Key benchmarks were trading near the day's high in morning trade, mirroring gains in other Asian peers. Weak economic data from China and rising US-Sino tensions capped gains. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 223.17 points or 0.61% at 36,694.85. The Nifty 50 index added 76.55 points or 0.71% at 10,816.50.
In the broader market, the S&P BSE Mid-Cap index rose 1.08% while the S&P BSE Small-Cap index gained 1.13%.
The market breadth was strong. On the BSE, 1350 shares rose and 680 shares fell. A total of 101 shares were unchanged.
Earnings Today :
Britannia Industries (up 1.13%), ICICI Lombard General Insurance Company (up 0.90%) will announce their quarterly earnings today.
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The Nifty Auto index rose 1.38% to 7,112.75, extending gains for third day. The index has added 2.84% in three sessions.
Ashok Leyland (up 3.69%), Tata Motors (up 2.77%), TVS Motor Company (up 2.17%), Eicher Motors (up 1.87%), Mahindra & Mahindra (up 1.21%), Maruti Suzuki (up 1.02%), Hero MotoCorp (up 1.08%), and Bajaj Auto (up 0.53%) advanced.
Stocks in Spotlight :
HCL Technologies was up 0.11% to Rs 628.35. The IT company reported a 31.6% jump in consolidated net profit to Rs 2,935 crore in Q1 June 2020 from Rs 2230 crore posted in Q1 June 2019.
On a sequential basis, net profit declined 7.47% from Rs 3172 crore reported in Q4 March 2020. Revenue from operations declined 4% to Rs 17,842 crore in Q1 June 2020 from Rs 18587 crore in Q4 March 2020. The result was announced before market hours today, 17 July 2020.
Consolidated EBITDA stood at Rs 4,566 crore in Q1 June 2020, declining 3.3% from Rs 4,720 crore posted in Q4 March 2020. EBITDA margin marginally improved to 25.6% in Q1 June 2020 from 25.4% in Q4 March 2020.
L&T Technology Services (LTTS) fell 3.11% to Rs 1394.50 after the company's consolidated net profit declined 42.5% to Rs 117.20 crore on a 3.9% fall in net sales to Rs 1294.70 crore in Q1 June 2020 over Q1 June 2019. EBITDA margin stood at 15.9% in Q1 June 2020, lower than 20.2% in Q1 June 2019.
Meanwhile, LTTS has executed a definitive agreement to acquire 100% stake in Orchestra Technology, a specialist technology solutions provider for the telecom industry.
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