We had mentioned in last week’s closing report that Nifty, Sensex were in the grip of a strong upward momentum. The major indices faced a correction this week, following a huge decline in the US markets on Thursday.
The trend of the major indices in the week is given in the table:
On Monday, the major indices opened high but declined and closed with minor gains. On the NSE, there were 1,264 advances, 574 declines and 308 unchanged.
Crisil reaffirmed BBB rating on Yes Bank's Rs 18,000 crore bonds on the back of continued support by the country's largest lender SBI.
Gujarat State Petronet reported jump of 80% YoY in net profits for March 2020 quarter results, at Rs383 crore. Revenues grew 35.82% to Rs3,232. 26 crore.
Exide Industries reported a 20% YoY decline in its net profit for the March 2020 quarter at Rs 168 crore against Rs 210.68 crore for the corresponding quarter of the previous financial year.
Inox Leisure reported consolidated net loss of Rs82.15 crore during March quarter, compared to profit of Rs48.08 crore in the corresponding period in the previous year. Revenues declined 22.25% YoY to Rs376.37 crore.
On Tuesday, the major indices faced a correction. On the NSE, there were 749 advances, 1,084 declines and 296 unchanged.
PVR reported a consolidated net loss of Rs 74.61 crore for the March quarter. After the coronavirus outbreak in India, theaters were the first to be shut in the second week of March, resulting in no collections.
Adani Green bagged the first of its kind manufacturing-linked solar contract worth Rs 45,000 crore from SECI to develop 8 GW electricity generation capacity and 2 GW equipment manufacturing facility in the country.
Graphite India posted consolidated net loss at Rs 7 crore during the quarter ended March 2020 versus profit of Rs 562 crore in the corresponding period in the previous year. Revenue went down 64.4% YoY at Rs 602 crore versus Rs 1,693 crore.
On Wednesday, the major indices were volatile and ended with minor gains. On the NSE, there were 1,120 advances, 707 declines and 299 unchanged.
Hero MotoCorp reported a standalone profit at Rs 621 crore the fourth quarter of FY20 as against Rs 730.32 crore in the same period last year, a decline of 15%. The significant fall in tax cost (down 91.5% YoY) helped limit the decline in bottom-line.
Cupid received a repeat order from Medical Stores Department, Government of Tanzania for the supply of male condoms worth Rs 23.61 crore approximately.
Dwarikesh Sugar Industries reported 37% YoY jump in net profit to Rs 44.26 crore for the quarter ended March 2020. Revenues from operation rose to Rs 461.7 crore from Rs 211.22 crore in the corresponding quarter in the previous year.
On Thursday, the major indices suffered a major correction. On the NSE, there were 668 advances, 1,134 declines and 327 unchanged.
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.
On Friday, the major indices opened low but rallied and ended with minor gains. On the NSE, there were 947 advances, 852 declines and 322 unchanged.
Hindalco Industries reported 43% year on year decline in net profits for the quarter ended March 2020, at Rs669 crore. Revenues declined 13.52% YoY to Rs29,624 crore.
Tata Power’s subsidiary Trust Energy Resources Pte has entered into definitive agreements with Oldendorff Carriers GmbH & Co. KG, Germany for the sale of three ships at an estimated consideration of USD 212.76 million.
Mahindra and Mahindra posted a loss of Rs 3,255 crore in the quarter ended March 2020 due to the write down of investment in Ssangyong and other international subsidiaries. Profit in the year-ago quarter was Rs 969.2 crore. Revenues declined 34.8% year-on-year to Rs 9,005 crore.