The central board of the Reserve Bank of India (RBI) is holding its first meeting since the outbreak of the COVID-19 pandemic today. The board is expected to discuss the state of the economy, and the banking sector in particular.
In the broader market, the S&P BSE Mid-Cap index rose 0.54% while the S&P BSE Small-Cap index gained 0.57%.
The market breadth was strong. On the BSE, 1583 shares rose and 770 shares fell. A total of 146 shares were unchanged.
Sebi Regulation:
The board of the Securities and Exchange Board of India (Sebi) on Thursday eased pricing framework for preferential allotment of shares, making it easier for listed companies to raise money. It has decided to allow companies to consider two-week average price for pricing preferential share issue. In addition, the regulator has also streamlined settlement regulations to make procedures faster and more effective. Besides, it has decided to amend insider trading norms. It also tweaked its takeover regulations to ensure that shareholders receive interest if open offers are delayed.
Buzzing Index:
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The Nifty Metal index gained 0.92% to 2,049.55, snapping its two-day losing streak. The index lost 2.64% in the past two days.
Hindustan Zinc (up 4.32%), Jindal Steel & Power (up 3.57%), Hindalco Industries (up 1.64%), Tata Steel (up 0.97%), Vedanta (up 0.72%), Coal India (up 0.57%) and NMDC (up 0.3%) were top gainers in metal segment.
Earnings Impact:
Apollo Hospitals Enterprise fell 1.16%. The healthcare company's consolidated net profit surged 169% to Rs 219.36 crore on 17% increase in net sales to Rs 2922.43 crore in Q4 March 2020 over Q4 March 2019. The company recorded sale of Apollo Munich Health Insurance Company to HDFC as an exceptional gain of Rs 198.30 crore in Q4 FY20 which aided net profit. Consolidated EBITDA (post Ind AS116) grew 36% to Rs 380.10 crore in Q4 FY20 from Rs 279.60 crore in Q4 FY19.
Container Corporation of India's (CONCOR) rose 0.69%. The company's consolidated net profit slipped 9.4% to Rs 313.47 crore on 14.3% decline in net sales to Rs 1,584.31 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) dropped 14% to Rs 410.88 crore in Q4 March 2020 as against Rs 477.94 crore in Q4 March 2019. Current tax expense skid 25.31% to Rs 67.60 crore in Q4 March 2020 as against Rs 90.51 crore in Q4 March 2019. The board has proposed final dividend of Rs 2.85 per equity share. The result was announced post trading hours yesterday, 25 June 2020.
Global Markets:
Asian markets were trading higher on Friday despite rising new coronavirus infections. US equity indices closed higher in choppy trading on Thursday, with bank stocks soaring ahead of annual stress test results and helping to offset investor jitters over alarming increases in new coronavirus cases.
Apple Inc said it would close 14 stores in Florida again due to rising COVID-19 cases after other re-closures in Houston, Arizona, South Carolina, and North Carolina. Texas Governor Greg Abbott said he was halting his state's phased economic reopening in response to a jump in COVID-19 infections and hospitalizations.
The Fed on Thursday said it will cap big bank dividend payments and halt share repurchases until at least the fourth quarter. It found lenders faced significant capital losses when tested against an economic downturn caused by the coronavirus pandemic.
The US economy shrank at a 5% rate in the first quarter with a much worse decline expected in the current three-month economic period because of the coronavirus pandemic. The Commerce Department reported on Thursday that the decline in the gross domestic product, the total output of goods and services, in the January-March quarter was unchanged from the estimate made a month ago.
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