Key benchmark indices firmed up further and hit fresh intraday high in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 129.79 points or 0.34% at 38,499.42. The Nifty 50 index added 42.90 points or 0.38% at 11,351.30.
In the broader market, the S&P BSE Mid-Cap index gained 1.28% while The S&P BSE Small-Cap index rose 1%.
The market breadth was strong. On the BSE, 1526 shares rose and 878 shares fell. A total of 118 shares were unchanged.
Buzzing Index:
The Nifty Auto index rose 1.08% to 7,869. The index has added 8.7% in eight sessions while the benchmark Nifty 50 index rose 4.2% during the same period.
Bharat Forge (up 9.99%), Ashok Leyland (up 8.16%), Tata Motors (up 1.99%), Mahindra & Mahindra (up 1.16%) advanced.
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Eicher Motors shed 0.64% ahead of its quarterly earnings release today.
Earnings Impact:
Tata Power surged 7.84% to Rs 57.10 after consolidated net profit jumped 10.3% to Rs 268.10 crore on 16.9% fall in net sales to Rs 6,452.99 crore in Q1 June 2020 over Q1 June 2019.
Revenues dropped mainly due to lower power demand, delay in solar EPC businesses on account of COVID-19 and lower coal FOB prices. However, the company maintained stable performance despite lower profits from solar EPC businesses mainly on account of lower financing cost and stable performance across clusters. The company reported a strong cash generation due to strong collection and tighter control over working capital.
The Q1 FY21 consolidated EBITDA stood at Rs 2,037 crore including renewable EBITDA of Rs 588 crore as compared to Rs 663 crore in Q1 FY20 mainly due to delay in the solar EPC projects due to COVID-19. During the quarter, Tata Power won new renewables bids totaling 220 MW (megawatt). The company's solar EPC order book stands at Rs 8,700 crore.
Aurobindo Pharma fell 3.75% to Rs 899. The pharma company's consolidated net profit jumped 22.8% to Rs 780.68 crore on 8.9% increase in net sales to Rs 5835.23 crore in Q1 June 2020 over Q1 June 2019. EBITDA margin marginally improved to 21.2% in Q1 June 2020 from 21.1% from Q1 June 2019.
US formulation revenue stood at Rs 3,107.1 crore in Q1 June 2020, registering a growth of 15.6% from Rs 2,688.4 crore in Q1 June 2019. Europe formulation revenue came at Rs 1,322.2 crore, a decline of 5% against Q1 last year. Aurobindo's Growth Markets revenue declined by 7.6% year on year to Rs 289.6 crore.
Aurobindo's research & development (R&D) spend at stood at Rs 254.5 crore in Q1 June 2020 which 4.3% of revenues. The company received final approval for 10 ANDAs from USFDA in quarter ending June 2020.
Global Markets:
Most Asian markets edged higher on Thursday. The media reported that China's banks are expected to dispose of 3.4 trillion yuan ($489.9 billion) of bad loans this year, in a bid to contain financial risks amid a weakened economy.
The US stock market finished higher on Wednesday, 12 August 2020, as investors chased for riskier assets amid stronger-than-expected economic data and some signs of a slowdown in the spread of the coronavirus pandemic cases in the US and optimism over efforts to produce a vaccine.
Markets appeared to have little reaction to presumptive Democratic presidential nominee Joe Biden's pick of California Sen. Kamala Harris as his running mate, the first Black American woman and the first person of Indian decent to appear on the ticket of a major national party.
Meanwhile, US Treasury Secretary Steven Mnuchin said the White House and top Democrats in Congress may not be able to reach a deal on coronavirus aid, marking a fifth day without talks, as the stalemate blocked relief to tens of millions of Americans.
US consumer prices climbed by 0.6% in July, according to a report released by the Labor Department on Wednesday. The stronger than expected consumer price growth was partly due to a continued spike in energy prices. However, the jump in energy prices was partly offset by a pullback in food prices.
Excluding food and energy prices, core consumer prices still advanced by 0.6% in July after inching up by 0.2% in the previous month.
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