With the Relief Package Expectedly a Damp Squib, the Market Has To Face the Fundamentals Now
For weeks, the Indian stock market has been going up in the hope of a fiscal stimulus. We got one. And the market came down with a thud. This would not be surprising for the readers of Moneylife. As I had mentioned here
Over the past three weeks, the market has also rallied on hopes of a fiscal stimulus. It is remarkable how narrowly-focused analysts and investors are. They believe that...
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  • Nifty, Sensex to trade in the last two week’s range – Weekly closing report
    We had mentioned in last week’s closing report that Nifty, Sensex declined on extension of lockdown.
     
    The major indices continued to decline and ended with major losses.
     
    The trend of the major indices in the week is given in the table:
     
     
    On Monday, the major indices ended with minor losses. On the NSE, there were 888 advances, 915 declines and 338 unchanged.
     
    HDFC Asset Management Company reported profit of Rs250 crore for March 2020 quarter against profit of Rs276 crore in March 2019. Revenues fell 2.1% YoY to Rs 476 crore due to low AUM growth, fall in equity oriented assets as well as less fee income on PMS.
     
    ICICI Bank reported a 6.92% YoY growth in net profits for the March 2020 quarter to Rs1,251.32 crore. Net interest income grew 9.07% YoY to Rs40,121.48 crore.
     
    SBI General Insurance reported a 23% YoY rise in its net profit to Rs 412 crore for March 2020 quarter. Gross written premium stood at Rs 6,840 crore in FY20 compared to Rs 4,717 crore in the previous fiscal.
     
    On Tuesday, the major indices opened low, recovered and ended with minor losses. On the NSE, there were 702 advances, 1,063 declines and 348 unchanged.
     
    Bandhan Bank reported 20% decline year-on-year in March 2020 quarter profit to Rs 517 crore on addition COVID-19 provisions. Net interest income for the quarter grew sharply by 33.6% year-on-year to Rs 1,680 crore.
     
    Piramal Enterprises reported a net loss of Rs 1,702.59 crore in the quarter ended March 2020, mainly on the back of additional provisioning in view of the challenges posed by the COVID-19 pandemic.
     
    Sterlite Technologies reported a 51.37% YoY fall in net profits for the March 2020 quarter at Rs80.33 crore. Revenues dipped 35.13% to Rs1,170.46 crore. 
     
    On Wednesday, the major indices opened higher on the back of a special economic rescue package announced by the Modi government. On the NSE, there were 1,324 advances, 452 declines and 339 unchanged.
     
    Maruti Suzuki reported net profit of Rs 1,291.7 crore for the March 2020 quarter, down by 28.1% year-on-year (YoY). Maruti recommended a dividend of Rs 60 per share for FY2020.
     
    Kotak Mahindra Bank reported YoY fall of 10% in its standalone profit of Rs 1,266.6 crore for the quarter ended March 2020, due to a significant jump in COVID-19 related provisions. Net interest income grew by 17.2% YoY to Rs 3,559.65 crore.
     
    Godrej Consumer Products reported a huge fall in net profits at Rs229.90 crore for the March 2020 quarter, against Rs935.24 crore in March 2019 quarter. Revenues dipped 11.23% to Rs2,202.96 crore.
     
    Syngene International reported 20% YoY rise in net profits for March 2020 quarter at Rs120.2 crore. Revenues rose 13.18% YoY to Rs627.80 crore.
     
     On Thursday, the major indices suffered a large decline. On the NSE, there were 722 advances, 1,032 declines and 361 unchanged.
     
    Share price of Reliance Industries fell over 4% as it was trading ex-rights. The company had announced fundraising of Rs 53,125 crore via 1:15 rights issue and fixed May 14 as the record date.
     
    PNC Infratech was declared an L1 bidder by NHAI for a road project in UP under Bharatmala Pariyojana on Hybrid Annuity Mode (HAM) for Rs 1,412 crore.
     
    Escorts reported 9.60% YoY rise in net profits for March 2020 quarter at Rs127.90 crore. Revenues declined 15% YoY to Rs1,415.95 crore. The board has recommended a dividend of Rs2.50 per equity share.
     
    On Friday, the major indices opened low but recovered and ended with minor losses. On the NSE, there were 847 advances, 897 declines and 369 unchanged.
     
    Aarti Drugs reported 114.5% year-on-year rise in net profits to Rs58.86 crore for the March 2020 quarter. Revenues dipped 2.11% YoY to Rs450.63 crore.
     
    Mahindra Lifespace Developers reported a consolidated net loss of Rs 223.9 crore for the quarter ended March, against net profit of Rs 31.27 crore in the year-ago period. Total income was Rs 110.78 crore against Rs 246.88 crore in the corresponding period of previous year.
     
    Hikal Limited announced the successful development of Favipiravir Active Pharmaceutical ingredient (API) and its intermediates. It is in various stages of clinical trials in many countries as an experimental treatment of COVID-19.
     
    Biocon reported 42.26% YoY fall in net profits to Rs123.4 crore for March 2020 quarter. Revenues increased 5.59% YoY to Rs1,644.1 crore.
     
  • User 

    Weekly Moneylife Indices & Sector Trends
    INDIAN MARKET TRENDS
    From 8th May to 14th May, ML Large-cap Index and ML Small-cap Index rose 1% each. ML Mid-cap Index, ML Mega-cap Index and ML Micro-cap Index ended flat. The NIFTY and the Sensex fell 1% and 2%, respectively.
     
     
    FUND FLOWS
    Foreigners: Foreign institutional investors were net sellers of equities during the period (Rs3,563.11 crore). They...
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