Key indices ended with modest losses weighed by selling pressure in late trade. The barometer index, the S&P BSE Sensex, fell 119.51 points or 0.33% at 36,034.11. The Nifty 50 index was down 37.75 points or 0.35% at 10,793.65. Intraday volatility was high as the Sensex regained the psychological 36,000 after sliding below that level in intraday trade.
Domestic stocks edged higher in early trade boosted by improved industrial production data for December. Stocks trimmed gains in morning trade. Key indices hovered with modest gains in mid-morning trade. The market was trading in a narrow range in afternoon trade. Volatility struck bourses in mid-afternoon trade as the key indices regained positive zone soon after sinking in negative zone. Fresh selling pulled the key indices to day's low in late trade.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 977 shares rose and 1564 shares fell. A total of 130 shares were unchanged.
Sun Pharmaceutical Industries lost 1.28%. Consolidated net profit rose 310% to Rs 1461.03 crore on 16.04% increase in net sales to Rs 7656.71 crore in Q3 December 2018 over Q3 December 2017. The company said that net profit for Q3 last year was adversely impacted by one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates. The result was announced after market hours yesterday, 12 February 2019.
EBITDA was reported at Rs 2,069 crore in Q3 December 2018, up by 48% over Q3 December 2017, with resulting EBITDA margin of 27%. Margins were partly driven by forex gains, the company said.
Sale of branded formulations in India in Q3 was Rs 2,235 crore, up by 7% and accounted for 29% of total sales. Sales in the US were $362 million for the quarter, a growth of 10% over same period last year and accounted for 34% of total sales. Sales in emerging markets were at $203 million in Q3, up 7% over same quarter last year and accounted for 19% of total sales. Formulation sales in Rest of World (ROW) markets excluding US and Emerging Markets were $125 million in Q3, a growth of 4% over Q3 last year and accounted for approximately 12% of revenues.
L&T dropped 2%. L&T Construction said that Buildings and Factories business has secured a design and build order for the construction of hospitals from a private developer in India. The project that will feature 37 linear accelerator bunkers has to be completed within stringent timelines of 30 months. The business has also secured another order for the construction of a hospital in Udupi, Karnataka. The announcement was made during market hours today, 13 February 2019.
Coal India fell 1.19%. The company's consolidated net profit rose 50.09% to Rs 4566.81 crore on 12.58% rise in net sales to Rs 23385.43 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 12 February 2019.
During the quarter ended 31 December 2018, the government further divested 3.19%, 2.21% and 0.01% of total equity share capital equivalent to 33,59,97,714 number of equity shares by way of placement of shares in Bharat 22 ETF, CPSE ETF and OFS, respectively, and post such divestment, the Centre holds 72.91% of equity share capital, Coal India said.
Infosys rose 0.61%. Infosys during market hours today said that the company has inaugurated its Digital Innovation and Design Center in Providence and announced a partnership with the Community College of Rhode Island (CCRI) to build and launch the Digital Economy Aspirations Lab (DEAL) to enable and develop students for the digital jobs of the future. The Providence Center will help close the gap for design and humancentric skills in technology fields and enhance Infosys' ability to provide digital technologies and breakthrough innovations at the intersection of industry and design for its clients.
On the macro front, India's industrial production (base year 2011-12=100) increased at improved pace of 2.4% in December 2018, compared with 0.3% growth recorded in November 2018. The industrial production growth for November 2018 has been revised downwards from 0.5% increase reported provisionally. The data was released by government after market hours yesterday, 12 February 2019.
The all-India general CPI inflation eased to 2.05% in January 2019 (new base 2012=100), compared with 2.11% in December 2018. The corresponding provisional inflation rate for rural area was 1.29% and urban area 2.91% in January 2019 as against 1.50% and 2.91% in December 2018. The core CPI inflation eased to 5.36% in January 2019 compared with 5.66% in December 2018. The data was released by government after market hours yesterday, 12 February 2019.
Overseas, European shares edged up on Wednesday as optimism towards Washington and Beijing trade talks lifted global markets and data showed earnings growth forecasts for Europe were no longer falling for the fourth quarter after steep downward revisions.
Asian stocks nudged higher on Wednesday, lifted by optimism that the United States and China might be able to hammer out a deal to resolve their nearly year-long trade dispute. US stock indexes closed at their highest levels for 2019 on Tuesday after lawmakers reached a tentative deal to prevent a government shutdown and as optimism grew over a potential trade deal between the U.S. and China.
Democratic and Republican lawmakers reached a deal late Monday to avert another government closure after GOP negotiators agreed to a border-security deal that will involve far less money for an extension of the southern U.S. border wall than President Donald Trump has been demanding.
Bilateral trade negotiations entered a second day in Beijing, with Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer due to arrive Thursday for more high-level discussions.
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