We had mentioned in Wednesday’s closing report that Nifty, Sensex may move sideways. On Thursday, the major indices suffered a major correction. On the NSE, there were 668 advances, 1,134 declines and 327 unchanged.
The trends of the major indices in the course of Thursday’s trading are given in the table below:
Tata Metaliks reported 19.77% rise in net profits for the quarter ended March 2020 at Rs77.07 crore. Revenues dipped 12.13% to Rs524.25 crore.
Mahanagar Gas reported 25% rise in profits for the quarter ended March 2020 at Rs166.59 crore. Revenues declined 5% to Rs779.63 crore.
Shares of telecom companies tumbled after SC hearing of AGR case. The case was heard by a bench headed by Justice Arun Mishra and including Justices MR Shah and S Abdul Nazeer. Vodafone Idea told the Supreme Court that the total demand of adjusted gross revenue (AGR) dues it faces is Rs 50,000 crore, plus the interest and the penalty, but currently, the telecom company does not even have enough money to pay salaries to its employees and meet its expenses.
Jindal Stainless (Hisar) reported 43% jump in standalone net profit at Rs 93.79 crore for the quarter ended March 31, 2020. Total income fell to Rs 2,052 crore from Rs 2,385 crore in the year-ago period.
Orient Green Power Company reported a consolidated net profit of Rs 20.90 crore in March quarter. The company posted a net loss of Rs 15.4 crore in the corresponding quarter last year. The total income in the quarter under review stood at Rs 116.12 crore as compared to Rs 87.37 crore a year ago.
Arvind announced launch of anti-viral textile technology for the first time in India under its brand "Intellifabrix". Arvind has partnered with Swiss Textile Innovation leader HeiQ Materials AG in association with Taiwanese Specialty chemical major M/S Jintex Corporation to introduce this revolutionary anti-virus technology in India. Garments treated with HeiQ Viroblock actively inhibit viruses and kill them upon contact, helping to minimize the potential for re-transmission of pathogens through clothing.
SBI has cumulatively disbursed loans to the tune of Rs 7,516.64 crore to 66,335 corporate accounts across the country upto June 9. The loans have been disbursed under the the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) announced by the government for meeting the liquidity needs of the MSME sector in the present crisis. The SBI's loan disbursal accounts for over 60% of Rs 12,200.65 crore disbursed by 12 PSBs under the scheme upto June 9.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: