F&O Expiry: Financials drag indices, Sensex falls 335 pts; HDFC slips 4%

All that happened in the markets today

12:13 PM

Treasury gains to aid Q1 profitability of public sector banks: Analysts

That said, besides the dreadful impact of Covid-19, sluggish loan growth due to merger integration, higher proportion of moratorium and delay in the resolution of National Company Law Tribunal (NCLT) accounts are some of the factors that are likely to dent earnings. READ MORE

12:00 PM

BUZZING STOCK:: EIH Ltd jumps 9%

11:54 AM

Dr Reddy's: Strong Q1 show in spite of disruption lifts sentiment

Better-than-expected performance in the June 2020 quarter (Q1) by Dr Reddy’s Laboratories helped its stock gain over 5 per cent on Wednesday to a new 52-week high. Though US and India sales, as anticipated, were soft because of lockdowns, strong sales in Europe, the emerging markets, and in the active ingredient segment did the wonder. The US had seen high-channel stocking during the March quarter and, hence, the numbers were expected to be soft. READ MORE 

11:50 AM

MARKET CHECK

11:41 AM

INDEX GAINER:: RIL up 1.5% ahead of Q1 numbers

11:34 AM

Pressure on discretionary spends to hit near term volumes for Maruti Suzuki

An 81 per cent dip in volumes in the June quarter (Q1) of financial year 2020-21 (FY21) saw India’s largest passenger vehicle maker, Maruti Suzuki, report its first loss since listing. It reported a loss of Rs 249 crore, compared with a net profit of Rs 1,435 crore a year ago. READ MORE

11:23 AM

HDFC Q1 preview: Higher provisions, tepid credit growth could hit earnings

Housing finance company, HDFC (Housing Development Finance Corporation), is scheduled to report its June quarter earnings (Q1FY21) amid expectation of tepid loan disbursal, elevated provisioning, and contraction in net interest margin (NIM) as credit demand remained weak amid the ongoing Covid-19 pandemic. READ MORE

11:12 AM

LIC's portfolio up 34% in FY21 at Rs 5.79 trn; RIL, Infy top contributors

A sharp recovery in equity markets from its March 2020 low has pushed the value of the equity portfolio of Life Insurance Corporation (LIC) by Rs 1.5 trillion since April. The insurer’s holdings in listed companies at the end of the March 2020 quarter stood at Rs 4.32 trillion, which is now valued at Rs 5.79 trillion, translating into a rise of Rs 1.47 trillion, or 34 per cent. Thus far in the financial year 2020-21 (FY21), the S&P BSE Sensex and the Nifty 50 have rallied around 30 per cent each. READ MORE

11:02 AM

Gold jewellery demand in India slumps 74% in June quarter on Covid-19

The demand for gold jewellery in India tanked a massive 74 per cent in the April – June quarter of the calendar year 2020 (Q2-2020) at 44 tonnes (t) and sharply higher than the 33 per cent drop seen in China at 90.9 t during the same period, suggests the latest gold demand trends report by World Gold Council (WGC) released July 30. The fall in demand in both India and China – the biggest gold consumers in the world – led to an overall 53 per cent drop in the global demand for gold jewellery at 251.5 t during the recently concluded quarter, WGC said. READ MORE

10:53 AM

Glenmark Pharma surges 6% as S&P Global sees stable cash flow in 2 years

Shares of Glenmark Pharmaceuticals rallied 6 per cent to Rs 450 in the intra-day trade on the BSE on Thursday after S&P Global ratings said it expects the company’s operating cash flows to stabilise over the next 12-24 months, given the limited impact of the Covid-19 pandemic on the broader pharmaceutical industry. At 10:17 am, the stock was trading 5 per cent higher at Rs 446 on the BSE, as compared to 0.75 per cent rise in the S&P BSE Sensex. READ MORE

10:44 AM

Q1 results preview: Jio to steady RIL ship amid slowdown in retail, energy

Reliance Industries’ (RIL’s) retail and energy verticals expect a dent in earnings in the June quarter (Q1), because of the pandemic. However, higher earnings in the telecom business may partly cushion the hit. On Thursday, RIL will report its results for Q1 — the first quarter to fully reflect the lockdown impact. READ MORE

10:36 AM

Bharti Airtel gains 2%, nears all-time high post June quarter results

The firm, however, posted an over two-fold jump in profit before tax (PBT) of Rs 372 crore for the quarter before exceptional items. The company's data traffic growth surged 73 per cent YoY -- thanks to people working from home -- even as 4G net addition slowed to 20 lakh, "caused by supply chain shocks in the device ecosystem".

 

Airtel’s average revenue per user (Arpu) also rose to Rs 157 a month in Q1FY21 from Rs 129 in Q1FY20. Revenue from India mobile operations rose 36 per cent sequentially to Rs 17,589 crore. READ MORE

10:28 AM

INDEX GAINER:: TCS trades 3% higher

10:22 AM

BUZZING STOCK:: Sagar Cements jumps 10% post June quarter nos

10:19 AM

IndiGo tanks 4% on record Q1 net loss of Rs 2,844 crore, recovers later

Shares of InterGlobe Aviation - parent of IndiGo airline - declined 4 per cent to Rs 873 on the BSE on Thursday after the airline reported record net loss of Rs 2,844.3 crore in April-June quarter of FY21. The airline had reported record net profit of Rs 1,203 crore in the year-ago quarter.

 

“Closure of scheduled operations till May 24, 2020 and lower capacity deployment thereafter on account of Covid-19, significantly impacted the quarterly results. lndiGo reports net loss of Rs 2,844.3 crore,” said the airline in a statement. The loss before tax stood at Rs 2,842.6 crore for Q1FY21. READ MORE