The equity benchmarks trimmed gains in morning trade. At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 382.49 points or 1.02% at 37,801.48. The Nifty 50 index added 112.05 points or 1.02% at 11,134.25.
Asian shares advanced as EU leaders agreed on a 750 billion euros package aimed at funding post-pandemic relief efforts in the region.
Hopes for a coronavirus vaccine also lifted risk appetite. The first set of results from early-stage clinical trials of the Oxford University Covid-19 vaccine candidate show the vaccine is safe and induces an immune reaction.
In the broader market, the S&P BSE Mid-Cap index rose 0.47% while the S&P BSE Small-Cap index gained 0.57%.
The market breadth was strong. On the BSE, 1309 shares rose and 771 shares fell. A total of 112 shares were unchanged.
Markets regulator Securities and Exchange Board of India (Sebi) on Monday released framework to enable verification of upfront collection of margins from clients in cash and derivatives segments. The new framework will come into effect from 1 December 2020 and will be implemented in a phased manner. From 1 September 2021, investors and traders will have to pay all the margins upfront to the broker before the trade. Currently, the rule of bringing in the entire upfront margins is only applicable to traders in derivatives.
Results Today:
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Hindustan Unilever (down 0.48%), Axis Bank (up 1.89%), Bajaj Finance (up 0.79%), ICICI Prudential Life (up 0.87%), Bajaj Finserv (down 0.71%), Crisil (up 0.21%), DCM Shriram (up 1.63%), IndiaMART InterMESH (up 2.78%) and Syngene International (down 0.26%) will announce their quarterly earnings today.
Buzzing Index:
The Nifty Auto index rose 1.76% to 7,295.65. The index has added 5.49% in five sessions.
Maruti Suzuki (up 3.49%), Eicher Motors (up 3.45%), Tata Motors (up 2.65%) and TVS Motor Company (up 2.23%) were the top index gainers.
Bharat Forge (down 0.31%), Mahindra & Mahindra (up 0.07%) and Hero MotoCorp (up 0.2%) were the top index laggards.
Stocks in Spotlight:
SBI Cards and Payment Services jumped 4.42% to Rs 785 after the company's net profit rose 14% to Rs 393.29 crore in Q1 June 2020 compared with Rs 345.59 crore in Q1 June 2019. The rise in the net profit was aided by reduction in operating costs (down 15.4% YoY) and finance costs (down 9% YoY).
Total income stood at Rs 2,195.60 crore in Q1 June 2020, sliding 4.72% from Rs 2,304.27 crore in Q1 June 2019. During the quarter, the company's interest income increased by 34.6% YoY while income from fees & services and other income declined 27% YoY and 81% YoY, respectively.
On the asset quality front, the gross non-performing assets were at 1.35% of gross advances as on 30 June 2020 as against 2.68% as on 30 June 2019. Meanwhile, accounts in moratorium went down by 88% to 1.5 lakh in June 2020 from 12.5 lakh in May 2020.
ACC jumped 5.25% to Rs 1399.85 after the cement major's operating EBITDA margin improved to 20.8% in Q2 June 2020 from 19.3% in Q2 June 2019 bouyed by strong cost management and efficiency actions.
The company's consolidated net profit tumbled 40.5% to Rs 270.95 crore in Q2 June 2020 as against Rs 455.68 in Q2 June 2019. Revenue from operations stood at Rs 2602.24 crore in Q2 June 2020, declining 37% from Rs 4149.82 crore reported in the same period last year.
The cement sales volume declined 34% to 4.76 million tonnes in Q2 June 2020 from 7.23 million tonnes in Q2 June 2019. The ready-mix concrete sales volume tumbled 82% to 0.15 cubic million metres in Q2 June 2020 from 0.85 cubic million metres in Q2 June 2019.
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