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  • Shares decline for 2nd day; banks hit by AGR ruling

    Key benchmark indices ended lower on Friday, dragged by weakness in banks stocks. The barometer S&P BSE Sensex, declined 202.05 points or 0.49% at 41,257.74. The Nifty 50 index lost 61.20 points or 0.50% at 12,113.45.

    Trading was volatile after the Supreme Court (SC) on Friday initiated contempt proceedings against telecom companies for non-payment of Adjusted Gross Revenue (AGR) dues and directed that all directors of the companies be present at the next hearing. The matter will be heard next on March 17.

    Global shares were mixed as investors monitored China's coronavirus epidemic and updates on how badly it could dent growth in the world's second-largest economy.

    In the broader market, the BSE Mid-Cap index fell 0.79% and the BSE Small-Cap index fell 0.40%.

    There were more sellers than buyers. On the BSE, 912 shares rose and 1628 shares fell. A total of 169 shares were unchanged.


    India's annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 3.1% in January 2020 (over January 2019) compared with 2.59% in December 2019 and 2.76% in January 2019. Build up inflation rate in the financial year so far is 2.50% compared to a buildup rate of 2.49% in the corresponding period of the previous year.

    Numbers to Watch:

    The yield on 10-year benchmark federal paper tumbled to 6.37% at 16:50 IST compared with 6.423% 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 71.35, compared with its close of 71.26 during the previous trading session.

    In the commodities market, Brent crude for April 2020 settlement rose 76 cents to $57.10 a barrel. The contract rose 55 cents or 0.99% to settle at $56.34 a barrel in the previous trading session.

    Foreign Markets:

    European markets were trading mostly higher while most Asian stocks ended mixed on Friday as investors turned cautious following a surge in cases of a new virus in China. IMF spokesperson Gerry Rice has reportedly said that the organization remained confident in the resilience of China's economy, adding that the country "has the resources and the resolve to meet this challenge."

    China is set to halve tariff rates on certain U.S. products worth about $75 billion with effect later on Friday, as previously announced by Beijing in early February. Retaliatory tariffs on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, according to a statement from China's Ministry of Finance earlier this month. The adjustments will take effect from 14 February.

    US stock market declined on Thursday after a change in the methodology used by China resulted in a sharp rise in COVID-19 cases and deaths. The World Health Organization said Thursday that the total deaths from the outbreak stood at 1,369, while the total number of confirmed cases rose to 60,329. Traders are still trying to gauge the outbreak's effect on the economy.

    Meanwhile, the US Fed said it would shrink repo operations starting with Friday's overnight offering. The Fed has been conducting repo offerings and Treasury-bill purchases in a bid to keep control of short-term interest rates and bolster bank reserves. The efforts had calmed markets since a September spike. Treasuries trimmed their gains for the day.

    On the data front, US first-time claims for unemployment benefits inched up by less than expected in the week ended February 8th, according to a report released by the Labor Department on Thursday.

    US consumer price index inched up by 0.1% in January after rising by 0.2% in December, with higher prices for food and shelter offsetting a steep drop in gasoline prices, the Labor Department reported on Thursday. The uptick in consumer prices was primarily due to an increase in shelter costs, which climbed by 0.4% in January.

    Buzzing Indian Segments:

    Telecom shares were in action after SC directed telecom providers to pay their AGR dues to Department of Telecommunications (DoT) by the next court hearing on 17 March 2020.

    Sector bellwether Bharti Airtel jumped 4.69% to Rs 565.10. The stock reversed trend after sliding as much as 0.98% in morning trade.

    Vodafone Idea slumped 23.21% to Rs 3.44. Tata Teleservices (Maharashtra) fell 9.89% to Rs 3.28.

    A bench comprising Justices Arun Mishra, Abdul Nazeer and M R Shah had assembled today to hear a batch of fresh petitions filed by telecom companies seeking more time for payment of AGR dues.

    The court made scathing observations on the conduct of the telecom companies as well as the DoT for ignoring its 24 October verdict that had directed the firm to pay AGR dues to DoT by 23 January 2020. According to media reports, Vodafone Idea and Airtel owe Rs 1.47 lakh crore to DoT.

    Vodafone Idea declared its third quarter earnings after market hours yesterday. On a consolidated basis, Vodafone Idea reported net loss of Rs 5,807.24 crore in Q3 December 2019 as against net loss of Rs 31,773.48 crore in Q2 September 2019. Net sales rose 2.18% to Rs 11,076.20 crore in Q3 December 2019 over Q2 September 2019, primarily supported by strong 4G additions driving average revenue per user (ARPU) improvement. ARPU inched up to Rs 109 in December-end from Rs 107 at the end of September, supported by improved customer mix. The subscriber base declined to 304 million in Q3 December 2019 from 311 million in Q2 September 2019. Subscriber churn further reduced in Q3 December 2019, reaching 3.3% compared to 3.5% in Q2 September 2019 and 3.7% in Q1 June 2019.

    The Nifty Bank index fell 1.27% to 30,834.80. Banks have high exposures to the telecom sector. If telcos default on these payments, it will have impact on the banking system.

    Among private banks, IndusInd Bank (down 4.38%), RBL Bank (down 2.9%), Federal Bank (down 2.3%), HDFC Bank (down 1.77%), Axis Bank (down 1.5%), City Union Bank (down 0.72%) and Kotak Mahindra Bank (down 0.56%) declined.

    Yes Bank (up 4.57%) and ICICI Bank (up 0.90%), advanced.

    Among state-run banks, State Bank of India (down 2.41%), Punjab National Bank (down 2.25%), Union Bank of India (down 1.96%), Bank of Baroda (down 1.93%), Canara Bank (down 1.56%), IDBI Bank (down 0.98%) and Bank of India (down 0.16%) declined.

    Stocks in Spotlight:

    State-run ONGC fell 1.99% ahead of its Q3 earnings today.

    Bharat Petroleum Corporation (BPCL) rose 1.56%. On a consolidated basis, BPCL's net profit surged 239.47% to Rs 1,776.35 crore on 5.95% decline in net sales to Rs 74,959.18 crore in Q3 December 2019 (Q3 FY20) over Q3 December 2018 (Q3 FY19). Profit before tax (PBT) surged 138.78% to Rs 2,434.01 crore year-on-year (YoY). Total tax expense rose 19.29% to Rs 382.58 crore during the period under review.

    On a standalone basis, BPCL's net profit surged 154.60% to Rs 1,260.63 crore on 5.64% decline in net sales to Rs 74,732.79 crore in Q3 FY20 over Q3 FY19. PBT surged 193.97% to Rs 1,733.01 crore YoY. Total tax expense surged 400.56% to Rs 472.38 crore during the period under review. The Q3 result was announced yesterday, 13 February 2020.

    The company said its average gross refining margin (GRM) during nine months ended 31 December 2019 stood at $3.15 per barrel compared with $5.25 per barrel in the corresponding period of the previous year.

    Nestle India fell 0.41%. The FMCG major reported a 38.41% rise in net profit to Rs 473.02 crore on a 7.45% rise in total income to Rs 3,193.99 crore in Q4 December 2019 over Q4 December 2018. Profit before tax surged 17.7% to Rs 614.62 crore Y-o-Y. Current tax expenses slumped 21.8% to Rs 144.41 crore during the period under review.

    In Q4 FY19, total sales increased 8.8%. Domestic sales increased 10% through a combination of volume & mix. Export sales dropped 9.7% due to lower exports of coffee to Turkey. The board recommended a final dividend of Rs 61 per equity share. The Q4 figures were declared after trading hours yesterday, 13 February 2020.

    Mahindra & Mahindra (M&M) slipped 1.91%. M&M said that the board of its foreign unit, SsangYong, has approved a three year business plan which leads to profitability of the company in the year 2022. This plan requires outside funding of $380-425 million over a period of three years. About half of this amount is to repay the existing loan and the remaining is to augment the capex required for new product development. Funds required are expected to be generated by a combination of fresh bank loans, new investment and further equity investment by M&M. No equity proposal has been put up to the M&M board of directors as on date. A proposal will be presented to the board and a decision will be made only after M&M management has vetted the plan and evaluated its feasibility.

    SpiceJet surged 5.79% after the company announced Q3 results during trading hours today, 14 February 2020. On a consolidated basis, SpiceJet's net profit rose 20.98% to Rs 77.96 crore on 46.93% increase in total revenue from operations to Rs 3,656.36 crore in Q3 December 2019 over Q3 December 2018. On a standalone basis, net profit rose 32.93% to Rs 73.22 crore on 46.66% increase in total revenue from operations to Rs 3,647.13 crore in Q3 December 2019 over Q3 December 2018. This profit is after a non-cash forex charge on account of IND-AS116 of Rs 75.90 crore without which the profit would have been Rs 149.10 crore. Revenue increased as the airline added more destinations and expanded its fleet of passenger and freighter aircraft.

    Hindustan Copper slumped 7.99%. The vertically integrated copper producer reported a consolidated net loss of Rs 95.61 crore in Q3 December 2019 as compared a net profit of Rs 34.53 crore in Q3 December 2018. Net sales slumped 80.3% to Rs 93.29 crore reported in Q3 FY20 as compared to Rs 474.22 crore reported in the same period last year.

    Himadri Speciality Chemical fell 6.05%. The chemical maker reported 84% decline in consolidated net profit to Rs 15.92 crore on a 27.3% fall in net sales to Rs 429.73 crore in Q3 December 2019 over Q3 December 2018.

    Page Industries tumbled 4.70%. Standalone net profit slipped 14.60% to Rs 87.01 crore in Q3 December 2019 (Q3 FY20) as against Rs 101.89 crore reported in Q3 December 2018 (Q3 FY19). Revenue from operations jumped 7.51% year-on-year (Y-o-Y) to Rs 793.79 crore in Q3 FY20. The Q3 earnings were announced after market hours yesterday, 13 February 2020. A temporary dip in PAT is entirely due to enhanced investments in sales and marketing, people and technology, which would drive sustainable growth in the years to come, the company said. EBITDA dropped 16.5% to Rs 135.30 crore in Q3 FY20 from Rs 162.10 crore in Q3 FY19. EBITDA margin stood at 17% in Q3 FY20 as against 22% in Q3 FY19.

    Shares of Avenue Supermarts, operator of supermarket chain D-Mart, dropped 5.55% to end at Rs 2401.25 as its offer for sale (OFS) opened for subscription for non-retail investors.

    Promoters Radhakishan Damani, Gopikishan Damani, Shrikantadevi Damani and Kirandevi Damani offered to sell a total of 1.48 crore shares, or 2.28% stake, through an OFS. The floor price for the OFS was set at Rs 2,049 each, a 19.5% discount to the closing price of Rs 2,544.15 on Thursday.

    The OFS opened on Friday (14 February 2020) for institutional investors, while retail investors will be able to subscribe on Monday (17 February 2020). The company has set aside 14,80,000 shares of retail investors and 1,33,20,000 shares for non retail investors.

    As on 15.30 IST on Friday, the OFS received subscription for 4,53,20,852 shares or 340% against the non-retail offer size of 1,33,20,000 shares. The company is reducing the stake to meet Sebi's requirements on the minimum public shareholding requirement.

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Flash News 07-Aug-2020
  •  ( 17:38) Mahanagar Gas Q1 PAT down 73.42% at Rs 45.25 cr  
  •  ( 16:37) Sobha records 93% drop in Q1 PAT to Rs 7 cr  
  •  ( 13:31) European stocks open flat after Trump issues ban on TikTok and WeChat  
  •  ( 13:30) The Nifty index was seen hovering below 11,200 level  
  •  ( 12:10) Indian Hotels Co. consol. Q1 net loss at Rs 266.93 cr  
  •  ( 11:21) Pidilite Inds Q1 PAT drops 90.86% to Rs 26.78 cr  
  •  ( 11:21) Asian markets trade lower  
  •  ( 11:20) Nifty hovers below 11,200 mark  
  •  ( 11:20) Indices trade sideways with minor losses  
  •  ( 11:11) Torrent Power consol. Q1 PAT up 35.2% Y-o-Y to Rs 373.87 cr  
  •  ( 10:29) Adani Enterprises consol. Q1 net loss at Rs 148.65 cr  
  •  ( 10:22) Deepak Nitrite Q1 PAT falls 24.8% to Rs 98.95 cr  
  •  ( 09:52) HPCL consol. Q1 PAT up 156.7% Y-o-Y to Rs 2,252.65 cr  
  •  ( 09:25) Strong market breadth  
  •  ( 09:21) Market drifts lower in early trade  
  •  ( 08:13) Nasdaq ends at fresh record high  
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07 August 2020 00:00
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