After opening with small gains, key benchmark indices entered into negative zone in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex was down 84.84 points or 0.32% at 26,640.76. The Nifty 50 index was currently down 19.90 points or 0.24% at 8,158.60.
The Sensex lost 105.62 points or 0.39% at the day's low of 26,619.98 in morning trade. The barometer index rose 111.60 points or 0.41% at the day's high of 26,837.20 in early trade, its highest level since 30 October 2015. The Nifty lost 24.30 points or 0.29% at the day's low of 8,154.20 in morning trade. The index rose 35.10 points or 0.42% at the day's high of 8,213.60 in early trade, its highest level since 27 October 2015.
In overseas stock markets, Asian stocks witnessed a mixed trend. Chinese stocks rose led by gains in financial companies amid speculation that MSCI Inc. may include yuan-denominated shares in its global benchmark indexes next month. In China, the Shanghai Composite index was currently up 2.43%. In Hong Kong, the Hang Seng index was currently up 1.24%. US stock market was closed yesterday, 30 May 2016, for the Memorial Day holiday.
Closer home, the market breadth indicating the overall health of the market was weak. On BSE, 658 shares rose and 1,138 shares declined. A total of 99 shares were unchanged. The BSE Mid-Cap index was currently down 0.23%. The decline in this index was lower than Sensex's decline in percentage terms. The BSE Small-Cap index was currently down 0.5%. The decline in this index was higher than Sensex's decline in percentage terms.
Pharma stocks were mostly lower. Divi's Laboratories (up 0.68%), Cadila Healthcare (up 0.16%), Dr Reddy's Laboratories (up 0.19%), Cipla (up 0.67%) and Lupin (up 1.63%) edged higher. Wockhardt (down 1.45%), Ipca Laboratories (down 1.94%), Glenmark Pharmaceuticals (down 1.97%), GlaxoSmithkline Pharmaceuticals (down 0.72%), Alkem Laboratories (down 1.66%) and Strides Shasun (down 0.52%) edged lower.
Sun Pharmaceutical Industries (Sun Pharma) was down 4.06% at Rs 779.55. The company's consolidated net profit rose 92.71% to Rs 1713.69 crore on 16.82% growth in total income to Rs 7599.21 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 30 May 2016.
Sun Pharma's Managing Director Dilip Shanghvi said that FY 2016 has been a year of consolidation for Sun Pharma. While the company has accrued targeted synergies from the Ranbaxy acquistion, it has also made commensurate investments in building the specialty business in the US, Shanghvi said. These strategic investments will help Sun Pharma drive the sustainable growth of its business, he added.
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Sun Pharma's board of directors scheduled a meeting on 23 June 2016 to evaluate a proposal for buyback of equity shares of the company.
Aurobindo Pharma rose 1.54% at Rs 766.10 after consolidated net profit rose 39.4% to Rs 563 crore on 18.5% growth in total operating income to Rs 3747 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 30 May 2016.
The company's earnings before interest, taxation, depreciation and amortization (EBITDA) before forex rose 34.5% to Rs 882 crore in Q4 March 2016 over Q4 March 2015. EBITDA margin edged higher to 23.5% in Q4 March 2016, from 20.7% in Q4 March 2015.
Aurobindo Pharma's Managing Director N. Govindarajan said that the company continues its growth journey with higher number of ANDA approvals, new launches and better integration of acquired businesses. With growth coming from all business verticals, focus remains on new launches in US and improved cost efficiencies in EU, he said. In addition, Aurobindo continues to work on new businesses and differentiated technology platforms which will drive its future growth, he added.
Cement stocks were mostly higher. ACC (up 0.26%), Ambuja Cements (up 0.2%) and UltraTech Cement (up 0.07%) edged higher. Shree Cement (down 0.71%) edged lower.
Grasim Industries was down 0.07%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Tata Motors jumped 6.88% to Rs 449.50 after consolidated net profit jumped 201.6% to Rs 5177.06 crore on 18.97% growth in total income to Rs 80933.04 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 30 May 2016.
Tata Motors said that the revenue growth in Q4 March 2016 reflects strong sales in all the regions for Jaguar Land Rover business namely in UK, Europe, North America, China and other Overseas markets and continued robust volume growth in medium & heavy commercial vehicles (M&HCV) segment and start of volume growth in the light commercial vehicles (LCV) segment in standalone business.
Tata Motors said that stronger operating performance in both standalone as well as Jaguar Land Rover business and lower net finance expenses partly offset by higher depreciation and amortization expenses, adverse revaluation of Euro payables and one time reserves and charges of Rs 1580 crore (166 million) for the industry-wide recall in the United States of potentially faulty airbags supplied by Takata, doubtful debts and previously capitalized investment in the Jaguar Land Rover business.
Further, exceptional items for Q4 March 2016 includes further insurance and other recoveries of Rs 555 crore on account of the vehicles damaged at Tianjin Port explosion in Jaguar Land Rover business.
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