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As On 22-Aug-2019, 10:25 AM
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  • Nifty ends below 10,900 after RBI lowers growth estimate

    Key equity benchmarks ended the volatile session with steep losses on Wednesday, after the Reserve Bank of India (RBI) revised its growth forecast for the year to 6.9% from 7% estimated earlier. The Nifty slipped below the 10,900 level. Weakness in the metal, auto and banking stocks dragged the indices lower.

    The Sensex fell 286.35 points or 0.77% to settle at 36,690.50, its lowest closing level since 8 March 2019. The index rose 127.94 points, or 0.35% at the day's high of 37,104.79. The index fell 366.28 points, or 0.99% at the day's low of 36,610.57.

    The Nifty 50 index fell 92.75 points or 0.85% to settle at 10,855.50, its lowest closing level since 28 February 2019. The index rose 27.40 points, or 0.25% at the day's high of 10,975.65. The index fell 112.35 points, or 1.03% at the day's low of 10,835.90.

    In the broader market, the S&P BSE Mid-Cap index fell 0.44%. The S&P BSE Small-Cap index lost 0.11%.

    The market breadth turned negative from positive in late trade. On the BSE, 1109 shares rose and 1372 shares fell. A total of 160 shares were unchanged.

    Among the sectoral indices on the BSE, the S&P BSE Healthcare index (up 0.51%), the S&P BSE IT index (up 0.22%) and the S&P BSE Teck index (up 0.21%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Metal index (down 2.67%), the S&P BSE Auto index (down 2.10%) and the S&P BSE Energy index (down 1.52%) underperformed the S&P BSE Sensex.

    RBI after its monetary policy meeting today, 7 August 2019, cut the policy repo rate by 35 basis points to 5.75% with immediate effect.

    On the basis of an assessment of the current and evolving macroeconomic situation, RBI's monetary policy committee (MPC) decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 35 basis points (bps) from 5.75% to 5.40% with immediate effect.

    Consequently, the reverse repo rate under the LAF stands revised to 5.15%, and the marginal standing facility (MSF) rate and the bank rate to 5.65%. The MPC also decided to maintain the accommodative stance of monetary policy. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

    The real GDP growth for 2019-20 is revised downwards from 7% in the June policy to 6.9% - in the range of 5.8-6.6% for H1:2019-20 and 7.3-5 to 7.5% for H2 - with risks somewhat tilted to the downside; GDP growth for Q1:2020-21 is projected at 7.4%.

    The RBI reduced risk weight for consumer credit from 125% to 100%, except for credit card receivables. The exposure limit for single non-banking finance companies is raised to 20% from 15%. Bank lending to NBFCs for agriculture & SME loans eligible for priority sector classification.

    HCL Technologies was down 0.2% to Rs 1022.3. On consolidated basis, net profit declined 12.55% to Rs 2230 crore on 2.73% increase in net sales to Rs 16,427 crore in Q1 June 2019 over Q4 March 2018. The announcement was made after market hours today, 7 August 2019.

    Reliance Industries lost 1.68%. The company and BP have agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India. Building on Reliance's existing Indian fuel retailing network and an aviation fuel business, the partners expect the venture to expand rapidly to help meet the country's fast-growing demand for energy and mobility. The announcement was made after market hours yesterday, 6 August 2019.

    Adani Ports and Special Economic Zone lost 0.84%. The company's consolidated net profit rose 46% to Rs 1011 crore on 16% increase in net sales to Rs 2794 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 7 August 2019.

    Consolidated EBITDA increased 16% to Rs 1843 crore in Q1 June 2019 from Rs 1588 crore in Q1 June 2018 on the back of continued strong cargo volume growth. The EBITDA margin stood unchanged at 66% in Q1 June 2019.

    The company reported cargo volume growth of 18% to 57 million metric tonnes (MMT) in Q1 June 2019 compared with 48 MMT in Q1 June 2018. Adani Ports and Special Economic Zone (APSEZ) handled record container volume of over 1.5 Million TEU's in Q1 June 2019.

    Cipla rose 3.76%. The company's consolidated net profit rose 6% to Rs 478.19 crore on 1.26% increase in net sales to Rs 3,894.46 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 7 August 2019.

    The company's earnings before interest tax depreciation and amortization (EBITDA) increased 25% to Rs 905 crore in Q1 June 2019 from Rs 726 crore in Q1 June 2018.

    Avenue Supermarts fell 3.78%. The company announced that its promoter, Radhakishan Damani, intends to sell 62.30 lakh equity shares, or 1% stake, to comply with the requirements of minimum public shareholding. Damani will sell his shares between 8 to 14 September 2019. The announcement was made after market hours yesterday, 6 August 2019.

    Lupin gained 4.11%. the drug maker's consolidated net profit rose 49.46% to Rs 303.05 crore on 15.4% increase in net sales to Rs 4355.83 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 7 August 2019.

    Most metal stocks declined. Jindal Steel & Power (down 10.52%), Steel Authority of India (down 3.58%), NMDC (down 3.2%), Vedanta (down 3.02%), JSW Steel (down 2.57%), National Aluminium Company (down 2.49%) and Hindalco Industries (down 2.38%), edged lower. Hindustan Copper (up 0.32%) and Hindustan Zinc (up 1.1%), advanced.

    Tata Steel fell 4.75%. The steel major announced termination of equity stake in Tata Steel (Thailand) Public Company and NatSteel Holdings as HBIS Group have not been able to procure the requisite approvals from the Hebei Government, one of the key conditions precedent for the proposed stake sales. The company has begun engagement with other investors in continuation of its strategy to find a partner for the South-East Asian business. The announcement was made after market hours yesterday, 6 August 2019.

    Most public sector bank shares declined. Bank of Baroda (down 6.33%), Punjab National Bank (down 5.81%), Bank of India (down 4.51%), State Bank of India (down 3.75%), Canara Bank (down 3.25%), Andhra Bank (down 3.21%), IDBI Bank (down 3.19%), Union Bank of India (down 2.9%), Allahabad Bank (down 2.29%), UCO Bank (down 1.23%), Indian Bank (down 0.57%), Bank of Maharashtra (down 0.16%) and United Bank of India (down 0.1%) tumbled.

    Central Bank of India jumped 15.23%. The bank reported a net profit of Rs 118.33 crore in Q1 June 2019 as compared to a loss of Rs 1522.24 crore in Q1 June 2018. The result was announced after market hours yesterday, 6 August 2019.

    The bank's total income rose 10% to Rs 6493.55 crore in Q1 June 2019 over Q1 June 2018. The bank's gross non-performing assets (NPAs) stood at Rs 32900.44 crore as on 30 June 2019 as against Rs 32356.04 crore as on 31 March 2019 and Rs 38777.66 crore as on 30 June 2018.

    The ratio of gross NPAs to gross advances stood at 19.93% as on 30 June 2019 as against 19.29% as on 31 March 2019 and 22.17% as on 30 June 2018. The ratio of net NPAs to net advances stood at 7.98% as on 30 June 2019 as against 7.73% as on 31 March 2019 and 10.58% as on 30 June 2018.

    The bank's provisions and contingencies declined 62.61% to Rs 1034.78 crore in Q1 June 2019 over Q1 June 2018. The provision coverage ratio of the bank increased to 76.85% in Q1 June 2019 from 66.42% in Q1 June 2018.

    Most private bank shares fell. RBL Bank (down 8.16%), Axis Bank (down 2.77%), Federal Bank (down 1.53%), Kotak Mahindra Bank (down 0.58%), ICICI Bank (down 0.49%) and HDFC Bank (down 0.19%), declined. IndusInd Bank (up 0.72%) and City Union Bank (up 6.08%), advanced.

    Yes Bank rose 1.70% after the media reported that the bank may launch a qualified institutional placement later this week. According to media reports, Yes Bank may raise up to $500 million from the qualified institutional placement (QIP) issue. Private equity players and key institutional investors, including HDFC AMC, will be lining up for the issue, reports added.

    Vodafone Idea lost 5.66% to Rs 5.33. The telecom major said that CRISIL had downgraded its rating from CRISIL A+ (Negative) to CRISIL A (Negative) on the company's non-convertible debentures worth Rs. 3500 crore. The announcement was made after market hours yesterday, 6 August 2019.

    Indiabulls Housing Finance slumped 13.31%. The company's consolidated net profit dropped 24.01% to Rs 801.53 crore on 4.55% fall in total income to Rs 3886.12 crore in Q1 June 2019 over Q1 June 2018.The result was announced after market hours yesterday, 6 August 2019.

    The company's board has also authorised to issue secured non-convertible debentures and unsecured, redeemable, non-convertible subordinate debt in the nature of debentures (NCDs) upto Rs 25000 crore and Rs 1000 crore respectively, on private placement basis, in one or more tranches, from time to time.

    Most auto stocks declined. Tata Motors (down 4.2%), Ashok Leyland (down 3.7%), Eicher Motors (down 3.49%), Escorts (down 3.26%), TVS Motor Company (down 3.22%), Maruti Suzuki India (down 0.91%) and Bajaj Auto (down 0.66%) tumbled. Hero MotoCorp was up 1.54%.

    Mahindra & Mahindra fell 5.62%. The company's combined profit from ordinary activities after tax rose 80% to Rs 2260 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 7 August 2019.

    The company said combined revenues and other income fell 4% to Rs 12997 crore. Combined operating profit margin (OPM) was reported at 14% in Q1 June 2019, lower than 15.8% in Q1 June 2018.

    The results for M&M include the combined results of Mahindra and Mahindra (M&M) and Mahindra Vehicle Manufacturers (MVML), which is a manufacturing unit of M&M.

    Tractor demand in Q1 June 2019 remained sluggish and was adversely impacted due to a weak sentiment in the agro-economy resulting from the delay in seasonal monsoon, poor spatial distribution in June and weak agricultural incomes impacted by poor price realization. In Q1 June 2019, the domestic tractor industry declined by 14.6% with sales of 1,91,305 tractors, against 2,23,937 tractors sold during

    IRB Infrastructure Developers fell 0.21% to Rs 95.15, reversing from the day's high of Rs 106. On a consolidated basis, the construction company's net profit fell 17.4% to Rs 206.62 crore on a 15.3% rise in the net sales to Rs 1773.04 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 6 August 2019.

    In a separate announcement, IRB Infrastructure Developers said that investment by affiliates of GIC, Singapore's sovereign wealth fund, in its road platform. As part of the transaction, IRB will transfer 9 of its BOT assets into a private Infrastructure Investment Trust in which IRB will hold controlling stake of 51%. The Portfolio spans across c.1,200 kms in Haryana, Uttar Pradesh, Rajasthan & Gujarat, Maharashtra and Karnataka. The board of the company has approved the deal, following which IRB signed binding definitive agreements with GIC for a total investment of up to Rs 4,400 crore, including funding of future construction costs. The announcement was made after market hours yesterday, 6 August 2019.

    The yield on 10-year benchmark federal paper rose to 6.37% at 17:04 IST compared with 6.338% at close in the previous trading session.

    In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 70.84, compared with its close of 70.8150 during the previous trading session.

    In the commodities market, Brent crude for October 2019 settlement was down 27 cents at $58.67 a barrel. The contract fell 87 cents or 1.45% to settle at $58.94 a barrel in the previous trading session.

    Overseas, European stocks were trading higher while Asian stocks ended mixed on Wednesday as investors digested the Chinese central bank's daily midpoint fix for its currency's exchange rate against the dollar. The People's Bank of China (PBOC) set the the official midpoint reference for the yuan at 6.9996 per dollar. China's central bank allows the exchange rate to rise or fall 2% from that number.

    US stocks rallied Tuesday after six days of declines as China stepped in to stabilize the yuan, easing concerns that currencies would be the next weapon in the US-China trade war.

    Investors took fright Monday as China allowed the yuan to slump to its lowest level in a decade after President Donald Trump's threat last Thursday to impose 10% tariffs against an additional $300 billion of imported Chinese goods, effective 1 September.

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Flash News 22-Aug-2019
  •  ( 09:34) Sensex drifts below 37,000   
  •  ( 09:23) Market trading lower  
  •  ( 08:35) Most Asian stocks trading higher  
  •  ( 08:18) Infosys Expands Strategic Partnership with Google Cloud  
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22 August 2019 10:29
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2200.00
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