Key equity barometers came off the day's high and traded in a narrow range with modest gains in mid-morning trade. The Nifty was trading above the 11,900 level. At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 226.83 points or 0.56% at 40,513.31. The Nifty 50 index was up 58.30 points or 0.49% at 11,930.40.
In the broader market, the S&P BSE Mid-Cap index was up 0.35%. The S&P BSE Small-Cap index was down 0.04%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 983 shares rose and 1096 shares fell. A total of 102 shares were unchanged. In Nifty index, 26 stocks advanced while 24 stocks declined.
Stocks in Spotlight:
Vedanta was down 0.87% to Rs 142.70. As per media reports, the company has lowered the capex guidance by $200 million to $1.2 billion for the financial year ending March 2020 with an optionality to spill into the next fiscal.
Gujarat Fluorochemicals slipped 0.96% to Rs 595. On a consolidated basis, the net profit fell 61% to Rs 38 crore on a 1% decline in revenues to Rs 662 crore in Q2 September 2019 over Q2 September 2018.
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NBCC (India) fell 1.34% to Rs 36.80. The public sector enterprise reported a net loss of Rs 99.18 crore in Q2 September 2019 as against a net profit of Rs 69.10 crore in Q2 September 2018. Net income from operations fell 20.86% to Rs 1,665.57 crore in Q2 September 2019 over Q2 September 2018.
Offering updates on the Amrapali case, NBCC said the value of the work has been estimated at Rs 8361 crore and the same has also been informed to Supreme Court and execution of the work is in progress.
About two years after the country's top court took over the case pertaining to one of the biggest real estate developers in the Noida property market, the SC on 23 July 2019, had passed a decisive verdict in the Amrapali case. While cancelling the registration of all Amrapali group projects registered with the Uttar Pradesh Real Estate Regulatory Authority (UPRERA), the apex court directed public builder National Building Construction Company (NBCC) to take over all pending projects of the embattled builder. The crisis-hit real estate giant reportedly has as many as 43 real estate projects in various stages of construction.
Balkrishna Industries rose 2.81% to Rs 846. The company reported 31% jump in profit after tax to Rs 291 crore in Q2 September 2019 from Rs 222 crore in Q2 September 2018.
Total income of the company, however, fell 19% to Rs 1107 crore in Q2 September 2019 from Rs 1370 crore in Q2 September 2018. The company has written-off tax expenses to the tune of Rs 35 crore in Q2 September 2019 as against a tax expense of Rs 116 crore in Q2 September 2018.
Foreign Markets:
Asia markets were mostly trading higher on Friday, as investors digested recent developments on U.S.-China trade.
The US stock market finished session mixed on Thursday, 14 November 2019, as risk sentiments subdued amid mixed global economic data and mounting uncertainty over the state of U.S.-China trade negotiations after talks between the economic powerhouses have reportedly hit a snag over agricultural purchases.
In economic news, US initial jobless claims climbed to 225,000, an increase of 14,000 from the previous week's unrevised level of 211,000, a report released by the Labor Department on Thursday showed.
The Labor Department released a report on Thursday showing US producer prices rebounded by 0.4% in October after falling by 0.3% in September. The bigger than expected increase in producer prices came amid a substantial rebound in energy prices, which surged up by 2.8% in October after tumbling by 2.5% in each of the two previous months. Excluding food and energy prices, core producer prices still rose by 0.3% in October as against an expectation of 0.2% and following a 0.3% drop in September.
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