Equity benchmarks surged to hit the day's high in morning trade, supported by firm global cues. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 267.77 points or 0.78% at 34,638.35. The Nifty 50 index added 82.35 points or 0.81% at 10,249.80.
In the broader market, the S&P BSE Mid-Cap index gained 0.75% while the S&P BSE Small-Cap index rose 0.31%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 897 shares rose and 570 shares fell. A total of 75 shares were unchanged.
World Bank Projection:
India's economy will shrink by 3.2% in the current fiscal, the World Bank said on Monday. The COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy. However, the Indian economy is expected to bounce back in 2021, the World Bank said.
The global economy, which has plunged into a severe contraction, will shrink by 5.2% this year due to the massive shock of the coronavirus pandemic and the shutdown measures to contain it, the World Bank said on Monday. The speed and depth with which it has struck, suggests the possibility of a sluggish recovery that may require policymakers to consider additional interventions, it said.
Buzzing Index:
The Nifty Pharma index rose 2.39% to 10,173.35, resuming uptrend after a day's breather. The index fell 1.45% to end at 9,935.40 yesteday.
Wockhardt (up 7.23%), Dr Reddy's Laboratories (up 3.97%), Sun Pharmaceutical Industries (up 3.69%), Aurobindo Pharma (up 3.38%), Lupin (up 2.64%), Cadila Healthcare (up 2.53%), Glenmark Pharmaceuticals (up 2.25%), Strides Pharma Science (up 1.77%), GlaxoSmithKline Pharmaceuticals (up 1.23%), IPCA Laboratories (up 1.12%), Alkem Laboratories (up 1.05%) and Divi's Laboratories (up 0.63%) advanced.
Meanwhile, Abbott India (down 1.86%) and Piramal Enterprises (down 0.6%) declined.
Q4 Results Today:
Hero MotoCorp (up 0.94%), Bombay Dyeing (up 2.80%), eClerx Services (up 1.68%), Gujarat Pipavav Port (up 1.20%), Graphite India (down 0.93%), KRBL (down 0.20%), Mangalore Refinery & Petrochemicals (up 2.27%), PSP Projects (up 5.81%), Tata Steel Long Products (up 4.08%) and TeamLease Services (up 1.97%) are some of the companies that will announce their quarterly earnings today.
Earnings impact:
Titan Company fell 1.54% to Rs 1003.75 after consolidated net profit declined 1.5% to Rs 343.07 crore on a 4.3% decline in net sales to Rs 4617.31 crore in Q4 March 2020 over Q4 March 2019.
Jewellery division revenue declined 5.8% due to lost sales in March. Watch and wearable segment revenue grew 5% in Q4 March 2020, despite the significant loss of sales in March. Eye wear segment revenue declined 17% in Q4 due to decline in trade channel. Titan's other business grew at 12% in Q4 March 2020 over Q4 March 2019. In Fragrances, Fastrack perfumes continued to increase its distribution reach.
Titan Engineering and Automation (TEAL) had a good quarter with a growth of 37%. Titan's 72.3% owned subsidiary, CaratLane grew at 12% in Q4 March 2020.
Chalet Hotels gained 0.37% to Rs 162 after consolidated net profit jumped 221.41% to Rs 42.78 crore on 14.23% fall in total income to Rs 237.63 crore in Q4 March 2020 over Q4 March 2019.
The firm wrote back deferred taxes to the tune of Rs 38.83 crore in Q4 March 2020. Profit before tax stood at Rs 4.88 crore in Q4 FY20, down by 71.7% from Rs 17.25 crore in Q4 FY19.
Revenue from hospitality segment was down 21.7% YoY while that of the retail & commercial segment surged to Rs 26.3 crore in the fourth quarter, from Rs 9.1 crore reported in the corresponding period last year.
Chalet Hotels said that the tourism and hospitality industry as a whole has been adversely impacted by the spread of Covid-19. The near-term impact is contingent on various external factors such as lifting of the lock down, travel restrictions and revival of the economy.
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