Key equity barometers were trading near day's low in mid-afternoon trade. At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 196.47 points or 0.52% at 37,686.32. The Nifty 50 index was down 88.40 points or 0.78% at 11,195.90.
The S&P BSE Mid-Cap index was down 0.42%. The S&P BSE Small-Cap index fell 0.72%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 770 shares rose and 1558 shares fell. A total of 125 shares were unchanged.
Metal shares fell. JSW Steel (down 3.56%), Hindustan Zinc (down 3.53%), Steel Authority of India (down 1.77%), Tata Steel (down 1.71%), Hindalco Industries (down 1.64%), Jindal Steel & Power (down 1.19%), NMDC (down 1.12%) and Hindustan Copper (down 1.04%) declined. National Aluminium Company was up 0.44%.
Vedanta lost 4.48%. The company's consolidated net profit fell 11.9% to Rs 1,351 crore on a 3.5% decline in net sales to Rs 21,167 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 26 July 2019.
Revenue in Q1 was lower primarily due to lower commodity prices partially offset by higher aluminium sales, volume addition from ESL, commencement of Gamsberg mine and currency depreciation. EBITDA fell 20% to Rs 5,188 crore in Q1 June 2019 over Q1 June 2018, mainly due to lower commodity prices partially offset by easing of input commodity inflation, rupee depreciation and volume addition from ESL acquisition. EBITDA margin stood at 27% in Q1 June 2019 as against 34% in Q1 June 2018.
GHCL rose 2.09%. On a consolidated basis, GHCL's net profit after tax rose 54.83% to Rs 98.02 crore on a 17.16% rise in the total income to Rs 892.61 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 29 July 2019.
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Supreme Industries fell 2.01%. On a consolidated basis, Supreme Industries' net profit fell 10.31% to Rs 87 crore on a 6.76% rise in the total income to Rs 1437 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 29 July 2019.
Kansai Nerolac Paints jumped 5.26%. The paint maker's consolidated net profit rose 5.34% to Rs 146.02 crore on 9.38% increase in net sales to Rs 1542.41 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 29 July 2019.
Tata Power fell 0.48%. The company announced during market hours today. 29 July 2019, that Tata Power Renewable Energy (TPREL), the Company's wholly owned subsidiary, has received a letter of award (LOA) from Gujarat Urja Vikas Nigam (GUVNL) on 25th July 2019 to develop a 250 MW solar project in Dholera Solar Park of Gujarat. This capacity is in addition to 100 MW awarded by GUVNL earlier at Raghanesda Solar Park in May 2019.
Sandhar Technologies was down 2.63%. The company announced during market hours today, 29 July 2019, that it has entered into a 50-50 joint venture with Hanshin Corporation. The joint venture is being established for manufacturing and selling, futuristic high end data cables for the automotive industry in India which would include Radio Cable, AV/NAVI Cable, GPS/DMB Cable, USB Cable, AVM Cable and others for the four-wheeler segment.
Most FMCG stocks fell. Jyothy Laboratories (down 2.39%), Bajaj Corp (down 1.83%), Hindustan Unilever (down 1.26%), GlaxoSmithKline Consumer Healthcare (down 1.11%), Godrej Consumer Products (down 1.07%), Tata Global Beverages (down 0.56%), Dabur India (down 0.29%) and Nestle India (down 0.21%) declined.
Marico (up 1.16%), Colgate Palmolive (India) (up 0.75%), Britannia Industries (up 0.31%) and Procter & Gamble Hygiene & Health Care (up 0.14%) advanced.
The yield on India's 10-year benchmark federal paper fell to 6.44% at 14:18 IST compared with 6.525% at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 68.825, compared with its close of 68.89 during the previous trading session.
MCX Gold futures for 5 August 2019 settlement fell 0.11% at Rs 34,735.
In the commodities market, Brent crude for September 2019 settlement was down 22 cents at $63.24 a barrel. The contract rose 7 cents or 0.11% to settle at $ 63.46 a barrel in the previous trading session.
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