Key benchmark indices extended early gains and hit fresh intraday high in morning trade amid buying in auto and metal stocks. The Nifty crossed the crucial 11,700 mark. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 258.52 points or 0.66% at 39,508.23. The Nifty 50 index was up 76.2 points or 0.66% at 11,703.35.
The market breadth indicating the overall health of the market was positive. On BSE, 1035 shares rose and 758 shares fell. A total of 102 shares were unchanged. In Nifty 50 index, 34 stocks advanced and 16 stocks declined.
In the broader market, the BSE Mid-Cap index was up 0.41%. The BSE Small-Cap index was up 0.27%.
Tata Metaliks (up 3.54%), Hindustan Zinc (up 0.28%), Petronet LNG (up 0.33%), SKF India (up 1.96%) and Wonderla Holidays (up 1.82%) will announce their Q2 result today.
The Nifty Metal index was up 4.05% at 2,519.95. Among metal shares, Tata Steel (up 7.27%), Jindal Steel & Power (up 6.48%), Vedanta (up 5.22%), Steel Authority of India (up 4.69%), NMDC (up 3.82%), Hindalco Industries (up 2.8%), National Aluminium Company (up 1.85%), Hindustan Copper (up 0.64%) and Hindustan Zinc (up 0.53%) advanced.
Tata Motors advanced 13.32%, extending gains for the second day after announcing Q2 numbers. The stock is up 32.37% in two trading sessions to its current market price of Rs 168.05.
On consolidated basis, Tata Motors reported a consolidated net loss of Rs 227.62 crore in Q2 September 2019 over a consolidated net loss of Rs 873.27 crore in Q2 September 2018. Jaguar Land Rover (JLR) improved its performance this quarter and delivered a well-rounded performance. In particular, the improvement in China on the back of better operational metrics is reassuring. JLR generated pre-tax profits of 156 million in the quarter, 246 million better year-on-year. The improvement reflects favourable wholesale volume and mix, operating costs, depreciation and amortization, and foreign exchange. Profit margins were also significantly improved with an EBIT margin of 4.8% and an EBITDA margin of 13.8%.
GVK Power hit an upper circuit of 5% after the company reported that three global firms have agreed to invest Rs 7,614 crore in the company's airport maintenance business. The company entered into definitive agreements with Abu Dhabi Investment Authority (ADIA), Public Sector Pension Investment Board (PSP Investments) and National Investment & Infrastructure Fund (NIIF) for investing Rs 7,614 crore into GVK Airport Holdings. The company in an exchange filing further assured that proceeds from the transaction will be used to retire debt obligations of its holding companies and fund the purchase of additional shares in MIAL by GVKAHL from Bidvest.
Dr. Reddy's Laboratories was down 1.09%. The USFDA completed the audit of API Srikakulam plant in Andhra Pradesh on 25 October 2019 with 'four' Form 483 observations. The company assured that it will work comprehensively within the stipulated timeline.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
