Key benchmarks indices reversed gains after briefly entering positive terrain in mid-morning trade. At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 147.27 points or 0.39% at 37,434.64. The Nifty 50 index was down 40.90 points or 0.37% at 11,068.75.
The S&P BSE Mid-Cap index was down 0.95%. The S&P BSE Small-Cap index fell 0.22%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 946 shares rose and 1118 shares fell. A total of 120 shares were unchanged.
Bharat Forge fell 3.80% after it announced its Q1 June 2019 result during market hours today, 13 August 2019. The company reported a profit after tax or Rs 174.1 crore in Q1 June 2019, a decline of 25.8% as compared to Rs 234.5 crore in Q1 June 2018. Total revenues of the company in Q1 June 2019 stood at Rs 1346.6 crore, registering a decline of 9% as compared to Q1 June 2018. The decline was caused by weak demand environment in domestic market and inventory de-stocking in oil & gas.
Premier Explosives lost 3.10%. The explosives maker's net profit fell 5.6% to Rs 0.68 crore on a 15.3% decrease in net sales to Rs 52.87 crore in Q1 June 2019 compared with Q1 June 2018. The result was announced on Saturday, 10 August 2019.
In a separate announcement on Monday, 12 August 2019, the company announced winning an order from MoD (Army) for supply of Air Target Imitator valued at Rs 13.50 crore. The order is to be executed within one year and falls under 'Make in India' programme and has got all necessary quaility approvals from defense agencies.
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Chambal Fertilisers & Chemicals gained 0.88%. The agro-chemical major's consolidated net profit rose 6.1% to Rs 164.44 crore on a 29.8% rise in net sales to Rs 2,871.11 crore in Q1 June 2019 compared with Q1 June 2018. The result was announced on Saturday, 10 August 2019.
Godfrey Phillips India hit 20% upper circuit at Rs 850.95. The cigarettes and chewing products manufacturer's consolidated net profit rose 106.49% to Rs 118.63 crore on 40.01% rise in total income to Rs 824.78 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 10 August 2019.
Pharma stocks were mixed. Aurobindo Pharma (up 2.03%), Alkem Laboratories (up 1%), IPCA Laboratories (up 0.63%), Piramal Enterprises (up 0.23%) and Dr Reddy's Laboratories (up 0.02%) advanced.
Divi's Laboratories (down 6.45%), Cadila Healthcare (down 2.52%), Cipla (down 1.59%), Strides Shasun (down 1.18%), Wockhardt (down 0.89%), Lupin (down 0.51%), Glenmark Pharmaceuticals (down 0.42%) and GlaxoSmithKline Pharmaceuticals (down 0.18%) declined.
Sun Pharmaceutical Industries rose 3.6% ahead of its Q1 June 2019 result today.
Indoco Remedies rose 2.13%. The pharma company announced on Monday, 12 August 2019, that its clinical research organisation, Anacipher, located at Hyderabad had undergone a walk-in surveillance inspection by the United States Food and Drug Administration (division of New Drug Bioequivalence Evaluation) from 5 to 9 August, 2019. The inspection successfully concluded without any observations and no form 483 is issued.
Unichem Laboratories shed 0.62%. The drug maker announced that it has received ANDA approval from US FDA for its Tramadol Hydrochloride tablets USP, 50 mg, to market a generic version of Ultram tablets, 50 mg, of Janssen Pharmaceuticals, Inc. which are indicated in adults for the management of pain severe enough to require an opioid analgesic and for which alternative treatments are inadequate. The product will be commercialized from Unichem's Ghaziabad plant. The announcement was made during market hours today, 13 August 2019.
In a separate announcement on Monday, 12 August 2019, the company said that it has received ANDA approval from USFDA for Unichem's Chlorthalidone Tablets USP, 25 mg and 50 mg to market a generic version of Hygroton Tablets, 25 mg and 50 mg of Sanofi Aventis US, LLC. The drug is indicated for treatment of hypertension and edema.
Divis Laboratories slumped 7.18%. The company's consolidated net profit rose 1.8% to Rs 272.44 crore on a 16.8% rise in net sales to Rs 1,162.88 crore in Q1 June 2019 compared with Q1 June 2018.
On standalone basis, the company's net profit was almost flat at Rs 267.35 crore while the net sales rose 14.5% to Rs 1139.92 crore. The result was announced on Saturday, 10 August 2019.
Torrent Pharmaceuticals fell 1.45%. The company said on Monday, 12 August 2019 that it has received a communication from the USFDA classifying the inspection conducted at its Indrad facility in April, 2019 as Official Action Initiated (OAI).
The company already had submitted its initial response to USFDA and commitments given in response to Form 483 observations have been fulfilled. The company is sending further updates over receiving of this OAI letter. The company will be engaging with the regulator and is fully committed in resolving this issue at the earliest.
On the economic front, the Asian Development Bank (ADB) has signed an agreement to invest $23 million in non-convertible debentures being issued by GR Infraprojects (GRIL) to help the company rapidly scale up its construction of roads and highways in India through the purchase of new building equipment. This increased operational capacity will enhance GRIL's ability to execute its existing orderbook and enable it to bid for more projectsthereby supporting the roads sector investment plans of the Government of India. The agreement was signed by the Director General of ADB's Private Sector Operations Department Mr. Michael Barrow and GRIL Chairman and Managing Director Mr. Vinod Kumar Agarwal at a ceremony in New Delhi.
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