Key benchmark indices were trading with modest gains in morning trade, supported by firmness in auto, pharma and metal shares. At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 172.28 points or 0.42% at 40,730.77. The Nifty 50 index added 49.95 points or 0.42% at 11,946.40.
In the broader market, the S&P BSE Mid-Cap index gained 0.50% while the S&P BSE Small-Cap index rose 0.70%.
The market breadth was strong. On the BSE, 1423 shares rose and 651 shares fell. A total of 107 shares were unchanged.
India reported 695,509 active cases of COVID-19 infection and 117,306 deaths while 6,948,497 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. Total COVID-19 confirmed cases worldwide stood at 41,640,295 with 1,136,495 deaths, according to data from Johns Hopkins University.
The Nifty Auto index rose 1.31% to 7,967.05. The index had slipped 0.41% in the past two sessions.
Tata Motors (up 2.25%), Maruti Suzuki (up 2.14%), Mahindra & Mahindra (up 1.66%), Bharat Forge (up 1.40%), Hero MotoCorp (up 1.15%), TVS Motor Company (up 0.96%), Eicher Motors (up 0.72%), Bajaj Auto (up 0.65%) and Ashok Leyland (up 0.57%) advanced.
Nestle India (down 0.14%), Tech Mahindra (down 0.10%), JSW Steel (down 0.54%), Yes Bank (up 1.42%), ICICI Lombard (down 0.27%), IDBI Bank (up 0.51%), Atul (up 1.61%), Heidelberg Cement (down 0.41%), Sudarshan Chemicals (up 0.81%), Persistent Systems (up 1.60%) and Aarti Drugs (up 0.28%) will announce their quarter earnings today.
Earnings in Focus:
HDFC Asset Management Company fell 1.74% to Rs 2317.30. The company's net profit fell 8% to Rs 337.9 crore on 8% decline in revenue from operations to Rs 456.2 crore in Q2 FY21 over Q2 FY20.
The fund house's market share stood at 13.6% as on 30 September 2020 as against 14.5% as on 30 June 2020 and 14.7% as on 30 September 2019. The company's quarterly average Assets Under Management (QAAUM) was Rs 3,75,500 crore as of 30 September 2020 compared to Rs 3,76,600 crore as on 30 September 2019.
Biocon slipped 1.32% to Rs 423.85 after the company's consolidated net profit fell 23% to Rs 195.4 crore on 11.33% rise in net sales to Rs 1744.8 crore in Q2 September 2020 over Q2 September 2019. Net profit for Q2FY21 was impacted due to higher R&D expenses at Rs 148 crore (versus Rs 104 crore in Q2FY20) up by 42%, forex losses and higher staff & other expenses. EBITDA margin fell to 23% in Q2 September 2020 compared with 27% in Q2 September 2019.
Income from generics business increased 8% YoY to Rs 599 crore while the income from biosimilars business jumped 11% YoY to Rs 676 crore in Q2 September 2020. Revenue from research services gained 12% YoY to Rs 520 crore in Q2 September 2020 driven by good performances in the Discovery Services and Dedicated R&D Centre businesses.
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