Share Market Update :Equity market indices Sensex and Nifty traded on a bullish note on Thursday and closed 0.60% higher, as stock-specific action post Q3 result announcements kept domestic benchmarks buoyed. Sensex ended 271 points higher at 41,386 and Nifty closed 73 points higher at 12,179. Sectorally, except media, all the other indices ended in the green today, with realty climbing over 2%, followed by 1% gain in banking scrips.
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 on a bullish note on Thursday and closed 0.60% higher, as stock-specific action post Q3 result announcements kept domestic benchmarks buoyed. Sensex ended 271 points higher at 41,386 and Nifty closed 73 points higher at 12,179. Sectorally, except media, all the other indices ended in the green today, with realty climbing over 2%, followed by 1% gain in banking scrips.
PNB Housing Finance Q3 results
3: 30 PM
Shares of PNB Housing Finance slipped 8% intraday to the day's low of Rs 525.20 on BSE, after the company posted Decmeber quarterly results today. Net profit of the Housing Finance company stood at at Rs 237 crore for the period ended December 31, 2019. Company's Revenue for the quarter under review came in flat at Rs 2,075 cr YoY. Company's Tax expense in Q3 FY20 fell to Rs 61.2 crore as against Rs 138.6 crore in Q3 FY19 (YoY).
Laurus Labs gains 5%
3: 15 PM
Laurus Labs shares touched an intraday high of Rs 422.4, rising 5.72% on BSE, after the company said it has recieved Establishment Inspection Report for the Pre-Approval Inspection from USFDA for Unit-II at Visakhapatnam. The Pre-Approval Inspection was carried out from November 4-8, the filing added.
Raymond gains nearly 5% post Q3 results
2: 50 PM
Raymond share price opened with a gain of 4.74% today and later the stock touched an intraday high of Rs 705.9, rising 4.87% on BSE after the company posted healthy quarterly figures yesterday.
Consolidated revenue of the company for the quarter under review grew 12% YoY at Rs 1,903 crore. Company's EBITDA for the quarter declined by 2% YoY to Rs 182 crore, while its EBITDA margin came in at 9.6%. Company reported Net Profit at Rs 196 crore on one off gain. Debt reduction during the quarter stood at Rs 415 crore, led by Rs 350 crore infusion from net proceeds of land sale.
DB Corp Q3
2: 35 PM
The company has reported 12.8% growth in net sales of Rs 1,746.55 crore during the 9 months period ended December 31, 2019 as compared to Rs 1,888.30 crore during the 9 months period ended December 31, 2018.
DB Corporation today posted net profit of Rs 250.92 crores for Q3 FY20, rising 8.01% as against Rs 219.38 crores in Q3 FY19.
Following the result update, DB Corp shares touched an intraday high of Rs 150.2, rising 5.51% on BSE.
Indian Oil top gainer
2: 30 PM
Shares of Indian Oil were trading as the top gainer, rising 5.67% on NSE after the Petroleum refining company signed MoU with the National Petroleum Authority (NPA) of Ghana, for providing assistance and technical expertise in implementation of the National LPG Promotion Policy in a step that will further strengthen relations between the two sides.
The agreement was exchanged in the presence of Petroleum Minister Dharmendra Pradhan, High Commissioner of Ghana to India Michael Aaron, Director of Petrochemicals and Business Development at the Indian Oil G.K Satish, Marketing Director Gurmeet Singh, and other senior officials of the NPA and Indian Oil.
Expert opinion on Axis Bank
2: 20 PM
Commenting on the Q3 performance of Axis Bank, Santosh Meena, Senior Analyst from TradingBells said," Axis Bank posted good set of results after disappointments by IndusInd Bank, Kotak Bank and HDFC Bank. Though Net profit is below estimates but it witnessed decent loan growth of 5.5% and NII growth of 15%. Slippages have increased due to exposure to telecom sector but there is no sharp rise in stressed assets."
He added further,"Stocks has already corrected ahead of results where 710- 700 is a strong support area for the stock and if it manages to hold this level then we can expect a short covering rally towards 200-DMA of 733."
Canara Bank rises 3% post Q3 earnings
1: 55 PM
Canara Bank has reported financial results for the period ended December 31, 2019. Canara Bank's consolidated net profit stood at Rs 406.43 crores in Q3 FY20 as against Rs 357.64 crores for Q3 FY19, resgietering a growth of 0.23%.
The company has reported 0.14% rise in net sales to Rs 15,531.80 crores during the period ended December 31, 2019 as compared to Rs 14,625.20 crores during the period ended December 31, 2018.
Following the result update, Canara Bank shares touched an intraday high of Rs 225.6, rising 3.08% on BSE.
NMDC shares decline 3%
1: 40 PM
Shares of NMDC limited touched an intraday low of Rs 127.3, falling 3.78 on BSE after the company announced that a minor fire accident occurred on 21 January at Kirandul Complex due to friction at discharge end of take-up pulley. The incident has not hamphered production from this complex and the same will be made up from Dep-11B, the filing added further. The comany said it expects restoration work taken after fire accident to be completed today.
Bharti Airtel gains 1.5% on rating upgrade by ICRA
1: 25 PM
Bharti Airtel Limited shares were trading 1.5% higher at Rs 521.80 by the afternoon sessionon Thursday after the rating firm ICRA removed 'Rating watch with negative implications' from Bharti Airtel stock and reaffirmed the outlook to stable.
The brokerage house cited successful completion of Bharti Airtel's fund raising exercise of USD 3 billion (approximately Rs 21,600 crore) via equity and equity convertible instruments as the rating rationale for the stock.
AU Small Finance Bank reports 100% YoY surge in PAT, shares hit new 52-week high
1: 20 PM
Shares of AU Small Finance Bank on Thursday climbed over 13% on Thursday to hit a fresh 52-week high after the lender reported doubling of net profit for the quarter ended December 2019, helped by higher income and lower tax outgo.
The lender reported 100% rise in its consolidated net profit to Rs 190.19 crore for the quarter ended December 2019, as against Rs 95.33 crore recorded during the same period a year ago.
Bank's total income of Q3 FY20 rose to Rs 1,272.83 crore compared to Rs 894.29 crore in Q3 FY19.
Following the results update, shares of AU Small Finance Bank opened with a gap up chart pattern today and later zoomed 13.59% or 120 points higher to the intraday high of 1,007.25 on the BSE. On the NSE, it gained as much as 13.6% per cent to Rs 1,008, against the previous close of Rs 887.05.
YES Bank share price gains over 7%
1: 00 PM
Shares of private lender YES Bank surged over 7% on Thursday trade after the lender announced that it has sold 2.08% of the bank's capital to Sical logistics.
In another update, State Bank of India Chairman Rajnish Kumar told Bloomberg that he's certain "some solutions will emerge" to steady Yes Bank, which has been on a prolonged quest to raise new capital.
"Yes Bank is a significant player in the market with an almost $40 billion balance sheet," SBI Chairman Rajnish Kumar told Bloomberg in Davos. "I have a feeling that it will not be allowed to fail," he further added.
Following the latest updates, YES Bank shares touched an intraday high of Rs 41.35, rising 7.54% on BSE today, against the previous close of Rs 38.45.
Hindustan Fluorocarbonsfalls 10% on closure update
12: 45 PM
Shares of Hindustan Fluorocarbons were locked at 10% lower circuit, with the shares hitting a new -52 week low of Rs 7.83 today, after the Union Cabinet on Wednesday approved closure of the company.
"CCEA approves closure of HFL, a central public sector enterprise under the department of chemicals and petrochemicals," an official statement said. Shares of Hindustan Fluorocarbons closed 8.61% higher at Rs 8.70 on Wednesday.
Crude oil declines over China's flu-like virus fears
12: 25 PM
Investors globally grew more anxious about the spread of a new flu-like virus in China just as millions prepared to travel for the Lunar New Year. Deaths in China from the new coronavirus rose to 17 on Wednesday, with nearly 600 cases confirmed.
The likely hit to airline travel from the contagion sent oil futures skidding to seven-week lows, while the International Energy Agency's warning of an oil surplus and a larger-than-expected increase in U.S. crude inventories re-kindled fears of excess supply. Crude 1.8% ower at USD 62.5 per barrel today.
11: 35 AM
According to traders, despite selloff in other Asian equities amid fears of contagion after a deadly new virus emerged from China, stock-specific action in index heavyweights due to Q3 result announcements kept domestic benchmarks buoyed.
Asian Paints Q3 profit jumps 20% to Rs 780 crore
11: 30 AM
Asian Paints reported 20.5% growth in consolidated profit in the December quarter to Rs 779.7cr from Rs 647.3cr during the same period last year. Revenue from operations were at Rs 5,420.3cr, up 3% YoY.
"The decorative business segment in India registered a low double-digit volume growth, impacted by the slowdown in the overall economy. Automotive coatings JV (PPG-AP) business continued to be impacted by the downturn in the automobile industry, while the industrial coatings JV (AP-PPG) business saw some demand pick-up in the protective coatingssegment," Managing Director & CEO KBS Anand said.
Asian Paints' EBITDA grew 7.7% YoY to Rs 1,189.4 crore and margin expanded 100bps to 21.9% in the December quarter. Tax expenses for the quarter at Rs 277.5 crore declined 15% YoY.
While Citi has raised target price of the stock to Rs 1,925, Emkay has raised the target to Rs 1,820, JP Morgan to Rs 1,880, Macquarie to Rs 1,780.
Following the result update, shares of Asian paints declined marginally by 0.88% to the intraday low of Rs 1,763.30 on BSE.
Ujjivan Small Finance Bank rises 4% post Q results
11: 20 AM
Ujjivan Small Finance Bank's net profit for the quarter doubled at Rs 90 crore. Net interest income (NII) surged 52%, while Net interest margin fell 10.9% for the quarter as compared with 11% in the year ago period. Ujjivan's gross advances grew 46% to Rs 13,617 crore, with non-micro loan portfolio growing to 22% against 14% a year back. Asset quality remained stable with gross non-performing assets ratio at 0.9% and net NPA ratio at 0.4%.
Following the results update, shares of Ujjivan Small Finance Bank opened with a gain of 3.02% today and later touched an intraday high of Rs 53.8, rising 4.77% on BSE.
ITI drops 7% on FPO announcement
11: 10 AM
Shares of Indian Telephone Industries Limited (ITI) fell 7.26% today tot he intraday low of Rs 92.55 after the company announced that it plans to raise up to Rs 1,400 crore via follow-on public offer (FPO) at Rs 72-77 per share. The telecom equipment maker's issue will close on January 28. ITI intends to use the proceeds to fund its working capital requirements for FY20 and repay loans fully or partially.
DHFL falls 2% post Q3 result
The shares of Dewan Housing Finance Corporation were trading at Rs 16.00 a piece on BSE in morning trade, down 2% from the previous close, after the company posted loss for the Septermber quarter yesterday, post market hours.
DHFL on Thursday has reported a consolidated net loss of Rs 6,640.62 crore for the quarter ended September 30, 2019, as against Rs 439.51 crore in the year-ago period. The consolidated total revenue from operations of DHFL in July-September period dropped to Rs 2,106.71 crore over Rs 3,483.32 crore in the year-ago period.
CEAT stock gains 3% post Q3 earnings
10: 50 AM
CEAT stock price opened with a gain of 3.05% today and touched an intraday high of Rs 1030, after the company posted its quarterly results for October-December quarter post the market closing session of Wednesday.
Ceat Ltd's Q3 Net profit recorded during Q3 FY20 came in flat at Rs 52.8 cr (YoY). Ceat's Revenue reported 1.9% rise to Rs 1,762 cr for the quarter ended December 31, 2019, as against Rs 1,730 cr (YoY) recorded in the same period a year ago. Company's EBITDA stood at Rs 183.2cr, registering a rise of 28.5% (YoY) compared to Rs 142.6 cr in Q3FY19. Shares of Ceat Ltd closed 0.79% lower at Rs 999.50 on Wednesday.
Infosys top gainer today
10: 45 AM
Shares of Infosys jumped 1.44 % today and traded as the top gainer on NSE after the government said it was working with the managed service provider for the goods and services tax (GST) regime, to improve the performance of GSTN filing portal on a permanent basis.
Zuari Agro Chemicals gains 3%
10: 35 AM
Zuari Agro Chemicals rose 3% intraday after the company informed the exchanges that NPK - A Plant of the company has been shut down due to non-availability of raw material.
Cipla down 2% after USFDA tags Goa unit as OAI
10: 30 AM
Cipla stock price opened with a loss of 2.02% today and touched an intraday low of Rs 460, trading as the top losers on NSE after the pharma major announced that drug regulator USFDA has tagged Goa unit of the company as Official Action Indicated (OAI).
The company does not believe that this will have any material impact on the US business at this stage. The company has a strong track record of maintaining the highest standard of compliance and will work closely with the agency to comprehensively address the observations received, the filing added.
Alembic Pharmaceuticals decline 1% post Q3 result
10: 20 AM
Alembic Pharmaceuticals on Wednesday reported a 37.89% yearly rise in consolidated net profit to Rs 234.19 crore for the quarter ended December 31, 2019, as against Rs 169.83 crore for the corresponding period of the previous fiscal, mainly on account of robust growth in international markets.
"It was a good quarter for the company led by strong growth in the International markets. We launched 7 products in the US market during the quarter," Alembic Pharmaceuticals MD Pranav Amin said.
Company's consolidated revenue from operations rose to Rs 1,209.13 crore for the quarter as against Rs 1,018.15 crore for the same period year ago.
RBL Bank falls 4% post Q3 results
10: 15 AM
RBL Bank shares declined as much as 4% today to the day's low of Rs 325.50 o nBSE, as the company posted de-growth in its Net profit of nearly 70% (YoY) to Rs 69.9 cr in the quarter under review as against Rs 225.2 cr reported in the same quarter last year. Lender's Net Interest Income grew 41% to Rs 923 cr as compared to Rs 655 cr. On a yearly basis, company's GNPA stood at 3.33% as against 1.38% and its NNPA came in at 2.07% vs 0.72%. Provisions of RBL Bank during October-December quarter stood at Rs 638 cr compared to Rs 533 cr on a quarterly basis, recording a growth of 19%. Shares of RBL Bank closed 0.67% lower at Rs 339.10 on Wednesday.
Rupee opens nearly flat
10: 10 AM
Indian Rupee, the local currency, opened flat on Thursday at 71.21 per US dollar, as against yesterday's close of 71.19 per dollar.
SBI Life Insurance rises over 2% post Q3 earnings
10: 05 AM
Shares of SBI Life Insurance touched an intraday high of Rs 1004.35, rising 2.24% on BSE, after the NBFC company posted healthy quarterly earnings yesterday, post market hours.
The company on Wednesday reported a 47.4% growth in profit after tax (PAT) at Rs 389.44 crore for the third quarter ended December 2019, compared to Rs 264.28 crore during the October-December period previous year. Company's solvency ratio as on December 31, 2019, was at 2.30 as against the regulatory requirement of 1.50. New business value for 9MFY20 registered growth of 27% at Rs 1,650 cr. Gross Premium Income grew 28.3% at Rs 11,760 cr in the quarter under review as against Rs 9,169 cr recorded in a year ago period. Shares of SBI Life Insurance closed 0.96% higher at Rs 928.35 on Wednesday.
L&T, Axis Bank top gainers today
10: 00 AM
Shares of L&T and Axis Bank were trading as the top gainers today, rising above 2.5% each, after the companies posted healthy quarterly earnings yesterday, post market hours. L&T share price rose to the intraday high of Rs 1339.50, rising 3.3%, while Axis Bank shares climbed 3.4% to the intraday high of Rs 737.3.
L&T's consolidated Profit After Tax (PAT) from continuing operations for the quarter ended December 31, 2019, at Rs 2,560 cr, registering a growth of 15% over Rs 2218.68 cr recorded in the corresponding quarter of the previous year. Larsen & Toubro recorded consolidated Revenue of Rs 36,243 cr from continuing operations for the quarter ended December 31, 2019, achieving growth of 6% (YoY) from Rs 36,233 cr. Shares of L&T closed 0.64% lower at Rs 1,294.25 on Wednesday.
Axis Bank's Q3 Net profit during quarter under review grew 5% (YoY) to Rs 1,757 cr as compared to Rs 1,681 cr recorded in December quarter in a year ago period. Lender's Net Interest Income grew 15% to Rs 6,453 cr as against Rs 5,604 cr on a yearly basis. Provisions of Axis Bank during October-December quarter stood at Rs 3,470.92 cr compared to Rs 3,518.39 cr on a quarterly basis, recording a growth of 19%. On a quarterly basis, Fresh slippages (QoQ) stood at Rs 6,214 cr in Q3 FY19 as against Rs 4,983 cr in Q2 FY20. Shares of Axis Bank closed 1.08% lower at Rs 710 on Wednesday.
Market turns majorly bullish
9: 45 AM
Equity market indices Sensex and Nifty have turned majorly bullish by the first hour of trade on Thursday, amid heavy buying in PSU Banking, realty and metal stocks. Sensex has gained 238 points to 41,354 and Nifty traded at 12,170, rising 60 points higher. Sectorally, except FMCG and media, all the other indices traded in the green today, with PSU Banking and realty climbing 1.20% each, followed by 0.80% gain in metal scrips. Axis Bank, L&T, Indian Oil, Infosys and Coal India were among the top gainers today. On the other hand, Zee Entertainment, UPL, Infratel, Tech Mahindra and Cipla were trading as the top losers today.
On Thursday, Sensex traded 50 points higher at 41,179 and Nifty traded 15 points higher at 12,120
Global cues muted
9: 00 AM
Asian and US indices fell as investors remained anxious about the spread of a new flu-like virus in China. Deaths in China from the new coronavirus rose to 17 on Wednesday, with nearly 600 cases confirmed.
On Wall street, Dow Jones Industrial Average fell 9.63 points, or 0.03%, to 29,186.41, the S&P 500 gained 0.98 points, or 0.03%, to 3,321.77 and the Nasdaq Composite added 12.96 points, or 0.14%, to 9,383.77.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.45%. Australian shares were down 0.57%, while Japan's Nikkei index slid 0.6%. Excecpt Strait and Taiwan index, all the other key indices in Asia traded in red, with most fall seen in Hang Seng and Nikkie. SGC Nifty, KOSPI and Shanghai Comp index traded muted.
FII/ DII action on Wednesday
8: 55 AM
On a net basis, foreign institutional investors sold equities worth Rs 176 crore, while domestic institutional investors offloaded shares worth Rs 326 crore on Tuesday, data available with stock exchanges showed.
Q3 Earnings Today
8: 50 AM
Biocon, Canara Bank, PNB Housing Finance, PVR, Radico Khaitan, HDFC Life Insurance, HT Media, JM Financial, Oriental Bank of Commerce, GHCL, Reliance Nippon Life Asset Management, Zee Media Corporation, Cholamandalam Investment and Finance, Rane Braking, GMM Pfaudler, Indiabulls Ventures, EIH Associated Hotels, JK Agri Genetics, Pioneer Distilleries, South India Paper Mills are among others will be releasing their Q3 results today
Stocks in the news
8: 45 AM
Biocon, Canara Bank, PVR, PNB Housing, HDFC Life, L&T, SBI Life, Axis Bank among others are the top stocks to watch out for in Thursday's trading session
Stocks in focus post Q3 results
8: 40 AM
Ceat Ltd, RBL Bank, Axis Bank, SBI Life Insurance and L&T will be in focus today after the index heavyweights submitted their third quarterly results post market hours yesterday.
8: 30 AM
BSE Sensex ended 208 points lower at 41,115 and NSE Nifty closed 62 points lower at 12,106. Sectorally, except pharma, IT and media scrips, all the other sector based indices closed in the red. On domestic front, market participants awaited quarterly results by few index heavyweights. Pre-budget correction in the market is also likely.