March 29, 2020 Sunday, 17:47 Hrs
 Home |   IFCI Group  |   About Us  |   Our Network  |   Contact Us  |   Career
SENSEX  29,815.59  -131.18 
Home   Equity   News   Mid Session  
Detailed News
Market drifts higher at opening
17-Feb-20   09:24 Hrs IST

Key indices were trading higher on select buying in index stocks. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 143.59 points or 0.35% at 41,401.33. The Nifty 50 index was up 44.45 points or 0.37% at 12,157.90.

The S&P BSE Mid-Cap index was up 0.07%. The S&P BSE Small-Cap index was up 0.17%. Both these indices underperformed the BSE Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 493 shares rose and 302 shares fell. A total of 70 shares were unchanged.

Q3 earnings impact:

Among stocks, Oil and Natural gas Corporation fell 0.77%. Oil and Natural gas Corporation (ONGC) said its consolidated net profit dropped 47.8% to Rs 4,903.68 crore on 6.7% decline in net sales to Rs 1,09,443.39 crore in Q3 December 2019 (Q3 FY20) over Q3 December 2018 (Q3 FY19). Crude oil production during the quarter declined 3.5% to 5.82 Million Tonne (MT). Oil price realisation from nominated blocks dipped 10% to $59.73 per barrel during the December quarter.

Muthoot Finance jumped 3.80%. Muthoot Finance said consolidated net profit surged 63.7% to Rs 841.09 crore in Q3 December 2019 (Q3 FY20) as against net profit of Rs 513.92 crore in Q3 December 2018 (Q3 FY19). Total income rose 35.8% year-on-year (YoY) to Rs 2,587.40 crore in Q3 FY20. The Kerala-based non-banking financial company (NBFC) reported a consolidated loan assets under management (AUM) for the nine month of current fiscal at Rs 43,436 crore, against Rs 35,939 crore in the year-ago period, an increase of 21%.

Sun TV Network fell 2.89%. Sun TV Network reported 7.15% rise in consolidated net profit to Rs 384.69 crore in Q3 December 2019 from Rs 359.01 crore in Q3 December 2018.

Finolex Cables was down 2.21%. Finolex Cables, on a consolidated basis, reported 10.13% rise in net profit to Rs 102.72 crore on 6.30% fall in net sales to Rs 702.36 crore in Q3 December 2019 over Q3 December 2018. Net sales were affected by slowdown in the economy, and in particular the power, industrial and communication sectors, with optic fibre cables being affected the most (a contraction of more than 30%). Also commodity prices tracked lower leading to lower realizations.

Glenmark Pharmaceuticals advanced 2.52% Glenmark Pharmaceuticals' consolidated net profit surged 64% to Rs 190.74 crore in Q3 December 2019 (Q3 FY20) as against Rs 116.33 crore reported in Q3 December 2018 (Q3 FY19). India business grew by 18.17% to Rs 788.83 crore; US business declined 6.53% to Rs 799.82 crore; and Latin America business grew by 54.11% to Rs 156.31 crore.

Stocks in news:

Hero MotoCorp shed 0.35%. Hero MotoCorp said the company has commenced the dispatches of three more BS-VI products - Splendor+ in the motorcycle segment and Destini 125 and Maestro Edge 125 in the premium scooter segment. These launches come close on the heels of the BS-VI versions of the Splendor iSmart and HF Deluxe motorcycles and the Pleasure+ 110 scooter, which are already available in the market.

RITES gained 1.07%. RITES informed that the company has emerged as a successful bidder for supply of Locomotives, Coaches and DEMUs (Diesel electric Multiple Units) to a Cape Gauge country. RITES submitted the price bid for the contract amount of around Rs 680 crore and discussion on contract documents are expected to conclude soon.

Bharat Electronics shed 0.78%. Bharat Electronics said that the Rating Committee of ICRA has reaffirmed the long-term rating for the Line of Credit (LOC) at [ICRA] AAA (pronounced as ICRA triple A). The Rating Committee also reaffirmed the short-term rating for the LOC at [ICRAJA1+ (pronounced as ICRA A one plus). The outlook on the long-term rating is stable. These ratings indicate the highest credit quality in the long- and short-term.

Granules India added 0.68%. Granules India said the US FDA completed inspection of the facility in Gagillapur located in Hyderabad, Telangana, India on 14 February 2020 with two observations.

Dilip Buildcon slumped 0.80%. Dilip Buildcon said the company has received the letter of acceptance (LOA) on 14 February 2020 from the Airport Authority of India for the EPC project in the state of Gujarat. The order is for construction of new Greenfield airport at Hirasar, Rajkot, Gujarat. The order is worth Rs 570.06 crore without GST.

Global Markets:

Overseas, Asian stocks were trading mixed on Monday as investors weighed the near-term hit on global growth from a fast-spreading coronavirus outbreak in China, although expectations of further policy stimulus helped stem losses.

In US, the Nasdaq and S&P 500 finished at records on Friday as investors parsed mixed data on the strength of the US consumer and monitored the spread of COVID-19 in China.

The US consumer January retail sales showed sluggish activity, underscored by a 3.1% drop in sales at clothing stores.

The US bond and stock markets will be closed on Monday in observance of Presidents Day.

Powered by Capital Market - Live News

Enter Stock for
Company details