Sensex Today: Sensex ends 51 points higher, Nifty at 11,284; Bajaj Auto rises over 5% post result

Asian share prices opened a tad lower on Friday on mixed U.S. earnings reports and the euro held above two-year lows struck overnight after the European Central Bank held interest rates steady, though officials said a cut was certain in September (Reuters)

Maruti suzuki, Bajaj Auto, JSW Steel, Vedanta, KPIT Tech, Vodafone Idea, Force Motors, ABB India Punjab National Bank, Tilaknagar Industries, Supreme Petrochem, Usha Martin, Polycab India, Oriental Carbon, Elecon Engineering Company, Astec LifeSciences, Plastiblends India, Atul, Kalyani Forge, Balaji Amines, Remsons Industries, Confidence Petroleum India, VST Industries, Puravankara, Jubilant Life Sciences, Mangalam Drugs, Music Broadcast, Teamlease Services, Aarti Drugs, DIC India, Indraprastha Medical Corporation, Bajaj Holdings, Alicon Castalloy, Mahindra Lifespace Developers are among the listed companies due to post their Q1 earnings report today, as per data provided with the bourses.

After a protracted battle, the NCLT Thursday finally cleared the Rs 4,350-crore bid by yoga-exponent Ramdev-run Patanjali Ayurved to take over edible oil player Ruchi Soya, which owes over Rs 9,345 crore to the lenders & around Rs 2,800 crore to other creditors. Ruchi Soya owes over Rs 9,345 crore to financial creditors led by State Bank of India, which has an exposure of Rs 1,800 crore, followed by Central Bank at Rs 816 crore, Punjab National Bank at Rs 743 crore and StanChart at Rs 608 crore and DBS at Rs 243 crore.  

The Prime Minister's Office (PMO) wants the finance ministry to reassess the idea of issuing foreign currency overseas sovereign bonds, two sources with knowledge of the development said on Thursday. The office has asked the finance ministry to seek wider consultation from stakeholders before proceeding with any plans, said the sources, who declined to be identified as they were not authorised to speak to the media.

The Ministry of Finance and the PMO declined to comment on the matter. 

Indigo Paints, one of the leading paint companies in the country, is planning an initial public offer (IPO) within the next 12-15 months. The IPO is likely to be an issue in the range of Rs 800-1000 crore and will offer its private equity partner Sequoia Capital, which holds 38 per cent equity, an opportunity to partially or fully exit Indigo.

 

Indian biopharmaceutical major Biocon reported an increase of 72.34 per cent in its consolidated net profit for the quarter ended June 30, 2019. The company posted a net profit of Rs 206.3 crore during the quarter under review, as opposed to Rs 119.7 crore during the corresponding quarter last fiscal.

Biocon reported an increase of 30.44 per cent in revenue from operations on consolidated terms to Rs 1,465.9 crore during the June quarter of FY20, as opposed to Rs 1,123.8 crore during the same period last fiscal. The total revenue for the period under review was reported at Rs 1,490 crore, as against Rs 1,192.6 crore reported during quarter ended June 30, 2018.

Meanwhile, Biocon saw its standalone net profit decline by 51.58 per cent to Rs 111.2 crore during Q1 FY20, from Rs 229.7 crore in the same quarter last fiscal.

During June 2019, the total equity issuance (both public and  private  issuance)  declined  by  63.8  per  cent  to Rs 16,038  crore  from Rs 44,329  crore  in  May  2019,  mainly  on account of  slowdown in the public and rights issues. The corporate sector raised Rs 569 crore through public issuance  of   equity  compared  to Rs 25,527  crore  raised  in  the  previous  month.  IPOs  raised Rs 547  crore,  while  FPOs  and  rights  issuance  raises Rs 12  crore  and Rs 10  crore  respectively.  The  amount  raised  through  private  placement of  equity (i.e. preferential allotment and QIP route) too declined by 22.1 per cent from Rs 19,851 crore to Rs 15,469 crore. While equity issuance witnessed some slowdown, the debt issuance  by  private  placement  continued  its  momentum  in  June  2019.    The  total  debt  issuance  (both  public  and  private  issuance)  increased  by  11.9  per  cent.  The  debt  issuance  through  private  placement  increased  by  12.6  per  cent  from  Rs  43,577  crore  to  Rs 49,072  crore  in  June  2019, while amount raised through public issue of  debt fell from Rs 1,048 crore in May 2019 to Rs 852 crore in June 2019.  

Multiplex operator PVR on Thursday reported 69 per cent year-on-year decline in its consolidated net profit at Rs 16.18 crore for the first quarter ended June 30, 2019, due to sharp rise in financial cost.

"The company had posted consolidated net profit of Rs 52.15 crore in June quarter of 2018 and Rs 46.70 crore in March quarter 2019," PVR said in a filing to the Bombay Stock Exchange.

Consolidated total income rose by 27 per cent to Rs 887.16 crore as compared to Rs 700.53 crore in the year-ago period.

State-owned Bank of Baroda (BoB) on Thursday reported a standalone net profit of Rs 709.87 crore for the first quarter ended June 30, 2019. This was the banker's first earnings announcement after it merged Dena Bank and Vijaya Bank with itself.

 

Auto major Tata Motors on Thursday reported a consolidated net loss of Rs 3,679.66 crore for the first quarter ended June 30, 2019, dented by muted volume growth in domestic business as well as in its British arm Jaguar Land Rover (JLR).

"The company had posted consolidated net loss of Rs 1,862.57 crore in June quarter of 2018 and profit of Rs 1,117.48 crore in March quarter 2019," Tata Motors said in a filing to the Bombay Stock Exchange.

The company said profit was impacted by demand slowdown, higher axle loads, liquidity stress, low freight availability for cargo operators.

Consolidated revenue declined by 7.84 per cent to Rs 61,467 crore as compared to Rs 67,701 crore in the year-ago period, Tata Motors said in the regulatory filing.

BSE Sensex pre-opens at 37,902 against the last close of 37,830.98 and Nifty starts the day's tick at 11248.50 compared to last close of 11,252.

Sensex Today: Domestic equity benchmarks BSE Sensex and NSE Nifty registered major losses by the opening bell, with S&P Sensex at 37,831.18 against the last close of 37,830.98 and Nifty50 at 11,247.45 level compared to last close of 11,252.

On the sectoral front, while buying interest in Bank and Financials indices provided mild support to major trend, high selling pressure in IT, Media and Energy stocks dragged index down.

Tata Steel today announced acquisition of 2.58 crore rights equity shares of Tata Sponge Iron ltd at Rs 500 per share aggregating to Rs 1292.2 crore after which Tata Steel has now increased stake from 54.5% to 75.91% in Tata Sponge Iron.

Punjab National Bank announced that the Bank's Board has granted approval for raising Equity Capital amounting up to Rs.5000 Crore in one or more tranches via Qualified Institutional Placements (QIP)/ Follow-on Public Offer (FPO)/Rights Issue.  

Rupee opens at 69.12 against the dollar from its last close of 69.05 The Indian rupee on Friday opened weak at the Interbank Foreign Exchange, as the Brent crude prices, cautious opening in domestic equities and foreign fund outflows weighed on the local unit. After opening at 69.12, the local currency fell to 69.14 against the US dollar, showing a decline of 10 paise over its previous closing of 69.04. The local unit however pared some losses and was trading at 69.05 against the dollar later.  

Sensex Today: Domestic equity benchmarks BSE Sensex and NSE Nifty capped early losses to trade on a bullish note by the afternoon session on Friday. S&P Sensex currently trades at 37,993 by an advance of 102 points and Nifty50 has risen 40 points to 11,293 level.