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Indian equity markets fell off the highest point of the day to end with modest gains. As of closing in India, European markets are trading with gains while futures on the Dow Jones are trading higher by 250 points.
The S&P BSE Sensex fell 500 points from the day's high of 32,088 to end 0.7 percent higher at 31,642. For the week, the 30-stock index was down over 6 percent.
The NSE Nifty 50 index too fell 150 points from its day's high of 9,382 to end at 9,251 which was near the day's low of 9,238. The index ended the week with losses of 6.1 percent.
Among sectoral indices, the PSU banking index was the top laggard, ending 1.9 percent lower. The Nifty Auto and Nifty Metal indices too fell over 1 percent each. The Nifty Pharma index was the top sectoral gainer, ending 2.2 percent higher.
Market breadth turned negative in the second half of the session. About 767 stocks ended with gains while 1,004 stocks ended with losses.
The company's fourth quarter net profit fell 66 percent to Rs 84 crore. Revenue however was up 21 percent compared to last year to Rs 2,176 crore.
The company has reported an impairment loss of Rs 489 crore due to the Covid-19 pandemic. It has also declared an interim dividend of Re 1 per share.
Shares fell as much as 3.87 percent to Rs 552.20, post the announcement.
The company in its fourth quarter has reported a 5.5 percent decline in its revenue to Rs 462.2 crore. Net profit has risen 5.1 percent from the previous quarter to Rs 121.4 crore.
Ebitda has risen 7.6 percent while Ebitda margins expanded to 36.3 percent from 31.9 percent in the previous quarter.
The company has reported a 3 percent growth in volumes this quarter. In its press release, the company has expressed confidence in continuing to generate healthy cash flows and that the current lockdown will impact the CNG and PNG demand going forward.
Shares rose as much as 9.25 percent to Rs 114 post the announcement.
Source: AMFI
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Shares remain locked in an upper circuit of 5 percent for the second day in a row at Rs 80.50.
Shares cooled off from the day's high to fall as much as 2 percent to Rs 970 and are down for the fourth out of the last five trading sessions.
1.36 crore shares, amounting to 12.7 percent equity of the pharma company changed hands in two large trades on the Bombay Stock Exchange.
The two large trades took place between Rs 441 and Rs 445. Buyers and sellers of the trade were not immediately known as per Bloomberg data.
Shares fell a much as 10 percent to Rs 440 post the trades.
The management committee of the company's Board of Directors has approved the allotment of secured, redeemable NCDs aggregating to Rs 100 crore on a private placement basis.
The tenure of the instruments is for a period of three years and the interest rate offered on the coupons is 9 percent.
Shares are off the day's high after gaining as much as 4 percent to Rs 127.65.
Shares are currently trading 0.4 percent higher at Rs 18,504 ahead of its earnings.
India may face a rating downgrade if its fiscal metrics weaken materially, Moody's Investors Services wrote in a report.
The ratings agency believes that the government will face "Very significant constraints" in narrowing the general government budget deficit if nominal GDP growth does not return to higher rates.
The note went on to state that the negative outlook reflects the increasing risks that the economic growth will remain significantly lower than in the past.
Prolonged financial stress among rural households, weak job creation and a credit crunch among shadow banks have increased the possibility of a more entrenched weakening, the note said.
Moody's current rating on India is Baa2 - a notch higher than the lowest investment grade with a negative outlook.
The ball and roller bearings manufacturer reported a 18.5 percent decline in its revenue compared to the previous year to Rs 610.2 crore.
The company's net profit fell 8.4 percent while margins contracted to 10.1 percent from 14.8 percent in the previous year. It alo declared a final dividend of Rs 130 per share.
Shares gained as much as 11.57 percent to Rs 1,500 on the National Stock Exchange. It snapped a four-day losing streak in today's session and trades at the highest level in nearly two months.
The stock has had volatile moves in the first hour of today's trading session after it reported its fourth quarter earnings on Thursday.
The private lender's net profit fell 54 percent year-on-year to Rs 114 crore while Net Interest Income saw a growth of 38 percent compared to last year.
Gross NPA stood at 3.62 percent from 3.33 percent in the previous quarter while Provisions stood at Rs 614.1 crore from Rs 638.3 crore last quarter.
The stock opened with gains of 3 percent, gained as much as 4 percent, before falling to the day's low of Rs 127.50, down 1 percent. It now trades 0.5 percent higher at Rs 129.45.
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The small-cap technology company reported a 3.8 percent decline in its dollar revenue to $149.2 million for the fourth quarter of FY20.
The company's net profit fell 58.3 percent compared to the previous quarter to Rs 45.2 crore, mainly led by an impairment of non-current assets at Rs 40.4 crore.
Ebit fell 57 percent while Ebit Margins too saw a contraction to 4.2 percent from 9.5 percent in the third quarter of FY20.
Shares fell as much as 8.8 percent to Rs 211.2 and are down for the second straight day. It is also the worst performing stock on the Nifty Smallcap Index.
Shares gained as much as 13.77 percent to Rs 430 before cooling off. This was the biggest one-day jump in the stock since December 2019.
The company has informed the exchanges that its API manufacturing plant at Srikakulam has received the Establishment Inspection Report (EIR) from the U.S. FDA.
The classification of this facility is now determined as Voluntary Action Initiated, as per the company's press release.
The drug-maker added in the note that all facilities under the warning letter are now determined as VAI and the audit now stands closed.
Shares gained as much as 7.7 percent to Rs 4,132 before cooling off. They now trade 3.8 percent higher at Rs 3,983 and are the top performer on the Nifty 50 index.
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Indian equity markets began trade on a positive note, in-line with peers in Asia and those on Wall Street. Futures on the Dow Jones are currently trading higher by 280 points.
The S&P BSE Sensex opened 2 percent higher at 32,083 while the NSE Nifty 50 index opened 1.93 percent higher at 9,376. All constituents of the 50-stock index opened with gains.
Among sectoral indices, the Nifty Bank opened 1.8 percent higher while the Media, FMCG and Metal indices opened with gains of over 2 percent. All other indices opened with gains between 1-2 percent as well.
1,076 stocks on the NSE are trading with gains while 317 trade with losses.
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