Key barometers came off the day's high in mid-morning trade, shrugging off mixed cues from other Asian stock markets. The Nifty continued to trade above its 20 days simple moving average placed at 12,215.92. At 11:20 IST, the S&P BSE Sensex, gained 140.31 points or 0.34% at 41,526.71. The Nifty 50 index was up 50.65 points or 0.42% at 12,231.
The broader market continued to outperform the benchmark index. The S&P BSE Mid-Cap index gained 0.73% while the S&P BSE Small-Cap index was up 0.48%.
The market breadth was positive. On the BSE, 1286 shares rose and 749 shares fell. A total of 143 shares were unchanged. In Nifty 50 index, 41 stocks advanced while 9 stocks declined.
Q3 Results:
EIH Associated Hotels jumped 4.94% to Rs 310 after the company reported decent Q3 earnings after market hours yesterday. On standalone basis, net profit grew 17.5% to Rs 20.37 crore on a 1.2% rise in net sales to Rs 85.82 crore in Q3 December 2019 over Q3 December 2018.
Zensar Technologies slipped 11.44% to Rs 175.75 after declaring its Q3 results post market hours yesterday, 23 January 2020. Zensar Technologies' consolidated net profit fell 50.50% to Rs 39.53 crore on a 4.82% decline in total income to Rs 1,020.59 crore in Q3 December 2019 compared with Q2 September 2019. Consolidated net profit fell 28.50% to Rs 39.53 crore on a 1.4% decline in total income to Rs 1,020.59 crore in Q3 December 2019 as against Q3 December 2019.
Stocks in Spotlight:
IT major Infosys declined 0.84% to trade at Rs 777.95 after media reports suggested that the market regulator Sebi could order a forensic audit into its books. The said forensic audit comes in the wake of a whistleblower complaint which alleged that the company's chief executive officer Salil Parekh and the chief financial officer Nilanjan Roy indulged in unethical practices" to boost revenue and profits. The whistleblower complaint, which was also sent to the US Securities and Exchange Commission on 30 September, became public on 21 October 2019. The Securities and Exchange Board of India's (Sebi's) decision comes after Infosys's internal audit committee on 10 January 2020 concluded that the charges made by the whistleblowers were substantially without merit.
Shares of Alembic Pharmaceuticals were trading 1.25% higher at Rs 597.4. The pharma company in an exchange filing announced that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Bosentan Tablets, 62.5 mg and 125 mg. Bosentan Tablets indicated for the treatment of pulmonary arterial hypertension. According to IQVIA, Bosentan Tablets, 62.5 mg and 125 mg have an estimated market size of US$ 68 million for twelve months ending September 2019.
Adani Gas slumped 5.55% to Rs 163.25 after the media reported that the Petroleum and Natural Gas Regulatory Board has sent show cause notice to the company for non disclosure of information. The stock fell 14.37% to hit the day's low at Rs 148, its lowest intraday level since 26 December 2019. Adani Gas had bid for gas projects using net worth calculation of Adani Enterprises. The Petroleum and Natural Gas Regulatory Board of India (PNGRB) notice has sent to the company for not disclosing scheme of arrangement with Adani Enterprises, the media reports said. Adani Gas' shareholding changes and restructuring violate city gas norms. PNGRB may seek to cancel Adani Gas licences and also levy Rs 400 crore penalties, reports added.
Global Markets:
Most Asian markets were trading lower on Friday as worries over rapid spread of the deadly coronavirus virus kept investors on guard.
In US, stocks ended mixed on Thursday, recovering from early losses, as investors digested earnings reports and took heart from a World Health Organization decision to refrain from declaring China's coronavirus outbreak a global emergency.
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