Key equity barometers traded with small gains in morning trade, supported by firmness in index heavyweight Reliance Industries (RIL). At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 36.05 points or 0.11% at 34,407.76. The Nifty 50 index added 25.80 points or 0.26% at 10,117.45.
The broader market was trading firm. The S&P BSE Mid-Cap index rose 0.84% while the S&P BSE Small-Cap index gained 1.11%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1486 shares rose and 598 shares fell. A total of 97 shares were unchanged.
Index major RIL rose 1.63% to Rs 1683.30 after the company announced that it has become net debt free. RIL on Friday (19 June) said has raised over Rs 168,818 crore in just 58 days through investments by global tech investors in Jio Platforms (Rs 115,693.95 crore) and through rights issue of RIL (Rs 53,124.20 crore).
Along with the stake sale to BP in the petro-retail JV, the total fund raise is in excess of Rs 1.75 lakh crore. RIL's net-debt was Rs 161,035 crore, as on 31 March 2020. With these investments, RIL has become net debt free.
Buzzing Index:
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The Nifty Realty index rose 2.42% to 205, extending gains for third day. The index has added 4.14% in the past three sessions while the benchmark Nifty 50 index rose 2% during the same period.
Housing Development and Infrastructure (HDIL) (up 5%), Parsvnath Developers (up 4.74%), Indiabulls Real Estate (up 4.32%), Phoenix Mills (up 2.79%), Godrej Properties (up 2.69%), DLF (up 2.13%), Sobha (up 1.01%), Omaxe (up 0.91%), Peninsula Land (up 0.74%), Prestige Estates Projects (up 0.67%), Oberoi Realty (up 0.47%), Mahindra Lifespace Developers (up 0.31%) and Anant Raj (up 0.21 %) advanced.
Unitech (down 4.71%), D B Realty (down 0.36%), Brigade Enterprises (down 0.22%) and Sunteck Realty (down 0.09%) declined.
Q4 Results Today:
Punjab National Bank (up 0.74%), Bajaj Electricals (up 1.74%), LIC Housing Finance (down 0.09%), Oil India (down 0.40%), Cadila Healthcare (up 0.68%), Camlin Fine Sciences (down 5.66%), Century Plyboards (down 0.45%), Dalmia Bharat Sugar and Industries (up 4.08%), Greenlam Industries (down 0.51%), Kirloskar Oil Engines (up 1.06%), Novartis India (up 0.34%), PTC India (up 0.12%), The Ramco Cements (up 2.03%), Unichem Laboratories (up 0.03%) and Zuari Agro Chemicals (down 0.98%) are some of the companies that will announce their quarterly earnings today.
Earnings impact:
City Union Bank slumped 7.52% to Rs 126.65 after the bank reported a net loss of Rs 95.29 crore in Q4 March 2020 as compared to a net profit of Rs 175.11 crore in Q4 March 2019. Total income rose 7.9% year-on-year (YoY) to Rs 1220.98 crore during the quarter.
The bank's provisions and contingencies surged to Rs 450.38 crore in Q4 March 2020 from Rs 90.67 crore in Q4 March 2019. Based on basic available information at this point of time and as a prudent measure, the bank has made a provision of Rs 125 crore in the current quarter which includes an adhoc COVID-19 provision of Rs 102 crore over and above the RBI prescribed norms.
The ratio of gross NPAs to gross advances stood at 4.09% as on 31 March 2020 as against 3.50% as on 31 December 2019 and 2.95% as on 31 March 2019. The ratio of net NPAs to net advances stood at 2.29% as on 31 March 2020 as against 1.95% as on 31 December 2019 and 1.81% as on 31 March 2019.
Suven Pharmaceuticals rallied 10.67% to Rs 381.60 after consolidated net loss stood at Rs 25.56 crore in Q4 March 2020 as compared with a net loss of Rs 39.43 crore in Q4 March 2019. Consolidated net sales jumped 263.9% to Rs 8.66 crore in Q4 March 2020 over Rs 2.38 crore in Q4 March 2019.
During the year, Suven Pharma Inc., invested for a minority stake in Rising Pharma Holdings, Inc., a generic formulations development and distribution entity, operating out of New Jersey, USA.
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