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Realty stocks decline

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Indices recovered further ground in early afternoon trade after an intraday slide. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 102.76 points or 0.28% at 36,443.72. The Nifty 50 index was down 43.20 points or 0.39% at 10,900.40. Realty stocks fell.

Domestic stocks drifted lower in early trade as most Asian stocks declined. Key benchmark indices extended losses and hit intraday low in morning trade. Stocks cut losses in mid-morning trade.

The S&P BSE Mid-Cap index was down 1.21%. The S&P BSE Small-Cap index was down 1.32%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 670 shares rose and 1578 shares fell. A total of 114 shares were unchanged.

Tata Steel rose 0.34% after consolidated net profit rose 54.33% to Rs 1753.07 crore on 22.33% rise in net sales to Rs 40457.11 crore in Q3 December 2018 over Q3 December 2017. Consolidated adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 27% to Rs 7,225 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours on Friday, 8 February 2019.

Commenting on the results, CEO & managing director TV Narendran said despite a sharp drop in international steel prices, Tata Steel was able to maintain its overall realizations and increase its volumes significantly in India. The integration of Tata Steel BSL continues and its 5 MTPA expansion at Tata Steel Kalinganagar is also making good progress. The company is also looking forward to enhancing its long products and downstream capability through the acquisition of the 1 mtpa steel business of Usha Martin.

The phase II review of the TSE ThyssenKrupp JV is ongoing and the company is closely working with the European Commission to facilitate the same. In line with the company's strategy of divesting non-core assets and focusing on India, the firm has announced a divestment of a 70% stake in its SEA business and it continues to work on exploring similar opportunities across its portfolio.

Realty stocks fell. DLF (down 1.15%), Indiabulls Real Estate (down 3.57%), Housing Development and Infrastructure (down 0.88%), Unitech (down 1.65%), Sobha (down 1.53%), Godrej Properties (down 2.54%), Prestige Estates Projects (down 0.5%) and Oberoi Realty (down 0.06%) declined. D B Realty (up 1.99%) rose.

Sun TV Network surged 8.26% after net profit rose 31.60% to Rs 351.33 crore on 32.37% rise in net sales to Rs 904.45 crore in Q3 December 2018 over Q3 December 2017. The subscription revenues for the quarter was up by about 24% at Rs 349.60 crore as against Rs 281.82 crore for the corresponding quarter ended 31 December 2017. The result was announced after market hours on Friday, 8 February 2019.

Overseas, Asian stocks were mixed on Monday as concerns over global growth and US-China trade talks kept investors cautious. Markets in China and Taiwan, reopened after a weeklong Lunar New Year break. Japanese markets were closed for a holiday.

In Europe, with Brexit just 47 days away, the British government has reportedly asked lawmakers on Sunday to give Prime Minister Theresa May more time to rework her divorce deal with the European Union. Communities Secretary James Brokenshire said Parliament would get to pass judgment on May's Brexit plan no later than February 27. Britain is due to leave the EU on March 29, but Parliament has rejected May's divorce bill, leaving the prime minister to seek changes from the EU.

US stocks bounced off intraday lows to close mostly higher Friday as late afternoon buying offset pressure from lingering fears over U.S-China trade tensions.

US President Donald Trump confirmed reports that he had no plans to meet with Chinese President Xi Jinping before a March 1 trade-deal deadline. However, the US is reportedly likely to keep tariffs at 10% rather than raise them to 25% as scheduled.

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

First Published: Mon, February 11 2019. 12:24 IST