The market extended early losses and hit fresh intraday low in morning trade as investors were unimpressed by the government's economic relief measures. A steady rise in coronavirus cases in India also spooked investors. Extension of the nationwide lockdown also hurt sentiment.
At 10:24 IST, the barometer index, the S&P BSE Sensex, was down 691.86 points or 2.22% at 30,405.87. The Nifty 50 index was down 195.35 points or 2.14% at 8,941.50.
In the broader market, the S&P BSE Mid-Cap index was down 2.08% while the S&P BSE Small-Cap index fell 1.88%. The decline in both these indices was lower then the Sensex decline in percentage terms.
Sellers outpaced buyers. On the BSE, 467 shares rose and 1266 shares fell. A total of 111 shares were unchanged.
Total COVID-19 confirmed cases worldwide stood at 47,13,769 far with 3,15,187 deaths. India reported 56,316 active cases of COVID-19 infection and 3,029 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Meanwhile, in a bid to contain the spread of the novel coronavirus pandemic, the Centre on 17 May 2020 extended the nationwide lockdown till 31 May 2020. According to the new guidelines, the delineation of red, orange and green zones will be decided by respective states and Union Territory governments after taking into consideration the parameters shared by the Union Ministry of Health and Family Welfare.
Index heavyweight Reliance Industries (RIL) was down 0.96% at Rs 1444.85. RIL and Jio Platforms on 17 May 2020 announced an investment of Rs 6,598.38 crore by General Atlantic, a leading global growth equity firm.
Q4 Results Today:
Bharti Airtel (down 0.37%), Glaxosmithkline Pharmaceuticals (down 0.49%), Torrent Power (down 1.48%), Dr. Lal PathLabs (down 1.18%), Astrazeneca Pharma India (up 2.08%) and Maharashtra Scooters (down 3.69%) are some of the companies that will announce their quarterly results today.
Cipla rose 3.02% to Rs 587.40. On a consolidated basis, Cipla's net profit declined 33% to Rs 245.95 crore on a 0.7% rise in net sales to Rs 4301.60 crore in Q4 March 2020 over Q4 March 2019. The company said its India Rx business grew by 12% on a year on year basis recording a third consecutive quarter of market beating growth. South Africa business continued the strong growth momentum to deliver growth of 10% on a year on year basis in local currency. US business reported $118 million oost normalisation of IP-enabled opportunity.
Cipla reported its Research & Development investment stood at Rs 311 crore in Q4 March 2020, which is 7.1% of sales. Consolidated EBITDA declined 33% to Rs 652 crore in Q4 March 2020 from Rs 972 crore posted in Q4 March 2019. EBITDA margin declined to 15% in Q4 March 2020 from 22% reported in Q4 March 2019.
In a separate announcement on Monday (18 May) the drug major announced its submission of an Abbreviated New Drug Application (ANDA) for Fluticasone propionate and Salmeterol inhalation powder to the United States Food and Drug Administration. The drug is indicated for treating asthma in patients aged four years and older and is also used to treat chronic obstructive pulmonary disease (COPD). According to IQVIA (IMS Health), Advair Diskus and its generic equivalents had US sales of approximately $2.9 billion for the 12-month period ending March 2020.
Crompton Greaves Consumer Electricals fell 1.23% to Rs 205 after it reported 29.5% fall in standalone net profit to Rs 99.81 crore on a 15.6% decline in net sales to Rs 1018.05 crore in Q4 March 2020 over Q4 March 2020 over Q4 March 2019. Growth remained strong across all products till the lockdown (Jan and Feb growth 14% Y-o-Y). Market share increased in Fans and Consumer Lighting. Appliances business continued to deliver strong double digit growth based on excellent consumer offerings behind Coolers and Geysers.
Profit before tax stood at Rs 133.90 crore in Q4 March 2020, down by 20.4% from Rs 168.13 crore in Q4 March 2019. PBT margin increased sequentially with strengthened cost reduction programmes neutralizing the adverse volume impact due to Covid- 19, the company said.
On a consolidated basis, Crompton's net profit contracted by 27.4% to Rs 102.10 crore on a 15% fall in net sales to Rs 1024.34 crore in Q4 March 2020 over Q4 March 2019.
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