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As on Aug 07, 2020 12:00 AM Your results on : End Session    
Sensex, Nifty end with tepid gains; broader market rallies
07-Aug-2020 (16:51)

Domestic equity benchmarks ended a lackluster session with tiny gains on Friday. Gains were capped due to weakness in IT shares. Rising coronavirus cases also dented sentiment. The Nifty managed to close above its crucial 11,200 mark.

The barometer index, the S&P BSE Sensex gained 15.12 points or 0.04% at 38,040.57. The Nifty 50 index rose 13.90 points or 0.12% at 11,214.05.

HCL Technologies (down 2.22%), Infosys (down 1.9%) and TCS (down 0.51%) were major index shakers.

Shares in the broader market were in demand. The S&P BSE Mid-Cap index jumped 1.44% while the S&P BSE Small-Cap index advanced 0.78%.

Honeywell Automation India (up 13.27%), RBL Bank (up 9.85%) and Bayer CropScience (up 8.98%) were major mid-cap gainers.

Bayer CropScience surged after its net profit jumped 86% to Rs 251.70 crore on 29.2% rise in revenue from operations to Rs 1227.80 crore in Q1 FY21 over Q1 FY20.

Electrotherm (India) (up 20%), Anant Raj (up 19.9%), RattanIndia Power (up 19.8%) and GMM Pfaudler (up 18.09%) were major small-cap gainers.

The market breadth was strong. On the BSE, 1664 shares rose and 1036 shares fell. A total of 153 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 1,91,01,222 with 7,15,013 deaths. India reported 6,07,384 active cases of COVID-19 infection and 41,585 deaths while 13,78,105 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The consumer confidence in India fell to a record low level of 53.8 in July 2020, the Reserve Bank of India said in a report on Thursday. The index is well below the 100 mark, which represents the dividing line between pessimism and optimism.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 5.88% compared with previous closing of 5.862% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged higher to 74.93 compared with its previous closing 74.94.

In the commodities market, Brent crude for October 2020 settlement fell 33 cents to $44.76 a barrel. The contract fell 0.18% to end at $45.09 in the previous trading session.

MCX Gold futures for 5 October 2020 settlement shed 0.10% to Rs 55,790.

Stocks in Spotlight:

Mindspace Business Parks REIT settled at Rs 303.87 on BSE, a premium of 10.50% over the initial public offer (IPO) price of Rs 275. The scrip debuted at Rs 304, a premium of 10.55% to the IPO price. The stock hit a high of 308.90 and low of 299 with 18.45 lakh shares traded in the counter on the BSE.

HPCL fell 1.23%. The company's standalone net profit soared 247% to Rs 2,813.83 crore on 47% drop in net sales to Rs 37,498.23 crore in Q1 June 2020 over Q1 June 2019. Average gross refining margin during the quarter ended 30 June 2020 was at $0.04 per bbl (barrel of oil) as against $0.75 per bbl during 30 June 2019. The COVID-19 pandemic is globally inflicting high economic and human costs causing slowdown of economic activity. With regards to HPCL, it did have impact on the sales in April and May 2020, although substantial recovery was seen in June 2020. Being essential commodity, there have been no major disruption in refining operations including in supply chain, even during the lockdown period. The PSU OMC stated that the impact assessment of pandemic is a continuing process given the uncertainties associated with its nature and duration.

Lupin dropped 6.07% after its consolidated net profit tumbled 96.5% to Rs 106.9 crore on a 9.1% decline in sales to Rs 3,468.6 crore in Q1 FY21 over Q1 FY20. In the first quarter, the formulations business revenue was at Rs 3,059.6 crore (down 11.7% YoY) while the API business revenue came in at Rs 409 crore (up 17.2% YoY). EBITDA fell 34.7% to Rs 531.4 crore in Q1 June 2020 from Rs 813.4 crore in Q1 June 2019. EBITDA margin was at 15.3% as on 30 June 2020 as against 21.3% as on 30 June 2019. Lupin's Global API sales for Q1 FY21 were Rs 409 crore, compared to sales of Rs 328.60 crore during Q4 FY20 and up 17% compared to sales of Rs 348.90 crore during Q1 FY20; accounting for 12% of Lupin's global sales.

Mahindra & Mahindra (M&M) fell 1.47% after the company reported 97% drop in net profit to Rs 68 crore in Q1 June 2020 from Rs 2260 crore in Q1 June 2019. Revenues during the quarter declined 56% year-on-year (YoY) to Rs 5,589 crore. Profit before tax stood at Rs 49 crore in Q1 FY21, down by 96% from Rs 1,371 crore in Q1 FY20. The results include the combined earnings of M&M and Mahindra Vehicle Manufacturers (MVML), which is a manufacturing unit of M&M. While the total vehicle sales were down by 78% to 27,565 units, tractor sales fell 22% to 64,140 units in Q1 June 2020 over Q1 June 2019. Total exports (vehicles and tractors) during the June quarter tumbled 72% YoY to, 3,109 units. M&M said that 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 rates in May and June 2020.

Mahanagar Gas fell 1.48% after the city gas distributor's net profit declined 73.42% to Rs 45.25 crore on a 65.45% fall in net revenue from operations to Rs 261.75 crore in Q1 FY21 over Q1 FY20. EBIDTA decreased by 71.11% to Rs 79.99 crore in Q1 June 2020 from Rs 276.83 crore in Q1 June 2019. EBIDTA margin was at 30.56% as on 30 June 2020 as against 36.55% as on 30 June 2019.

Pidilite Industries rallied 3.38%. The company reported 90.86% drop in consolidated net profit to Rs 26.78 crore on 56.32% fall in total income to Rs 898.31 crore in Q1 June 2020 over Q1 June 2019. Consolidated EBITDA before non-operating income in Q1 June 2020 stood at Rs 67 crore, registering a decline of 85% over the same quarter last year. Consolidated profit before tax stood came at Rs 31.67 crore in Q1 June 2020, significantly lower than Rs 438.81 crore posted in the same period last year. Pidilite said Q1 performance was significantly impacted by continued lockdowns due to the pandemic. On an overall basis, the company had a near complete closure in April 2020 with recovery from May 2020 onwards (broadly 50% of outlets being open) and June (saw broadly 80% of outlets open). The company assured recovery has continued in July.

Adani Enterprises rose 3.80%. The company's consolidated net loss stood at Rs 148.65 crore in Q1 June 2020 compared with net profit of Rs 498.67 crore in Q1 June 2019. Consolidated net sales tanked 50.1% to Rs 5,265.19 crore in Q1 June 2020 as against Rs 10,561.37 crore in Q1 June 2019. Volumes across the segments were impacted owing to lower power demand and logistics issues due to COVID-19 pandemic. EBIDTA for the quarter dropped 66.40% to Rs 301 crore in Q1 FY21 from Rs 896 crore in Q1 FY20. With continued lockdown and restrictions during this quarter, Adani Enterprises' volumes across business segments have been affected. The company resumed its operations following government guidelines. The operational performance of the businesses continue to recover in phased manner towards pre COVID-19 level.

Vodafone Idea jumped 7.03%. The telco reported a consolidated net loss of Rs 25,460 crore in Q1 FY21, higher than net loss of Rs 4,873.90 crore in Q1 FY20. Gross revenue in Q1 June 2020 stood at Rs 10,659.30 crore, down by 5.4% from Rs 11,269.90 crore in Q1 June 2019. Average revenue per user (ARPU) blended rose 5.6% to Rs 114 in Q1 June 2020 from Rs 108 in Q1 June 2019. Sequentially, however, ARPU declined 5.8% from Rs 121 in Q4 March 2020. The company's total data subscribers decreased 5.3% to 13.57 crore customers in Q1 June 2020 from 14.33 crore customers in Q1 June 2019. The teleco recorded an exceptional expense of Rs 19,923.20 crore during the first quarter. Of the total sum, Rs 19,440.50 crore is for license fees and SUC (spectrum usage charges) on AGR (adjusted gross revenues) and Rs 123 crore is for one-time spectrum charge (including interest). Vodafone Idea's independent auditor's review report highlighted the company's material uncertainty on going concern.

Deepak Nitrite tumbled 5.03% after the chemical maker posted a 24.8% drop in consolidated net profit to Rs 98.95 crore in Q1 June 2020 from Rs 131.61 crore in Q1 June 2019. Consolidated net sales stood at Rs 674.49 crore in Q1 June 2020, falling 36% from Rs 1050.98 crore in Q1 June 2019. The result was announced after market hours yesterday, 6 August 2020. Profit before tax came at Rs 132.64 crore in Q1 June 2020, falling 34% from Rs 201.23 crore in Q1 June 2019. Total tax expense for Q1 June 2020 stood at Rs 33.69 crore, declining 51% from the year ago period.

Global Markets:

The Dow Jones 30 Futures were down 107 points, indicating a weak opening in US markets today.

Most shares in Europe and Asia declined on Friday amid rising tensions between Washington and Beijing. US President Donald Trump issued Thursday executive orders that ban transactions with WeChat and TikTok in 45 days.

Meanwhile a White House working group on Thursday told President Trump that Chinese companies on US exchanges that don't comply with US accounting rules should be delisted from US exchanges.

US stock market shrugged off a sluggish start and closed higher on Thursday, with the Nasdaq ending the session above 11,000 for the first time as investors hoped for a new fiscal stimulus package.

Investors remain hopeful that lawmakers can strike a deal on a fresh round of coronavirus relief for those Americans out of work, while both Senate Majority Leader Mitch McConnell and House Speaker Nancy Pelosi said they remained optimistic on an agreement.

Meanwhile, investors took heart after the number of Americans filing for jobless benefits for the week ended Aug. 1 fell to a three-week low of 1.186 million, a decline of 249,000 from the previous week's reading of 1.435 million. The number of people receiving traditional jobless benefits through the states, known as continuing claims, dropped by a seasonally adjusted 844,000 to 16.1 million in the week ended July 25.

US President Donald Trump said on Thursday it was possible the United States would have a coronavirus vaccine before the November election, a far more optimistic forecast than timing put forth by White House health experts.

Quick Wrap: Nifty MNC Index rises 1.24%
07-Aug-2020 (16:00)
Sensex jumps 362 pts, Nifty tops 11,200 after RBI policy
06-Aug-2020 (17:29)
Quick Wrap: Nifty IT Index records a surge of 1.78%
06-Aug-2020 (16:00)
Volatile session ends almost flat; metal shares rally
05-Aug-2020 (17:08)
Quick Wrap: Nifty Metal Index rises 3.97%
05-Aug-2020 (16:00)
Benchmarks snap 4-day losing streak led by HDFC Bank, RIL
04-Aug-2020 (16:58)
Quick Wrap: Nifty Media Index rises 3.80%, NIFTY jumps 1.87%
04-Aug-2020 (16:00)
Sensex tumbles 667 pts, Nifty closes below 10,900
03-Aug-2020 (17:14)
Quick Wrap: Nifty Private Bank Index registers a drop of 3.21%, NIFTY Crashes 1.64%
03-Aug-2020 (16:00)
Benchmarks decline for 3rd day; RIL corrects 2%
31-Jul-2020 (17:00)
Quick Wrap: Nifty Pharma Index gains 3.56%
31-Jul-2020 (16:00)
Sensex tumbles 335 pts; Nifty ends below 11,150 mark
30-Jul-2020 (17:07)
Quick Wrap: Nifty Pharma Index records a surge of 3.11%
30-Jul-2020 (16:00)
Sensex corrects 422 points; RIL tumbles 4%
29-Jul-2020 (16:49)
Quick Wrap: Nifty Pharma Index records a surge of 3.09%
29-Jul-2020 (16:00)
Nifty reclaims 11,300; auto, IT stocks spurt
28-Jul-2020 (16:37)
Quick Wrap: Nifty Auto Index rises 3.21%, NIFTY jumps 1.52%
28-Jul-2020 (16:00)
Nifty ends below 11,150 as banks drag
27-Jul-2020 (16:56)
Quick Wrap: Nifty Private Bank Index declines 3.64%
27-Jul-2020 (16:00)
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