The key equity barometers trimmed losses in mid-morning trade. The Nifty 50 index regained 10,900 level as buying emerged at lower levels. At 11:21 IST, the barometer index, the S&P BSE Sensex, was down 219.85 points or 0.59% at 36,798.47. The Nifty 50 index was down 75.90 points or 0.69% at 10,904.10.
The S&P BSE Mid-Cap index was down 1.01%. The S&P BSE Small-Cap index was down 1.31%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 559 shares rose and 1505 shares fell. A total of 95 shares were unchanged.
Most FMCG stocks were trading lower. Godrej Consumer Products (down 1.46%), Bajaj Corp (down 1.27%), Nestle India (down 1.04%), Procter & Gamble Hygiene & Health Care (down 0.98%), Colgate Palmolive (India) (down 0.65%), Hindustan Unilever (down 0.63%), Britannia Industries (down 0.5%) and Dabur India (down 0.31%) declined. Jyothy Laboratories was up 1.93%.
ITC fell 1.10% ahead of its Q1 June 2019 result today.
Glaxosmithkline Consumer Healthcare rose 0.35%. The company's net profit rose 23.8% to Rs 248.08 crore on a 7.9% rise in the net sales to Rs 1194.32 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 1 August 2019.
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KRBL jumped 8.30%. On a consolidated basis, the integrated rice company's net profit rose 36.1% to Rs 136.12 crore on a 63.8% rise in the net sales to Rs 1217.70 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 1 August 2019.
Dhunseri Tea & Industries fell 2.99% while Tata Global Beverages lost 1.1%. Dhunseri Tea & Industries announced that it has entered into binding agreement with Tata Global Beverages in furtherance to the sale of its branded business namely Lalghora & Kalaghora. The announcement was made after market hours yesterday, 1 August 2019.
Marico rose 1.7%. The consumer goods company consolidated net profit rose 26.3% to Rs 322.15 crore on 6.9% increase in net sales to Rs 2166 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours yesterday, 1 August 2019.
The company delivered strong earnings growth on the back of resilient volume growth, amidst moderation in the overall demand environment in the domestic market. Consolidated earnings before interest tax depreciation and amortization (EBITDA) increased 26% to Rs 462 crore in Q1 June 2019. The company's EBITDA margin rose 324 bps to 21.3% in Q1 June 2019.
The company reported its flagship coconut oil product Parachute Rigids posted volume growth of 9% in Q1 June 2019. During the quarter, the average market price of domestic copra was down 25% Y-o-Y. With deflation in copra prices setting in, the low margin non-focused coconut oil brands posted a double-digit decline in volumes.
Most realty shares fell. DLF (down 4%), Housing Development and Infrastructure (HDIL) (down 3.04%), Indiabulls Real Estate (down 2.99%), Mahindra Lifespace Developers (down 2.34%), Sobha (down 2.19%), Oberoi Realty (down 2.1%), Unitech (down 2.08%), Sunteck Realty (down 2.05%), Phoenix Mills (down 1.47%), Peninsula Land (down 1.39%), Anant Raj (down 0.76%) and Godrej Properties (down 0.42%) declined.
Parsvnath Developers (up 3.46%), D B Realty (up 1.64%) and Omaxe (up 0.08%) advanced.
Indiabulls Housing Finance fell 2.16%. The company said that it will be doing a buyback of upto US$ 50 million of the US$ 350 million 6.375 per cent notes issued by the company under the updated US$ 1,500 million Secured Euro Medium Term Note Programme. The buyback will be done upon receipt of necessary regulatory approvals. The announcement was made during market hours today, 2 August 2019.
Prestige Estates Projects rose 0.6%. On a consolidated basis, the property development company's net profit rose 74.6% to Rs 91.15 crore on a 83.8% rise in the net sales to Rs 1538.70 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 1 August 2019.
Raymond fell 4.33% after the company reported a consolidated net loss of Rs 14.83 crore in Q1 June 2019 compared with a net profit of Rs 0.73 crore in Q1 June 2018.The result was announced after market hours yesterday, 1 August 2019.
Consolidated net sales jumped 14.7% to Rs 1,435.12 crore in Q1 June 2019 over Q1 June 2018. Consolidated EBITDA fell 2% to Rs 105 crore in Q1 June 2019 over Q1 June 2018. The consolidated EBITDA margin slipped by 118 bps to 7.1% in Q1 June 2019 from 8.3% in Q1 June 2018.
On the economic front, the total gross GST revenue collected in the month of July, 2019 is Rs 1,02,083 crore of which CGST is Rs 17,912 crore, SGST is Rs 25,008 crore, IGST is Rs 50,612 crore (including Rs 24,246 crore collected on imports) and Cess is Rs 8,551 crore (including Rs 797 crore collected on imports). The total number of GSTR 3B Returns filed for the month of June up to 31 July 2019 is 75.79 lakh.
The revenue in July, 2018 was Rs 96,483 crore and the revenue during July, 2019 is a growth of 5.80% over the revenue in the same month last year. During April-July 2019 vis-vis 2018, the domestic component has grown by 9.2% while the GST on imports has come down by 0.2% and the total collection has grown by 6.83%. Rs 17,789 crore has been released to the states as GST compensation for the months of April-May, 2019.
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