Nifty, Sensex struggling to head higher – Weekly closing report
We had mentioned in last week’s closing report that Nifty, Sensex continues to head higher. The major indices declined this week and ended with losses.
 
The trend of the major indices in the week is given in the table:
 
 
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.
 
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.
 
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.
 
On Tuesday, the major indices opened low but managed to recover and end with minor losses. On the NSE, there were 955 advances, 872 declines and 337 unchanged.
 
Tech Mahindra consolidated net profit grew to Rs 972.3 crore in June quarter from Rs959 crore in the previous year. Consolidated revenue grew to Rs 9,106.3 crore from Rs.8,653 crore in the previous year.
 
Havells India reported a 64% fall in June quarter net profit at Rs 63.98 crore from Rs 177.09 crore in the previous year. Net sales came at Rs 1,483.40 crore, down 45.4% YoY from Rs 2,716.88 crore.
 
Bharti Infratel reported 21% drop in its consolidated net profit to Rs 704 crore for June quarter from Rs887 crore in the previous year. Consolidated revenues came in at Rs 3,505 crore, which was 6% lower YoY.
 
On Wednesday, the major indices declined and reported major losses. On the NSE, there were 1,000 advances, 800 declines and 366 unchanged.
 
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.
 
 On Thursday, the major indices continued to decline. On the NSE, there were 689 advances, 1,141 declines and 339 unchanged.
 
Housing Development Finance Corporation net profit for June quarter fell 4.7% to Rs 3,051.5 crore against Rs 3,203.1 crore YoY. Revenues rose by 0.2% to Rs 13,017.7 crore against Rs 12,990.3 crore YoY. 
 
Laurus Labs net profit for April-June 2020 quarter rose to Rs 171.8 crore versus Rs 15.1 crore in the corresponding quarter in the previous year. Revenue was up 77% at Rs 974.3 crore against Rs 550.6 crore YoY.  
 
Karur Vysya Bank net profit jumped 44.7% at Rs 105.5 crore against Rs 72.9 crore YoY. NII was down 3.8 percent at Rs 561.8 crore against Rs 584 crore YoY. Gross NPA stood at 8.3% against 8.7% QoQ. Net NPA was 3.4% against 3.9% QoQ
 
On Friday, the major indices continued to decline. On the NSE, there were 821 advances, 1,021 declines and 85 unchanged.
 
State Bank of India reported net profit at Rs 4,776 crore in April-June quarter from Rs2,950 crore in the previous year. Net NPA was at 1.86% against 2.23% QoQ. Net interest income grew to Rs69,940 crore from Rs65,594 crore in the previous year.
 
Sun Pharma posted net loss at Rs 1,655.6 crore in the quarter ended June 2020, compared to profit of Rs1387 crore in the previous year. Revenue declined 10% YoY to Rs 7,739 crore.
 
Dabur India net profit for June quarter 2020 grew 5.9% YoY to Rs 341.8 crore. Revenues declined 12.9% YoY to Rs 1,980 crore.
 
Torrent Pharmaceuticals reported a 48.61% YoY rise in its consolidated net profit to Rs 321 crore. The company had posted a net profit of Rs 216 crore in the same period of the previous fiscal.
 
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