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Barometers trade sideways; Tasty Bite jumps 12%

Capital Market 

Key benchmark indices traded sideways with modest losses in mid-morning trade. Weak domestic economic data spoiled investors' sentiment. The Nifty hovered around the 12,150 level. At 11:26 IST, the S&P BSE Sensex, was down 128.29 points or 0.31% at 41,437.61. The Nifty 50 index was down 38.85 points or 0.32% at 12,162.36.

The broader market traded mildly lower. The S&P BSE Mid-Cap index was down 0.17% while the S&P BSE Small-Cap index traded unchanged.

The market breadth was negative. On the BSE, 946 shares rose and 1140 shares fell. A total of 124 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined.

Economy:

The government announced IIP and retail inflation data after market hours yesterday, 12 February 2020. 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.

Stocks in Spotlight:

Tasty Bite Eatables advanced 12.31% to Rs 11677.10, extending its winning streak to five consecutive sessions. The stock has rocketed 42.49% in last five trading days from its recent closing low of Rs 8195 recorded on 6 February 2020. Tasty Bite Eatables was locked in an upper circuit of 20% at Rs 10397.50 after the company announced stellar Q3 earnings during market hours yesterday, 12 February 2020. On a standalone basis, Tasty Bite's net profit soared 97% to Rs 13.67 crore in Q3 December 2019 as against 6.93 crore posted in Q3 December 2018. Net sales surged 30.14% to Rs 113.89 crore during the quarter as against Rs 87.5 crore in Q3 last year.

Bharat Heavy Electricals (BHEL) rose 1.51%. BHEL signed an MoU with joint stock company 'Rosoboronexport'. The scope of the MoU is to cooperate and undertake joint projects and operations for Defence Systems. This will help in leveraging BHEL's strength and capabilities in the defence sector. The MoU will also offer solution to Indian Defense Forces.

Shares of General Insurance Corporation of India were trading 1.2% lower at Rs 235.35. The company has obtained license from the Central Bank of the Russian Federation for its subsidiary company, GIC Perestrakhovanie, Moscow, for commencement of reinsurance business. The license which was received on 12 February 2020 enables subsidiary to commence transacting domestic and international reinsurance business in Russia based on the capital invested by the corporation.

Global Markets:

Overseas, Asian markets were trading mixed on Thursday as China's Hubei province on Thursday reported a spike in the number of new coronavirus cases.

In US, markets ended higher on Wednesday, with all three major benchmarks registering all-time closing highs, buoyed by signs of a slowdown in the number of new cases of COVID-19 a strain of coronavirus that emerged in Wuhan, China late last year.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 13 2020. 11:28 IST
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