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Budget News

  • Barometers decline further; RIL, HDFC twins drag
  • August 03,2020  14:26
  • Key barometers declined further and hit day's low in mid afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, tumbled 624.41 points or 1.66% at 36,982.78. The Nifty 50 index slipped 162.40 points or 1.47% at 10,911.05.

    Reliance Industries (down 2.08%), HDFC (down 2.60%) and HDFC Bank (down 3.16%) were major index shakers.

    Weak domestic economic data and negative global cues weighed on sentiment. A surge in fresh coronavirus cases and intensifying US-China tensions also put pressure on stocks.

    The broader market was mixed with S&P BSE Mid-Cap index down 0.04% while the S&P BSE Small-Cap index rising 0.97%.

    There were more buyers than sellers. On the BSE, 1346 shares rose and 1215 shares fell. A total of 183 shares were unchanged.

    Numbers to Track:

    The yield on 10-year benchmark federal paper was flat at 5.837%.

    In the foreign exchange market, the partially convertible rupee edged lower to 74.81 compared with its previous closing 75.01.

    In the commodities market, Brent crude for October 2020 settlement fell 29 cents to $43.23 a barrel. The contract rose 0.62% to end at $ 43.52 in the previous trading session.

    MCX Gold futures for 5 August 2020 settlement fell 0.2% to Rs 53,720.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 18,093,891 with 689,428 deaths. India reported 5,79,357 active cases of COVID-19 infection and 38,135 deaths while 11,86,203 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

    Buzzing Index:

    The Nifty Metal index was up 0.74% at 2,163.15, bucking weak market sentiment.

    Ratnamani Metals & Tubes (up 9.28%), Welspun Corp (up up 4.95%), Vedanta (up 2.72%), Jindal Steel & Power (up 1.87%), Tata Steel (up 1.86%) and Steel Authority of India (up 0.29%) were top gainers in metal segment.

    NMDC was up 1.25%. The state-owned miner said its iron ore production rose 12.89% to 2.19 million tonnes (MT) in July 2020 from 1.94 MT produced in July 2019. Iron ore sales climbed 6.6% to 2.57 MT in July 2020 as against 2.41 MT in July 2019. The announcement was made during market hours today, 3 August 2020. Sequentially, production declined 13.1% in July 2020 from 2.52 MT in June 2020. Sales rose 3.63% during the month from 2.48 MT in June 2020. Further, NMDC revised prices of iron ore with effect from 31 July 2020. The company hiked prices of lump ore by Rs 200 or 8.16% to Rs 2,650 per ton. Prices of fines were hiked by Rs 200 or 9.26% to Rs 2,360 per ton.

    Stocks in Spotlight:

    CreditAccess Grameen rose 1.4%. The microfinance player reported 24.9% drop in consolidated net profit to Rs 72 crore on 64.6% rise in total income to Rs 619.87 crore in Q1 June 2020 over Q1 June 2019. Net Interest Income (NII) jumped 55.2% to Rs 383.2 crore in Q1 FY21 from Rs 246.9 crore crore in Q1 FY20. Net Interest Margin (NIM) stood at 12.6% as on 30 June 2020. Gross loan portfolio grew by 53.9% YoY to Rs 11,724 crore in Q1 FY21. The microfinance institution's total expected credit loss (ECL) provisions were at Rs 476.8 crore (4.21% of loan portfolio). This includes additional provisions of Rs 152.5 crore during the quarter, on account of COVID-19 impact. The total COVID-19 additional provisioning buffer was at Rs 245.6 crore (2.17% of loan portfolio). The ratio of gross NPAs to gross advances stood at 1.63% as on 30 June 2020.

    Cadila Healthcare gained 1.48%. The pharma company said it received tentative approval from the US-based drug regulator to market Carbidopa and Levodopa extended-release capsules in multiple strengths. Zydus Cadila said the medication is used to treat the symptoms of Parkinson's disease (such as shakiness, stiffness, difficulty moving) or Parkinson-like conditions. The drug will be manufactured at the group's formulation manufacturing facility at SEZ, Ahmedabad in Gujarat.

    SML Isuzu surged 2.53%. The vehicle sales slumped 64% to 307 units in July 2020 from 857 units in July 2019. The company's vehicles sales tanked 95% to 202 units in Q1 June 2020 as against 4,282 units in Q1 June 2019.

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