The key barometers trimmed gains in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex jumped 318.97 points or 0.93% at 34,527.02. The Nifty 50 index advanced 95.60 points or 0.95% at 10,187.25.
Index heavyweight Reliance Industres (RIL) 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). Reliance Industries (RIL) gained 2.99%.
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.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.10%. The S&P BSE Small-Cap index gained 1.18%.
Buyers outpaced sellers. On the BSE, shares 1,743 rose and 738 shares fell. A total of 148 shares were unchanged. In Nifty 50 index, 33 stocks advanced while 17 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 366.57 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,131.27 crore in the Indian equity market on 18 June, provisional data showed.
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COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 84,91,673 far with 4,54,023 deaths. India reported 1,63,248 active cases of COVID-19 infection and 12,573 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Gainers & Losers:
Tata Motors (up 5.76%), Bajaj Finance (up 5.70%), Bajaj Finserv (up 3.49%), Bharti Infratel (up 3.08%) and Axis Bank (up 2.98%) were top gainers in Nifty 50 index.
Infosys (down 1.65%), Coal India (down 1.34%), HDFC (down 1.24%), HCL Technologies (down 1.23%) and ITC (down 1.21%) were top losers in Nifty 50 index.
Q4 Results Today:
Punjab National Bank (up 1.62%), Bajaj Electricals (up 1.58%), LIC Housing Finance (down 0.30%), Oil India (up 1.05%), Cadila Healthcare (down 0.12%), Camlin Fine Sciences (down 3.40%), Century Plyboards (I) (up 0.50%), Dalmia Bharat Sugar and Industries (up 6.91%), Greenlam Industries (up 3.40%), Kirloskar Oil Engines (up 0.43%), Novartis India (up 0.57%), PTC India (up 0.73%), The Ramco Cements (up 2.55%), Unichem Laboratories (down 0.54%) and Zuari Agro Chemicals (up 0.17%) are some of the companies that will announce their quarterly earnings today.
Earnings Impact:
City Union Bank slumped 7.23% 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 ad hoc 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.
Bajaj Consumer Care tanked 5.25% after consolidated net profit fell 61% to Rs 23.29 crore on 28.3% decline in net sales to Rs 172 crore in Q4 March 2020 over Q4 March 2019. The company said Q4 March 2020 performance was hugely impacted due to disruption in sales in the month of March led by lockdown to contain the outbreak of COVID-19. The firm said the macroeconomic situation has been challenging throughout 2019-20 with the hair oil category facing significant headwinds with tepid growth. The impact on industry has worsened since lockdown in March due to COVID 19 pandemic. The company said it has been aggressive in managing cost across the organization reviewing each cost item and conserving cash on balance sheet.
Suven Pharmaceuticals spurted 4.88%. The pharma company's 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.
MOIL declined 3.82% after consolidated net profit slumped 90.4% to Rs 13.47 crore on 43% drop in net sales to Rs 248.66 crore in the fourth quarter as compared to the corresponding period last year.
Thermax jumped 3.99%. The electrical equipment firm's consolidated net profit tanked 69.02% to Rs 39.03 crore on 36.2% drop in net sales to Rs 1,322.96 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) slumped 69.5% to Rs 58.60 crore in Q4 March 2020 as against Rs 192.18 crore in Q4 March 2019. Current tax expenses declined 78.4% to Rs 15.08 crore in Q4 March 2020 as against Rs 69.93 crore in Q4 March 2019. The company said that its revenue and profitability was impacted by the nationwide lockdown in March. The company's international facilities continued operations, albeit at a scaled down pace. Chemical facilities, classified as essential services, resumed production in early April 2020, followed by the progressive reopening of all the other facilities by the end of May 2020 in adherence to Government guidelines.
Global Markets:
European shares opened higher while Asian stocks were trading higher on Friday, shrugging off concerns over fresh spike in global coronavirus cases. On the whole, markets have reportedly been sideswiped this week on fresh contagion concerns, prompting some investors to temper their optimism about how quickly the global economy can recover for the pandemic.
The Bank of England on Thursday added another 100 billion to its quantitative easing program in a bid to shore up the U.K. economy amid the fallout from the coronavirus crisis, taking the total value of its Asset Purchase Facility (APF) to 745 billion.
On the data front, UK retail sales for May 2020 were down 13.1% Y-o-Y (year-on-year). On a monthly basis, retail sales were up 12% as lockdown measures eased slightly, according to the Office for National Statistics.
Germany's statistics office on Friday reported a 2.2% annual fall in inflation for May 2020 and a 0.4% decline from the previous month.
Meanwhile, China is grappling with its worst outbreak since the initial one in Wuhan. In Beijing, a new round of cases has reportedly prompted school closures and canceled flights into and out of the city, though authorities have said the outbreak is under control.
On Thursday around 400 workers at a slaughterhouse in northern Germany tested positive for the virus.
The US stocks finished mixed after swinging between slight gains and losses in a choppy trading session on Thursday, 18 June 2020, as risk sentiments were muted after stubbornly high jobless claims data and reports of rising COVID-19 case counts in several states.
The number of Americans filing for unemployment benefits edged down last week, the Labor Department said on Thursday, though applications remained historically high at 1.5 million.
Several US states have seen a spike in coronavirus cases, and Texas, Arizona, and North Carolina this week have reported record numbers of COVID-19-related hospitalizations. Investors are nervous that increasing cases will undermine efforts to restore the economy by relaxing lockdowns.
Geopolitical tensions also re-escalated on Thursday, with U.S. President Donald Trump threatening to cut ties with China again, despite top diplomats from the world's two largest economies holding trade talks, and U.S. Trade Representative Robert Lighthizer suggesting that cutting trade relations with Beijing would not be a viable move.
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