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India To Reopen In Phases; Containment Zones To Remain On Lockdown To Curb Covid-19 Spread
To know more about companies that have shared their Covid-19 updates along with a slew of earnings reported after market hours on Friday and over the weekend, click here.
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Indian equity markets began the month of June on a strong note, opening higher as the government announced phased re-opening of the economy, starting June 8.
Most Asian markets are trading with modest gains while futures on the Dow Jones trade little changed.
Both the S&P BSE Sensex and the NSE Nifty 50 index opened 1.5% higher at 32,906 and 9,726 respectively. Both the benchmarks opened at their highest level in a month.
All sectoral indices opened with gains, led by the Nifty Bank, which opened 2.2% higher. All the other indices, barring Nifty Pharma and Nifty FMCG opened with gains of over 1%.
Market breadth remained in favour of the advances. 1,279 stocks on the NSE opened with gains while 216 opened with declines.
The cooling solutions company saw its net profit rising 13.7% from the previous year while low raw material costs aided margin expansion.
The company in its Covid-19 update stated that recovering lost season sales will be a challenge going ahead as consumer spending patterns might undergo a change.
Brokerage firms like Jefferies and Credit Suisse have maintained their buy and outperform rating on the stock respectively.
Shares gained as much as 9.8% - the most since May 2017 to Rs 527, post the announcement.
The power project development company informed the exchanges that it will consider delisting of its shares from the exchanges during its board meeting on June 3.
As on date, promoters of Adani Power hold a 74.97% stake in the company. Public shareholding amounts to 25.03% of the paid-up equity share capital.
Shares gained as much as 9.8% to Rs 40 and were up for the second straight day.
The LIC-backed lender returned to profitability aided by a write-back of provisions in the quarter ending March.
Provisions worth Rs 1,511 crore were written back this quarter, which aided the Rs 135 crore net profit figure.
Provisions were down compared to the previous year, falling 81% to Rs 1,584 crore while asset quality was improved. Gross NPA stood at 27.53% from 29.72% in the previous quarter while Net NPA fell to 4.19% from 5.25% sequentially.
66% of the retail loans of the bank were under moratorium, MD & CEO Rakesh Sharma said in a media interaction.
Shares gained as much as 20% - the biggest single-day gain since November 2019 to Rs 24.45. The stock is up for the fourth straight day and is trading at the highest level in nearly three months. It is also the top performing stock on the Nifty Midcap Index.
Escorts reported a total decline of 3.4% in overall sales for the month of May, the company stated in an exchange filing.
Overall sales in May stood at 6,594 units, down from 6,827 units during the same period last year.
While domestic sales were largely flat at 6,454 units, exports for the Agri Machinery company declined 59% to 140 units from 339 units last year.
Shares gained as much as 3.1% to Rs 931.35, and are up for the fourth straight day.
Shares are off the day's high, after gaining as much as 2.8% to Rs 92.30.
India's largest passenger car maker reported total sales of 18,539 units for the month of May.
Domestic sales for the company stood at 13,865 units, including a sale of 23 units to other OEMs.
The company also exported 4,651 units, following resumption of port operations at Mundra and Mumbai, following all guidelines put in place.
Operations have resumed at its Manesar and Gurugram facility from May 12 and May 18 respectively, the car-maker said in its exchange filing.
Shares gained as much as 3.9% to Rs 5,830 and are up for the third straight day. The stock has gained in eight out of the last 10 trading sessions.
Shares are locked in an upper circuit of 5% at Rs 713.35. The stock is up for the fifth straight day, its longest winning streak in four months.
India's economy contracted for the second straight month as per the IHS Markit's Purchasing Managers' Index (PMI).
PMI for the Month of May stood at 30.8, as compared to 27.4 in April. A reading below 50 indicates contraction in the economy.
New orders have risen as compared to April, while output index has risen to 19.6 from 11.1 in April, according to IHS Markit.
Buyers and sellers in all the trades remain unknown, according to Bloomberg data.
Shares of Coal India and Bharti Infratel are up for the seventh straight day while those of Power Grid are advancing for the third day.
The construction company reported a 35.6% decline in its revenue for the March quarter while net profit fell 36.7%. Ebitda margins however expanded to 12.9% from 11.7%, despite the 29.5% decline in the company's Ebitda.
The company has mentioned that it has an order book of Rs 25,000 crore. It has also warned of revenue and profitability to be lower in the first quarter of FY21.
The board has recommended a dividend of 20 paisa per share. Brokerage firm IDFC Securities has maintained its outperform rating on the stock with a price target of Rs 41.
Shares gained as much as 20% to Rs 27.50 - the biggest single-day gain for the stock since February 2015.
The consumer finance services company reported a 68% growth in its Assets Under Management for the period ending March. Net Interest Income too saw a growth of 52%.
Net profit fell 60% to Rs 31 crore while Asset quality saw a deterioration on a sequential basis. Gross NPA for the period stood at 1.6% from 0.9% in the December quarter. The company mad additional provisions of Rs 82.9 crore on account of the Covid-19 impact.
The company in its press release said that over 70% of its borrowers are sure of not wanting further moratorium on repayment of loans while 20% need a few more weeks to begin transactions.
Shares are locked in a 5% upper circuit at Rs 408.60 and are up for the third straight day.
Shares are off the day's high, trading 2.3% higher at Rs 168.85, after gaining as much as 4%.
The company returned to profitability in the March quarter, reporting a net profit of Rs 260.5 crore. The same period last year saw the company report a net loss of Rs 99.3 crore. The base quarter had an exceptional loss of Rs 235 crore.
Ebitda rose 49.9% while margins grew to 22.4% from 15% in the year-ago period, aided by lower raw material cost and other expenses.
Revenue for the pharma segment rose 6% while that of the life sciences ingredients segment fell 10% from last year.
Shares are locked in a 5% upper circuit at Rs 464.3 and are up for the third straight day.
The commercial finance lender has informed the exchanges that it will consider raising of funds through various options of borrowings.
The methods will also include issue of debt securities in onshore/offshore markets through a public issue, or private placement and commercial papers.
The company will hold its board meeting on June 30, where it will consider the said proposal.
Shares gained as much as 4.8% to Rs 599.7 and are up for the fourth straight day.
The heating and ventilation equipment manufacturer reported a 5% decline in its profits as compared to the previous year.
Ebitda fell 10.6% while margins contracted to 7.7% from 9.5% during the same period last year.
The company reported an increase in its RoCE to 18.5% from 14.5% during the quarter, despite weak demand seen post the Covid-19 lockdown, the press release stated.
Shares gained as much as 6.4% to Rs 1,326 and are up for the third straight day. The stock has gained in 8 out of the last 10 trading sessions.
Lets take a look at how benchmark indices across Europe have opened:
The wires and cables company reported revenue that remained flat for the quarter ending March at Rs 1,258 crore. Ebitda saw a decline of 10% while margins narrowed to 9.7% from 10.8% during the same period last year.
The company reported a volume growth of 18% in the cables division as compared to last year, the press release said.
Shares are locked in an upper circuit of 5% at Rs 293.05 and are up for the second straight day.
Shares gained as much as 7.5% post the announcement to Rs 468.95 and is the second best performing stock on the Nifty Auto index.
The battery-maker reported a 15.3% growth in its net profit for the period ending March while revenue and Ebitda remained flat during the quarter, as did Ebitda margins which stood at 15.42%.
Brokerage firm Morgan Stanley has maintained its overweight rating on the stock with a price target of Rs 779. It expects the company's earnings to be more resilient as compared to those of OEMs in FY21.
The company mentioned in its press release that the high seasonal demand for inverter batteries faced a severe impact due to lockdown restrictions in March.
It also said that it is too early to monitor the impact caused from the pandemic on the full year business.
Shares gained as much as 6.4% to Rs 653.9 and are up for the fifth straight day. This is the longest winning streak for the stock since November 2019.
Shares are trading flat at Rs 17 on the National Stock Exchange, after gaining for three successive sessions until close on Friday.
The rupee pared all the gains made in the session to end little changed on Monday, despite sentiment remaining buoyant in the equity markets.
The rupee ended at 75.54 against the U.S. Dollar as compared to Friday's closing of 75.61. It had made an intra-day high of 75.28, before giving up gains.
The flat close meant that the rupee underperformed most of its Emerging Market peers, only ending stronger than the Chinese Renminbi, the Indonesian Rupiah, the Hong Kong Dollar and the Offshore Chinese Renminbi.
Yield on the 10-year government bond ended at 5.775% as compared to the opening level of 5.762%.
The company informed the exchanges that it has considered and approved a fund raising for an amount not exceeding Rs 3,500 crore.
The fund raise will done via a rights issue, the date for which will be notified later.
Shares are off the day's high, after gaining as much as 10.2% to Rs 153.95 and are up for the second straight day.
IMDs Rainfall Probabilities:
The company has informed the exchanges that the proposed Rs 250 crore share buyback will open on June 8 and close on June 19.
The company intends to buyback shares worth Rs 250 crore at a price of Rs 200 per share.
The buyback size is 16.83% of the fully paid-up equity share capital of the company.
Shares are trading 0.5% higher at Rs 172.2, on the National Stock Exchange.
The company in its Covid-19 update on Friday had informed the exchanges that its chemicals and packaging films business have restarted operations.
It also said that exports have remained robust other than logistical issues. The domestic focused technical textiles business has been adversely impacted, the company said.
However, it expects a demand revival for most of its B2B sales as the lockdown eases further.
Shares gained as much as 7.1% to Rs 3,734 and are up for the second straight day.
The Indian Energy Exchange started real-time electricity trading starting today i a bid to allow buyers greater flexibility in balancing supply and demand.
Auctions will be conducted every 30 minutes and deliveries will be made within an hour of the session ending, Indian Energy Exchange said in a statement.
Shares of IEX are trading 5.6% higher on the NSE.
Indian equities managed to hold on to the momentum from early trade to register strong gains on the first trading day of the week and the month.
The IMD retaining the forecast of a normal monsoon, aided sentiment further.
European markets trade with gains while futures on the Dow Jones are little changed.
The S&P BSE Sensex ended 2.7% higher, marginally off the highest point of the day at 33,303 while the NSE Nifty 50 index too ended with gains of 2.6% at 9,826. 40 out of the 50 Nifty constituents ended with gains.
All sectoral indices ended with gains, including the Nifty Pharma index, which pared losses to end 0.4% higher.
The Nifty PSU Bank index was the top performer of the day, ending 7.5% higher while the Nifty Bank, Auto, Media, Metal and Realty indices ended with gains of 3% each.
Market breadth remained in favour of the advances with 1,480 stocks ending with gains while 327 posted losses.
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