Key benchmarks hit the day's low in morning trade amid profit selling at higher levels. The Nifty slipped below 11,300 mark. Auto stocks witnessed profit selling while pharma shares were trading firm.
At 10:23 IST, the barometer index, the S&P BSE Sensex, slipped 141.55 points or 0.37% at 38,351.40. The Nifty 50 index was down 29.7 points or 0.26% at 11,270.85.
The broader market outperformed the main stock indices. The S&P BSE Mid-Cap index rose 0.84% while the S&P BSE Small-Cap index rose 0.86%.
The market breadth was strong. On the BSE, 1232 shares rose and 788 shares fell. A total of 125 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 245.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,017.40 crore in the Indian equity market on 28 July, provisional data showed.
The government has reportedly picked Edelweiss Financial Services and Deloitte as the two pre-initial public offer (IPO) transaction advisors for the listing of the country's biggest insurer - Life Insurance Corporation of India (LIC), whose public offer is expected to be the largest ever in the history of the domestic capital markets.
Following the report, shares of Edelweiss Financial Services hit an upper circuit limit of 5% at 77.85.
Total COVID-19 confirmed cases worldwide stood at 16,670,063 with 659,077 deaths. India reported 4,96,988 active cases of COVID-19 infection and 33,425 deaths while 9,52,743 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Bharti Airtel (down 0.38%), Dr Reddy's Laboratories (up 1.7%) and Maruti Suzuki India (down 0.87%) are Nifty companies that will announce their results today.
TVS Motor (up 0.85%), Bombay Burmah Trading Corp (up 0.24%), Indian Energy Exchange (up 3.74%), InterGlobe Aviation (up 0.28%), Glaxosmithkline Pharmaceuticals (up 1.47%), Manappuram Finance (up 0.82%), Mastek (up 0.73%), Navin Fluorine International (up 1.77%), Union Bank of India (up 1.03%), CEAT (up 0.89%), Colgate-Palmolive (up 0.6%), Rail Vikas Nigam (up 0.52%) and GMM Pfaudler (down 2.76%) are some of the other companies that will announce their results today.
Nestle India fell 1.78%. The FMCG major reported a 11.15% rise in net profit to Rs 486.6 crore in Q2 June 2020 from Rs 437.79 crore in Q2 June 2019. Revenue from operations stood at Rs 3050.48 crore in Q2 June 2020, rising 1.66% from Rs 3000.85 crore in the same period last year. Nestle said its total sales grew at 2% while domestic sales grew at 2.6%. The company's export sales declined by 9.3%. Sales were adversely impacted due to the COVID-19 induced lockdown leading to production disruption across factories. Demand in out of home channel was also severely reduced, the company added.
IndusInd Bank gained 3.9%. The private lender's standalone net profit slumped 67.84% to Rs 460.64 crore on 0.65% rise in total income to Rs 8,680.92 crore in Q1 June 2020 over Q1 June 2019. The bank's gross non-performing assets (NPAs) stood at Rs 5,098.95 crore as on 30 June 2020 as against Rs 5,146.74 crore as on 31 March 2020 and Rs 4,199.66 crore as on 30 June 2019.
The ratio of gross NPAs to gross advances stood at 2.53% as on 30 June 2020 as against 2.45% as on 31 March 2020 and 2.15% as on 30 June 2019. The bank's provisions and contingencies surged 424.56% to Rs 2,258.88 crore in Q1FY21 over Rs 430.62 crore in Q1FY20. Meanwhile, the bank's board approved issuing over 4,76,29,768 equity shares on preferential basis at issue price of Rs 524 per share to Route One Offshore Master Fund LP Route One Fund I LP, ICICI Prudential Life Insurance Company, Tata Investment Corporation and AIA Company. The board also approved issuing over 1,51,17,477 equity shares on preferential basis at Rs 524 per share to promoter IndusInd International Holdings and Hinduja Capital (non-QIBs).
RBL Bank fell 0.3%. The private bank's net profit fell 47.1% to Rs 141.22 crore on 2.6% rise in total income to Rs 2568.32 crore in Q1 FY21 over Q1 FY20. the bank's net interest income (NII) rose 27% year-on-year (YoY) to Rs 1,041 crore during the quarter. Net Interest Margin stood at 4.85% as on 30 June 2020 as against 4.31% as on 30 June 2019. The bank's provisions and contingencies surged 153.95% to Rs 500.16 crore in Q1 FY21 from Rs 196.95 crore in Q1FY20. The provisional coverage ratio was at 70.46% in Q1 FY21 as compared to 69.13% in Q1 FY20. The bank said it set aside Rs 240 crore for COVID-19 related provisions, taking the total money set aside due to possible reverses because of the pandemic to Rs 350 crore. Gross non-performing assets (NPAs) stood at Rs 1,992.07 crore as on 30 June 2020 as against Rs 2,136.52 crore as on 31 March 2020 and Rs 789.21 crore as on 30 June 2019. The ratio of gross NPAs to gross advances stood at 3.45% as on 30 June 2020 as against 3.62% as on 31 March 2020 and 1.38% as on 30 June 2019.
Tata Coffee soared 16.28% to Rs 96.80 after consolidated net profit jumped 62.33% to Rs 35.94 crore on a 25.9% rise in net sales to Rs 587.83 crore in Q1 June 2020 over Q1 June 2019. Tata Coffee said consolidated total income for the quarter ending 30 June 2020, stood at Rs 592 crore compared to Rs 472 crore posted in corresponding quarter of the previous year, an increase of 26%, driven by improved performance from the value-added businesses. Consolidated profit before tax stood at Rs 79.06 crore in Q1 June 2020, rising 65% from Rs 47.87 crore in Q1 June 2019. Total tax expenses rose 34% year on year to Rs 17.46 crore in Q1 June 2020.
Castrol India was up 2.97%. The company's standalone net profit slumped 64.2% to Rs 65.40 crore on 52.08% fall in total income to Rs 505.80 crore in Q2 June 2020 over Q2 June 2019. Castrol India said that disruptions owing to the Covid-19 pandemic escalated in the second quarter of 2020, resulting in a continued slowdown of the economy including decline in lubricants consumption. Robust working capital management, along with judicious cost management and efficiency programmes have helped us maintain a current strong liquidity and financial position to be able to meet any near-term challenges, Castrol India said.
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