Nifty, Sensex may move in a narrow range – Monday closing report
We had mentioned in previous week’s closing report that Nifty, Sensex continue to trend higher. On Monday, the major indices opened low but managed to recover and end with minor losses. On the NSE, there were 538 advances, 1,310 declines and 339 unchanged.
 
The trends of the major indices in the course of Monday’s trading are given in the table below:
 
 
Kotak Mahindra Bank reported 8.5% YoY decline in standalone net profit for the June quarter at Rs 1,244.45 crore, compared to Rs 1,360.2 crore reported in the year-ago quarter. Net interest income increased by 17.8% YoY to Rs 3,723.85 crore.
 
India Cements standalone net profit went down 76.5% YoY at Rs 17 crore against Rs 72.2 crore. Revenue declined 48.5% to Rs 757 crore against Rs 1,469 crore YoY. 
 
Biocon stock fell after the Ministry of Health decided to not include Itolizumab, an already approved drug of Biocon used for treating psoriasis, in clinical management protocols for treating COVID-19 even though the DCGI has approved its "restricted emergency use" in infected patients, official sources said.
 
HDFC Bank stock price fell after its managing director, Aditya Puri sold shares worth Rs 843 crore of the bank. Post this transaction, Puri holds 3.76 lakh shares of the bank or 0.01%.
 
ICICI Bank reported June quarter net profit at Rs 2,599.1 crore, higher by 36.2% YoY. But the additional COVID-19 related provisions of Rs 5,550 crore limited the profit growth. Net interest income increased by 20% YoY to Rs 9,280 crore.
 
Asian Paints reported 66.7% YoY decline in net profit at Rs 218.45 crore for the June quarter due to lockdown. Revenues declined 42.7% to Rs 2,922.6 crore compared to year-ago period.
 
Granules India recalled over 4.78 lakh bottles of generic diabetes drug in the US due to possibility of the affected lot containing cancer causing nitrosodimethylamine (NDMA) above the acceptable intake limit.
 
Marico consolidated June quarter net profit rose 23.2% YoY at Rs 388 crore against Rs 315 crore, while revenue was down 11.1% at Rs 1,925 crore against Rs 2,166 crore.
 
Escorts reported 5.4% YoY rise in its June quarter net profit at Rs 92.5 crore against Rs 87.7 crore, while its revenue was down 24.4% at Rs 1,089.3 crore against Rs 1,440 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:
 
 
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  • Nifty, Sensex continues to head higher – Weekly closing report
    We had mentioned in last week’s closing report that Nifty, Sensex were on an uptrend. The major indices rallied this week.
     
    The trend of the major indices in the week is given in the table:
     
     
    On Monday, the major indices rallied and closed with major gains. On the NSE, there were 1,139 advances, 783 declines and 91 unchanged.
     
    HDFC Bank reported 19.6% year-on-year growth in standalone profit for the quarter ended June 2020 to Rs 6,658.62 crore compared to Rs 5,568.16 crore in the same period last year. This was due to lower tax cost and net interest income. Net interest income climbed 17.8% YoY to Rs 15,665.42 crore.
     
    M&M Financial Services reported its consolidated net profit of Rs 432 crore during the quarter ended June 30, 2020, as against Rs 108 crore during the corresponding quarter last year.
    SBI Cards and Payment Services reported 13.8% YoY rise in net profits for the June quarter. Income declined 4.72% YoY to Rs.2,195 crore. 
     
    On Tuesday, the major indices continued its climb higher and ended with major gains. On the NSE, there were 1,022 advances, 798 declines and 333 unchanged.
     
    Bajaj Finance reported a 19% YoY decline in June quarter consolidated net profit at Rs 962 crore, against Rs 1,195 crore in same period last year. Consolidated net interest income during the quarter grew by 12% to Rs 4,152 crore compared to year-ago period.
     
    ACC reported a 40.53% YoY decline in consolidated net profit to Rs 270.95 crore for the quarter ending June. Total revenue was down 37.29% to Rs 2,602.24 crore as against Rs 4,149.82 crore in the year-ago period.
     
    Hindustan Zinc net profit was down 23% YoY at Rs 1,359 crore against Rs 1,765 crore. Revenue was down 20.8% at Rs 3,898 crore against Rs 4,924 crore.
     
    On Wednesday, the major indices faced a correction but managed to close with minor losses. On the NSE, there were 802 advances, 1,032 declines and 322 unchanged.
     
    Axis Bank reported an 18.8% year-on-year decline in standalone profit for the June quarter to Rs 1,112.17 crore compared to Rs 1,370.08 crore in the corresponding period last year. Net interest income (NII) grew by 19.5% year-on-year to Rs 6,985.3 crore in the quarter.
     
    Reliance Industries stock hit new record high. The market-cap of the company stood at Rs 12,70,480.06 crore as of close on July 22.
     
    L&T reported a steep fall in net profits of 75.53% YoY for the June quarter at Rs.306.58 crore. Revenues slumped 48% YoY to Rs.8,848 crore.
     
    ICICI Securities posted 70% YoY rise in net profits for the June quarter at Rs.193 crore. Revenues increased 36% YoY to Rs.546 crore.
     
    On Thursday, the major indices rallied. On the NSE, there were 1,038 advances, 776 declines and 346 unchanged.
     
    Rossari Biotech stock jumped 12% on debut. It listed with a whopping 57.65 percent premium over its IPO price on July 23. Rossari Biotech raised Rs 496 crore through public issue during July 13-15. The issue consisted of Rs 50 crore fresh issue and the balance funds went to promoters.
     
    PNB Housing Finance posted 9.5% YoY fall in consolidated net profit at Rs 257 crore for the June quarter versus Rs 284 crore in the previous year. Revenue went down 16.2% to Rs 1,870 crore.
     
    Future Retail missed paying USD 14 million (about Rs105 crore) in interest dues on July 22 on its offshore bonds worth USD 500 million due in 2025.
     
    On Friday, the major indices opened low but recovered and closed flat. On the NSE, there were 685 advances, 1,191 declines and 89 unchanged.
     
    IndusInd Bank has received approval from RBI to allow its existing investor, Route One, to increase stake in the private sector lender. Route One Investment Company LP, USA (ROIC) is holding approximately 4.96% of the issued and subscribed capital of the bank and plans to increase their stake to 10%.
     
    Mphasis reported a 3.9% YoY increase in consolidated net profit at Rs 275.1 crore in the June quarter. Revenues grew 10.9% to Rs 2,288.2 crore. 
     
    AU Small Finance Bank reported a 6% YoY rise in net profits to Rs 201 crore in the June quarter. The bank's profit, excluding profit from sale of equity shares of Avas Financiers Ltd, rose by 48% to Rs 177 crore as against Rs 119 crore, it said in a regulatory filing.
     
    Asian Paints reported a massive 67.3% YoY decline in net profit at Rs 219.6 crore for the quarter ended June 2020 due to lockdown. Revenues declined 42.7% to Rs 2,922.6 crore compared to year-ago period.
     
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