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  • Mid-Session - Detailed News
Sensex, Nifty trade with small gains
23-Jul-19   11:27 Hrs IST

Key equity barometers were trading with small gains in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 28.56 points or 0.08% at 38,059.69. The Nifty 50 index was up 4.85 points or 0.04% at 11,351.05.

The S&P BSE Mid-Cap index was down 0.15%. The S&P BSE Small-Cap index was up 0.29%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1064 shares rose and 890 shares fell. A total of 111 shares were unchanged.

Most auto shares fell. Ashok Leyland (down 3.78%), Bajaj Auto (down 1.45%), Mahindra & Mahindra (down 0.5%), Maruti Suzuki India (down 0.29%) and Tata Motors (down 0.1%) declined.

Eicher Motors (up 1.28%), Hero MotoCorp (up 1.27%) and Escort (up 0.93%) advanced.

TVS Motor Company was down 0.7% after standalone net profit fell 2.9% to Rs 142.30 crore on 7.2% rise in net sales to Rs 4468.62 crore in Q1 June 2019 over Q1 June 2018. The company's earnings before interest tax depreciation and amortization (EBITDA) grew 10.8% from 321.2 crore in Q1 June 2018 to Rs 355.8 crore in Q1 June 2019. The EBITDA margin increased from 7.7% in Q1 June 2018 to 8% in Q1 June 2019. The result was announced after market hours yesterday, 22 July 2019.

In a separate announcement, the company announced that TVS Motor (Singapore) Pte, a wholly-owned subsidiary of TVS Motor Company signed definitive agreements to invest $7 million in Scienaptic Systems.

Pharma stocks were mixed. GlaxoSmithKline Pharmaceuticals (up 1.35%), IPCA Laboratories (up 1.28%), Lupin (up 0.81%), Divi's Laboratories (up 0.64%), Wockhardt (up 0.61%), Sun Pharmaceutical Industries (up 0.53%) and Aurobindo Pharma (up 0.05%) advanced.

Strides Shasun (down 1.99%), Cipla (down 1.01%), Dr Reddy's Laboratories (down 0.94%), Piramal Enterprises (down 0.89%), Cadila Healthcare (down 0.28%), Alkem Laboratories (down 0.22%) and Glenmark Pharmaceuticals (down 0.08%) declined.

Alembic Pharmaceuticals was up 2.71%. The company during market hours today, 23 July 2019, announced that it has received tentative approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Dapagliflozin Tablets, 5 mg and 10 mg. Dapagliflozin Tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. Dapagliflozin Tablets have an estimated market size of US$ 1.7 billion for twelve months ending December 2018 according to IQVIA.

Jyothy Labs was up 0.86% after the company announced its Q1 June 2019 results during market hours today, 23 July 2019. Jyothy Labs' net profit rose 10.90% to Rs 35.91 crore on a 2.22% rise in the total income to Rs 416.47 crore in Q1 June 2019 over Q1 June 2018.

Blue Star was down 0.98%. The company during market hours today, 23 July 2019, announced that it has won an air-conditioning and tunnel ventilation system order valued at Rs 253 crore from Mumbai Metro Rail Corporation (MMRCL). The scope of this order includes design, engineering, supply, installation and commissioning of the air conditioning, tunnel ventilation and environmental control system for nine underground stations and associated tunnels on Line 3 corridor of the Mumbai Metro between Mumbai Central and Bandra.

Allsec Technologies was up 2.42% after the company announced its Q1 June 2019 results after market hours yesterday, 22July 2019. On a consolidated basis, Allsec Technologies' net profit rose 98.01% to Rs 11.92 crore on a 1.57% rise in the net sales to Rs 67.38 crore in Q1 June 2019 over Q4 March 2019.

Mastek was down 8.59% after the company announced its Q1 June 2019 results after market hours yesterday, 22 July 2019. On a consolidated basis, Mastek's net profit fell 11.57% to Rs 24.22 crore on a 7.32% fall in the net sales to Rs 247.54 crore in Q1 June 2019 over Q4 March 2019.

Aptech was down 2.12% after the company announced its Q1 June 2019 results after market hours yesterday, 22 July 2019. On a consolidated basis, Mastek's net profit fell 34.61% to Rs 3.08 crore on a 18.51% fall in the net sales to Rs 51.56 crore in Q1 June 2019 over Q4 March 2019.

Amid robust economic reforms, especially reforms in the trade policy environment during the last few years, India's presence in world merchandize exports remains intact and an uptick has been observed in India's share in world merchandise exports from 1.60% in 2015 to 1.68% in 2018, said the Industry body, PHD Chamber of Commerce and Industry in a press statement issued today.

Value of India's merchandize exports increased by 22% from $264 billion in 2015 to $323 billion in 2018 which is the second highest after Netherlands. Merchandise exports of Netherlands registered highest growth at 27%, increased from $571 billion in 2015 to $723 billion in 2018, said the industry body PHDCCI.

The further improvement in logistics infrastructure and trade facilitation measures would enhance India's exports growth trajectory and create millions of new employment opportunities, said the Industry body.

To harness the export potential of the country, the overall ease of doing exports is needed to be further enhanced in terms of easier access to raw materials, building linkages for strong marketing of products, improving labour productivity, labour flexibility and capital efficiency, it added.

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