Benchmarks trim gains; AU Small Finance Bank jumps 7%

Key benchmark indices trimmed gains after hitting fresh intraday high in morning trade. The Nifty traded above its 50 days simple moving average placed at 12,111.32. At 10:19 IST, the S&P BSE Sensex, gained 204.01 points or 0.5% at 41,319.39. The Nifty 50 index was up 53.25 points or 0.44% at 12,160.15.

The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.83% while the S&P BSE Small-Cap index was up 0.54%.

The market breadth was positive. On the BSE, 1175 shares rose and 590 shares fell. A total of 105 shares were unchanged. In Nifty 50 index, 34 stocks advanced while 16 stocks declined.

Q3 Earnings:

Canara Bank (up 1.28%), Apar Industries (up 0.97%), Biocon (up 0.31%), Cholamandalam Investment and Finance (up 0.76%), D B Corp (up 1.62%), EIH Associated Hotels (down 1.8%), GHCL (down 2.51%), HT Media (up 4.37%), HDFC Life Insurance Company (up 0.82%), Indiabulls Ventures (up 1.12%), Indoco Remedies (up 1.1%), Radico Khaitan (down 0.16%), PVR (up 0.47%), Nippon Life India Asset Management (down 0.38%), Central Depository Services (up 0.02%), JM Financial (up 1.08%), Rane Brake Lining (up 2.99%), Dishman Carbogen (up 4.94%), Zensar Technologies (up 1.42%), Oriental Bank of Commerce (up 1.56%), NELCO (up 0.71%) are some the companies that will announce their Q3 December 2019 result today, 23 January 2020.

Q3 Result 2019:

Larsen & Toubro rose 2.47% after consolidated net profit rose 15.2% to Rs 2352.12 crore in Q3 December 2019 from Rs 2041.62 crore in Q3 December 2018. Profit before tax (PBT) of the construction company stood at Rs 3414.57 crore in Q3 December 2019 (Q3FY20), down by 3.7% from Rs 3544.82 crore in Q3 December 2018 (Q3FY19). Net sales rose by 5.9% to Rs 36,242.68 crore in Q3FY20 as compared to Rs 34,233.96 crore in Q3FY19. Tax outgo stood at Rs 815.18 crore in Q3FY20, down by 31.1% from Rs 1182.80 crore in Q3FY19.

The consolidated order book of the group stood at Rs 306,280 crore as at 31 December 2019, registering a reasonably high growth of 5% over March 2019. International orders constitute 24% of the total order book.

Axis Bank gained 2.73% after standalone net profit rose 4.53% to Rs 1,757 crore on a 7.52% rise in total income to Rs 19,494.87 crore in Q3 December 2019 over Q3 December 2018. Total tax expense fell 34.78% to Rs 514.77 crore in Q3 December 2019 as against Rs 789.29 crore paid in Q3 December 2018. The Q3 earning was released after market hours yesterday, 22 January 2020.

Loan book grew by almost Rs 28,500 crore quarter on quarter (QoQ). Retail loan book grew 25% year-on-year (YoY), domestic corporate book grew 16% YoY.

Shares of AU Small Finance Bank jumped 6.8% higher to Rs 947. The bank reported a 99.5% jump in net profit to Rs 190.20 crore in Q3 December 2019 as compared to Rs 95.33 crore in Q3 December 2018. Profit before tax (PBT) stood at Rs 272.74 crore in Q3 December 2019, up by 86.5% from Rs 146.21 crore in Q3 December 2018. Net Interest Income (NII) grew 46% to Rs 507 crore during Q3 December 2019 from Rs 348 crore in Q3 December 2018. Total income of the bank rose 42.3% to Rs 1272.83 crore in Q3 December 2019 as compared to Rs 894.30 crore in Q3 December 2018.

Ceat was higher by 1.56%. The tyre maker reported 0.04% rise in consolidated net profit to Rs 52.79 crore on 1.72% rise in total income to Rs 1,769.98 crore in Q3 December 2019 over Q3 December 2018. The company will be commissioning Chennai & Nagpur plants in the fourth quarter.

Ujjivan Small Finance Bank reported its first ever quarterly result after listing on bourses on 12 December 2019. On standalone basis, the bank's net profit jumped 98% to Rs 89.66 crore in Q3 December 2019 as compared to Rs 45.31 crore in Q3 December 2018. The bank's provisions and contingences soared 336% to Rs 30.53 crore in Q3 December 2019 as against Q3 December 2018. The ratio of gross NPAs to gross advances stood at 0.95% as on 31 December 2019 as against 1.41% as on 31 December 2018. Shares of Ujjivan Small Finance Bank were trading 3.02% higher at Rs 52.9.

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