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Budget News

  • Sensex cracks 600 pts as banks tumble
  • October 28,2020  16:41
  • Domestic shares slumped on Wednesday on weak global cues as coronavirus infections grew at an alarming pace in the United States and Europe. Uncertainty over next week's U.S. Presidential elections also worried investors. Banks and financial stocks witnessed major selling. The Nifty managed to close above the 11,700 mark after slipping below that level in intraday trade.

    The barometer index, the S&P BSE Sensex slumped 599.64 points or 1.48% at 39,922.46. The Nifty 50 index lost 159.80 points or 1.34% at 11,729.60. The 50-unit index hit the day's low of 11,684.85 in mid-afteroon trade.

    Besides banking pivotals, HDFC (down 3.44%), Infosys (down 1.42%) and Reliance Industries (down 1.16%) also put pressure on bourses.

    In the broader market, the BSE Mid-Cap index slipped 0.93% and the BSE Small-Cap index fell 0.76%.

    The market breadth was weak. On the BSE, 995 shares rose and 1637 shares fell. A total of 155 shares were unchanged.

    COVID-19:

    India reported 6,10,803 active cases of COVID-19 infection and 1,20,010 deaths while 72,59,509 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 43,906,632 with 1,166,193 deaths, according to data from Johns Hopkins University.

    Numbers to Watch:

    The yield on 10-year benchmark federal paper rose to 5.859% as compared with 5.846% 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 73.8750, compared with its close of 73.71 during the previous trading session.

    In the commodities market, Brent crude for December 2020 settlement fell $1.26 at $39.94 a barrel. The contract rose 74 cents, or 1.83% to settle at $41.20 a barrel in the previous trading session.

    Foreign Markets:

    The US Dow Jones index futures were down 461 points, indicating a weak opening in the US stocks today.

    Shares in Europe tumbled while Asian stocks ended mixed on Wednesday as worries about a surge in coronavirus cases and dwindling hopes for a U.S. stimulus package kept investors gloomy.

    New COVID-19 cases, hospitalizations and deaths have reportedly continued to surge across Europe and the U.S. in recent days, prompting further restriction measures in many countries. Reports have suggested that France could be heading for a national lockdown in a bid to contain the resurgent outbreak. Mainland China also reported its highest number of daily new cases for more than two months on Wednesday.

    In US, the Dow Jones Industrial Average and S&P 500 fell on Tuesday as concerns about the rising number of coronavirus cases dented investor sentiment once again. The Nasdaq Composite bucked the negative trend as tech shares gained broadly.

    Senate Majority Leader Mitch McConnell adjourned the Senate until November 9, further diminishing the prospects of a deal being reached before the election.

    US consumer confidence dipped slightly in October as a new wave of coronavirus cases appeared across the country. The Conference Board reported Tuesday that its consumer confidence index fell to a reading of 100.9, from 101.8 in September, but still remains well below pre-pandemic levels. This month's moderate decline follows a sharp rise in September.

    Buzzing Indian Segment:

    The Nifty Bank index fell 2.17% to 24,232.50. The index jumped 2.88% in the previous session.

    IndusInd Bank, ICICI Bank, Bandhan Bank, HDFC Bank, Kotak Mahindra Bank, State Bank of India and Axis Bank fell by 0.71% to 3.45%.

    RBL Bank rose 0.26%. The private sector lender today reported 165% surge in net profit to Rs 144 crore in Q2 September 2020 over Q2 September 2019. Meanwhile, the Reserve Bank of India has granted approval to Maple II B.V., for acquiring more than 5% but up to 9.99% of the paid up share capital of the RBL Bank.

    Aviation stocks declined after the Directorate General of Civil Aviation (DGCA) on 27 October, extended the suspension of international commercial flights till 30 November 2020, as COVID-19 cases have seen a resurgence in Europe.

    SpiceJet (down 2.79%) and Interglobe Aviation (down 2.53%) declined.

    Earnings Impact:

    Marico rose 2.21% after the company's net profit rose 6.9% to Rs 264 crore on a 8.7% increase in net sales to Rs 1,989 crore in Q2 FY21 over Q2 FY20. EBITDA grew 10% to Rs 389 crore during the period under review. EBITDA margin stood at 19.6% in Q2 FY21, up 30 bps over the same period last year. The company said that the revenue growth was accompanied by a robust underlying domestic volume growth of 11% and constant currency growth of 7% in the international business.

    Dr Reddy's Laboratories fell 2.95% after consolidated net profit dropped 30.22% to Rs 762.30 crore on 1.99% increase in revenues to Rs 4,896.70 crore in Q2 September 2020 over Q2 September 2019. Consolidated EBITDA skid 12% to Rs 1,267.30 crore in Q2 September 2020 from Q2 September 2019. Consolidated EBITDA margin was at 25.9% in Q2FY21 as against 29.9% in Q2FY20 and 26.3% in Q1FY21. Revenues from Global Generics (GG) segment stood at Rs 3,980 crore, recording a Year-on-Year (Y-o-Y) growth of 21%. Revenues from India stood at Rs 910 crore, registering a Y-o-Y growth of 21%.

    Titan Company fell 1.20% after the company's standalone net profit declined 37.8% to Rs 199 crore on 11% fall in net sales to Rs 3892 crore in Q2 September 2020 over Q2 September 2019. Profit before tax (PBT) in Q2 FY21 stood at Rs 238 crore, down by 44.5% from Rs 429 crore in Q2 FY20. The result is after a provision of Rs 34 crore for dues from a broker relating to commodity hedging. Total tax expense declined by 64.2% to Rs 39 crore in Q2 FY21 over Q2 FY20.

    Titan reported an 89% recovery in sales in Q2 of FY 2020-21 led by sharp recovery in the Jewellery division post the significant disruption caused by the COVID-19 pandemic in India in the first quarter of the fiscal. The company's jewellery division recorded an income of Rs 3,446 crore for the quarter (excluding gold bullion sales) as compared to Rs 3,528 crore last year, a decline of 2%. The watches and wearables business recovered well in the quarter to record an income of Rs 400 crore against Rs 719 crore in the previous year, a decline of 44%. The eyewear business also improved with revenues declining by 39% in the quarter, recording an income of Rs 94 crore as against Rs 154 crore last year.

    Bharti Airtel jumped 4.26%. The telecom major reported a net loss of Rs 763.20 crore in Q2 September 2020, lower than net loss of Rs 23,045 crore in Q2 September 2019. Consolidated revenues jumped 22% to Rs 25,785 crore in Q2 September 2020 over Q2 September 2019. Pre-tax profit (before exceptional items) stood at Rs 567 crore in Q2 September 2020 as against a pre-tax loss (before exceptional items) of Rs 623 crore in Q2 September 2019. During the quarter, EBITDA rose 32.6% year-on-year to Rs 11,848 crore. EBITDA margin stood at 46% in Q2 September 2020, higher than 42.3% Q2 September 2019. Mobile ARPU stood at Rs 162 in Q2FY21 compared with Rs 128 in Q2FY20.

    ICICI Prudential Life Insurance Company fell 0.95%. The company's standalone net profit rose 0.5% to Rs 303.22 crore in Q2 September 2020 from Rs 301.86 crore in Q2 September 2019. Net premium income increased by 6.3% year-on-year (YoY) to Rs 8,572.19 crore in Q2 September 2020 over Q2 September 2019. The life insurer reported a net income from investments of Rs 7,949.37 crore in Q2 FY21 as against a net loss from investments of Rs 126.90 crore in Q2 FY20. Value of new business (VNB), used to measure profitability of the new business written in a period, rose 0.3% to Rs 401 crore in Q2 September 2020 from Rs 400 crore in Q2 September 2019. The company's VNB margin improved to 27.4% in Q2 FY21 from 21.1% in Q2 FY20.

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