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  • Mid-Session - Detailed News
Market opens higher
31-Jan-20   09:20 Hrs IST

Key indices were trading higher in line with Asian markets. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 85.27 points or 0.21% at 40,999.09. The Nifty 50 index was up 27.35 points or 0.23% at 12,063.15.

The S&P BSE Mid-Cap index was up 0.02%. The S&P BSE Small-Cap index was up 0.24%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 589 shares rose and 294 shares fell. A total of 43 shares were unchanged.

Q3 earnings impact:

Among stocks, Tata Motors fell 1.26%. Tata Motors said consolidated net profit stood at Rs 1,738.30 crore against a loss of Rs 26992.54 crore on a 6.44% fall in total income to Rs 72,586.35 crore in Q3 December 2019 over Q3 December 2018. The financial performance was impacted due to the downturn coupled with the inventory corrections the company took to get ready for BS VI.

Persistent Systems rose 1.14%. Persistent Systems reported 2.16% rise in consolidated net profit to Rs 87.93 crore on 3.75% rise in total income to Rs 957.50 crore in Q3 December 2019 over Q2 September 2019. In Technology Services Unit (TSU), the company saw a secular growth across BFSI, Healthcare & Life Sciences and ISVs as well as uniformed growth across top 20 customers.

Bharti Infratel fell 0.53%. Bharti Infratel's consolidated net profit grew 23.18% to Rs 798.70 crore on a 4.68% rise in total income to Rs 2,069.70 crore in Q3 December 2019 over Q3 December 2018. Total Tower base stood at 94,244 with closing sharing factor of 1.85. Operating Free Cash Flows grew 8% to Rs 1,181 crore.

Marico lost 0.06%. Marico said consolidated net profit grew 10.57% to Rs 272.00 crore on a 1.59% fall in total income to Rs 1,853.00 crore in Q3 December 2019 over Q3 December 2018. The India business recorded a volume decline of 1%. The stress in consumption was particularly visible in personal care categories, while foods and allied categories showed resilience.

Bharat Electronics shed 3.47%. Bharat Electronics' consolidated net profit fell 56.80% to Rs 222.68 crore on a 16.19% fall in total income to Rs 2,311.47 crore in Q3 December 2019 over Q3 December 2018. The company declared interim dividend of Rs 1.40 per equity share of Re 1.

Stocks in news:

Wipro fell 2.18%. Wipro announced that Chief Executive Officer and Managing Director Abidali Z Neemuchwala has decided to step down due to family commitments. The board of directors has initiated a search to identify the next Chief Executive Officer. Abid will continue to hold the office of CEO & MD until a successor is appointed for a smooth transition and to ensure that business continues as usual.

Kotak Mahindra Bank jumped 5.08%. Kotak Mahindra Bank informed that RBI has (a) accepted promoters voting rights in the Bank to be capped to 20% of paid-up voting equity share capital (PUVESC) until 31 March 2020; (b) promoters' voting rights in the Bank to be capped to 15% of PUVESC from April 1, 2020 onwards; (c) promoters' shareholding in the Bank to be reduced to 26% of PUVESC of the Bank within six months from the date of final approval of the RBI.

Hindustan Aeronautics rose 1.28%. Hindustan Aeronautics said the government is planning to sell a 15% in Hindustan Aeronautics (HAL) through an offer for sale, which could fetch about Rs 4,000 crore to the exchequer.

Global Markets:

Overseas, most Asian stocks were trading higher on Friday as investors clutched at hopes China could contain the coronavirus, even as headlines spoke of more cases and more deaths. Supporting sentiment were surveys showing Chinese manufacturing activity held steady in January while services actually firmed.

In US, stocks closed higher on Thursday, as investors decided to look past fears about the economic impact of the coronavirus epidemic and focus on a spate of positive earnings reports.

On economic front, Thursday's data confirmed the Federal Reserve's view that the US expansion was continuing apace. Fourth-quarter gross domestic product grew at a 2.1% annualized pace, matching the 2.1% read in the third quarter, after receiving a significant boost from a temporary decline in imports. US initial jobless claims fell by 7,000 to 216,000 in the week of 25 January.

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