Key equity barometers came off the day's high in morning trade. The Nifty was currently trading below the 8,900 level. At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 172.34 points or 0.57% at 30,368.51. The Nifty 50 index added 10.05 points or 0.11% at 8,889.15.
In the broader market, the S&P BSE Mid-Cap index rose 0.41% while the S&P BSE Small-Cap index advanced 0.19%.
Buyers outpaced the sellers. On the BSE, 916 shares rose and 735 shares fell. A total of 94 shares were unchanged. In the Nifty 50 index, 36 shares advanced while 14 shares declined.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 49,00,155 far with 3,23,333 deaths. India reported 61,149 active cases of COVID-19 infection and 3,303 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
In a bid to contain the spread of the novel coronavirus pandemic, the Centre on 17 May 2020 extended the nationwide lockdown till 31 May 2020.
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Buzzing Index:
The Nifty Auto index slipped 0.16% to 5,477.30, resuming its decline after a day's breather. The index rose 1.03% on Tuesday.
Hero MotoCorp (down 2.89%), Maruti Suzuki India (down 0.79%), TVS Motor Company (down 0.53%), Ashok Leyland (down 0.46%) and Mahindra & Mahindra (down 0.13%) declined.
Tata Motors (up 0.67%), Eicher Motors (up 0.22%) and Escorts (up 0.22%) advanced.
Q4 Results Today:
Bajaj Auto (up 0.15%), Dr. Reddy's Laboratories (up 0.8%), UltraTech Cement (up 1.67%), Jubilant Foodworks (down 0.57%), Ajanta Pharma (up 1.37%), GHCL (up 1.34%), JK Lakshmi Cement (up 0.85%), JSW Energy (up 2.79%), Kalpataru Power Transimission (down 0.34%) and Strides Pharma (up 1.74%) are some of the companies that will announce their quarterly result today.
Earnings impact:
Bajaj Finance rose 0.94% to Rs 1985.70. The NBFC major's consolidated net profit declined 19% to Rs 948 crore on 36% increase in total income to Rs 7,231 crore in Q4 March 2020 over Q4 March 2019. On a consolidated basis, profit before tax (PBT) stood at Rs 1,278 crore in Q4 FY20, down by 29% from Rs 1,812 crore reported in Q4 FY19. Net interest income jumped 38% to Rs 4,684 crore in Q4 FY20 over Q4 FY19.
Total operating expenses in the fourth quarter increased 25% to Rs 1,452 crore from Rs 1,164 crore in the corresponding period last year. New loans booked during Q4 FY20 increased by 3% to 6.03 million from 5.83 million in Q4 FY19.
Loan losses and provisions for Q4 FY20 was Rs 1,954 crore as against Rs 409 crore in Q4 FY19. During the quarter, the company has taken an accelerated charge of Rs 390 crore for two identified large accounts, an additional provision of Rs 129 crore on account of recalibration of its ECL model and a contingency provision of Rs 900 crore for COVID-19. Adjusted for these additional provisions of Rs 1,419 crore, loan losses and provisions for Q4 FY20 was Rs 535 crore.
The financier's gross non-performing assets (NPAs) stood at Rs 2,363 crore as on 31 March 2020 as against Rs 2,354 crore as on 31 December 2019 and Rs 1,804 crore as on 31 March 2019. The ratio of gross NPAs to gross advances stood at 1.61% as on 31 March 2020 as against 1.61% as on 31 December 2019 and 1.54% as on 31 March 2019. The ratio of net NPAs to net advances stood at 0.65% as on 31 March 2020 as against 0.70% as on 31 December 2019 and 0.63% as on 31 March 2019.
The company said it continued to maintain strong focus on growing fees and other income. Fees and other income in Q4 FY20 grew by 45% YoY to Rs 929 crore in Q4 FY20 from Rs 642 crore in Q4 FY19. Assets under management (AUM) grew by 27% to Rs 147,153 crore as of 31 March 2020 from Rs 115,888 crore as of 31 March 2019.
Tata Power Company soared 5.1% to Rs 34 after consolidated net profit surged 230.45% to Rs 402.59 crore on 1.37% fall in total income to Rs 7,953.73 crore in Q4 March 2020 over Q4 March 2019. The company said that surge in profit was due to gain on sale of Cennergi investment offset by impairment provision in SEO & reversal of MAT Credit due to transition to new tax regime in the renewables business.
Consolidated EBITDA rose 6% to Rs 2,013 crore in Q4 March 2020 as compared to Rs 1,901 crore reported in Q4 March 2019 mainly due lower losses in Mundra on account of lower FOB price of coal. Drop in revenue from operation in Q4 March 2020 was on the back of delay in project execution in solar EPC business on account COVID19, lower power demand and lower coal price.
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