Barometers end with tiny losses

Key equity benchmarks ended with tiny losses on Thursday. Trading was volatile due to monthly F&O expiry. The Nifty just manage to hold above 11,250 mark.

The barometer index, the S&P BSE Sensex, fell 16.67 points or 0.04% to 37,830.98, as per the provisional closing data. The Nifty 50 index fell 9.55 points or 0.08% to 11,261.75, as per the provisional closing data.

The S&P BSE Mid-Cap index rose 0.53%. The S&P BSE Small-Cap index fell 0.09%.

The market breadth was negative. On the BSE, 1076 shares rose and 1353 shares fell. A total of 174 shares were unchanged.

Bajaj Finance lost 4.18%. The company's consolidated net profit rose 43% to Rs 1195.25 crore on 47.5% rise in total income to Rs 5808.29 crore in Q1 June 2019 over Q1 June 2018. The company's loan losses and provisions jumped 69% from Rs 327 crore in Q1 June 2018 to Rs 551 crore in Q1 June 2019. The provisioning coverage ratio as of 30 June 2019 was 61%. The result was announced during market hours today, 25 July 2019.

 

Bajaj Finance's asset under management (AUM) grew 41% from Rs 91,287 crore in Q1 June 2018 to Rs 1,28,898 crore in Q1 June 2019. Net interest income was up by 43% from Rs 2,579 crore in Q1 June 2018 to Rs 3,695 crore in Q1 June 2019.

Bharti Infratel fell 0.76%. The consolidated net profit rose 39.03% to Rs 887 crore on 0.61% rise in total income to Rs 2042.40 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 24 July 2019.

Yes Bank fell 1.68%. ICRA downgraded ratings on Yes Bank's Rs 32,911.7 crore bond programme, citing an increase in stressed assets and lack of debt resolutions. The rating on bonds aggregating Rs 22,111.70 crore were downgraded by one notch, while that on Rs 10,800 crore of additional tier I (AT-I) bonds were downgraded by two notches. The announcement was made after market hours yesterday, 24 July 2019.

Sagar Cements jumped 7.06%. On a consolidated basis, Sagar Cements's net profit rose 407% to Rs 29.51 crore on a 25.2% rise in the net sales to Rs 344.20 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 24 July 2019.

Most metal shares fell. JSW Steel (down 2.67%), NMDC (down 2.6%), Hindustan Copper (down 1.76%), Tata Steel (down 1.29%), Steel Authority of India (down 1.26%), National Aluminium Company (down 1.1%), Jindal Steel & Power (down 0.96%), Hindustan Zinc (down 0.73%) and Hindalco Industries (down 0.13%) declined.Vedanta was up 3.73%.

JSW Energy shed 2.15%. As per reports, the company is planning to raise around $750 million from international bond sale to fund expansion plans as well as to repay some of its existing debt of over Rs 10,050 crore. The company has also set a target of achieving 10,000 MW of installed capacity by 2020, a quarter of which will be contributed by renewable energy sources.

Thirumalai Chemicals fell 8.91% after the company's consolidated net profit fell 61.37% to Rs 12.09 crore on a 12.24% increase in net sales to Rs 290.06 crore in Q1 June 2019 over Q1 June 2018.

ICICI Prudential Life Insurance Company advanced 4%. The company's consolidated net profit rose 1.2% to Rs 284.64 crore on 7.05% rise in total income to Rs 8576.25 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 24 July 2019.

Intellect Design Arena fell 6.35% after the firm reported consolidated net loss of Rs 1.89 crore in Q1 June 2019 compared with net profit of Rs 42.98 crore in Q4 March 2018. Net sales fell 13.35% to Rs 342.79 crore in Q1 June 2019 over Q4 March 2018. The result came in after trading hours yesterday, 24 July 2019.

Cox & Kings hit 5% lower circuit at Rs 14.05. The company after market hours yesterday, 24 July 2019, announced that it had defaulted on its repayment obligation towards unsecured commercial paper worth Rs 174 crore.

In a separate announcement yesterday, Cox & Kings said that Subhash Chandra Bhargava has tendered his resignation as an independent director of the company with effect from July 23, 2019 due to his personal commitments and other pre-occupations.

As per reports, the Bombay High Court has allowed International Air Transport Association (IATA) to encash bank guarantees provided by tour operator Cox & Kings. The court on Wednesday vacated its interim stay on invocation of bank guarantee after the tour operator withdrew its commercial arbitration petition challenging IATA's action.

Oberoi Realty fell 0.73% after consolidated net profit dropped 50.9% to Rs 152.07 crore on 32.1% decline in net sales to Rs 603.25 crore in Q1 June 2019 over Q1 June 2018.

Tata Motors lost 4.36% ahead of its Q1 June 2019 result today. Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDR) of Tata Motors (TML) to 'BB-' from 'BB'. The outlook is negative. The rating has been removed from Rating Watch Negative where it was placed on 6 February 2019.

Fitch Ratings said that the downgrade reflects the reduction in Fitch's expectations for TML's profitability and free cash generation in the next two to three years. Fitch revised its estimates because business risks have increased in both its India operations and its fully owned UK-based subsidiary, Jaguar Land Rover Automotive plc (JLR, BB-/Negative), while TML is likely to invest to bolster its long-term competitiveness. This will result in sustained deterioration in TML's financial profile, including its leverage.

Future Enterprises fell 9.23%. The company after market hours yesterday, 24 July 2019, announced that Care Ratings had reaffirmed the short term rating of A1+ and the long term rating has been retained at AA- with change in outlook from stable to negative.

Tribhovandas Bhimji Zaveri fell 2.49%. The company after market hours yesterday, 24 July 2019, announced that Acuite assigned long term rating of A-/Stable to company's bank loan facilities worth Rs 40 crores.

Most pharmaceutical shares rose. Lupin (up 4.47%), Sun Pharmaceutical Industries (up 2.58%), Divi's Laboratories (up 2.22%), Dr Reddy's Laboratories (up 2.18%), Alkem Laboratories (up 2.05%), Glenmark Pharmaceuticals (up 0.99%), Aurobindo Pharma (up 0.88%), Strides Shasun (up 0.29%), Cadila Healthcare (up 0.22%) and IPCA Laboratories (up 0.2%) advanced. Wockhardt (down 1.63%), Piramal Enterprises (down 0.6%) and GlaxoSmithKline Pharmaceuticals (down 0.29%) declined.

Caplin Point Laboratories jumped 10.30%. The company after market hours yesterday, 24 July 2019, announced that it has received the Establishment Inspection Report (EIR) from US FDA for the recently concluded inspection in June 2019. This was the third successful US FDA audit at the plant since 2016.

Cipla rose 3.39%. The company after market hours yesterday, 24 July 2019, announced the acquisition of the prescription drug Zemdri (Plazomicin) from Achaogen Inc. in a Chapter 11, U.S. Bankruptcy Code auction of Achaogen's assets. Cipla USA has acquired worldwide rights of Zemdri (excluding Greater China) with its allied assets and limited liabilities.

Syndicate Bank lost 1.27%. On a consolidated basis, Syndicate Bank reported net loss of Rs 957.37 crore in Q1 June 2019 compared with net loss of Rs 1238.33 crore in Q1 June 2018. Total income rose 7.9% to Rs 6080.69 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 24 July 2019.

Karur Vysya Bank rose 3.20%. The bank after market hours yesterday, 24 July 2019, announced that CRISIL had reaffirmed its rating of CRISIL A1+ with respect to the Certificates of Deposit Programme of the bank.

IDFC First Bank rose 3.59%. On a consolidated basis, IDFC First Bank reported net loss of Rs 611.64 crore in Q1 June 2019 compared with net profit of Rs 191.59 crore in Q1 June 2018. Total income rose 62.1% to Rs 4177.18 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 24 July 2019.

Shriram Transport Finance Company jumped 6.44% after consolidated net profit rose 10.8% to Rs 637.44 crore on a 8.9% increase in total income to Rs 4,061.65 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after market hours yesterday, 24 July 2019.

On a standalone basis, net profit rose 10.7% to Rs 634.25 crore on a 8.85% increase in total income to Rs 4,061.65 crore in Q1 June 2019 over Q1 June 2018. The net interest income rose 7.62% at Rs 1,961.74 crore during the period under review.

The total assets under management (AUM) jumped by 5.77% to Rs 106343.48 crore in 30 June 2019 as against Rs 100540.57 crore in 30 June 2018.

GOCL Corporation jumped 13.09%. The company announced during market hours today, 25 July 2019, that Quaker Chemical Corporation and Houghton lnternational have on 23 July 2019 received approval from the United States Federal Trade Commission for their combination. This was the final approval required. The approval is subject to the divestiture of certain product lines comprising approximately three percent of combined company revenue. It further added that the divestiture will occur concurrent with the close of the combination which is expected to be on Thursday, 1 August 2019.

Security and Intelligence Services (India) fell 0.55%. On a consolidated basis, Security and Intelligence Services (India)'s net profit rose 88.2% to Rs 75.02 crore on a 24.6% rise in the net sales to Rs 2008.40 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 24 July 2019.

PI Industries gained 1% after the company's consolidated net profit rose 23.6% to Rs 101.60 crore on a 24.5% surge in net sales to Rs 754.10 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after trading hours yesterday, 24 July 2019.

The yield on India's 10-year benchmark federal paper rose to 6.52% at 15:30 IST compared with 6.438% at close in the previous trading session.

The Reserve Bank of India (RBI) reported that currency in circulation decreased by 0.80% on the week to stand at Rs 21.90 trillion as on 12th July 2019. The central bank noted further that the overall reserve money rose by 0.2% on the week to Rs 27.90 trillion. Currency in circulation rose 13% on a year ago basis compared to 25.1% at the same time last year. In the current fiscal, the currency in circulation has grown by 2.4% while the reserve money has grown by just 0.8%.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.030, compared with its close of 68.9825 during the previous trading session.

MCX Gold futures for 5 August 2019 settlement rose 0.03% at Rs 35,037.

In the commodities market, Brent crude for September 2019 settlement was up 43 cents at $63.61 a barrel. The contract fell 65 cents or 1.02% to settle at $63.18 a barrel in the previous trading session.

Overseas, most European stocks were trading higher after soft economic data bolstered expectations of a rate cut from the European Central Bank (ECB). The ECB is scheduled to announce its latest interest rate decision at 12:45 p.m. London time, with Draghi's press conference set to follow at around 1:30 p.m.

Most Asian stocks closed higher on Thursday as semiconductor stocks in Japan and South Korea gained.

In US, the S&P 500 and Nasdaq stock indexes closed at record on Wednesday despite mixed earnings and economic data and antitrust probes into leading U.S. technology stocks. But the Dow ended lower after disappointing earnings from Boeing and Caterpillar.

In economic data, U.S. new home sales rebounded in June, the first gain in three months, but U.S. manufacturers expanded in July at the slowest pace in almost 10 years. IHS Markit said its manufacturing PMI slid to 50 this month from 50.6 in June, marking the lowest level since September 2009 just as the current expansion was getting under way.

A U.S. delegation headed by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin is set to travel to China to revive trade talks next week, as per reports, marking the first in-person talks since the Group of 20 summit last month.

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