Share Market Update: Equity market indices Sensex and Nifty traded bearish and closed 0.50% lower on Tuesday, tracking bearish trend from overseas, amid December earnings season. The 30-share BSE Sensex ended 205 points lower at 41,323. Similarly, the broader index NSE Nifty closed 54 points lower at 12,169. Sectorally, except media and PSU Banks, all the other indices ended in the red, with auto, media and realty indices declining over 1% each. Globally, sentiments were downbeat after IMF lowered the estimated world economic growth. On domestic front, market participants said poor quarterly results by few index heavyweights and increased USD denomination on INR weighted on traders. Pre-budget correction in the market is also likely. Traders are expected to buy on decline in market on hopes of a favorable Union Budget and higher government spending for growth in economy. During Monday's early session, Sensex has climbed to a fresh all-time high of 42,273.87 from 42,062 recorded earlier and Nifty traded near the record high of 12,430.50 from 12,385 earlier. Zee Entertainment, ICICI Prudential Life, HDFC AMC, IndiaMART InterMESH, Polycab India, Granules India, Havells India among others will announce their Q3 earnings today.
Here's a look at the live updates of the market action on BSE and NSE today:
3: 45 PM
Equity market indices Sensex and Nifty traded bearish and closed 0.50% lower on Tuesday, tracking bearish trend from overseas, amid December earnings season. The 30-share BSE Sensex ended 205 points lower at 41,323. Similarly, the broader index NSE Nifty closed 54 points lower at 12,169. Sectorally, except media and PSU Banks, all the other indices ended in the red, with auto, media and realty indices declining over 1% each.
Newgen Software Technologies rises 18% intraday on healthy Q3 earnings
2: 40 PM
Profit after tax stood at Rs 24.0 crore, up 33% due to revenue growth and cost optimization, while company's EBITDA was at Rs 35.8 crore, rising 34%. Revenue from operations (Consolidated) rose 15% yearly to Rs 185 crore as compared to Rs 160.5 crore in Q3FY19. Revenue from Sale of Products/ License were at Rs 35.9 crore, Annuity Revenue streams (ATS/AMC, Supportand Cloud/SaaS) at Rs 102.6 crore, Implementation & Digitization revenues at Rs 46.4 crore.
"As expected, business is picking up in the second half of the financial year leading to strong growth in revenues and profitability. Specifically, the EMEA region has performed very well during this quarter. We acquired a total of 50 new logosgloballyin the first 9 months of the financial year," said Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd.
Following the result update, shares of Newgen Software Technologies rose 18% intraday to Rs 243.
Hindustan Aeronautics climbs 5.4% on renewal of working capital
2: 35 PM
Hindustan Aeronautics rose 5.4% in trade on Tuesday after the company saisd that Competent Authority has approved enhancement of Working Capital Limit from Rs 7,300 crore to Rs 12,050 crore including the issuance of Commercial Papers of maximum of Rs 5,000 crore, as sanctioned by SBI & other consortium banks.
Rane Madras declines over 1.5% post Q3 results
2: 25 PM
Shares of Rane Madras fell nearly 2% on Tuesday after the company reported net loss of Rs 7.17 crore that widened 954.41% in a year's period. Rane Madras' net loss widened 954.41% on a yearly basis to Rs 7.17 crore during Q3FY20 as against Rs 0.68 crore loss recorded in Q3FY19. Company has reported net sales of Rs 320.46 crores during the period ended December 31, 2019 as compared to Rs 387.68 crore during same period last year, registering a de-growth of 17.34%
ICICI Prudential Life gains over 1% post Q3 earnings
2: 00 PM
ICICI Prudential Life rose over 1% post announcing its Q3 earnings today. Company's net profit rose 1.9% (YoY) to Rs 302.5 crore in Q3 FY20 as compared to Rs 297 crore recorded in Q3 FY19. Company's net premium income climbed 8.7% (YoY) to Rs 8,131 cr during quarter ended December 2019 as against Rs 7,483 crore reported in the same period last year.
Granules India up 1.5% post Q3 results
1: 55 PM
Granules India gained 1.5% after the reported a 6% rise in its consolidated net profit, despite a one-time loss of Rs 32 crore due to impairment.
On a consolidated basis, Granules India net profit rose 6.1% YoY to Rs 64 crore in December quarter of 2019, as against Rs 60.3 crore, reported in December quarter of 2018. Company also reported one-time loss of Rs 32 crore due to impairment. Company's revenues were up 11.4% at Rs 704 crore in Q3FY20 as compared to Rs 631.8 crore recorded during Q3 FY19. Company's EBITDA rose 44.% to Rs 163.2 crore versus Rs 113.3 crore, while its margins stood at 23.2% this quarter compared to 17.9% in the same quarter last year. Granules India board has approved share buyback of up to 1.25 crore equity shares worth Rs 250 crore at Rs 200 per share. Granules India Ltd board has also declared 3rd interim dividend of Rs 0.25.
Granules India shares gained 3.7% intraday on Tuesday and touched the day's high of Rs 152.70, ahead of its Q3 earnings.
Reliance Industries gains 1% on Berstein stock rating update
1: 35 PM
RIL gained 0.90% in trade on Tuesday after brokerage house Bernstein revised the rating fro RIL to 'Outperform' from 'Market Perform', indicating that stock will outpace the market index by more than 15 pp in the year ahead. Bernstein also upggraded the RIL's stock price with a target price of Rs 1,890 per share.
With activities spanning oil and gas, telecoms, retail media and fintech, Reliance is one of the most diversified conglomerates in India if not the world, the rating update of the brokerage house said and added Reliance dominates energy, telco and retail in India, the same way that Exxon, AT&T and Amazon does in the US.
Oil India shares decline over 1.5%
12: 30 PM
Oil India share price decline 1.5% intraday to Rs 147.10 on Tuesday after the Department of Telecommunications (DoT) has asked the firm to pay Rs 48,000 crore in principal dues together with interest and penalty for using optic fibre network for internal communication. The dues sought are double the net worth of Oil India. As per the PTI report, Oil India plans to challenge DoT's demand before Telecom Disputes Settlement and Appellate Tribunal (TDSAT). Shares of Oil India closed 4.66% lower at Rs 149 on Monday.
Vodafone Idea rises 17%
11: 55 AM
Vodafone Idea shares rose 17% in trade today after the telecom major jointly with other teleocs filed a modification application in the Supreme Court on Monday, seeking more time to pay the adjusted gross revenue (AGR) dues to the government that are due till Thursday. "The application has been filed and the matter is likely to be heard on Tuesday," said Shally Bhasin, partner, Agarwal Law Associates, representing Vodafone Idea.
Granules India gais 3% ahead of result
11: 45 AM
Granules India shares opened with a gain of 3.66% today and touched an intraday high of Rs 150.8, rising 6.2% on BSE, ahead of quarterly results scheduled to be announced today.
L&T Infotech shaers rise 1.2% on CRISIL's ratings
11: 35 AM
Shares of L&T Infotech rose 1.2% to the intraday high of Rs 1,917.20 on BSE after the company said that brokerage house CRISIL has upgraded L&T Infotech's long-term ratings.
KEI Industries rises 6.5% post Q3 results
11: 30 AM
Shares of KEI Industries rose 6.5% intraday to the high of Rs 550.50 on BSE after the company posted 50% rise in its consolidated net profit.
The company has reported net sales of Rs 131.90 cr during the period ended December 31, 2019 as compared to Rs 108.94 cr during the period ended December 31, 2018, registering a grwoth of 21.08% on a YoY basis.
The company has posted a rise of 50% in its consolidated net profit to Rs 7.25 cr for Q3FY20 as against Rs 4.82 cr for Q3FY19.
Apollo Tricoat Tubes falls 2.6% post Q3 result
Apollo Tricoat Tubes shares opened with a loss of 2.62% today and later touched an intraday low of Rs 335.95 on BSE post its Q3 results for FY20. The company has posted a net profit of Rs 18.01 cr for the period ended December 31, 2019, as against Rs 0.46 cr for the period ended December 31, 2018, registering a rise of 3815.22%. Net sales stood at Rs 229.04 cr during Q3 FY20 as compared to Rs 0.70 cr during Q3 FY19.
ICICI Securities gain 2% post Q3 result
11: 20 AM
ICICI Securities stock price opened with a gain of 2.46% today and touched an intraday high of Rs 435 on BSE following the result update.
ICICI Securities reported a 36% rise in consolidated profit to Rs 137 crore for the third quarter of 2019-20. In comparison, the company's profit stood at Rs 101.1 crore in the October-December quarter of 2018-19
The company's total income also rose to Rs 422.12 crore, compared with Rs 404.7 crore in the third quarter of the previous fiscal. ICICI Securities' revenues from retail equities and allied business climbed 5% to Rs 228 crore from Rs 216 crore in the year-ago period.
MOIL falls 3.2%
11: 15 AM
Shares of MOIL fell 3.2% lower following update the Government has divested 6.4% stake in the company on January 16, 2020. Company has extinguished 2,02,81,009 fully paid up Equity Shares of Rs 10 each, the filing said.
11: 10 AM
After hitting an intra-day low of 41,301.63, the 30-share BSE index pared losses to trade 86.90 points or 0.21 per cent lower at 41,442.01. Similarly, the broader NSE was trading 18.90 points, or 0.15 per cent, lower at 12,205.65
Rupee opens weak
At the interbank foreign exchange market, the local currency opened on a weak note at 71.17 and fell further to hit a low of 71.19 against the US dollar. The domestic unit had settled at 71.11 against the American currency on Monday.
According to traders, domestic investors turned wary amid subdued quarterly results by key index constituents and negative cues from global markets.
Shares of Hindustan Zinc falls over 2%
10: 55 AM
Hindustan Zinc shares declined 2.1% intraday after the compny posted results for Q3 FY 20. Company's net profit stood at Rs 1,620 cr as against Rs 2,211 cr reported in the same quarter last year, registering a fall of 26.7%. However, company's revenue fell 15.7% to Rs 4,672 cr in the quarter ended December 2019 compared to Rs 5,540 recorded in the quarter ended December 22018. The company said the EBITDA stood at Rs 2,288 cr in Q3FY20, rising 8% compared to September quarter, on back of higher metal and silver production. Shares of Hindustan Zinc closed 0.23% lower at Rs 216.50 on Monday.
Zee Entertainment amongst top gainers ahead of Q3 results
10: 50 AM
Zee Entertainment shares were trading amongst top gainers, rising 3.8% higher ahead of Q3 results, scheduled to be announced today.
Can fin Homes rise 5.7% higher after Q3 results
10: 45 AM
Shares of Can fin Homes rose 5.7% higher in traday on Tuesday after the compnay posted healthy results for the Decmber quarter. The housing finance company reported a 40% rise in net profit for Q3FY20 at Rs 106.61 crore as against Rs 75.82 crore in Q3FY19.
Company's Net interest income (NII) was up 23.9 percent at Rs 168.63 crore as compared to Rs 136.11 crore in the same quarter last year. Net interest margin (NIM) increased to 3.42 percent versus 3.31 percent YoY. Company's Gross NPA rose 4% to Rs 160.96 crore in Q3FY20 as against Rs 154.77 crore in Q2 FY20. Company's net NPA rose to Rs 118.72 crore from 113.19 crore QoQ.
Q3 Earnings Today
10: 35 AM
Zee Entertainment Enterprises, ICICI Prudential Life Insurance Company, HDFC Asset Management Company, IndiaMART InterMESH, Polycab India, Granules India, Hatsun Agro Product, Kaycee Industries, Havells India, Sasken Technologies, Rane (Madras), Newgen Software Technologies, Mahindra EPC Irrigation, Atishay Ltd, Digicontent, Gujarat Investa, Jay Bharat Maruti, United Drilling Tools, Tejas Networks, Syschem (India), Manaksia Aluminium Company among others will be releasing their Q3 results today.
10: 25 AM
Equity market indices Sensex and Nifty traded 0.30% lower on Tuesday, tracking bearish trend from overseas, amid December earnings season. After hitting an intra-day low of 41,301.63, the 30-share BSE Sensex pared losses to trade 86.90 points lower at 41,442. Similarly, the broader index NSE Nifty was trading 18.90 points lower at 12,205.
Federal Bank rises 2.7% on Q3 results
10: 20 AM
Shares of Federal Bank traded 2,7% higher on Tuesday after the lender reported a 32 per cent year-on-year increase in net profit during the December quarter this fiscal. The private sector lender posted net profit of Rs 440.64 crore during the quarter ended December 31, 2019, as opposed to Rs 333.63 crore in the year-ago period.
Net interest income (NII), the difference between interest earned and interest expended, increased 7.24 per cent to Rs 1,155 crore during the December quarter of FY20, as opposed to Rs 1,077 crore registered in the corresponding quarter last fiscal. Net interest margin of Federal Bank stood at 3 per cent during Q3 FY20.
Info Edge Shares rises 3%
10: 15 AM
Shares of Info Edge (India) , that owns stake in Zomato, touched an intraday high of Rs 2676.1, rising 3.01% on BSE following reports that Zomato has acquired Uber Eats for around Rs 2,485 crore ($350 million) in an all-stock deal. Uber Eats will seize to exist as a separate Uber brand in India now and all its customers will be automatically redirected to Zomato's app.
Just Dail drops 4% post Q3 results
Shares of Just Dial opened with a loss of 2.93% today and later touched an intraday low of Rs 563.75, falling 4.7% on BSE as the company posted results for Q3FY20. Company's consolidated net profit is up 6% to Rs 60 cr on YoY basis, from Rs 57.31 crore in the same period a year ago.
Revenue from operations increased by 3.8 per cent to Rs 235.42 crore during the reported quarter Q3FY20 from Rs 226.78 crore in Q3 FY19. On Monday, shares of Just Dial closed at Rs 579.65, down by 2.01 per cent, at BSE .
Gainers and Losers
9: 55 AM
Bharti Infratel, Zee Entertainment, Coal India, YES Bank, IndusInd Bank were among the top gainers today. UPL, Hero MotoCorp, Tata Steel, HDFC Bank and Kotak Mahindra Bank were trading as the top losers on Tuesday.
FII/ DII action on Monday
9: 50 AM
On a net basis, foreign institutional investors bought equities worth Rs 5.87 crore, while domestic institutional investors offloaded shares worth Rs 1,419.85 crore on Monday, data available with stock exchanges showed.
Factors for the bearish market today
9: 45 AM
Globally, sentiments were downbeat after IMF lowered the estimated world economic growth to 1.9 per cent for 2019. Similarly, it lowered projections for the global economy to 3.3 per cent in the current calendar year and 3.4 per cent in 2022. It has also lowered India's growth estimate to 4.8% for 2019.
Moreover, with Libya declaring force majeure on oil fields, oil prices have risen to nearly $66/bbl.
Added to this, there are fresh geopolitical concerns rising from the Mideast following reports of bombing near US Embassy in Iraq.
On domestic front, market participants said poor quarterly results by few index heavyweights and increased USD denomination on INR weighted on traders. Pre-budget correction in the market are also likely. Traders are expected to buy on decline in market on hopes of a favorable Union Budget and higher government spending for growth in economy.
Global Market Update
9: 35 AM
Asian stocks looked drifted amid weak cues and on modest losses in Europe market trading that was muted by a US holiday. SGX Nifty declined 66.50 points or 0.54% at 12,206. MSCI's broadest index of Asia-Pacific shares outside Japan slipping 0.9 percent. US Futures (Dow Jones) trades at 29178, down 101 points or 0.34%. Japan's Nikkei lost 0.8 percent and Shanghai blue chips shed 0.9 percent.
Market falls 0.45% in red territory
9: 20 AM
Within few minutes of the opening bell, domestic market indices Sensex and Nifty have collapsed 0.45% each. BSE Sensex trades 220 points lower 41,309 and Nifty trades at 12,170, down 55 points.Sectorally, except media and PSU Banks, all the other indices currently trade in the red.
Market opens lower
9: 15 AM
Equity market indices fell marginally lower on Tuesday, tracking overseas trend cues amid fresh geopolitical concerns. BSE Sensex traded 40 points lower and Nifty traded flat with positive bias.
Stocks in Focus
8: 45 AM
Investors are also awaiting December quarter earnings that are scheduled to be released today. Companies set to announce their earnings are Zee Entertainment, ICICI Prudential Life, HDFC AMC, IndiaMART InterMESH, Polycab India, Granules India, Havells India.
8: 30 AM
On Monday, BSE Sensex ended 416 points lower at 41,528 and NSE Nifty traded 121 points lower at 12,230 by the closing bell. During Monday's early session, Sensex has climbed to a fresh all-time high of 42,273.87 from 42,062 recorded earlier and Nifty traded near the record high of 12,430.50 from 12,385 earlier.