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Budget News

  • Market ends almost flat in listless trade
  • January 17,2020  15:42
  • Key equity barometers ended near the flatline after a volatile session on Friday. The Nifty ended a tad above the 12,350 level. Sentiment was dented after the Supreme Court dismissed review petitions filed by telcos in the AGR case.

    The barometer BSE S&P Sensex rose 12.81 points or 0.03% to 41,945.37, as per the provisional closing data. The Nifty 50 index lost 3.15 points or 0.03% to 12,352.35, as per the provisional closing data.

    In the broader market, the S&P BSE Mid-Cap index rose 0.54% while the S&P BSE Small-Cap index gained 0.42%.

    The market breadth favored the buyers. On the BSE, 1324 shares rose and 1217 shares fell. A total of 175 shares were unchanged. In Nifty 50 index, 21 stocks advanced while 28 stocks declined and 1 stock was unchanged.

    Buzzing Index:

    The S&P BSE Telecom index rose 1.44% at 1,142.53. Vodafone Idea (down 25.70%) and Bharti Infratel (down 11.20%) slumped. Reliance Industries, which owns Reliance Jio, was up 2.78% and Bharti Airtel rose 5.19%.

    The Supreme Court on Thursday dismissed pleas filed by Bharti Airtel and Vodafone Idea to review its earlier judgment that had asked telecom operators to pay their outstanding dues to the government. The review petitions were filed to seek relief on interest and penalty payments in connection to the verdict on AGR. The deadline for telecom companies to meet the license fee dues as per the apex court's AGR judgement is 23 January 2020.

    According to reports, Vodafone Idea and Bharti Airtel are likely to file curative petitions, besides applying to the court for more time to make the payments, a combined Rs 89,000 crore for the two.

    Supreme Court in October 2019 had ruled in favor of the government on the AGR issue. AGR is the basis on which DoT calculates levies payable by operators. Telecom operators are liable to pay around 3-5% and 8% of the AGR as spectrum usage charges and licence fees, respectively, to DoT.

    Telcos argued that AGR should comprise revenue from telecom services, but DoT insisting that AGR should include all revenue earned by an operator, including that from non-core telecom operations.

    Q3 2019 Results:

    Rallis India advanced 12.77% to 217.75 after consolidated net profit surged 176.52% to Rs 38.05 crore on 27.85% rise in net sales to Rs 533.60 crore in Q3 December 2019 as against Q3 December 2018. Consolidated profit before tax climbed 146.05% to Rs 48.30 crore in Q3 December 2019 over Rs 19.63 crore in Q3 December 2019. The result was announced after trading hours yesterday, 16 January 2020.

    Hathway Cable & Datacom slipped 0.23% to Rs 22 after the company announced stellar Q3 2019 result after market hours yesterday, 16 January 2020. On consolidated basis, the company reported a net profit of Rs 67.24 crore in Q3 December 2019 as against a net loss of Rs 57.9 crore in Q3 December 2018. Net sales rose 12.3% to Rs 450.82 on YoY basis.

    Shares of Cyient advanced 0.59% to Rs 454.75. The IT firm reported a 10.35% rise in its consolidated net profit to Rs 107.60 crore in Q3 December 2019. Revenue from operations declined 4.57% to Rs 1,105.90 crore in Q3 December 2019 as against Q2 September 2019.

    Karnataka Bank declined 4.59% to Rs 74.85 after net profit fell 12.3% to Rs 123.14 crore on 11.4% rise in total income to Rs 2,023.68 crore in Q3 December 2019 over Q3 December 2018. Gross non-performing assets (NPAs) stood at Rs 2,777.46 crore as on 31 December 2019 as against Rs 2,594.27 crore as on 30 September 2019 and Rs 2,345.93 crore as on 31 December 2018.

    South Indian Bank fell 1.45% to Rs 10.91 after the bank's profit before tax (PBT) stood at Rs 122.20 crore in Q3 December 2019, down by 5.2% from Rs 128.89 crore in Q3 December 2019. As the bank's provision for taxes fell by 29.7% to Rs 31.66 crore, its reported net profit recorded an increase of 8% to Rs 90.54 crore in Q3 December 2019 over Q3 December 2018. Gross non-performing assets (NPAs) stood at Rs 3243 crore as on 31 December 2019 as against Rs 3145 crore as on 30 September 2019 and Rs 2930 crore as on 31 December 2018.

    Tata Metaliks lost 1.43% to Rs 652.30. On consolidated basis, the company's net profit rose 7.4% to Rs 21.73 crore on a 1.4% decline in net sales to Rs 321.48 crore in Q3 December 2019 over Q3 December 2018. Profit Before Tax (PBT) stood at Rs 29.40 crore in Q3 2019 as against Rs 28.16 crore in Q3 2018, registering a rise of 4.4% YoY basis.

    Stocks in Spotlight:

    Piramal Enterprises (PEL) surged 5.18% to Rs 1627.05. The company said its wholly-owned subsidiary, PEL DRG Dutch HoldCo BV, will sell its healthcare insights and analytics business to NYSE-listed Clarivate Analytics Plc for $950 million. The deal includes $900 million on closing and $50 million to be received at the end of 12 months thereon. The transaction is subject to shareholder approval and is expected to be completed by end of next month, PEL said in a release.

    Jay Shree Tea & Industries surged 6.41% to Rs 57.30 after the company decided to sell stake in two of its tea estates in Africa. The company has entered into a definitive agreement with Grand Lacs Trading SA, Belgium, to sale stake in Mata and Gisakura tea estates in Rwanda. The sale is expected to be completed by 14 February 2020.

    Metropolis Healthcare gained 0.25% to Rs 1,633.15 on purchasing 51% stake of Shraddha Diagnostic Centre for Rs 9.36 crore. Shraddha Diagnostic Centre is a Mumbai-based pathological and diagnostic services provider. The deal is expected to get completed within a period of 3 months. With this acquisition, Metropolis Healthcare plans to strengthen its presence in the state of Gujarat, India. The disclosure was made after trading hours yesterday, 16 January 2020.

    Foreign Markets:

    Shares in Europe and Asia edged higher on Friday after Wall Street posted more records, with strong corporate earnings and upbeat US economic data adding to optimism after China and the US signed a partial trade deal.

    In US, stocks rallied again on Thursday, with all three benchmark indexes closing at new records, following the signing of a trade truce between the US and China on Wednesday and Senate approval of a new trade deal between the US, Mexico and Canada on Thursday.

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