We had mentioned in last week’s closing report that Nifty, Sensex were on an uptrend due to global cues. The major indices were volatile and ended with minor gains. The trend of the major indices in the week is given in the table:
On Monday, the major indices were volatile but ended with minor gains. On the NSE, there were 1,361 advances, 554 declines and 70 unchanged.
Glenmark Pharmaceuticals received Indian regulatory approval to make and sell oral antiviral drug Favipiravir for treating mild-to-moderate COVID-19 infections in India. The Drugs Controller General of India's approval was part of India's accelerated approval process and the drug was meant for "restricted emergency use", meaning patients must sign their consent before being treated by the drug.
India's Drug Regulator gave permission to Hetero and Cipla to manufacture and market antiviral drug Remdesivir for "restricted emergency use" on hospitalised COVID-19 patients, official sources said.
ICICI Bank divested 21.5 million equity shares of face value of Rs10 each of ICICI Prudential Life Insurance Company, representing 1.50 percent of its equity share capital at March 31, 2020.
On Tuesday, the major indices were volatile but ended with minor gains. On the NSE, there were 1,323 advances, 504 declines and 293 unchanged.
Skipper’s net profit jumped 58.42% YoY to Rs 28.12 crore in the quarter ended March 2020. Sales of the company were up 1.26% to Rs438.85 crore in the quarter ended March 2020 as against Rs 433.39 crore during the previous quarter ended March 2019.
Info Edge (India) approved raising of funds through issue of equity shares to eligible qualified institutional buyers for an aggregate amount not exceeding Rs 1,875 crore in accordance with SEBI regulations.
Balrampur Chini Mills reported fall of 16.24% in net profits to Rs241.44 crore for the quarter ended March 2020. Revenues grew 32.33% to Rs1,766.61 crore.
On Wednesday, the major indices suffered major losses. On the NSE, there were 754 advances, 1,074 declines and 295 unchanged.
Asian Paints reported a 2.1% year-on-year decline in consolidated profit at Rs 462 crore for March 2020 quarter. Revenue declined 7.1% to Rs 4,635.6 crore over the past year.
Indian Oil Corporation reported a net loss of Rs 5,185 crore for the quarter ending March 2020, aided by higher inventory losses. The company had reported a net profit of Rs 6,099 crore a year earlier.
Reliance Infrastructure shares rallied after Chairman Anil Ambani said the company will be completely debt-free this financial year. RInfra, which is sitting on a debt of over Rs6,000 crore, has been working towards monetising its assets to reduce debt.
Power Finance Corporation reported net profits of Rs 693 crore against Rs 3,391 crore YoY. NII stood at Rs 5,554 crore against Rs Rs 5,036 crore YoY.
On Thursday, the major indices suffered minor losses. On the NSE, there were 1,019 advances, 845 declines and 64 unchanged
Canara Bank reported a loss of Rs3,259.33 crore for the quarter ended March 2020. The bank had reported loss of Rs551.53 crore in year-ago period.
Metropolis Healthcare promoter shareholder Duru Sushil Shah divested 3.05 million shares, or 6.03% stake, in the company for Rs422.58 crore.
Prestige Estates Projects reported consolidated net profit of Rs 15.4 crore for the March quarter, down 88.9% YoY. Revenue had slightly grown at Rs1,982.3 crore versus Rs1,979.3 crore.
On Friday, the major indices posted minor gains. On the NSE, there were 1,097 advances, 767 declines and 65 unchanged.
Sterling And Wilson Solar’s subsidiary Sterling and Wilson Solar Solutions, Inc, was awarded a $99 million (Rs 747 crore) contract to construct a 194 MW project in the US.
PNC Infratech won order from NHAI of Rs 1,412 crore for a project of 53.95 km long four-laning of Meerut - Nazibabad section of NH-119 (New NH-34) from design chainage, in the state of Uttar Pradesh under Bharatmala Pariyojana on Hybrid Annuity Mode.
Ashok Leyland reported 92.31% fall in its consolidated net profit at Rs 57.78 crore in the fourth quarter ended March 31. The company had reported a profit of Rs 751.71 crore in the same quarter of last year.
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