We had mentioned in last week’s closing report that Nifty, Sensex may trade in last two weeks range. The major indices suffered losses this week.
The trend of the major indices in the week is given in the table:
On Monday, the major indices suffered big losses. On the NSE, there were 406 advances, 1,400 declines and 330 unchanged.
Nippon Life India Asset Management posted decline in net profits during March 2020 quarter to Rs12 crore against Rs145 crore in March 2019 quarter. Revenues dipped to Rs255 crore against Rs324 crore in the previous year.
M&M Financial Services reported a 66% fall on YoY basis in consolidated net profit at Rs 239 crore for March quarter 2019-20 due to higher provisions. Total income increased by 8% YoY to Rs 3,140 crore during the latest quarter.
L&T Technology Services posted net profit of Rs 204.8 crore, up 7% YoY, for the quarter-ended March 2020. Revenue stood at Rs 1,446.6 crore, rising 8% YoY. The company’s growth in constant currency was 3.4%.
On Tuesday, the major indices opened high after a monster overnight rally in the US, when Dow was up by over 900 points, but corrected and ended with minor gains.
Bharti Airtel reported a net loss of Rs 5,237 crore for the quarter ended in March 2020 due to impairment of assets. It had posted a profit of Rs 107.2 crore in the March quarter in 2019.
Tata Consumer Products said it would acquire PepsiCo’s stake in NourishCo Beverages, a 50:50 JV between the two companies.
Vedanta’s board has approved the de-listing from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Steel Strips Wheels has bagged firm exports orders for over 50,000 wheels for EU Caravan Trailer Market to be executed in July & August from its Chennai plant. This marks beginning of orders for new semester for this year indicating re-start of operations in EU post Covid lockdown.
On Wednesday, On Wednesday, the major indices rallied and ended with major gains. On the NSE, there were 1,074 advances, 655 declines and 388 unchanged.
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.
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.
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.
On Thursday, the major indices ended with minor gains. On the NSE, there were 1,066 advances, 666 declines and 383 unchanged.
UltraTech Cement announced consolidated net profit of Rs 3,243 crore for the quarter ended March 2020 compared to Rs1,084 crore in March 2019 quarter. Revenues were down at Rs10,746 crore compared to Rs 12,371 crore in the previous year.
Bajaj Auto reported consolidated profit at Rs 1,354 crore for quarter ended March 2020 compared to Rs1,408 crore in March 2019. Revenue declined 8.1% YoY to Rs 6,815.85 crore.
Bajaj FinServ reported consolidated net profit at Rs 194.4 crore compared to Rs 838.7 crore in year-ago period due to contigency provisions for COVID-19. Consolidated revenue from operations grew by 2.3 percent year-on-year to Rs 13,295 crore in the quarter ended March 2020.
On Friday, the major indices suffered a minor correction. On the NSE, there were 686 advances, 1,039 declines and 391 unchanged.
Banking and financial stocks fell after RBI Governor Shaktikanta Das announced an extension of loan moratorium by three months. Governor Das had announced a three-month moratorium for all term loan repayments between March 1 and May 31 at his last address in April. The loan moratorium will be extended till August 31.
Reliance Industries announced selling of further stake in its digital arm Jio Platforms to global private equity firm KKR. KKR will invest Rs 11,367 crore into Jio Platforms. The transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, as per company release.
UPL reported 146.8% jump in net profits on YoY basis to Rs617 crore for the quarter ended March 2020. Revenues increased by 30.2% YoY to Rs11,162 crore.
Honeywell Automation India reported 32.12% YoY rise in net profits for the quarter ended March 2020, at Rs111 crore. Revenues declined by 10.57% to Rs738 crore.