We had mentioned in Tuesday’s closing report that Nifty, Sensex lack bullish triggers. The major indices opened higher on the back of a special economic rescue package announced by the Modi government. On the NSE, there were 1,324 advances, 452 declines and 339 unchanged.
The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Maruti Suzuki reported net profit of Rs 1,291.7 crore for the March 2020 quarter, down by 28.1% year-on-year (YoY). Maruti recommended a dividend of Rs 60 per share for FY2020.
Kotak Mahindra Bank reported YoY fall of 10% in its standalone profit of Rs 1,266.6 crore for the quarter ended March 2020, due to a significant jump in COVID-19 related provisions. Net interest income grew by 17.2% YoY to Rs 3,559.65 crore.
REC has issued USD 500 million, 4.75% notes due 2023, on May 12, 2020, where interest and principal will be paid in U.S. Dollars.
Godrej Consumer Products reported a huge fall in net profits at Rs229.90 crore for the March 2020 quarter, against Rs935.24 crore in March 2019 quarter. Revenues dipped 11.23% to Rs2,202.96 crore.
Premier Explosives received a licence from petroleum and safety organisation for the manufacture of RDX / RDX compounded products — defence and HMX based explosives — defence at its Katepally plant, Yadadri Bhuvanagiri district, Telangana.
Vedanta said it is going to consider delisting proposal in its board meeting on May 18, to approve/ reject the delisting proposal after taking into account various factors. The promoter group holds 50.14% stake in the firm.
Syngene International reported 20% YoY rise in net profits for March 2020 quarter at Rs120.2 crore. Revenues rose 13.18% YoY to Rs627.80 crore.
Jubilant Life Sciences signed a deal with Gilead for production of Remdesivir to fight COVID-19. It will now have the rights to sell Remdesivir to 127 countries. Under the licensing agreement, Jubilant will have the right to receive a technology transfer of the Gilead manufacturing process to scale up production to enable expedited access of the medicine to COVID-19 patients upon approvals by regulatory authorities in respective countries, it said.
TTK Prestige resumed operations at its manufacturing facilities in Tamil Nadu and Maharashtra with limited manpower.
The Mumbai bench of NCLT approved the amalgamation of Core Chemicals and Key Organics with Indo Amines.
Steel Strips Wheels has got approval to restart its plant in Chennai, Dappar and Mehsana for production resumption. The plants will restart with 50% utilization and will cater to exports and domestic market demand.
JK Paper reported a profit of Rs 92.7 crore for March 2020 quarter, against Rs 112.3 crore earned in the corresponding quarter of the previous year. Revenue dipped to Rs 736 crore against Rs 807.2 crore YoY.
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: