Key equity barometers bounced back in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was up 60.78 points or 0.16% at 37,908.43. The Nifty 50 index was up 10.75 points or 0.10% at 11,282.05.
The S&P BSE Mid-Cap index was up 0.50%. The S&P BSE Small-Cap index was down 0.09%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 994 shares rose and 1119 shares fell. A total of 129 shares were unchanged.
Most metal shares fell. NMDC (down 2.64%), Hindustan Copper (down 1.32%), Steel Authority of India (down 1.03%), Tata Steel (down 0.89%), National Aluminium Company (down 0.77%), JSW Steel (down 0.76%), Jindal Steel & Power (down 0.52%), Hindalco Industries (down 0.23%) and Hindustan Zinc (down 0.05%) declined. Vedanta was up 2.7%.
Sagar Cements was up 8.47%. 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.
IDFC First Bank was up 3.98%. 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 5.61% 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.
JSW Energy was down 1.58%. 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.
GOCL Corporation jumped 13.71%. 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.
Mcnally Bharat Engineering Company was up 4.20%. The company announced after market hours yesterday, 24 July 2019, that it has received an order worth Rs 46.70 crore from SGTORE Company, a Hong Kong based company.
Security and Intelligence Services (India) was up 1.71%. 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 was up 3% 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.
Media stocks were mixed. Prime Focus (up 6.86%), Zee Entertainment Enterprises (up 2.93%), Sun TV Network (up 2.02%), TV Today Network (up 1.9%), Balaji Telefilms (up 1.71%) and Dish TV India (up 0.78%) gained. Network 18 Media Investments (down 2.43%), New Delhi Televison (down 1.85%), TV18 Broadcast (down 0.46%), Eros International Media (down 0.38%) and Zee Media Corporation (down 0.33%) declined.
Meanwhile, India has moved up to the 52nd position in the Global Innovation Index. The country has moved up five notches from last year. Switzerland retained its position at the top of the global ranking. In fact, nine out of the top ten countries are the same as last year, with the surprise new entrant being Israel, which has broken into the top ten.
Global Innovation Index (GII) is presented annually by the UN's World Intellectural Property Organisation (WIPO) in association with GII knowledge partners like Cornell University and Insead. It evaluates 129 of the world's top economies based on intellectual property filing rates to mobile app creation rate, government initiatives on education and health as well as intellectual and technical publications.
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