Domestic equity benchmarks came off the day's low in morning trade. Metal and pharma stocks corrected while PSU banks and auto shares bucked weak trend. At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 154.15 points or 0.40% at 38,252.86. The Nifty 50 index lost 41.75 points or 0.37% at 11,280.75.
In the broader market, the S&P BSE Mid-Cap index slipped 0.51% while the S&P BSE Small-Cap index shed 0.08%.
The market breadth was strong. On the BSE, 1063 shares rose and 1103 shares fell. A total of 102 shares were unchanged.
Buzzing Index :
The Nifty Metal index fell 1.59% to 2,332.90. The index jumped 11% in the past eight sessions while the benchmark Nifty 50 index had gained 2% during the same period.
Hindustan Zinc (down 5.79%), Hindalco Industries (down 2.99%), NALCO (down 2.39%), APL Apollo Tubes (down 1.71%), SAIL (down 1.67%) and Tata Steel (down 1.51) were the top index losers.
Meanwhile, Welspun Corp (up 2.85%) and MOIL (up 1.73%) outperformed the index.
Earnings Today:
Aarti Industries (up 1.57%), Aavas Financiers (up 3.31%), Ashok Leyland (up 0.19%), Aster DM Healthcare (up 2.65%), Aurobindo Pharma (up 0.25%), Bharat Forge (up 0.96%), Brigade Enterprises (down 0.82%), Cholamandalam Financial (up 1.11%), Cummins India (down 0.45%), Thermax (up 1.08%), eClerx (up 2.19%), Graphite India (down 0.95%), Gulf Oil (up 3.13%), Kalpataru Power (up 0.28%), SH Kelkar (up 3.66%), NCC (down 0.47%), Natco Pharma (down 2.36%), MAS Financial (up 3.33%), Tata Power (down 0.87%) and Sundaram Fasteners (up 2.50%) will announce their quarterly earnings today.
Earnings Impact:
Central Bank of India rose 2.20% to Rs 18.55 after the bank's net profit rose 14.41% to Rs 135 crore on a 3.60% increase in total income to Rs 6727 crore in Q1 June 2020 over Q1 June 2019. Net Interest Margin (NIM) was at 3.08% as on 30 June 2020 as against 2.62% as on 30 June 2019.
The bank's provisions and contingencies fell 5.81% to Rs 974 crore in Q1 June 2020 from Rs 1034 crore in Q1 June 2019. "Bank has made provision of Rs 161.75 crore during the quarter in accounts where moratorium due to COVID-19 pandemic was extended. The total provision of Rs 305 crore is held by the Bank as on 30 June 2020," Central Bank of India said in a statement.
On the asset quality front, the ratio of gross NPAs to gross advances stood at 18.10% as on 30 June 2020 as against 18.92% as on 31 March 2020 and 19.93% as on 30 June 2019. The ratio of net NPAs to net advances stood at 6.76% in Q1 FY21 as against 7.63% in Q4 FY20 and 7.98% in Q1 FY20.
KRBL fell 3.64% to Rs 299.35 after the company reported 7.63% fall in consolidated net profit to Rs 125.74 crore on 36.62% fall in total income to Rs 773.26 crore in Q1 June 2020 over Q1 June 2019.
Galaxy Surfactants shed 0.72% to Rs 1754.25. The company posted a 7.5% rise in consolidated net profit to Rs 56.49 crore in Q1 FY21 as against Rs 52.55 crore in Q1 FY20. Net sales for the June quarter stood at Rs 607.16 crore, an 8.7% decline compared with Rs 665 crore reported in the same period last year.
The fall in revenue was on account of decline in specialty care sales as well as decline in fatty alcohol prices. However, EBITDA/MT remained stable at Rs 17,561 for Q1 FY21 as against Rs 17,779 in Q1 FY20.
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