Key equity benchmarks were trading almost flat in morning trade. The Nifty held above the 10,000 mark. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 50.02 points or 0.15% at 34,159.56. The Nifty 50 index added 21.45 points or 0.21% at 10,083.00.
In the broader market, the S&P BSE Mid-Cap index rose 0.58% while the S&P BSE Small-Cap index gained 0.40%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1137 shares rose and 785 shares fell. A total of 88 shares were unchanged. In the Nifty 50 index, 28 shares advanced while 22 stocks declined.
Buzzing Index:
The Nifty PSU Bank index rose 3.04% to 1,323.45. The index has added 17.85% in five sessions.
Punjab & Sind Bank (up 9.68%), IDBI Bank (up 8.49%), Punjab National Bank (up 4.13%), Union Bank of India (up 3.94%), Bank of India (up 3.29%), Indian Bank (up 3.24%), Central Bank of India (up 1.94%), United Bank of India (up 1.56%), Bank of Maharashtra (up 1.55%), Canara Bank (up 1.44%), UCO Bank (up 1.05%), Bank of Baroda (up 0.93%) and Allahabad Bank (up 0.13%) advanced.
Earnings today:
DLF (down 0.74%), NIIT (up 2.12%), PI Industries (up 1.98%), Safari Industries (India) (down 4.59%) and SRF (up 0.48%) will announce their quarterly earnings today.
Earnings impact:
Aurobindo Pharma rose 2.72% to Rs 771.05 after consolidated net profit jumped 45.2% to Rs 849.80 crore on 16.6% rise in net sales to Rs 6063.40 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax stood at Rs 1077.51 crore in Q4 March 2020, rising 32% from Rs 816.34 crore in Q4 March 2019.
Consolidated EBITDA surged 26.6% to Rs 1342 in Q4 March 2020 from Rs 1060 crore in Q4 March 2019. EBITDA margin improved to 21.8% in Q4 March 2020 from 20% in Q4 March 2019. Research & Development expenses for Q4 March 2020 stood at Rs 239 crore, 3.9% of revenue.
US formulation sales stood at Rs 2,990.3 crore in Q4 March 2020, registering a growth of 20.5% from Rs 2,481.1 crore in Q4 May 2019. Europe formulation sales stood at Rs 1,652.5 crore, an increase of 26% from the same period last year. API sales for the quarter declined 17.6% and stood at Rs 755.6 crore in Q4 March 2020 as against Rs 916.8 crore in Q4 March 2019.
The pharmaceutical company reduced its net debt to Rs 2718.4 crore in March 2020 from Rs 3181.9 crore in December 2019 and Rs 5008.1 crore in March 2019.
Bharat Petroleum Corporation (BPCL) fell 0.84% to Rs 346.10 after consolidated net loss was at Rs 1,819.56 crore in Q4 March 2020 as compared with a net profit of Rs 3,131.66 crore in Q4 March 2019. The average gross refining margin (GRM) during the financial year ended 30 March 2020 is $2.50 per barrel as compared with $4.58 per barrel last year.
Net sales slipped 7.1% to Rs 68,997.83 crore in Q4 March 2020 over Rs 74,255.73 crore in Q4 March 2019. Consolidated pre-tax loss stood at Rs 2,958.91 crore in Q4 March 2020 as against a pre-tax gain of Rs 4,961.79 crore in Q4 March 2019.
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