Barometers at day's high; HEG slumps 11%

Key indices surged to day's high in morning trade, supported by positive global shares as concerns over the ongoing coronavirus outbreak abated. The Nifty traded above its crucial 12,200 mark. At 10:32 IST, the S&P BSE Sensex, was up 433.71 points or 1.05% at 41,661.78. The Nifty 50 index was up 114.9 points or 0.95% at 12,222.80.

The S&P BSE Mid-Cap index was up 0.38%. The S&P BSE Small-Cap index was up 0.18%. Both these indices trailed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 941 shares rose and 888 shares fell. A total of 103 shares were unchanged.

Macros:

Industrial production for December 2019 and consumer price inflation for January 2020 will be declared today, 12 February 2020.

Delhi Election 2020:

The Aam Aadmi Party (AAP) on Tuesday won 62 seats out of a total of 70 assembly seats in Delhi where the polling was held on 8 February 2020. The counting of votes took place on Tuesday (11 February).

Although AAP returned to power with a thumping majority, the BJP improved its tally to 8 from 3 in the last elections. Congress, which had once enjoyed a 15-year-reign in the national capital, yet again scored zero this time. Meanwhile, this was the third straight electoral setback for the BJP, which earlier failed to form state governments in Jharkhand and Maharashtra last year.

Q3 Earnings:

Among Nifty companies, Hindalco (up 0.39%) will announce its Q3 earnings today.

Ashok Leyland (down 1.57%), IRCTC (up 1.42%), Bharat Dynamics (up 0.35%), Divis Laboratories (up 0.41%), Dish TV (down 1.49%), Aarti Industries (down 1.66%), Jamna Auto Industries (down 1.04%), ABB India (down 0.76%), IPCA Laboratories (up 0.75%), Bajaj Steel Industries (up 3.39%), Torrent Power (down 0.73%), PI Industries (up 0.74%), Rail Vikas Nigam (down 0.4%), Welspun India (down 1.78%) and Info Edge (India) (up 1.16%) are some of the companies that will announce their Q3 earnings today.

Q3 Results Impact:

  Shares of Coal India (CIL) were trading 0.06% higher at Rs 179.45. CIL reported 14.1% fall in consolidated net profit to Rs 3923.87 crore on a 7.8% decline in net sales to Rs 21566.41 crore in Q3 December 2019 over Q3 December 2018. Profit before tax (PBT) stood at Rs 5335.77 crore in Q3 FY20, down by 24.1% from Rs 7029.14 crore reported in Q3 FY19. Tax expenses declined 42.6% to Rs 1413.96 crore year-on-year (YoY).

HEG tanked 11.32% to Rs 1042.05. On a consolidated basis, HEG's reported a net loss of Rs 1.23 crore in Q3 December 2019 as against a net profit of Rs 865.45 crore posted in Q3 December 2018. Net sales declined 79% to Rs 393.69 crore year-on-year.

Shares of IDBI Bank were trading 4.05% lower at Rs 35.5 after the bank reported disappointing Q3 numbers after market hours yesterday. Standalone net loss stood at Rs 5,763.04 crore in Q3 December 2019 (Q3 FY20) as against Rs 4,185.48 crore in Q3 December 2018 (Q3 FY19). Total income rose 0.39% year-on-year (Y-o-Y) to Rs 6,215.60 crore in Q3 FY20. The bank's gross non-performing assets (NPAs) stood at Rs 49,502.68 crore as on 31 December 2019 as against Rs 52,052.78 crore as on 30 September 2019 and Rs 55,360.38 crore as on 31 December 2018. The bank's provisions and contingencies (excluding tax provisions) tanked 92% to Rs 521.95 crore in Q3 December 2019 over Q3 December 2018. Provision coverage ratio of the bank was at 92.41% as on 31 December 2019.

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