Nifty, Sensex still on an uptrend – Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex may continue its upmove. On Wednesday, the major indices declined and reported major losses. On the NSE, there were 1,000 advances, 800 declines and 366 unchanged.
 
 
The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
Dr. Reddy's Laboratories reported 12.6% year-on-year (YoY) drop in consolidated net profit to Rs 579 crore for the June quarter. Revenues grew at 15% YoY at Rs 4,418 crore.
 
Maruti Suzuki India posted a net loss of Rs 249.4 crore for the June quarter due to operating loss and lower revenue following steep decline in sales volumes during lockdown. Profit in the June quarter 2019 stood at Rs 1,435.5 crore. Revenues declined by 79.2% YoY to Rs 4,106.5 crore.
 
IDBI Bank reported a standalone net profit of Rs 144.43 crore for the June quarter compared to a net loss of Rs 3,800.84 crore in the previous year. Total income fell to Rs 5,901.02 crore from Rs 5,923.93 crore in the same quarter of the last fiscal.
 
Jet Airways reported a net loss of Rs 5,538 crore for the year ending March 31, 2019, as compared to a loss of Rs 767 crore a year earlier hurt by a substantial increase in fuel costs and other expenses. Standalone revenue was down by 2.6% to Rs 23,314 crore from Rs 23,958 crore, a year earlier.
 
Sasken Technologies posted standalone net profit of Rs 29 crore in June 2020 quarter compared to Rs21 crore in June 2019. Revenue declined to Rs.100 crore compared to Rs111 crore in the previous year.
 
IRB Infrastructure Developers emerged as a preferred bidder for construction of eight lane access controlled expressway of Vadodara Mumbai Expressway (Gandeva to Ena Section) in the State of Gujarat on Hybrid Annuity Mode under Bharatmala Pariyojana (Phase I-Package VII).
 
Colgate Palmolive net profit for June quarter 2020 was up 17.2% at Rs 198.2 crore against Rs 169.1 crore YoY. Revenue went down 4.1% at Rs 1,040.6 crore against Rs 1,084.9 crore YoY.
 
Tata Coffee consolidated total income for June quarter was higher at Rs 592 crore compared to Rs 472 crore during the previous year, an increase of 26% driven by improved performance from the value-added businesses.
 
Nestle India net profits grew by 11.1% YoY to Rs 486.6 crore. Revenue from operations increased 1.7% to Rs 3,050.48 crore compared to same period last year.
 
HT Media said it will acquire Mosaic Media Ventures which runs news platforms VCCircle and TechCircle. 
 
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:
 
  • User 

    Jubilant Life Science: Going the Suven Pharma Way?
    Jubilant Life Science (JLS) is a flagship company of the Jubilant Bhartia group which is into pharmaceuticals, life science ingredient (LSI) and other businesses, including drug discovery solutions, operating in India, north America, Europe, Japan and China. The stock of JLS has shot up in the past few months, rising from a low of around Rs230 to Rs760 now. Is the rally justified? During...
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  • Mindtree seeks reclassification of founder-promoters as 'public'
    A year after Mindtree co-founders Krishnakumar Natarajan, N.S. Parthasarathy and Rostow Ravanan resigned from the leadership of the company, the IT major has submitted applications to the exchanges seeking reclassification of the founder-promoters along with other promoters as public shareholders.
     
    In a regulatory filing, Mindtree said that it has sought reclassification of Krishnakumar Natarajan and family, Rostow Ravanan and family, N.S. Parthasarathy and family, and Subroto Bagchi and family from 'promoter and promoter group' category to 'public' category.
     
    It has also submitted applications for reclassification of LSO Investment Pvt Ltd, Kamran Ozair and Scott Staples from 'promoter group' to 'public'.
     
    As per BSE data, as of June 30, Krishnakumar Natarajan and family holds around 4.77 per cent stake, Rostow Ravanan holds 0.67 per cent, N.S. Parthasarathy and family holds 1.3 per cent and Subroto Bagchi and family holds 4.52 per cent stake in the company.
     
    In July last year, Natarajan, Ravanan and Parthasarathy resigned from their executive roles after Larsen & Toubro acquired more than 60 per cent stake in the mid-tier IT services company.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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