Key benchmarks came off the day's low and traded with minor gains in morning trade. The Nifty regained 11,200 mark after briefly slipping below that level. Buying was broad based with metal, IT and auto stocks at the fore.
At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 45.86 points or 0.12% at 37,923.78. The Nifty 50 index rose 22.5 points or 0.2% at 11,200.9.
The broader market traded with gains. The S&P BSE Mid-Cap index was up 0.38% while the S&P BSE Small-Cap index was up 0.56%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1332 shares rose and 882 shares fell. A total of 127 shares were unchanged.
Economy:
The Reserve Bank of India (RBI)'s central board approved the transfer of Rs 57,128 crore in surplus as dividend to the government for the accounting year 2019-20.
AGM Hearing:
The Adjusted Gross Revenue (AGR) case's hearing will be held today, 17 August 2020. The Supreme Court, in its hearing on 14 August, directed telcos under insolvency to submit details of spectrum sharing agreements that they have entered into. The court has also asked for the spectrum sharing agreement between Reliance Communications and Reliance Jio to be placed on record.
Earnings Today:
Can Fin Homes (up 0.28%), Lux Industries, Petronet LNG and Suven Pharma are some of the companies that will announce their quarterly earning today.
Earnings Impact:
Glenmark Pharmaceuticals rose 3.82% after the company's consolidated net profit surged to Rs 254.04 crore in Q1 June 2020 from Rs 109.28 crore in Q1 June 2019. The company's consolidated revenue increased by 0.94% to Rs 2,344.78 crore in the June quarter from Rs 2,322.87 crore in the corresponding period last fiscal. EBITDA (excluding other income) was at Rs 478.06 crore in the quarter ended 30 June 2020 as against Rs 341.91 crore in the previous corresponding quarter, registering an increase of 39.82%. Glenmark's India Business grew by 3.68% year-on-year (YoY) to Rs. 779.89 crore, Europe Business grew by 12.77% YoY to Rs 273.87 crore, US Business grew by 1.61% YoY to Rs 742.64 crore and the API Business grew by 1.83% YoY to Rs 234.83 crore during the quarter. However, during the same period, Glenmark's ROW Business experienced de-growth of 18.05% the revenue fell to 212.01 crore in Q1 FY21 over Q1 FY20.
Sun TV Network was locked in an upper circuit of 10% at Rs 440.20. On a standalone basis, company's net profit declined 26% to Rs 282.8 crore on 44% drop in net sales to Rs 606.1 crore in Q1 June 2020 over Q1 June 2019. Revenues for the quarter dropped due to the absence of IPL and movie distribution. Sun TV's subscription revenues for the quarter ended 30 June 2020, grew by 18% year on year to Rs 442.25 crore. EBITDA for the Q1 June 2020 stood at Rs 416.49 crore, falling 39% from Rs 682.91 crore in the same period last year.
Fortis Healthcare fell 0.76%. The company reported consolidated net loss of Rs 178.92 crore in Q1 June 2020 as against net profit of Rs 67.81 crore in Q1 June 2019. Total income dropped 47.55% to Rs 613.71 crore.
United Breweries fell 0.64%. The liquor maker reported consolidated net loss of Rs 114.40 crore in Q1 June 2020 as compared with net profit of Rs 164.62 crore in Q1 June 2019. Consolidated net sales slumped 75.2% to Rs 507.45 crore in Q1 June 2020 over Q1 June 2019. United Breweries said that the peak season was adversely impacted due to the pandemic, although there has been gradual business resumption since lockdown; the outlook continues to be volatile. United Breweries has actively managed to maintain costs and retain cash position to mitigate the impact of COVID-19. The company continues to be optimistic about the long term growth drivers of the industry and is committed to strengthen its market position while leveraging newly emerging opportunities such as home delivery, United Breweries said.
Berger Paints down 3.15%. The paint maker posted a 91.45% slump in consolidated net profit to Rs 15.09 crore in Q1 FY21 as against Rs 176.41 crore posted in Q1 FY20. Consolidated revenue from operations stood at Rs 930.76 crore in Q1 FY21, falling nearly 46% from Rs 1716.53 crore in Q1 FY20. The paint marker's PBDIT (Profit before Depreciation, Interest, Tax and Other Income) for the quarter ended June 2020 was at Rs 92.1 crore, falling 69.8% over Rs 305.2 crore in the corresponding quarter last year.
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