We had mentioned in Tuesday’s closing report that Nifty, Sensex continue to be under pressure. On Wednesday, the major indices rallied and ended with major gains.
On the NSE, there were 1,074 advances, 655 declines and 388 unchanged.
The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Dr Reddy's Labs posted 76% year-on-year (YoY) jump in net profit for March 2020 quarter at Rs 764.2 crore. Revenues rose 20% year-on-year to Rs 3,639.8 crore. The board has recommended a final dividend of Rs 25 per share.
Reliance Industries opened its rights issue for subscription for existing shareholders. The company proposed to raise Rs 53,125 crore through its biggest ever rights issue which will close on June 3, 2020.
Grindwell Norton reported 2.33% YoY fall in net profits for the March 2020 quarter at Rs41.42 crore. Revenues dipped by 9.71% YoY to Rs375.55 crore.
UltraTech Cement reported net profit of Rs 3,243 crore for the March 2020 quarter compared to Rs 1,064 crores in the corresponding period of the previous year. Net sales stood at Rs 10,579 crore against Rs 12,170 crore over the corresponding period of the previous year.
Bajaj Finance posted profit after tax of Rs 948 crore for the quarter ended March 2020, a 19.4% decline YoY basis. Loan losses and provisions (expected credit loss) for the quarter increased to Rs 1,954 crore against Rs 409 crore in Q4 FY19.
Reliance Industries raised Rs3,600 crore through issue of non-convertible debentures on private placement basis.
Tata Power reported net profit at Rs 474.70 crore in March 2020 quarter against Rs 171.67 crore in a year-ago period. Revenue from operations declined 8% YoY to Rs 6,620.80 crore versus Rs 7,229.84 crore. The board has recommended a dividend of Rs 1.55 per share.
JSW Energy reported that its March 2020 quarter profit jumped 28-fold on YoY basis to Rs 108.44 crore in the March quarter from Rs 3.87 crore in the same period last year. The firm's revenue was down 6.8% YoY at Rs 1,793.4 crore, against Rs 1,924.6 crore in March 2019 quarter.
L&T Infotech reported net profit of Rs 427.5 crore in the March quarter, up 12.9% from the year-ago period. Revenues were Rs 3,011.9 crore, up 21.2% YoY. The board recommended a final dividend of Rs 15.50 per equity share.
Boston-based private equity firm, TA Associates, is in talks to buy about a 20% stake in Piramal Pharma Solutions for about $500 million, a Bloomberg report said.
Ujjivan Small Finance reported net profit of Rs73.15 crore for the quarter ended March 2020. Net interest income stood at Rs737 crore.
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: