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Market reverses early gains, RIL spurts

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Volatility struck bourses in early trade as trading resumed after a long weekend. Shares of Reliance Industries (RIL) surged after chairman and managing director Mukesh Ambani on Monday addressed the shareholders of the company at its 42nd annual general meeting (AGM).

Key indices opened higher but soon reversed direction on negative Asian stocks. At 9:26 IST, the barometer index, the S&P BSE Sensex, was down 146.94 points or 0.39% at 37,434.97. The Nifty 50 index was down 24.95 points or 0.22% at 11,084.70.

The S&P BSE Mid-Cap index was down 0.48%. The S&P BSE Small-Cap index was down 0.12%.

Domestic stock markets were shut on Monday, 12 August 2019 on account of Bakri Id.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 624 shares rose and 646 shares fell. A total of 81 shares were unchanged.

Among stocks, Reliance Industries (RIL) jumped 8.22% after chairman and managing director Mukesh Ambani on Monday addressed the shareholders of the company at its 42nd annual general meeting (AGM). Mukesh Ambani revealed a roadmap to becoming a zero net debt company in the next 18 months. Saudi Aramco signed a non-binding letter of intent to acquire a 20% stake in the oil to chemicals division of Reliance Industries valued at an enterprise value of $75 billion.

Mukesh Ambani said that Jio Fiber Services will be launched on commercial basis on 5 September 2019, the third anniversary of Jio's launch. RIL plans to reach 20 million residences and 15 million business establishments in 1,600 towns. Reliance Jio Infocomm (Jio), a subsidiary of Reliance Industries (RIL), and Microsoft Corp. are embarking on a unique, comprehensive, long-term strategic relationship aimed at accelerating the digital transformation of the Indian economy and society.

Mukesh Ambani revealed a roadmap to becoming a zero net debt company in the next 18 months. Saudi Aramco signed a non-binding letter of intent to acquire a 20% stake in the oil to chemicals division of Reliance Industries valued at an enterprise value of $75 billion.

Mukesh Ambani said that Jio Fiber Services will be launched on commercial basis on 5 September 2019, the third anniversary of Jio's launch. RIL plans to reach 20 million residences and 15 million business establishments in 1,600 towns. Reliance Jio Infocomm (Jio), a subsidiary of Reliance Industries (RIL), and Microsoft Corp. are embarking on a unique, comprehensive, long-term strategic relationship aimed at accelerating the digital transformation of the Indian economy and society.

Bharat Petroleum Corporation (BPCL) rose 2.32%. The company's consolidated net profit fell 44.08% to Rs 1623.75 crore on 6.09% rise in total income to Rs 77261.95 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 9 August 2019.

NTPC lost 4.41%. The company reported 5.63% rise in consolidated net profit to Rs 2840.28 crore on 6.9% rise in total income to Rs 26929.85 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 10 August 2019.

Tata Motors rose 0.78%. Tata Motors' unit Jaguar Land Rover said that retail sales in July 2019 were 37,945 vehicles, up 5% compared to July 2018. Jaguar retail sales in July 2019 were 11,386 vehicles, up 3.6% year-on-year and Land Rover retailed 26,559 vehicles, up 5.6% compared to July 2019. The announcement was made after market hours on Friday, 9 August 2019.

Godfrey Phillips India surged 14.98% after consolidated net profit rose 106.49% to Rs 118.63 crore on 40.01% rise in total income to Rs 824.78 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 10 August 2019.

Steel Authority of India fell 0.81% after the company reported 81.4% drop in consolidated net profit to Rs 102.68 crore on 6.11% fall in total income to Rs 15043.53 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 9 August 2019.

On the macro front, the quick estimates of Index of Industrial Production (IIP) with base 2011-12 showed that India's industrial output grew 2% in June. The data was released by the government after market hours on 9 August 2019.

Overseas, Asian stocks were trading lower on Tuesday as fears about a drawn out Sino-US trade war, protests in Hong Kong and a crash in Argentina's peso currency drove investors to safe harbours like bonds, gold, and the yen.

US stock benchmarks finished sharply lower Monday as simmering geopolitical tensions spooked equity investors and drove a bond market rally while the protracted US-China trade war stoked fears of impending recession.

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

First Published: Tue, August 13 2019. 09:30 IST
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