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Budget News

  • Sensex, Nifty trade lower; breadth positive
  • October 26,2020  10:24
  • Benchmarks were trading in a narrow range with modest losses in morning session. The Nifty hovered below the crucial 11,900 mark. Metal stocks corrected after rallying in the past three sessions.

    At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 109.7 points or 0.27% at 40,575.63. The Nifty 50 index fell 31.55 points or 0.26% at 11,898.20.

    The broader market traded on a mixed note. The S&P BSE Mid-Cap index was down 0.25% while the S&P BSE Small-Cap index was up 0.25%.

    The market breadth was positive. On the BSE, 1128 shares rose and 965 shares fell. A total of 139 shares were unchanged.

    COVID-19 Update:

    India reported 653,717 active cases of COVID-19 infection and 119,014 deaths while 7,137,228 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. Total COVID-19 confirmed cases worldwide stood at 42,926,013 with 1,152,990 deaths, according to data from Johns Hopkins University.

    RBI Governor Shaktikanta Das on Sunday tweeted that he has been tested positive for COVID-19 but he is asymptomatic. He assured that work in RBI will go on normally.

    Results Today:

    Kotak Mahindra Bank (down 0.51%) and SBI Life Insurance (up 0.03%) are two Nifty companies that will announce their quarterly result today.

    Angel Broking (up 1.1%), Finolex Inds (up 1.32%), Lakshmi Machine Works (up 0.43%), M&M Financial (down 0.89%), Max Ventures (up 2.63%), Torrent Pharma (up 0.29%) and Swaraj Engines (up 0.23%) will also announce their Q2 earnings today.

    Buzzing Index:

    The Nifty Metal index fell 1.82% to 2,398.60 as profit booking emerged after three days of winning run. The index had gained 3.36% in three trading days.

    JSW Steel (down 3.43%), Jindal Steel & Power (down 2.54%), Tata Steel (down 1.58%), Coal India (down 1.49%), Hindustan Zinc (down 1.23%), Hindalco Industries (down 1.13%), NMDC (down 0.94%) and Steel Authority of India (down 0.82%) were top losers in metal segment.

    Earnings Impact:

    Nestle India rose 2.22%. The FMCG major reported 1.34% decline in net profit to Rs 587.09 crore on 10.2% increase in net sales to Rs 3,525.41 crore in Q3 September 2020 over Q3 September 2019. Profit before tax (PBT) rose 12.41% to Rs 786.50 crore in Q3 September 2020 over Q3 September 2019. The company's total sales and domestic sales both increased by 10.2% driven by volume and mix. Export sales increased by 9.4%. Demand in out of home channel improved through the quarter but continues to be impacted by COVID. The FMCG major said factories have returned to normal output. The firm has reported double digit growth in key brands, boosted by in-home consumption. Demand in 'Out of Home' channels also improved during the quarter. E-commerce grew by 97%, contributing about 4% of domestic sales. The company has planned Rs 2600 crore investment over the next three to four years.

    Yes Bank was up 0.9%. The bank reported a standalone net profit of Rs 129.37 crore in Q2 September 2020 compared with net loss of Rs 600.80 crore in Q2 September 2019. Total income fell 28.56% to Rs 5,952.14 crore in Q2 September 2020 from Rs 8,332.20 crore in Q2 September 2019. The bank's profit before tax (PBT) stood at Rs 172.69 crore in Q2 September 2020, rising 41.3% from Rs 122.19 crore in Q2 September 2019.

    The bank's gross non-performing assets (NPAs) stood at Rs 32,344.36 crore as on 30 September 2020 as against Rs 32,702.70 crore as on 30 June 2020 and Rs 17,134.41 crore as on 30 September 2019. The ratio of gross NPAs to gross advances stood at 16.9% as on 30 September 2020 as against 17.3% as on 30 June 2020 and 7.39% as on 30 September 2019. The bank's provisions and contingencies fell 11.14% to Rs 1187.34 crore in Q2 September 2020 over Q2 September 2019. Total COVID-19 related provisioning stepped up to Rs 1,918 crore (1.15% of advances). The bank's provision coverage ratio stood at 75.7% in September 2020 from 75.1% in June 2020. The bank's net interest income (NII) declined 9.7% to Rs 1,973 crore in Q2 September 2020 from Rs 2,186 crore in Q2 September 2019. Net interest margin improved to 3.1% in Q2 September 2020 from 2.7% in year ago period.

    Polycab India jumped 4.78%. The wire maker's consolidated net profit jumped 14% to Rs 221.6 crore on 6% decline in revenue to Rs 2,113.7 crore in Q2 FY21 over Q2 FY20. The revenue surged 116.43% in Q2FY21 compared with Rs 976.60 in Q1FY21. Improving overall business environment with staggered unlocking led to better performance sequentially. Profit before tax (PBT) in Q2 September 2020 stood at Rs 288 crore, up by 25% from Rs 230.30 crore in Q2 September 2019.

    ICICI Lombard General Insurance Company gained 1.36% after the company reported 35.02% rise in net profit to Rs 415.74 crore in Q2 FY21 as against Rs 307.91 crore in Q2 FY20. Total income increased by 5.28% to Rs 2883.40 crore in Q2 September 2020 compared with Rs 2738.92 crore in Q2 September 2019. Capital gains were at Rs 124 crore in Q2 FY2021 compared with Rs 69 crore in Q2 FY2020, registering a growth of 79.71%. Gross Direct Premium Income (GDPI) of the company was at Rs 3,189 crore in Q2 FY2021 compared to Rs 2,953 crore in Q2 FY2020, a growth of 8%. Excluding crop segment, GDPI of the company increased to Rs 3,186 crore in Q2 FY2021 compared to Rs 2,898 crore in Q2 FY2020, registering a growth of 9.9%. This was higher than the industry growth (excluding crop segment) for Q2 FY2021 of 9.2%.

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