At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 433.52 points or 1.38% at 31,876.29. The Nifty 50 index rose 120 points or 1.3% at 9,319.05
In the broader market, the S&P BSE Mid-Cap index gained 0.5% while the S&P BSE Small-Cap index added 0.36%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1137 shares rose and 1009 shares fell. A total of 151 shares were unchanged. In the Nifty 50 index, 31 shares advances and 19 shares declined.
Gainers & Losers:
Zee Entertainment (up 4.95%), Tech Mahindra (up 3.99%), ICICI Bank (up 3.56%) were top gainers in Nifty 50 index.
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NTPC (down 4.7%), Mahindra & Mahindra (down 3.34%), Maruti Suzuki (down 1.7%) and BPCL (down 1.68%) were top losers in Nifty 50 index.
COVID-19 Update:
Total Covid-19 confirmed cases worldwide stood at 38,47,047 so far with 2,69,594 deaths. India reported 37,916 active cases of COVID-19 infection and 1,886 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Q4 Results Today:
Adani Gas (up 5.09%), Shree Cement (up 1.55%), Swaraj Engines (down 2.01%) and Reliance Capital (down 5%) are some of the companies that will announce their quarterly result today.
SBI Cards and Payment Services (down 0.87%) will announce its first ever quarterly result after listing on exchange on 16 March 2020
Earnings Impact:
RBL Bank fell 3.41%. The bank's net profit declined 53.7% to Rs 114.36 crore on a 20.7% rise in total income to Rs 2708.77 crore in Q4 March 2020 over Q4 March 2019. Net Interest Income (NII) grew 38% year-on-year (YoY) to Rs 1,021 crore during Q4 March 2020 from Rs 739 crore in Q4 March 2019. Net interest margin (NIM) grew to 4.93% in Q4 March 2020 from 4.23% reported in Q4 March 2019.
The bank's gross non-performing assets (NPAs) stood at Rs 2136.52 crore as on 31 March 2020 as against Rs 2010.48 crore as on 31 December 2019 and Rs 754.62 crore as on 31 March 2019. The ratio of gross NPAs to gross advances stood at 3.62% as on 31 March 2020 as against 3.33% as on 31 December 2019 and 1.38% as on 31 March 2019. The ratio of net NPAs to net advances stood at 2.05% as on 31 March 2020 as against 2.07% as on 31 December 2019 and 0.69% as on 31 March 2019. The bank's provisions and contingencies soared 207% to Rs 614.08 crore in Q4 March 2020 over Q4 March 2019. The bank in notes to accounts said that it has created a provision of Rs 107.95 crore in addition to the RBI prescribed norm on the back of SARS-CoV-2 virus. RBL Bank's provisioning coverage ratio stood at 64.04% as on 31 March 2020 as against 58.07% reported on 1 Dec 2019.
SKF India surged 6.31%. The company's board recommended a special dividend of Rs 130 per share at the meeting held on 7 May 2020. At current price, the stock offers a dividend yield of over 8% on special dividend of Rs 130 per share. SKF India's net profit fell 8.3% to Rs 75.34 crore on a 18.5% decline in net sales to Rs 610.21 crore in Q4 March 2020 over Q4 March 2019. Other income of the company surged 59.3% to Rs 46.44 crore in Q4 FY20 from Rs 29.16 crore in Q4 FY19. It includes profit of Rs 34.9 crore earned from the sale of land for a consideration of Rs 35.46 crore.
Cyient was locked in a lower circuit of 10% after the company reported a net loss of Rs 1 crore in Q4 March 2020 as against a net profit of Rs 92.50 crore in Q3 March 2019. Net sales declined 12.28% to Rs 349 crore in Q4FY20 over Q3FY20. The total number of 'million-$' clients for Q4 March 2020 stood at 22 as compared to 13 in Q3 December 2019 and 5 in Q4 March 2019. Voluntary attrition for Q4 March 2020 stood at 18.9% as compared to 19.7% in Q3 December 2019 and 19.9% in Q4 March 2019. Cash and cash equivalents slipped 7.04% to Rs 951.80 crore in Q4 March 2020 from Rs 1,023.90 crore in Q3 December 2019.
Stocks In Spotlight:
Reliance Industries (RIL) jumped 4.75% after the company said private equity firm Vista Equity Partners will invest Rs 11,367 crore in Jio Platforms for a 2.32% stake. This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, RIL said in a statement on Friday. This is Jio Platforms' third deal after Facebook and Silver Lake's share acquisition plans over the last two weeks. Vista's investment will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis, making Vista the largest investor in Jio Platforms behind RIL and Facebook. Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks.
Dr. Reddy's Laboratories gained 3.99% after the company said its manufacturing plant at Srikakulam in Andhra Pradesh received the Establishment Inspection Report (EIR) from US drug regulator. The site was issued warning letter in November 2015 after the inspection in 2014, and was under Official Action Indicated classification till now. With this, all facilities under warning letter are now determined as VAI, the company said.
Global Markets:
European markets opened higher as plans to reopen economies boosted investor sentiment. Asian markets were trading with decent gains tracking overnight gains in US stocks. The Reserve Bank of Australia on Friday released its statement on monetary policy, where it highlighted that global GDP is expected to fall sharply in the first half of 2020.
In US, stock benchmarks closed in positive territory Thursday, finishing off their best levels, with a rally in shares of energy and financials powering the day's moves. A rally in the technology-related Nasdaq helped to drive the index retrace its coronavirus-induced selloff of the past two months.
Data on Thursday showed an unexpected surge in export activity in the world's second-largest economy in April, growing 3.5% from the previous year. That marked its first positive read since December just as the novel strain of coronavirus was identified in Wuhan, China. That said, imports were soft, falling 14.2% from the year-ago period.
Weekly jobless claims report showed that 3.2 million jobs were lost in April, bringing the total seeking jobless benefits in the U.S. over the past six weeks to 33 million, or approximately one out of every five eligible workers.
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