The Supreme Court is set to deliver its verdict in the matter pertaining to the repayment of adjusted gross revenue (AGR) dues by telecom companies at 11:30 IST today.
In broader market, the S&P BSE Mid-Cap index was down 0.09% while the S&P BSE Small-Cap index slipped 0.61%.
Sellers outpaced buyers. On the BSE, 737 shares rose and 1558 shares fell. A total of 116 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 25,405,845 with 849,389 deaths. India reported 7,85,996 active cases of COVID-19 infection and 65,288 deaths while 28,39,882 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
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The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index stood at 52 in August 2020 from 46.0 in July signalling an improvement in operating conditions across the manufacturing sector following four consecutive months of contraction.
Commenting on the latest survey results, Shreeya Patel, Economist at IHS Markit said,"August data highlighted positive developments in the health of the Indian manufacturing sector, signalling moves towards a recovery from the second quarter downturn. The pick-up in demand from domestic markets gave rise to upturns in production and input buying. However, not all was positive in August, delivery times lengthened to another marked rate amid ongoing COVID-19 disruption. Meanwhile, employment continued to fall despite signs of capacity pressures, as firms struggled to find suitable workers. "The rate of input price inflation was solid, following four monthly declines in cost burdens. Firms, however, continued in their efforts to drive sales amid greater competitive pressure and reduced their selling prices further."
India's GDP contracted 23.9% in Q1 June 2020 compared to the same period last year, showed official data released by the National Statistics Office (NSO) on Monday. This was mainly on account of limited economic activity in the country during the quarter amid lockdowns to control the spread of the coronavirus pandemic. The economy expanded 3.1% year-on-year in the quarter ended March 2020.
India's fiscal deficit stood at Rs 8.21 lakh crore, or 103.1% of the budgeted target for the current fiscal year upto the end of July 2020 exceeding its target in first four months of FY21. The Government of India has received Rs. 2,32,860 crore (10.4% of corresponding BE 2020-21 of Total Receipts) upto July, 2020 comprising Rs. 2,02,788 crore Tax Revenue (Net to Centre), Rs 24,614 crore of Non Tax Revenue and Rs 5,458 crore of Non Debt Capital Receipts.
AGR Hearing:
The Supreme Court will give its verdict today on the payment of AGR dues. The Govt has sought a 20 year time frame for paying AGR dues in a staggered manner while Vodafone Idea (up 3.83) and Bharti Airtel (up 1.17%) have sought 15 years. While Tata Teleservices (up 0.28%) has sought 7-10 years.
Earnings Today:
Anant Raj (down 3%), ONGC (down 3.66%), Shalimar Paints (down 3%), Nalco (up 0.42%) and NLC India (up 0.19%) are some of the companies that will announce their quarterly results today.
Stocks in Spotlight:
Maruti Suzuki India rose 0.81% after the company's total vehicles sales rose 17.1% to 124,624 units in August 2020 from 106,413 units in August 2019. While the total domestic sales jumped 20.2% to 116,704 units, total export sales declined by 15.3% to 7,920 units in August 2020 over August 2019. Sequentially, the total sales have increased 15.3% from 1,08,064 units sold in July 2020.
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) tumbled 4.46% after the company's net profit slumped 95.7% to Rs 2.97 crore on 42.1% decline in net sales to Rs 700.23 crore in Q1 FY21 over Q1 FY20. Revenue from fertilizers segment stood at Rs 331.29 crore (down 21.9% YoY) and revenue from chemicals segment was at Rs 354.11 crore (down 53.7% YoY) in the first quarter.
Biocon jumped 4.77% announced the US launch of Semglee in vial and pre-filled pen presentations for patients living with diabetes. Semglee (insulin glargine injection), which received final approval from the US Food and Drug Administration (FDA), helps in controling high blood sugar in adult and pediatric patients with type 1 diabetes and adults with type 2 diabetes. It is not recommended for the treatment of diabetic ketoacidosis. Semglee has an identical amino acid sequence to Sanofi's Lantus and is approved for the same indications. Sanofi's total IQVIA sales for the 12 months ending 30 June 2020 were approximately $1.64 billion for Lantus 100 Units/mL Vial and approximately $4.36 billion for Lantus SoloSTAR Pen.
Global Markets:
Most Asian markets were trading higher on Tuesday. Private survey showed Chinese manufacturing activity in August expanding at its fastest pace in nearly 10 years.
The Caixin/Markit manufacturing Purchasing Managers' Index (PMI) came in at 53.1 for August, compared to 52.8 in July. PMI readings above 50 indicate expansion, while those below that signal contraction.
Japan's factory activity contracted at the slowest pace in six months in August. Tuesday's final au Jibun Bank Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 47.2 in August from 45.2 in July. It marked the slowest contraction since February, and also eclipsed a preliminary reading of 46.6.
South Korea's manufacturing activity shrank at the slowest pace in six months in August. The IHS Markit purchasing managers' index (PMI) rose to 48.5 in August from 46.9 in July.
In US, stocks were mixed on Monday. Declines in bank stocks pressured both the Dow and S&P 500. The Dow slid 223.82 points, or 0.8%, to 28,430.05 and the S&P 500 dipped 0.2% to close at 3,500.31. JPMorgan Chase, Citigroup, Bank of America and Wells Fargo were all down more than 2%, following Treasury yields lower.
The Nasdaq Composite outperformed with a 0.7% gain and ended the day at 11,775.46. The Nasdaq got a lift after two big stock splits took effect Monday. Apple shares gained 3.4% as a 4-for-1 split took effect. Tesla shares added 12.6% following its 5-for-1 split.
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