We had mentioned in last week’s closing report that Nifty, Sensex were rising on strong institutional buying. The major indices rallied this week but faced a correction ending with minor gains over previous Friday’s close.
The trends of the major indices in the course of the week’s trading was:
On Monday, the major indices opened lower and ended with minor losses. On the NSE, there were 684 advances, 1,140 declines and 348 unchanged. Indian equity indices opened in the red with Sensex falling over 200 points and Nifty also trading in the negative.
Motherson Sumi Systems reported a 38.67% year-on-year decline in consolidated net profits to Rs.340.32 crore for the quarter ended December 2019. Total income fell 4.8% to Rs.15,739.38 crore.
Auto industry body SIAM reported that domestic passenger vehicle sales had slipped by 6.2% from 280,091 units in January 2019 to 262,714 units last month.
Balrampur Chini Mills reported a 40% YoY fall in net profits to Rs72.50 crore for the quarter ended December 2019. Total income rose 25% to Rs.1,202.60 crore.
JMC Projects India reported 2.55% YoY increase in net profits to Rs20.91 crore for the quarter ended December 2019. Total income rose 3.46% to Rs.971.96 crore.
Dilip Buildcon reported 50.75% YoY fall in net profits to Rs88.07 crore for the quarter ended December 2019. Total income dropped 1% to Rs.2,574.32 crore.
On Tuesday, the major indices opened high on global cues and ended with minor gains. On the NSE, there were 793 advances, 972 declines and 386 unchanged.
Union Bank of India’s standalone net profit stood at Rs574.58 crore for the quarter ended December 31, higher than the Rs153.21 crore reported in the same period last year. Net interest income for the Q3 FY20 increased by 25.7% to Rs3,134 crore as compared to Rs2,493 crore in Q3 FY19.
Infosys will acquire Simplus, an advisor in cloud consulting, implementation, data integration, change management and training services for Salesforce Quote-to-Cash applications.
GAIL clocked net profit of Rs1,251 crore for the December 2019 quarter. The company has issued a swap tender offering two cargoes of liquefied natural gas (LNG) for loading in the United States and seeking one for delivery to India.
Avenue Supermarts raised Rs.4,098 crore after it issued and allotted 2 crore shares at an issue price of Rs2,049, under a qualified institutional placement, to several investors which included Lone Cypress and the Singapore Government.
On Wednesday, the major indices continued to rally for the second consecutive day. On the NSE, there were 726 advances, 1,069 declines and 358 unchanged.
Allahabad Bank reported a wider net loss for the quarter ended December 31, 2019, due to higher provisioning for non-performing assets (NPAs). Net loss widened to Rs.1,986.27 crore from Rs.732.81 crore in the same period last year.
Amines & Plasticizers reported a 15% year-on-year decline in revenues to Rs95.07 crore for the quarter ended December 2019. Net profits jumped 66% to Rs5.79 crore.
Cochin Shipyard reported a 24% year-on-year rise in revenues to Rs950.34 crore. Net profits rose 32% to Rs169.81 crore.
Ipca Laboratories reported 24% year-on-year rise in net profits to Rs.197.54 crore for the December quarter. Total income jumped to Rs.1,230.99 as against Rs.1,019.48 crore in the same period last year.
On Thursday, the major indices declined and ended with minor losses. On the NSE, there were 790 advances, 986 declines and 374 unchanged.
Ashoka Buildcon has bagged a NHAI project in Karnataka, on HAM under Bharatmala Priyojana. The quoted cost for the project is Rs.1,035.50 crore.
Sunteck’s MaxXWorld project at Naigaon sold more than 1600 apartments generating sales worth Rs.600 crores approx., in less than 2 weeks from the launch day. Sunteck MaxXWorld comprises of 15 acres out of the total 150 acres- one of the largest township in the western suburbs.
Lincoln Pharmaceuticals reported 20% growth in revenues year-on-year at Rs101.55 crore for the quarter ended December 2019. Net profits rose 19% to Rs11 crore.
Phillips Carbon Black reported 18% decline in revenues year-on-year at Rs774.46 crore for the quarter ended December 2019. Net profits fell 35% to Rs70 crore.
On Friday, the major indices opened high but corrected and ended with losses. On the NSE, there were 632 advances, 1,147 declines and 373 unchanged.
Adani Enterprise signed a concession agreement with the Airports Authority of India (AAI) for managing the Ahmedabad, Mangaluru and Lucknow airports for 50 years, through three airport-specific subsidiaries. Adani Enterprises was the highest bidder for all the six airports offered by the Centre via the public-private partnership (PPP) mode.
The Supreme Court slammed the Department of Telecom while stating it may issue contempt notices against DoT officer for issuing an order for not taking coercive action against telcos to recover the dues since October
24. Telecom companies -- Airtel, Vodafone Idea (VIL) and Tata Teleservices are busy discussing their next course of action --whether they should pay their individual AGR dues out of the total Rs.1.47 lakh crore by Friday evening to escape the top court's wrath.
Future Enterprises reported flat growth in revenues year-on-year at Rs1,483.86 crore for the quarter ended December 2019. Net profits fell 51% to Rs15.66 crore.
BF Utilities reported flat growth in revenues year-on-year at Rs116.40 crore for the quarter ended December 2019. Net profits fell 68% to Rs8.87 crore.
Shree Cement reported flat growth in revenues year-on-year at Rs3,211.65 crore for the quarter ended December 2019. Net profits fell 5% to Rs310 crore.