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Shares of the Noida-based drugmaker held on to gains after its profit met Bloomberg consensus estimates in December quarter.
Key earnings highlights:
Indian equity benchmarks fluctuated between gains and losses as banking stocks weigh after SBI announced its quarterly results.
Both the S&P BSE Sensex Index and the NSE nifty 50 Index traded at little changed at 36,291 and 10,836 respectively.
The benchmark indices were weighed down by banking shares—ICICI Bank Ltd., Axis Bank Ltd. and SBI.
#Budget2019 | Deloitte India’s Homi Mistry on the big winners from Piyush Goyal's maiden budget.
— BloombergQuint (@BloombergQuint) February 1, 2019
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It is a very balanced budget. All that was announced for rural economy augurs very well for the industry.VS Parthasarthy, group CFO at M&M
Shares of M&M rallied nearly 5 percent after its last month's auto sales rose 7 percent on a yearly basis to 55,722 units. Its tractor sales rose 1 percent on a yearly basis to 22,065 units during the period.
Key Sales Highlights (Auto Division, YoY)
Tractor Sales Highlights (YoY)
He has set the ground for RBI to cut interest rate. Smartest pre-election budget. There could be a capex pull back post-electionSaurabh Mukherjea of Marcellus Investment
Indian equity benchmarks extended gains after Finance Minister pegged fiscal deficit at 3.4 percent of GDP for FY20 and proposed no tax on income of up to Rs 5 lakhs per annum.
The S&P BSE Sensex rose 0.7 percent or 242 points to 36,504 and the NSE Nifty 50 Index climbed 0.7 percent or 75 points to 10,905.
Finance minister added that the government will achieve fiscal gap of 3 percent by FY20-21.
Sixteen of 19 sector gauges compiled by BSE were trading higher led by the SP BSE Auto Index's 3 percent gain. On the flipside, S&P BSE Metal Index was top loser, down 3.56 percent.
Shares of the truck and bus maker rose as much as 6.7 percent, after its January sales rose 9 percent on a yearly basis to 19,741 units.
Key sales highlights (YoY):
The Goods and Services Tax scheme has saved consumers Rs 80,000 crore, Goyal said today.
The government further wants to reduce the GST burden on homebuyers. GST collections so far have showed an average of Rs 97,000 crore per month. The government yesterday said that the collection for December will cross the Rs 1 lakh crore mark.
The data may be a temporary reprieve for the Narendra Modi-administration as GST collections had been falling for the past two months. The government’s finances are under stress as it races to meet its 3.3-percent fiscal deficit target.
Goyal says the government is full committed in its fight against the black money. He said:
Interim Finance Minister Piyush Goyal began Union Budget 2019-20 speech with wishing speedy recover to Union Minister Arun Jaitley.
Saurabh Mukherjea of Marcellus to BloombergQuint:
Manufacturing PMI in India increased to 53.9 in January from 53.2 in December of 2018. Manufacturing PMI in India is reported by Markit Economics.
Shares of the Mumbai-based housing finance company slumped 11.7 percent to Rs 119.95.
DHFL has appointed an independent Chartered Accountant firm to verify the allegations made by media portal Cobrapost and submit a report in a time bound manner, according to its exchange filing.
Trading volume six times its 20-day average, Bloomberg data showed.
Shares of the Mumbai-based airline operator rose as much as 18.38 percent, the most in over two weeks, to Rs 282.
Jet Airways’ chief executive officer Vinay Dube has informed employees that the airline is close to finding a solution to the financial crisis, Business Standard reported citing an email he wrote to employees.
Shares of the country's largest carmaker extended gain after its sales rose 0.2 percent in January.
Key sales highlights (YoY):
Shares of the second largest wireless telecom services provider rose as much as 3.79 percent, the most since Dec. 26, to Rs 318 after it reported surprise profit in December quarter against BloombergQuint’s consensus estimate of loss of Rs 990 crore.
Key earnings highlights:
The profit was because of an exceptional gain of Rs 1,413.7 crore and a deferred tax asset of Rs 716 crore during the quarter—without which the operator would have reported a loss.
Is Vedanta’s Investment In Anglo American A Governance Issue?
Indian equity benchmarks edged higher ahead of Union Budget 2019 led by gains in HDFC, Reliance Industries and Infosys. However, gains were capped as Vedanta came under selling pressure on corporate governance concerns.
The S&P BSE Sensex rose 0.2 percent or 80 points to 36,336 and the NSE Nifty 50 Index advanced 0.2 percent or 24 points to 10,855.
Seventeen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Auto Index's 1 percent gain. On the flipside, S&P BSE Metal Index was top loser, down 3.6 percent.
Escorts Ltd. sold 5,991 units last month, an increase of 12.7 percent from January 2018, according to its stock exchange filing.
Key sales highlights (YoY)
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