The benchmark indices were trading with decent gains in morning trade. Investors across the globe were monitoring the US Presidential elections results.
At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 171.61 points or 0.43% to 40,432.74. The Nifty 50 index added 40.75 points or 0.34% at 11,854.25.
In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index gained 0.24%.
The market breadth was positive. On the BSE, 1049 shares rose and 956 shares fell. A total of 122 shares were unchanged.
U.S. Presidential Election:
In-person voting is still on in many parts of the United States. But, early results are pouring in from states where polling has closed. So far, Democratic Party candidate and former vice president Joe Biden has won 223 electoral votes while President Donald Trump has won 126 electoral votes. A candidate needs 270 electoral votes to win the election.
The US Dow Jones Futures were currently up 135 points and Nasdaq futures were up 291 points.
Economy:
India's merchandise exports in October 2020 were $24.82 billion, as compared to $26.23 billion in October 2019, showing a fall of 5.4%.
The value of India's merchandise imports in October 2020 was $33.6 billion, as compared to $37.99 billion in October 2019, a decline of 11.56%.
India's trade deficit thus narrowed to $8.78 billion in October 2020, compared with trade deficit of $11.76 billion, an improvement by 25.34%.
Buzzing Index:
The Nifty IT index rose 2.57% to 21,268.95. The index had ended flat yesterday.
Larsen & Toubro Infotech (up 3.57%), Infosys (up 3.51%), Wipro (up 2.80%), Tech Mahindra (up 2.22%), MindTree (up 2.16%), TCS (up 2.14%), Mphasis (up 2.12%), Coforge (up 1.72%), Info Edge India (up 1.43%) and HCL Tech (up 1.41%) advanced.
Earnings Today:
SBI (down 0.56%), HPCL (down 0.27%), Lupin (up 1.92%), Adani Enterprises (down 0.58%), Adani Green Energy (up 0.40%), Apollo Tyres (up 0.73%), Balrampur Chini (up 0.10%), BASF (up 0.64%), Garware Technical Fibres (up 0.20%), Godrej Agrovet (up 0.19%), Hikal (up 0.89%), JK Lakshmi Cement (up 1.26%), Jyothy Labs (down 0.31%), Jubilant Life (up 1.06%), KEC International (up 0.97%), Pidilite Inds (up 0.71%), SRF (down 0.33%), Thermax (up 0.95%) and United Spirits (up 0.66%) are some of the companies that will announce their quarterly earnings today.
Happiest Mind (up 3.35%) will post first ever result after listing on bourses in September 2020.
Earnings Impact:
Adani Gas fell 1.77% to Rs 218.90. The company's standalone net profit rose 12.7% to Rs 135.67 crore on a 11.6% decline in net sales to Rs 417.86 crore in Q2 FY21 over Q2 FY20. EBITDA has increased by 48% YoY to Rs 218 crore versus Q2 FY20 EBITDA of Rs 147 crore.
Total sales volume declined 10% year-on-year (YoY) to 131 million standard cubic meters (mmscm) during the quarter. CNG sales volume stood at 59 mmscm (down 21% YoY) and PNG sales were at 72 mmscm (up 2% YoY) in the second quarter.
Separately, Adani Gas announced signing a Definitive Agreement for acquisition of 3 Geographical Areas namely Ludhiana, Jalandhar and Kutch (East). "All 3 GAs have high volumes potential in terms of demand of over 6.5 MMSCMD over a period 10 Years. These GA's are under Phase 1 of Bharat Mala Pariyojana by NHAI which will further boost the development and volume growth, the company said.
PVR rose 3.12% to Rs 1137. The multiplex chain operator posted a consolidated net loss of Rs 183.95 crore in Q2 September 2020 compared with net profit of Rs 47.88 crore recorded in Q2 September 2019. Revenue from operations tumbled nearly 96% to Rs 40.45 crore in Q2 September 2020 from Rs 973 crore in the same period last year.
PVR said the results for quarter ended 30 September 2020 are not comparable with results for quarter ended 30 September 2019 as temporary closures of cinemas and suspension of operations have impacted business operation. The financial performance of Q2 September 2020 was impacted by the continued lockdown announced due to COVID-19 outbreak, which disrupted company's operations.
PVR said that it had strengthened cost control measures resulting in 71% savings year on year in total fixed costs excluding rent and common area maintenance charges (CAM). Monthly fixed cost excluding rent and CAM dropped to Rs 24 crore in Q2 September 2020 from Rs 86 crore in Q2 September 2019.
JMC Projects (India) shed 0.64% to Rs 46.90 after the company reported a consolidated net loss of Rs 18.13 crore in Q2 September 2020 as compared to a net profit of Rs 14.44 crore in Q2 September 2019. Consolidated revenue from operations fell 13.7% to Rs 842.67 crore in Q2 September 2020 over Rs 976.64 crore in Q2 September 2019.
JMC Projects said that the group's operations and financial results for the period ended have been adversely impacted by the lockdown imposed to contain the spread of COVID-19. The operations gradually resumed with requisite precautions during the current quarter with limited availability of workforce and disrupted supply chain. However labour availability has now been improved and there are indicators for operations becoming normal.
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