Indices at day's low; IRCTC spurts 13%

Key equity indices drifted to the lowest point of the day in morning trade. Weak economic data triggered selling in domestic shares. The Nifty slipped towards 12,150 level. At 10:32 IST, the barometer index, the S&P BSE Sensex, was down 151.7 points or 0.35% at 41,414.20. The Nifty 50 index was down 47.05 points or 0.39% at 12,154.15.

The S&P BSE Mid-Cap index was down 0.38% while the S&P BSE Small-Cap index traded near the flat line.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 857 shares rose and 1022 shares fell. A total of 103 shares were unchanged. In Nifty 50 index, 16 stocks advanced while 34 stocks declined.

Economy:

India's Industrial Production (IIP) shrank 0.3% to 133.5 in December 2019 over December 2018. Manufacturing sector output declined by 1.2%. Electricity generation also dipped 0.1%. Mining sector output grew by 5.4% compared with December 2018.

Consumer price inflation in January rose to 7.59%, holding around six-year top. CPI rural inflation rose to 7.73% versus 7.23% in December. January core inflation also surged to 4.8% versus 3.7% in December.

Q3 Earnings:

Among Nifty stocks, BPCL (up 0.18%) and Nestle India (up 0.54%) will announce Q3 earnings today.

Adani Enterprises (up 0.24%), AllCargo Logistics (down 0.5%), Apollo Hospitals (down 0.89%), Atul Auto (down 0.57%), Arrow Greentech (down 4.95%), Bajaj Healthcare (up 1.32%), Bombay Burmah Trading Corp (up 0.21%), Vodafone Idea (up 0.44%), Tribhonvandas Bhimji Zaveri (up 1.61%), SJVN (unchanged), GMR Infrastructure (up 0.22%), Lemon Tree Hotels (up 3.15%), Deepak Fertilizers (down 3.73%), PC Jeweller (up 4.78%), Igarshi Motors (up 2.42%), Godrej Industries (up 0.17%), Hindustan Aeronautics (up 0.09%), Premier Explosives (up 0.7%), Hindustan Copper (down 1.67%), Deccan Cement (up 1.3%) and Future Retail (down 0.57%) are some of the companies that will announce their Q3 December 2019 result today.

Q3 Results Impact:

Indian Railway Catering & Tourism Corporation (IRCTC) jumped 13.18% to Rs 1606. On a standalone basis, IRCTC's net profit jumped 179.6% to Rs 205.80 crore in Q3 December 2019 as against net profit of Rs 73.60 crore in Q3 December 2018. Net sales rose 64.6% to Rs 715.98 crore in Q3 December 2019 from Rs 435.01 crore posted in Q3 December 2018.

Ashok Leyland fell 2.52%. On a consolidated basis, the commercial vehicle maker's net profit tumbled 86.68% to Rs 57.11 crore in Q3 December 2019 (Q3 FY20) as against Rs 428.76 crore reported in Q3 December 2018 (Q3 FY19). Net sales slipped 30.48% year-on-year (Y-o-Y) to Rs 5,148.15 crore in Q3 FY20. EBITDA margin stood at 5.6% in Q3 December 2019 compared with 5.8% in Q2 September 2019 and 10.3% in Q3 December 2018.

Dish TV declined 0.42% to Rs 11.96. On a consolidated basis, the company reported a net loss of Rs 64.54 crore in Q3 December 2019 as against a net profit of Rs 161.66 crore posted in Q3 December 2018. Net sales declined 43% to Rs 867.80 crore in Q3 December 2019 over Q3 December 2018.

Natco Pharma slumped 5.63% to Rs 668.65. The drug maker's consolidated net profit fell 34.5% to Rs 104.50 crore on 13.4% decline in net sales to Rs 482.20 crore in Q3 December 2019 over Q3 December 2018. Profit before tax in the December quarter stood at Rs 128.80 crore, down by 37.1% from Rs 204.70 crore reported in the corresponding quarter last fiscal. Current tax expenses of the company fell 39.6% to Rs 31.10 crore in Q3 December 2019 over Q3 December 2018.

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