The Sensex and the Nifty were trading with minor gains in the afternoon trade. At 13:50 IST, the barometer index, the S&P BSE Sensex, rose 53.02 points or 0.14% at 37,884. The Nifty 50 index rose 33.75 points or 0.30% at 11,278.75.
The S&P BSE Mid-Cap index was up 0.53%. The S&P BSE Small-Cap index rose 0.21%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,172 shares rose and 1,095 shares fell. A total of 108 shares were unchanged.
Tata Motors rose 2.53% after the company reported consolidated net loss of Rs 3698.34 crore in Q1 June 2019, higher than net loss of Rs 1902.37 crore in Q1 June 2018. Total income fell 7.43% to Rs 62302.98 crore in Q1 June 2019 over Q1 June 2018. The company's consolidated earnings before interest tax depreciation and amortization (EBITDA) stood at 6.2% in Q1 June 2019. Q1 was impacted by demand slowdown, higher axle loads, liquidity stress, low freight availability for cargo operators.
Tata Motors group financial performance reflects the historical seasonality and continued challenging market conditions globally. The domestic auto industry has declined sharply and significantly. JLR performance reflects the impact of seasonality in the backdrop of weak markets.
Jaguar Land Rover, a fully owned subsidiary of Tata Motors, reported a pre-tax loss of 395 million pounds, compared to 264 million pounds loss in the same period a year ago, on quarterly revenues that declined 2.8% year-on-year to 5.1 billion pounds.
Bajaj Finserv advanced 6.35%. The company's consolidated net profit rose 2.37% to Rs 845.34 crore on 39.92% increase in total income to Rs 12272.26 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 25 July 2019.
Vedanta was down 4.23%. The company said that Cairn India Holdings (CIHL), an overseas subsidiary of the company, and Volcan Investments have agreed to unwind entirely the structured investment entered between them in December 2018 ahead of the originally envisaged schedule. With this, Volcan will exercise the early exchange option available to it on 26 July 2019 and consequent to this the full exchange of its two issues of mandatory exchangeable bonds secured by shares in Anglo American plc, will settle on 12 August 2019. The investment by CIHL, which was entered into as part of its cash management activities, has delivered a net gain of over USD 100 mm in the 8 month period it was held. Cash proceeds from the settlement of the transaction will be paid to CIHL on 13 August 2019. The announcement was made before market hours today, 26 July 2019.
Tata Steel was up 0.84%. The company said that it has on 24 July 2019 subscribed to 2.58 crore rights equity shares of Tata Sponge Iron at an issue price of Rs 500 per rights equity share (including a premium of Rs 490 per rights equity share) aggregating to Rs 1,292.20 crore. The announcement was made after market hours yesterday, 25 July 2019.
JSW Steel rose 0.46%. At the 25th Annual General Meeting of the members of JSW Steel, held on 25th July 2019, shareholders offered consent to the board for making offer or invitations to subscribe to secured / unsecured redeemable non convertible debentures of the company, for an amount not exceeding Rs 10,000 crore on private placement basis. The announcement was made after market hours yesterday, 25 July 2019.
Bajaj Auto was up 3.37%. The company's net profit rose 1% to Rs 1126 crore on a 4% rise in revenue from operations to Rs 7756 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 26 July 2019.
The automobile company's EBITDA declined by 9% to Rs 1,250 crore in Q1 June 2019 over Q1 June 2018. The EBITDA margin also fell to 16.1% from 18.3% in Q1 June 2019 over Q1 June 2018. The operating profit declined by 8% to Rs 1,189 crore in Q1 June 2019 over Q1 June 2018. The total production of Bajaj Auto stood at 12.47 lakh units in the FY 2019-20.
Maruti Suzuki India (up 2.43%), JSW Steel (up 0.54%) and Vedanta (down 4.03%) ahead of Q1 June 2019 results today.
Yes Bank (up 8.73%), Bajaj Finance (up 6.39%), Eicher Motors (up 5.46%), Hero MotoCorp (up 3.71%) and Zee Entertainment Enterprises (up 3.01%), advanced.
Indian Oil Corporation (down 4.23%), GAIL (down 1.48%), Bharati Airtel (down 1.47%), Tech Mahindra (down 1.46%) and Reliance Industries (down 1.43%), declined.
Overseas, European shares were trading higher. The European Central Bank laid the groundwork for further cuts to interest rates, announcing Thursday that it intends to leave official rates at present or lower levels, at least through the first half of 2020.
Asian stocks were trading lower amid expectations the U.S. Federal Reserve could be less aggressive than expected with monetary policy when it meets next week.
U.S. stocks finished lower Thursday, retreating from records for the S&P 500 and Nasdaq, after a series of mostly disappointing earnings reports.
The Fed will gather on July 30-31 for policy meeting and the U.S. central bank is widely anticipated to cut benchmark rates by at least 25 basis points to combat headwinds from the China-U.S. trade dispute and signs of slowing economic growth outside of the U.S.
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