Pockets of Strength and General Confusion in Markets, as the Economy Tries To Open Up
The market closed 1% lower this week, the third week of decline. It is a tad below the level it was on in the week-ending 9th April. In effect, the major indices have gone nowhere in a month and a half of trading. This, of course, does not capture the fact that during this period, it has been up 10% on hopes of a fiscal stimulus and then down by a similar amount when such hopes were belied....
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  • Nifty, Sensex Trendless – Weekly closing report
    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.
     
  • User 

    COMMENTS

    anilpuvada

    3 days ago

    Good

    Nifty, Sensex in a narrow range – Thursday closing report
    We had mentioned in Wednesday’s closing report that Nifty, Sensex may rise a bit. On Thursday, the major indices ended with minor gains. On the NSE, there were 1,066 advances, 666 declines and 383 unchanged.
     
    The trends of the major indices in the course of Thursday’s trading are given in the table below:
     
     
    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.
     
    IRCTC stock was locked in upper circuit as bookings for passenger trains started. The Indian Railways has released the list of 200 trains that will start operating from June 1 and bookings can be done from 10 am on May 21.
     
    Hindustan Zinc reported 33.45% YoY decline in net profits at Rs1,339 crore for the March 2020 quarter. Revenues declined 19.39% YoY to Rs4,861 crore.
     
    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.
     
    Dr Reddy's Laboratories reported 76% year-on-year (YoY) jump in the company's net profit at Rs 764.2 crore against Rs 434.4 crore in the corresponding quarter of the previous financial year.
     
    Zydus supplied the first batch of 30,000 Covid Kavach Elisa tests to Indian Council of Medical Research (ICMR), free of cost. These test kits have been manufactured in technology transfer with ICMR-NIV of Pune for surveillance purposes.
     
    Airline stocks rose between 5 and 7% after Civil Aviation Ministry allowed resumption of domestic flights beginning May 25. Flight operations will resume with one-third the schedule, with most airports expected to be open for service.
     
    Piramal Enterprises plans to raise Rs500 crore through issue of non-convertible debentures.
     
    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.
     
    JSW Energy reported a 28-fold jump in its consolidated net profit to Rs 108.44 crore in the fourth quarter ended March. The total income stood Rs 1,847.65 crore in the quarter as compared to Rs 2,018.16 crore a year ago.
     
    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 

    COMMENTS

    Ramesh Popat

    3 days ago

    reason for BIG jump in profits should be given by adding a line!

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