Market Live: Sensex at day's high, Nifty inches towards 10,700; L&T up 2% ahead of Q4 nos

Asian markets traded mixed amid further fall in oil prices after top producers indicated output could increase.

Rating Downgrade:

 Jet Airways trimmed gains a bit after ICRA downgraded the long term rating (assigned to long term loans and non-convertible debentures) to BB+ (negative outlook) from BBB- (negative outlook).

It also downgraded short term rating to A4+ from A3.

"The downward revision considers weakened financial performance of the Company, primarily arising out of increased jet fuel prices which could not be passed on to the customers due to weak pricing power caused by excess competition," CARE said.

Market Update: 

The market is trading at day's high, with the Nifty inching towards 10,700 levels following sharp correction in crude oil prices and appreciation in the rupee.

The Sensex is up over 250 points, backed by banking & financials, oil retailers, pharma and FMCG stocks. However, the consistent selling pressure in technology stocks capped market gains.

L&T share gained 2 percent ahead of March quarter earnings due later in the day. According to Reuters poll estimates, profit is seen falling 9% but revenue may grow nearly 12 percent and EBITDA is likely to grow 17.5 percent compared to year-ago.

Earnings Estimates:

 Engineering and construction major Larsen & Toubro is likely to report profit at Rs 2,994.4 crore for the quarter ended March 2018, degrowth of 9.4 percent compared to Rs 3,305.6 crore in year-ago.

According to Reuters poll estimates, revenue from operations may grow 11.61 percent year-on-year to Rs 41,104.6 crore from Rs 36,828 crore in same period last year.

EBITDA (earnings before interest, tax, depreciation and amortisation) is expected to increase 17.47 percent to Rs 5,029.3 crore and margin may expand 46 basis points to 12.23 percent compared to corresponding quarter last fiscal.

Glenmark in focus:

 Glenmark Pharmaceuticals announced the presentation of data from two assets in its immuno-oncology portfolio at the 2018 Annual Meeting of the American Society of Clinical Oncology (ASCO).

These presentations include preclinical and translational data on GBR 1302, a HER2xCD3 bispecific antibody, and a Trials in Progress (TIP) poster on GBR 1342, a CD38xCD3 bispecific antibody, the company said.

GBR 1302 is Glenmark’s lead immuno-oncology candidate, currently in a first-in-human trial to determine maximum tolerated dose (MTD) in an all-comers population of patients with a variety of HER2 positive cancers. This Phase 1 trial is being expanded to explore higher doses of GBR1302 and to examine potential clinical benefit of a once-weekly dosing regimen. Enrollment for the GBR 1302 clinical trial is currently ongoing in the US and Germany.
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