The market surged to the day's high in morning trade amid steep slide in crude oil prices and positive global shares. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) climbing to a near eight-year high also boosted sentiment. The Nifty scaled its 100 days simple moving average placed at 11,838.71.
At 10:31 IST, the S&P BSE Sensex, surged 574.19 points or 1.44% at 40,446.50. The Nifty 50 index was up 167.1 points or 1.43% at 11,875.
The broader market was strong. The S&P BSE Mid-Cap index was up 1.08% while the S&P BSE Small-Cap index was up 1.14%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1361 shares rose and 485 shares fell. A total of 116 shares were unchanged. In Nifty 50 index, 44 stocks advanced while 6 stocks declined.
Economy:
Fitch Ratings on Monday said India is expected to clock a GDP growth of 5.6% in the next financial year, as Budget 2020 has not "materially altered" its view on the country's growth outlook.
The Economic Survey of India released by the government last week projected India's growth rate at 6-6.5% for FY21.
Q3 Earnings:
Among Nifty companies, Titan Company (up 1.49%), Adani Ports and SEZ (up 0.63%) and Bharti Airtel (down 0.38%) will announce their Q3 2019 earnings today.
Avanti Feeds (up 1.33%), TVS Motor (up 1.01%), Tata Global Beverages (down 0.29%), JSW Energy (up 0.32%), Piramal Enterprises (up 2.69%), Thermax (up 1.72%), Punjab National Bank (up 1.31%), Praj Industries (up 4.02%), Exide Industries (up 1.13%), Adani Green Energy (up 3.76%), Apollo Pipes (up 3.91%), Bajaj Electricals (up 1.4%), J.B. Chemicals & Pharmaceuticals (up 2.09%), Grindwell Norton (up 2.93%), Oracle Financial Services (down 0.71%), GATI (up 0.37%) and Mahindra Logistics (up 1.06%) are some of the companies that will announce their Q3 earnings today.
CSB Bank will announce its first ever quarterly result today after listing on exchanges on 4 December 2019.
Q3 Results Impact:
Honeywell Automation soared 11.57% to Rs 31,000 after auto ancillary major reported strong Q3 numbers. On a standalone basis, net profit jumped 69% to Rs 144.74 crore in Q3 December 2019 as against Rs 85.62 crore reported in Q3 December 2018. Net sales rose 11% to Rs 901.2 crore on YoY basis.
Ujjivan Financial Services rose 0.88%. Ujjivan Financial Services announced its Q3 earning figures post trading hours yesterday, 3 February 2020. On a consolidated basis, Ujjivan Financial Services net profit surged 135.75% to Rs 74.97 crore in Q3 December 2019 as compared to Rs 31.80 crore reported in Q3 December 2018. Consolidated total income jumped 50.71% to Rs 764.71 crore in Q3 December 2019 over Q3 December 2018.
HUDCO declined 3.4% to Rs 38.3 after the company announced dismal Q3 numbers. On a consolidated basis, Housing and Urban Development Corporation (HUDCO) net profit tanked 37.24% to Rs 205.89 crore in Q3 December 2019 as against Rs 328.10 crore reported in Q3 December 2018. Consolidated total income soared 36.58% to Rs 1,802.39 crore in Q3 December 2019 over Q3 December 2018.
Glaxosmithkline Pharmaceuticals crashed 11.86%. The pharma company reported a net loss of Rs 661.16 crore against a net profit of Rs 113.67 crore on 8.69% fall in total income to Rs 795.09 crore in Q3 December 2019 over Q3 December 2018. The reported sales number for the quarter declined due to portfolio optimization and voluntary recall of Zinetac. Adjusting for the same the underlying sales growth is 6%.
Deepak Nitrite rose 1.64%. The company reported 294.74% rise in consolidated net profit to Rs 156.71 crore on 47.79% rise in total income to Rs 1,134.60 crore in Q3 December 2019 over Q3 December 2018. Basic Chemicals, Fine & Speciality Chemicals and the Performance Products segment resulted in robust topline performance during the quarter. This was supported by encouraging demand scenario of company's products in the export markets.
Shriram Transport Finance Company surged 9.72% after the company reported 38.2% jump in consolidated net profit to Rs 882.19 crore in Q3 December 2019 as compared to Rs 638.56 crore reported in Q3 December 2018. PBT or profit before tax surged 20.6% to Rs 1186.32 crore in Q3 December 2019 from Rs 983.94 crore in Q3 December 2018. Total Income in the December quarter stood at Rs 4288.20 crore, up by 7.4% from Rs 3993.40 crore reported in the same period last year.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
