We had mentioned in Tuesday’s closing report that Nifty, Sensex may try to bounce. The major indices were flat for most of the trading session but ended with a sharp correction. On the NSE, there were 819 advances, 945 declines and 323 unchanged. The trends of the Indian stock markets in the course of Wednesday’s trading are given in the table below:
Sensex and Nifty mostly stayed on usual course post Reserve Bank of India's (RBI) fourth consecutive rate cut on Wednesday amid a massive slowdown in the Indian economy. The RBI on Wednesday broke with convention by reducing its key lending rates by 35 basis points to 5.40% from 5.75%.
Weak domestic and demand conditions led the Reserve Bank of India on Wednesday to cut its economic forecast to 6.9% for 2019-20 from 7% in FY2019-20. Besides, the GDP growth for the first quarter of FY2020-21 is projected at 7.4%.
Cipla's net profit grew 0.4% year-on-year at Rs447.2 crore in first quarter ended June 30. Revenues declined 1% to Rs4,067.39 crore in Q1FY20, compared to Rs4,109.10 in the year ago period. Cipla's India business declined 12.2 percent YoY to Rs 1,355 crore due to the realignment of distributors in the trade generics.
Around one-third of Cipla's sales comes from the domestic formulation market.
Lupin reported a net profit of Rs303 crore in the June quarter, a jump of 49.5 % YoY. Revenues rose 15% YoY to Rs4,418.4 crore in Q1FY20. The company launched five products in the US market during the quarter. The company now has 175 products in the US generics market.
State Bank announced a 15 basis points reduction in its lending rates, effective August 10 across all tenors. The new one-year MCLR or the marginal cost based lending rates will come down to 8.25% from 8.40% annum, the lender said in a statement.
J Kumar Infraprojects has posted net profit of Rs40.92 crores for the quarter ended June 2019 (Rs40.18 crores in Q1 FY19) up 1.84% y-o-y. Total income grew 8% to Rs673.33 crores (Rs624.75 in Q1 FY19).
AstraZeneca Pharma India Ltd has declared interim dividend of Re1 per equity share for the financial year 2019-20. Meera Industries Ltd has recommended final dividend of Rs3 per equity share of the face value of Rs10 each for the financial year ended on 31 March 2019.
The Central Pollution Control Board (CPCB) vide its letter dated 6th August 2019 pursuant to Radico Khaitan Ltd's representation/request dated 14.06.2019 has allowed the Company to restore capacity of its molasses plant from 77 KLD to 200 KLD.
Kalyani Steels has posted net profit of Rs36.28 crores for the quarter ended June 2019 (Rs27.90 crores in Q1 FY19) up 30% y-o-y. Total income grew 7% y-o-y to Rs348.26 crores (Rs326.02 crores in Q1 FY19).
The Ramco Cements posted net profit of Rs194.20 crores for the quarter ended June 2019 (Rs127.94 crores in Q1 FY19) up 52% y-o-y. Total income grew 14% y-o-y to Rs1,396.82 crores (Rs1,227.79 crores in Q1 FY19).
Welspun Corp posted net profit of Rs118.10 crores for the quarter ended June 2019 (Rs59.10 crores in Q1 FY19) up 100% y-o-y. Total income grew 24% y-o-y to Rs2,088.87 crores (Rs1,687.95 crores during in Q1 FY19).
Sudarshan Chemicals Industries posted net profit of Rs42.70 for the quarter ended June 2019 (Rs66.76 crores in Q1 FY19) down 36% y-o-y. Total income grew 10% y-o-y to Rs399.81 (Rs.364.73 crores in Q1 FY19).
Birlasoft posted revenue of Rs777.2 crore reported for the quarter ended June 2019. Profit after taxes were Rs42 crore. Sonata Software reported revenues of Rs874.6 crore for the quarter ended June 2019. Profit after taxes were Rs67 crore. Allcargo Logistics Limited reported revenues of Rs1,815 crores for the quarter ended June 2019. Profit after taxes were at Rs64 crores.
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: