Key benchmarks reversed trend and slipped into negative terrain in mid-afternoon trade. Global stock markets were under pressure after the death toll and incidence rate of the Wuhan coronavirus escalated over the weekend. Investors also turned cautious ahead of the Union Budget on Saturday, 1 February 2020.
At 13:26 IST, the S&P BSE Sensex, was down 125.40 points or 0.30% at 41,029.72. The Nifty 50 index was down 55.20 points or 0.46% at 12,063.80.
The S&P BSE Mid-Cap index was down 0.35% while the S&P BSE Small-Cap index lost 0.15%.
The market breadth was negative. On the BSE, 980 shares rose and 1412 shares fell. A total of 169 shares were unchanged. In Nifty 50 index, 16 stocks advanced while 34 stocks declined.
Stocks in Spotlight:
Maruti Suzuki slipped 2.03% to Rs 6999. The car major's consolidated net profit grew by 4.13% to Rs 1587.4 crore in Q3 December 2019 as against Rs 1525 crore reported in Q3 December 2018. Consolidated Profit before tax (PBT) for Q3 December 2019 stood at Rs 2026.3 crore, down by 3.31% against Rs 2095.7 crore reported in Q3 December 2018. Tax expenses declined 23.16% to Rs 439 crore in Q3 FY20 from Rs 571.2 crore posted in Q3 FY19.
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The company clarified that rise in net profit is on backdrop of cost reduction efforts taken, lower operating expenses, lower commodity prices and reduction in corporate tax rate. Higher sales promotion expenses, higher depreciation and lower fair value gains on invested surplus dented net profit. Total Revenue from Operations rose 5.29% to Rs 20721.8 crore in Q3 2019 as compared to Rs 19680.7 crore reported in Q3 2018.
The Company sold a total of 437,361 vehicles during the Quarter, higher by 2% compared to the same period previous year. Sales in the domestic market stood at 413,698 units, higher by 2%. Exports were at 23,663 units.
Navin Fluorine International soared 8.42% to Rs 1197 after consolidated net profit rose 16.8% to Rs 45.13 crore in Q3 December 2019 as against Rs 38.63 crore reported in Q3 December 2018. Net sales of the company grew 11.4% year-on year (YoY) to Rs 260.50 crore. Profit before tax (PBT) for Q3 December 2019 (Q3 FY20) stood at Rs 67.29 crore, up by 20.4% against Rs 55.89 crore in Q3 December 2018 (Q3 FY19). Tax expenses rose 24.3% to Rs 20.33 crore in Q3 FY20 from Rs 16.36 crore reported in Q3 FY19.
Shree Digvijay Cement Co. rose 2.22% to Rs 29.90. The company reported a net profit of Rs 9.44 crore in Q3 December 2019 as against a net loss of Rs 36.50 lakh in Q3 December 2018. Profit before tax (PBT) stood at Rs 14.39 crore in Q3 December 2019 as against a net loss of Rs 46.81 lakh in Q3 December 2018. Net sales of the company rose 8.63% YoY to Rs 121.61 crore.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 6.579% at 14:19 IST compared with 6.551% in the previous trading session.
In the foreign exchange market, the rupee appreciated against the dollar. The partially convertible rupee was trading at 71.33, compared with its previous closing low of 71.435.
In the commodities market, Brent crude for March 2020 settlement was down 36 cents at $58.96 per barrel. The contract fell $1.37 or 2.25% to settle at $59.32 a barrel in the previous session.
MCX Gold futures for 5 February 2019 settlement fell 0.20% to Rs 40,505.
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