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  • Mid-Session - Detailed News
Benchmarks come off day's low
22-Jul-19   13:32 Hrs IST

Key benchmarks trimmed losses after hitting fresh intraday low in the afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 388.28 points or 1.01% at 37,948.73. The Nifty 50 index fell 105.10 points or 0.92% at 11,314.15.

The S&P BSE Mid-Cap index was down 0.99%. The S&P BSE Small-Cap index was down 1.46%.

The market breadth was weak. On the BSE, 616 shares rose and 1,731 shares fell. A total of 134 shares were unchanged.

Yes Bank (up 5.83%), Vedanta (up 3.69%), Zee Entertainment Enterprises (up 2.63%), Sun Pharmaceutical Industries (up 2.58%) and Bharti Infratel (up 2.12%) advanced.

Bajaj Finserv (down 6.05%), HDFC (down 5.24%), Bajaj Finance (down 3.40%), Eicher Motors (down 2.57%) and Hindustan Unilever (down 2.20%) declined.

Reliance Industries (RIL) rose 0.96%. RIL reported 6.82% rise in consolidated net profit to Rs 10104 crore on 22.68% rise in total income to Rs 160147 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 19 July 2019.

Meanwhile, Reliance Industrial Investments and Holdings (RIIHL), a wholly-owned subsidiary of Reliance Industries (RIL), has entered into an agreement with BIF IV Jarvis India Pte, an affiliate of Brookfield Asset Management Inc. (Brookfield) for an investment by Brookfield (along with co investors) of Rs 25215 crore in the units proposed to be issued by the Tower Infrastructure Trust (Trust). The announcement was made after market hours on Friday, 19 July 2019.

HDFC Bank lost 3.74%. HDFC Bank reported 21.01% rise in net profit to Rs 5568.16 crore on 22.74% rise in total income to Rs 32361.84 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 20 July 2019.

The bank's provisions and contingencies jumped 60.41% to Rs 2,613.66 crore in Q1 June 2019 over Q1 June 2018. Gross non-performing assets (NPAs) stood at Rs 11,768.95 crore as on 30 June 2019 as against Rs 11,224.16 crore as on 31 March 2019 and Rs 9,538.62 crore as on 30 June 2018. The ratio of gross NPAs to gross advances stood at 1.40% as on 30 June 2019 as against 1.36% as on 31 March 2019 and 1.33% as on 30 June 2018. The ratio of net NPAs to net advances stood at 0.43% as on 30 June 2019 as against 0.39% as on 31 March 2019 and 0.41% as on 30 June 2018. Net interest income (interest earned less interest expended) for the quarter ended 30 June 2019 grew by 22.9% to 13,294.3 crore from Rs 10,813.6 crore for the quarter ended 30 June 2018, driven by asset growth and a core net interest margin for the quarter of 4.3%. The bank declared a special interim dividend of Rs 5 per share for the financial year 2019-2020.

Kotak Mahindra Bank shed 2.38% ahead of its its Q1 result today, 22 July 2019.

Cipla was almost flat at Rs 536.35. The company during market hours today, 22 July 2019, said that InvaGen Pharmaceuticals, its wholly-owned subsidiary, announced the receipt of final approval for its Abbreviated New Drug Application (ANDA) for Pregabalin Capsules, 25mg, 50mg, 75mg, 100mg, 150mg, 200mg, 225mg and 300mg from the United States Food and Drug Administration (US FDA).

Cipla informed that the United States Food and Drug Administration (USFDA) conducted a routine cGMP inspection at API manufacturing facility in Virgonangar, Bengaluru from 15 June 2019 to 19 June 2019. The inspection ended with 7 observations, none of which were repeat or related to data integrity. The company will respond to the agency within the stipulated timeline. The announcement was made on Saturday, 20 July 2019.

Axis Bank was down 0.35%. The bank announced on Saturday, 20 July 2019, that the board of the bank has approved raising of funds aggregating upto Rs 18,000 crore, through issue of equity shares/ depository receipts and/or any other instruments or securities representing either equity shares and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares including through qualified institutions placement (QIP)/American depository receipts (ADRs)/Global depository receipts (GDRs) program, preferential allotment or such other permissible mode or combinations as may be considered appropriate, subject to shareholders' approval through postal ballot process, in relation to the above fund raising proposal.

Overseas, European stocks were trading higher. Most Asian stocks are trading lower on Monday as investors reduced expectations of an aggressive interest rate cut by the Federal Reserve and heightened Middle East tensions. Iran said it seized a British-flagged oil tanker in the Strait of Hormuz last Friday, claiming that the vessel was violating international regulations.

Japanese Prime Minister Shinzo Abe's ruling coalition won a majority in the country's upper house of Parliament in elections on Sunday. That came as Japan remains embroiled in a trade dispute with South Korea.

US stocks closed lower Friday, 19 July 2019 following a report that said Federal Reserve officials would cut interest rates by a quarter percentage point at the end of the month.

Fed officials, based on recent public statements and interviews, signaled they were ready to cut rates by a quarter-percentage point at their July 30-31 meeting, but weren't prepared to make a half-point reduction. Expectations for a half-point lowering had been on the rise but fell back after the report.

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