Barometers traded reversed trend after briefly entering positive terrain in morning trade. The Nifty hovered near the crucial 11,200 mark. Indices witnessed profit selling after yesterday's gains.
At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 73.93 points or 0.19% at 37,958.39. The Nifty 50 index was down 13.9 points or 0.12% at 11,186.25.
The broader market was trading on a firm footing. The S&P BSE Mid-Cap index was up 0.72% while the S&P BSE Small-Cap index rallied 0.83%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1435 shares rose and 709 shares fell. A total of 115 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 19,025,580 with 713,845 deaths. India reported 6,07,384 active cases of COVID-19 infection and 41,585 deaths while 13,78,105 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
New Listing:
Shares of Mindspace Business Park REIT were trading at Rs 304 at 10:26 IST on BSE, a premium of 10.55% over the initial public offer price of Rs 274. The stock debuted at Rs 304, a premium of 10.55% to the initial public offer (IPO) price. So far the stock hit a high of Rs 308.90 and low of Rs 299. On the BSE, 12.05 lakh shares were traded on the counter so far while on the NSE, 13.07 lakh shares were traded so far.
The initial public offer (IPO) of Mindspace Business Parks REIT received bids for 87.78 crore shares as against 6.77 crore shares on offer, as per the National Stock Exchange of India (NSE) data. The issue was subscribed 12.96 times. The issue opened for bidding on 27 July 2020, and it closed on 29 July 2020. The price band of the IPO was fixed at Rs 274-275.
Earnings Today:
Cipla (up 0.31%) and Mahindra & Mahindra (up 0.83%) will announce their quarterly earnings today.
Abbott India (up 0.68%), Adani Transmission (up 3.5%), Alkem Laboratories (up 1.94%), Amara Raja Batteries (down 0.37%), Bata India (down 0.37%), Balrampur Chini (up 1.49%), BEML (up 0.77%), CONCOR (down 0.17%), Kajaria Ceramics (down 0.41%), Emami (up 0.29%), Mahanagar Gas (down 0.02%), Siemens (down 0.23%), Sobha (down 0.2%) and Ramco Cements (up 1%) are some of the companies that will announce their results today.
Earnings Impact:
HPCL declined 0.28%. The company's standalone net profit soared 247% to Rs 2,813.83 crore on 47% drop in net sales to Rs 37,498.23 crore in Q1 June 2020 over Q1 June 2019. Average gross refining margin during the quarter ended 30 June 2020 was at $0.04 per bbl (barrel of oil) as against $0.75 per bbl during 30 June 2019. The COVID-19 pandemic is globally inflicting high economic and human costs causing slowdown of economic activity. With regards to HPCL, it did have impact on the sales in April and May 2020, although substantial recovery was seen in June 2020. Being essential commodity, there have been no major disruption in refining operations including in supply chain, even during the lockdown period. The PSU OMC stated that the impact assessment of pandemic is a continuing process given the uncertainties associated with its nature and duration.
Lupin slumped 4.98% to Rs 889.65 after its consolidated net profit tumbled 96.5% to Rs 106.9 crore on a 9.1% decline in sales to Rs 3,468.6 crore in Q1 FY21 over Q1 FY20. In the first quarter, the formulations business revenue was at Rs 3,059.6 crore (down 11.7% YoY) while the API business revenue came in at Rs 409 crore (up 17.2% YoY). EBITDA fell 34.7% to Rs 531.4 crore in Q1 June 2020 from Rs 813.4 crore in Q1 June 2019. EBITDA margin was at 15.3% as on 30 June 2020 as against 21.3% as on 30 June 2019. Lupin's Global API sales for Q1 FY21 were Rs 409 crore, compared to sales of Rs 328.60 crore during Q4 FY20 and up 17% compared to sales of Rs 348.90 crore during Q1 FY20; accounting for 12% of Lupin's global sales.
Pidilite Industries rose 1.81%. The company reported 90.86% drop in consolidated net profit to Rs 26.78 crore on 56.32% fall in total income to Rs 898.31 crore in Q1 June 2020 over Q1 June 2019. Consolidated EBITDA before non-operating income in Q1 June 2020 stood at Rs 67 crore, registering a decline of 85% over the same quarter last year. Consolidated profit before tax stood came at Rs 31.67 crore in Q1 June 2020, significantly lower than Rs 438.81 crore posted in the same period last year. Pidilite said Q1 performance was significantly impacted by continued lockdowns due to the pandemic. On an overall basis, the company had a near complete closure in April 2020 with recovery from May 2020 onwards (broadly 50% of outlets being open) and June (saw broadly 80% of outlets open). The company assured recovery has continued in July.
Deepak Nitrite tumbled 7.4% to Rs 595.40 after the chemical maker posted a 24.8% drop in consolidated net profit to Rs 98.95 crore in Q1 June 2020 from Rs 131.61 crore in Q1 June 2019. Consolidated net sales stood at Rs 674.49 crore in Q1 June 2020, falling 36% from Rs 1050.98 crore in Q1 June 2019. Profit before tax came at Rs 132.64 crore in Q1 June 2020, falling 34% from Rs 201.23 crore in Q1 June 2019. The result was announced after market hours yesterday, 6 August 2020.
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