Sensex, Nifty come off day's high

The equity barometers came off the day's high amid high volatility in morning trade. The rise in domestic benchmarks was in line with their Asian peers. Auto, metal and banks stocks were trading firm.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 311.27 points or 0.98% at 32,026.62. The Nifty 50 index was up 91.15 points or 0.98% at 9,384.65.

In the broader market, the S&P BSE Mid-Cap index added 0.57% while the S&P BSE Small-Cap index rose 0.69%. Both these indices trailed the Sensex.

There were more buyers than sellers. On the BSE, 1084 shares rose and 656 shares fell. A total of 123 shares were unchanged. In Nifty 50 index, 36 stocks advanced while 14 stocks declined.

Buzzing Index:

The Nifty Auto index rose 1.20% to 5,542.05, attempting to recoup some of the losses incurred yesterday. The index tumbled 7.21% on Monday.

Mahindra & Mahindra (up 4.79%), Escorts (up 2.8%), TVS Motor Company (up 1.91%), Eicher Motors (up 1.58%), Tata Motors (up 1.31%), Ashok Leyland (up 0.91%), Maruti Suzuki India (up 0.69%) and Hero MotoCorp (up 0.38%) advanced. Meanwhile, Bajaj Auto was down 0.11%.

Q4 Results Today:

SBI Life Insurance (up 4.61%), Adani Ports And Special Economic Zone (down 0.02%), NIIT Technologies (up 2.77%), Persistent Systems (up 0.56%), Varun Beverages (up 4.04%), Tata Coffee (up 2.58%) and Rallis India (up 3.57%) are some of the companies that will announce their Q4 March 2020 result today.

Earnings Impact:

Marico rose 3.32% to Rs 293.85. On a consolidated basis, Marico's net profit fell 50.62% to Rs 199 crore on 7.02% decline in net sales to Rs 1,496 crore in Q4 March 2020 (Q4 FY20) over Q4 March 2019 (Q4 FY19). The result was announced after market hours on Monday.

During the quarter, the India business recorded a volume decline of 3%, vastly affected by disruptions in the last fortnight of March, due to lockdowns initially enforced in some states and eventually all over the country, to contain the outbreak of COVID-19 in India. But for this disruption, the business would have delivered low to mid single digit volume growth during the quarter.

While EBITDA fell 4% to Rs 282 crore, EBITDA margin improved by 58 basis points as it stood at 18.9% in Q4 FY20 as compared to Q4 FY19, due to the unfavorable portfolio mix in the India business.

Adani Green Energy added 2.01% to Rs 213.65. The company reported a consolidated net profit of Rs 56 crore in Q4 March 2020 (Q4 FY20) as against net loss of Rs 94 crore in Q4 March 2019 (Q4 FY19). Income from operations rose 2% YoY to Rs 696 crore in Q4 FY20.

Interest and other borrowing cost increased to Rs 1,075 crore in FY20 from Rs 985 crore in FY19, due to charging of interest due to projects which were being implementing were commissioned in FY20 and additional debt on account of ramp up of capacity and refinancing.

The group has refinanced its earlier borrowings through issuance of secured senior notes ($ denominated bonds) and rupee term loans from bank and financial Institutions. On account of such refinancing activities, the group has incurred one-time expenses aggregating to Rs 173 crore during the year. These expenses comprise of prepayment charges, unamortized portion of other borrowing cost related to earlier borrowings and cost of premature termination of derivative contracts.

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