-the-last-seven-years/articleshow/87250046.cms">Bad loans at ICICI Bank have never been this low in the last seven years</a>

Paint makers stress over high raw material costs and fewer tinting machines even as festive demand picks up

<ul><li>Cooling <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">crude oil prices</keyword> could bring relief to governments, companies and common people alike across the world. </li><li>A fall in <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> prices will not only help governments focus on growth instead of inflation, it will ease bottomline pressures on companies and reduce cost of living for the common man. </li><li>For investors, too, this could bring much needed cheer at a time when <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> has corrected over 8% this year so far. </li></ul>Crude oil prices are sliding back after peaking crossing the $125 barrel mark in March. This could bring some much-needed relief to companies across sectors. It could also help reduce prices of commodities and food products, and help contain the growing inflation. Brent crude, the type of crude oil that is imported by India, fell below $100 per barrel for the first time in nearly three months. However, the current cool down is due to fears of recession and fall in demands thereafter, so governments could have a bigger problem on their hands soon. That said, falling crude oil prices are expected to benefit sectors like paints, petrochemicals, textiles, aviation, tyres, and cement. It is worth noting that the benefits from a fall in crude oil prices will take time to reflect in the bottom lines of companies. However, stock markets tend to price in these movements a lot faster. This is evident from the move in metal stocks – for example, the Nifty Metals index <a href="https://www.businessinsider.in/stock-market/news/indian-metal-shares-surge-as-demand-hopes-build-after-chinas-220-billion-stimulus-plan/articleshow/92726640.cms">rose sharply</a> by 4% after China announced its $220 billion infrastructure stimulus programme. <cmsannotation type="cmsannotation" annotationid="These companies could benefit from a fall in crude oil prices" comment="subhead" text="These companies could benefit from a fall in crude oil prices">These companies could benefit from a fall in crude oil prices</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Aviation" comment="subhead" text="Aviation">Aviation</cmsannotation> Aviation industry is amongst the worst affected by rising crude oil prices, as aviation turbine fuel is the single biggest cost driver for airline companies. Jet fuel prices have been hiked from ₹72,000 per kilolitre to ₹1,23,000 – a hike of ₹51,000 since the beginning of 2022. Amongst listed airlines, InterGlobe Aviation and <keyword id="6358032" type="General" weightage="80" keywordseo="spicejet" source="Orion">SpiceJet</keyword> are the two biggest names, and Jet Airways will join them soon this quarter. <cmsannotation type="cmsannotation" annotationid="Paints" comment="subhead" text="Paints">Paints</cmsannotation> Manufacturing paint requires over 300 inputs – most of which are petroleum-based. The paint industry was already suffering from subdued demand post the Covid lockdowns, and the surge in crude oil prices has proved to be a double whammy. Asian Paints, Berger Paints, and Kansai Nerolac Paints are some of the biggest paint companies in India. <cmsannotation type="cmsannotation" annotationid="Petrochemicals" comment="subhead" text="Petrochemicals">Petrochemicals</cmsannotation> Crude oil prices and petrochemicals are intricately linked. According to a McKinsey report, a 50% oil price drop can result in a 50% decline in raw material spend at the beginning of a value chain and 20% at the end of it. Some of the prominent names here include <keyword id="6355199" type="General" weightage="80" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>, Indian Oil, GAIL, Rain Industries, Pidilite, Castrol, among others. In the specialty chemicals sector, there are companies like Aarti Industries, Atul, and Alkyl Amines. <cmsannotation type="cmsannotation" annotationid="Textiles" comment="subhead" text="Textiles">Textiles</cmsannotation> Synthetic textile manufacturers are also one of the key beneficiaries of falling crude oil prices, since crude oil is an important component of industrial inputs like fibre, yarn, fabric and other textile products. Some of the biggest names in the synthetic textile industry include Welspun India, Filatex India, and Indo Rama Synthetics, among others. <cmsannotation type="cmsannotation" annotationid="Tyres" comment="subhead" text="Tyres">Tyres</cmsannotation> Tyres are another product which depend heavily on crude oil, comprising nearly 60% of the cost of production of a tyre. Some of the biggest tyre manufacturers include MRF, Apollo Tyres, JK Tyre and CEAT. <cmsannotation type="cmsannotation" annotationid="Cement" comment="subhead" text="Cement">Cement</cmsannotation> Record low home loan interest rates and the post-pandemic burst in demand had pushed the realty sector towards recovery, but the cement industry’s margins were eaten away by rising crude oil prices. A cool off in crude oil prices could bring some cheer to the sector, as 60% of their business is linked to crude oil prices. Some of the biggest cement makers in India include <keyword id="6355596" type="General" weightage="80" keywordseo="ultratech-cement" source="Orion">UltraTech Cement</keyword>, <keyword id="105382" type="General" weightage="80" keywordseo="ambuja-cements" source="Orion">Ambuja Cements</keyword>, Shree Cement, and ACC, among others. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indian-metal-shares-surge-as-demand-hopes-build-after-chinas-220-billion-stimulus-plan/articleshow/92726640.cms">Indian metal shares surge as demand hopes build after China’s $220 billion stimulus plan</a> <a href="https://www.businessinsider.in/stock-market/news/gone-with-the-windfall-tax-ongc-loses-a-fifth-of-its-market-value/articleshow/92721451.cms">Gone with the windfall tax: ONGC loses a fifth of its market value</a> <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">Vivo reportedly transferred nearly $8 billion to its parent company in China</a>

Cooling crude oil prices – companies in these sectors could benefit the most

<ul><li>Investors are celebrating a surprise 15% growth in the latest quarterly and upgrade in future earnings estimates.</li><li>The stock is at a one-year high but still nearly 20% below the peak in 2018, the year Rajan Nanda, the company's Chairman for nearly two tough decades, passed away.</li><li>A new book called '<keyword id="6204401" type="UNKNOWN" weightage="20" keywordseo="Back-from-the-brink">Back From The Brink</keyword>' charts the company's slide into 'coma' and 'the claw back' of Escorts.</li></ul>The share price of Escorts surged nearly 7% on Thursday (January 30) as investors cheered a surprise 7% growth in the company’s quarterly profit. Brokerages lauded the performance of the company ⁠— which is the world’s largest Pick `n` Carry Hydraulic Mobile Crane manufacturer⁠— and raised the estimates for future earnings growth. The stock has doubled in the last three years but it is still 20% below the peak it hit in 2018. This was before Rajan Nanda ⁠— the company’s Chairman for nearly two long and strenuous decades⁠— passed away. This, despite the company clocking a spectacular 40% growth in profit in the last financial year ending March 2019. 
 
 
 
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 However, the improving prospects of the company, known for its tractors in India, may be the result of a long, focussed effort in reimagining the 76-year old conglomerate in the 21st century under the leadership of Rajan’s son Nikhil Nanda. 
 
 
 
 <div type="image" title="Nanda family" msid="73791780" hostid="261" caption="&amp;lt;p&amp;gt;(Clockwise from left) Rajan Nanda, Nitasha Nanda, Nikhil Nanda, Shweta Bachchan Nanda, Ritu Nanda and Reema Jain at the legendary actor and filmmaker Raj Kapoor&amp;#8217;s birthday celebrated by his children &amp;#8211; Rishi Kapoor, Randhir Kapoor, Rajiv Kapoor, Ritu Nanda and Reema Jain in Delhi. Photo: Samik Sen from 2017&amp;lt;/p&amp;gt;"></div>









 A new book called ‘Back From the Brink’, written by Seetha and Sharad Gupta and published by Harper Business documents Escorts’ ‘claw back’ after ‘sliding into coma’. The group’s foray into telecom and healthcare had dragged it into debt. A young Nikhil Nanda from Wharton joined his father’s company, Rajan Nanda was restructuring it. 
 
 
 
 <div type="image" title="Back from the brink" msid="73791865" hostid="261" caption="&amp;lt;p&amp;gt;A new book called &amp;#8216;Back From the Brink&amp;#8217;, written by Seetha and Sharad Gupta and published by Harper Business documents Escorts&amp;#8217; &amp;#8216;claw back&amp;#8217; after &amp;#8216;sliding into coma&amp;#8217;. &amp;lt;/p&amp;gt;"></div>









 But by the time Nikhil took over as the chairman, he was left with mounds of debt, now, four struggling businesses, and the trust he lost with banks. So much so that bankers refused to pay attention to his presentation. And, one of them even offered to “to cut him a cheque to walk out gracefully”. His family’s reputation has taken a beating at multiple levels. His wife Shweta Bacchan Nanda once overheard a banker friend’s remark, ‘How can Nikhil and Shweta come to our homes and socialise with us, when his company owes us money?” In times of despair, Nikhil reminded himself that his family has always risen from the ashes. His maternal grandfather H P Nanda brought it back to life twice after Partition, and another hostile takeover by NRI Swraj Paul. 
 
 
 
 <div type="image" title="swraj paul" msid="73791919" hostid="261" caption="&amp;lt;p&amp;gt;Escorts Chairman Nikhil Nanda&amp;#39;s maternal grandfather H P had to fend off a hostile takeover attempt by NRI industriialist Swraj Paul (in the picture above).&amp;lt;/p&amp;gt;"></div>









 It was time for Nikhil to take drastic action - the first was the sale of telecom, IT and hospital businesses. But the bigger problem was lack of communication between businesses and rampant financial indiscipline. With his father’s approval, he grilled the chief executive of a small but bleeding business and when he received vague responses, fired him. That had sent the much needed shockwaves through the company. The last six years Nikhil also helped set-up audit committees across businesses that improved scrutiny which gave the management a better picture of businesses. Yet, the much needed stability was yet to come in as a flurry of CFOs came and left the company. That is when he decided to promote in-house talent and brought Rohtash Mal as the ED and CEO, who was then heading the tractor business. Mal had to deal with daily walk-ins of supplier complaints, dealers and bankers and they included cases of cheque bouncing. The employees were scared and official politics had taken a vicious turn. And Mal was unearthing shocking discoveries like empty liquor bottles on the shop floor. The very next day, he handed a senior executive in the manufacturing department two letters - an unsigned resignation letter and a termination letter. Nikhil did not intervene with his decision. Slowly but steadily Nikhil regained control over the financial and the management, by screwing the cap on costs; convincing bankers to extend credit lines and more importantly refusing the airbrushed versions presented of the businesses. Today, apart from bankers, brokerages too put their trust into the company in spite of the effects of the slowdown eating into the business. Cut to 2020 In the last few years, the company’s market worth has gone from ₹6,000 crore to ₹10,000 crore. Nearly 30% of the jump has come in 2020 itself as investors saw structural changes take effect in the company’s financial performance. “Escorts’ third quarter performance is a reflection of stability in volumes, benefit of mix improvement and cost savings, all of which should sustain in the coming quarters. According to management, FY21 outlook has turned positive with estimated low single-digit growth,” said a research report by Motilal Oswal adding that the stock may gain as much as another 9% in the next 12 months. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/bucking-the-slowdown-dominos-operator-jubilant-fevicol-maker-pidilite-and-pesticide-maker-rallis/articleshow/73761693.cms?src=hp_latest" data-type="tilCustomLink" target="_blank">Bucking the slowdown — Dominos operator Jubilant, Fevicol maker Pidilite, and pesticide maker Rallis</a> <a href="https://www.businessinsider.in/exclusive-tcs-ceo-shares-his-hopes-and-fears-from-the-budget-2020/articleshow/73753459.cms" data-type="tilCustomLink" target="_blank">Exclusive: TCS CEO shares his hopes and fears from the budget 2020</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-ceo-abidali-neemuchwala-resigns-board-starts-search-for-successor/articleshow/73789746.cms" data-type="tilCustomLink" target="_blank">Wipro CEO Abidali Neemuchwala resigns, board starts search for successor</a>

The inside story of how Escorts turned around to become a nearly ₹10,000-crore company

The Indian economy just clocked its eighth straight quarter of slowing GDP (gross domestic product) growth. Consumer confidence had slipped further after hitting a six-year low late last year. All this had to hurt earnings of companies— Page Industries, Colgate, Dabur, <keyword id="106317" type="CITY" weightage="20" keywordseo="Asian-Paints">Asian Paints</keyword> to name a few— that depend on people spending money on their products. In the last one month, at least ten companies have seen cuts in earnings estimates anywhere between a slight tweak to as much as 10%. <table style="width: 389pt;"> </colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:132pt">Company</td> <td class="xl64" style="border-left-width: initial; border-left-style: none; width: 257pt;">Cut in earnings estimate in last one month</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Page Industries</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-10.60%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Marico</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2.40%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Emami</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2.30%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Titan</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-1.50%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Berger Paints</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-1.40%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Jubilant Foodworks</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-1.40%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Godjrej Consumer</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-1.30%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Asian Paints</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-1.30%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">HUL</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-0.30%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Dabur</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-0.20%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Britannia</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">0.10%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">GSK Consumer</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">0.30%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Nestle</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">0.40%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">ITC</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">0.70%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Pidilite</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">3%</td> </tr> <tr> <td class="xl68" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Colgate</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">3.70%</td> </tr></tbody></table>Source: Axis Capital The following is the commentary from analysts on each of the stock that has seen a cut in the consensus earnings estimate. Page Industries: “The path to earnings recovery, particularly after the unprecedented margin dip in 3QFY20, is unclear. Category slowdown, weak channel liquidity and competitive tailwinds present significant near-term challenges. Our channel checks across various cities in the country also do not indicate green-shoots of recovery,” Motilal Oswal said in its report on Feb 13 while cutting the target price for the stock to ₹22,250 a piece for the next one year . 
 
 
 
 
 
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 Marico: From a slowdown in rural consumption and drying of cash circulation among dealers and distributors who are looking to cut down on inventory are not the only problems for the company. As economic growth got slower and people got more penny-wise, some of the company’s customers are moving back to unbranded products that are cheaper and can be bought in small quantities as per need. 
 
 
 
 
 
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 This has led to a cloud of uncertainty for Marico, which has lost over 15% in share value since early December. “The near term pain envisaged, when we released our initiation note on Dec 2, has actually extended by a couple of quarters, with revival now expected from the second half of the next financial year ending March 2021,” according to Nirmal Bang Institutional Equities, which still has a ‘buy’ rating on the stock and a target price of ₹400 that implies a nearly 33% jump from the current value. Aside from being oversold, the only silver lining for Marico is the cheaper price of key inputs. Emami: Like Marico, Emami also benefits from cheaper commodities but that is no good when data shows that domestic volume growth contracted for the first time in recent memory. But the fears have already played out and the stock has lost over 35% of its value in the last one year. “Valuations are at about 60% discount to peer average,” cited a Motilal Oswal report while recommending that investors buy Emami expecting a 19% jump in price in the next one year. 
 
 
 
 
 
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 Titan: ‘Growth’ was never under question for Tanishq; ‘Growth + Margins’ was, said the opening lines of a report from ICICI Securities recently. Tanishq is a jewellery chain operated by Titan that also sells watches and eyewear. The company’s jewellery business surprised analysts by growing 11% and making as much profit margin as a year ago, if not better. But watches and eyewear, two other important segments, showed signs of weakness. Over 85% of the company’s revenue comes from jewellery and the recent rise in gold prices may affect buyers’ sentiment. 
 
 
 
 
 
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 Berger Paints: Berger’s revenue growth decelerated further and earnings were 7% below estimates, Kotak Institutional Equities said after the latest quarterly report from the company. One of the biggest stumbling blocks for the company is the sharp slowdown in car sales and production. The fall in crude oil prices as the coronavirus spread is good news but not good enough. Kotak rated the stock as ‘sell’, adding that the fair value for the stock would be ₹430, nearly 25% lower than the current level. 
 
 
 
 
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 Jubilant Foodworks: The sole franchise holder for Domino's Pizza and Dunkin Donuts in India is faced with a double whammy. Both vegetables and milk are getting expensive shrinking margins. In early 2018, Jubilant’s same store sales ⁠— sales from stores open for at least a year ⁠— were growing well above 20%, today it is down single digits. The same-store sales in the latest third quarter 5.9% and that was the highest this financial year. The ongoing quarter, Jan to March 2020, may see a hit from a rise in violence in Delhi that has led to fewer people stepping out to eat or ordering in for that matter. PhilipCapital’s target price for the stock is ₹1,750 not very far where it is right now. 
 
 
 
 
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 Godrej Consumer: The same PhilipCapital gave a ‘high-conviction sell’ rating for this company that is a king of toiletries in India⁠— from soaps and shampoos to hair colour. What’s helping Godrej is the fact that 45% of business is overseas and in countries that have shown better economic performance. Without the 11% growth (in constant currency terms) in overseas revenue, the total topline growth would have been much worse than the 2.1% clocked in the latest third quarter. 
 
 
 
 
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 However, a report from Credit Suisse has projected a turnaround in the home insecticides sales and therefore increased the target price to ₹680 a piece a year from now, a 21% rise from Friday’s closing price. Asian Paints: As a paint maker, Asian Paints has challenges similar to those of Berger Paints mentioned above. But Asian Paints is a leader in the market and has been focussed on gaining market share by offering competitive prices to beat the slowdown. Asian Paints has expanded its market share (value) from 44% in the financial year ending March 2008 to 53.6% at the end of March 2019. “With the entry of new players, Asian Paints has increased its aggression in trade and is focusing on gaining market shares even in low priced paints / putty &amp; primers,” an ICICI Securities report said citing the risk of action from the country’s monopoly regulator. 
 
 
 
 
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 HUL: Hindustan Unilever, which sells every soaps and shampoos to food items of daily use at home, has been improving its profit margin nine years in a row. The current slowdown has not changed that but the volume growth is abysmally low at 5% for the last three quarters compared to 12% in the first quarter of financial year 2018. 
 
 
 
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 There is no recovery in sight for at least another two quarters. While rising prices of key inputs are either forcing price hikes or narrower margins, people’s spending power has been eroded by rising inflation and now, rising cost of keeping a mobile phone. There may be some upside after the company’s decision to set up a 100% subsidiary to enjoy a lower tax rate of 15%. However, the street is waiting to see how this plays out and what benefits accrue. ICICI Securities kept its estimates unchanged citing the risk of further slowdown in consumption and irrational competition. Dabur: Except for Dabur Amla, Dabur India’s journey so far in the Indian Hair oil sector has been lackluster. Its other key offerings like Dabur Anmol and Dabur Almond has not been able to make a mark till now. Vatika, a key offering positioned in the coconut oil segment has not worked well in India, while has gained good success in international markets, said a report from SBI Caps recently. 
 
 
 
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 The growth in the modern trade has gradually decelerated as the slowdown catches up and the company is trying to beat that with new product launches. It is expected that the company owned by the Burman family, so far known for its health supplement Chyawanprash and hair oil, may launch fruit-based cold drinks this summer to take on the like of Coke, Pepsi and Parle. The consensus earnings estimate is only 0.2% down for Dabur in the last one month but in the last one year it is down by 8.4%. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/profit-margin-on-jockey-and-speedo-shrinks-shows-page-industries-q3-earnings/articleshow/74119148.cms" data-type="tilCustomLink" target="_blank">Biting slowdown is squeezing Page Industries' profit margin on Jockey and Speedo</a> <a href="https://www.businessinsider.in/stock-market/markets/news/coronavirus-impact-and-other-reasons-why-stock-market-experts-say-dont-buy-shares-now/articleshow/74059150.cms" data-type="tilCustomLink" target="_blank">Coronavirus and beyond— reasons why this is not ideal time to buy stocks in India, according to experts, money managers, and researchers</a> <a href="https://www.businessinsider.in/business/corporates/news/for-lic-ipo-to-succeed-the-life-insurance-giant-has-to-dump-a-lot-of-sick-stocks/articleshow/73889676.cms" data-type="tilCustomLink" target="_blank">For LIC IPO to succeed, the life insurance giant has to dump a lot of sick stocks</a>

Inside India’s consumption slump⁠— stories from Godrej Consumer to Page Industries to Emami and many more

The <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> is likely to remain in a sideways-to-weak band on Wednesday as the monthly expiry in the F&amp;O segment caps major movements and a huge net sell figure by foreign investors in the cash market deters buyers. Overseas cues turn positive. Traders are also unlikely to push Buy buttons as they await the judgement of the <keyword id="117388" type="ORGANIZATION" weightage="100" keywordseo="US-Fed">US Fed</keyword>’s rating setting panel's 2-day meeting that ends today. Meanwhile, the SGX Nifty signals a 25-point gap down opening for the Nifty on Wednesday. Global cues have turned for the better. Major Indices in the US gained between 1-1.1 percent as investors nibbled at <keyword id="6354298" type="ORGANIZATION" weightage="100" keywordseo="stocks">stocks</keyword> after a 5-session drop. Stocks in EU rose 0.8-1.0 percent as traders took benefit from a sharp downdraft in prices on Tuesday, following the carnage in Chinese equities. 

	Markets in Asia are trading with minor upticks on Wednesday. Cues from the commodity space are modestly positive. Gold Futures are at 5-1/2 year lows; Oil Futures dipped to fresh 6-month lows.Commodities continue to be in a slipstream ahead of the US Fed meet.
 

	Meanwhile, the Nifty Index closed at 8,337 points, down 24 points on Tuesday. The Index ended below the crucial 200-day moving average, which means that the bears have a firmer grip on the market compared with bulls. The index has a strong support in the range of 8,315-8,245 levels while the resistance is seen at 8,500 point level.
 

	Sentiment was badly hit in the cash market as well. Foreign Institutional Investors posted net sales of 1,376 crores worth in the cash market on Tuesday, their highest single day selling number in at least a month. This compared with net buys of 665 crore rupees by domestic investors. The derivatives space saw sales worth 120 crore rupees for Index Futures; Sales of 407 crore rupees for Stock Futures; Purchases of 659 crore rupees for Index options and net sells of 26 crore rupees for Stock Options.
 Major Earnings today Vedanta and Yes Bank, JSW Steel and Dabur. Large scale delivery based selling was seen in ICICI Bank, HDFC and <keyword id="42747" type="CITY" weightage="100" keywordseo="Tata-Motors">Tata Motors</keyword>. 

	 STOCKS TO WATCH
 

	IDEA: Net GSM additions 16 lakhs in June compared with flat to weak numbers for rivals.
 

	DALMIA BHARAT: Swings to first quarter profit from a loss in the same quarter a year ago.
 

	PIDILITE: First quarter PAT surged 33 percent; margins expand
 

	TATA COMMUNICATIONS: First quarter loss dips year-on-year.
 

	SKIPPER: First quarter PAT rises 53 percent to 10 crore rupees.
 

	GUJARAT ALKALI: Q1 PAT slips on rising power costs.
 

	GLENMARK: Credit Suisse downgrades stock to Downgrade from Neutral ahead of earnings. 
	 
	(Image credits: Indiatimes)

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