Key indices came off day's high and traded with marginal gains in morning trade. A bout of volatility struck bourses in early trade as trading resumed after a public holiday on Tuesday. Market sentiment was subdued after the government announced a weak industrial production data after market hours on Monday. The Nifty traded above the crucial 11,900 level.
At 10:13 IST, the barometer index, the S&P BSE Sensex, was up 21.77 points or 0.05% at 40,366.85. The Nifty 50 index was up 1.8 points or 0.02% at 11,915.25.
The S&P BSE Mid-Cap index was up 0.23%. The S&P BSE Small-Cap index was down 0.31%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 980 shares rose and 845 shares fell. A total of 95 shares were unchanged. In Nifty 50 index, 21 stocks advanced and 29 stocks declined.
Domestic Macro:
India's industrial production shrank for the second consecutive month in September, its worst performance in the series that began April 2012. As per the Index of Industrial Production (IIP), factory output contracted 4.3% in September 2019 as compared to September 2018. The contraction was mainly due to poor performance in the manufacturing sector.
Stocks in Spotlight:
Thermax (down 2.03%), Lemon Tree Hotels (up 1.47%), Nalco (down 1.63%), Pidilite Industries (up 0.79%), Muthoot Finance (down 1.44%), RITES (up 0.5%), SpiceJet (down 0.09%), Mphasis (up 0.13%), Cadila Healthcare (down 0.09%), Blue Star (up 0.11%), Deepak Fertilizers (up 3.43%), Bata India (down 0.68%), Oracle Financial Services (up 0.43%), Ashoka Buildcon (up 1.58%), Coffee Day Enterprises (up 4.24%), Adani Power (down 0.52%), Adani Green (up 3.85%), Galaxy Surfactants (down 0.21%), Kaveri Seed (down 0.26%), IRCON International (up 0.3%), SML Isuzu (down 2.05%) and Zydus Wellness (down 0.06%) are some of the companies that will announce their Q2 2019 earnings today.
Indian Railway Catering and Tourism Corporation (IRCTC) rose 3.27% at Rs 965. The stock hit its 52-week high of Rs 981.35 in intraday trade today. The company will announce its first ever quarterly result after getting listed on exchanges on 14 October 2019.
Shares of Aurobindo Pharma rose 2.18% to Rs 447.15. The pharmaceutical company announced its Q2 earnings yesterday, 12 November 2019. Aurobindo Pharma reported 4.6% increase in consolidated net profit to Rs 639.50 crore on 17.9% rise in revenue from operations to Rs 5600.5 crore in Q2 September 2019 over Q2 September 2018. EBITDA before forex and other income stood at Rs 1,167.5 crore in Q2 September 2019, up by 13.8% from Rs 1,026 crore in Q2 September 2018. EBITDA margin for the quarter ended on 30 September 2019 stood at 20.8% as against 21.6% during the quarter ended on 30 September 2018. The company also approved an interim dividend of Re 1.25 per equity share.
India's single largest iron ore producer, NMDC reported a 10.5% rise in net profit to Rs 703.27 crore in Q2 September 2019 over Q2 September 2018. NMDC reported an 8% drop in net sales to Rs 2241.76 crore in quarter ending September 2019 over September 2018. Shares of NMDC were trading 2.99% higher at Rs 106.9 on BSE.
Hindalco Industries announced its Q2 2019 earnings after market hours on Monday. Company's consolidated net profit slumped 32.73% to Rs 974 crore on 8.76% fall in net sales to Rs 29,657 crore in Q2 September 2019 over Q2 September 2018. EBITDA fell 8.37% to Rs 3,918 crore in Q2 September 2019 over Rs 4,276 crore in Q2 September 2018. The consolidated net debt to EBITDA was 2.83x as on 30 September 2019 versus 2.48x as on 31 March 2019. Shares of Hindalco were trading 0.77% lower at Rs 198.85.
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