The domestic equity benchmarks came off the day's low in morning trade. Investors remained cautious ahead of the release of India's Q4 FY20 GDP figures today. Traders were also cautious amid rising cases of coronavirus in India. Locust attacks have also raised worries on farm output, besides tensions at the India-China border.
At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 87.55 points or 0.27% at 32,113.04. The Nifty 50 index was down 7 points or 0.07% at 9,483.10.
The broader market was trading firm. The S&P BSE Mid-Cap index was up 1.07% while the S&P BSE Small-Cap index added 1.21%.
The market breadth was positive. On the BSE, 1109 shares rose and 610 shares fell. A total of 96 shares were unchanged. In the Nifty 50 index, 32 shares advanced while 18 stocks declined.
Economy:
India's Q4 gross domestic product (GDP) data will be announced by the National Statistical Office (NSO) today, 29 May 2020. The Indian economy expanded 4.7% yoy in Q3 December 2019.
Meanwhile, foreign direct investment (FDI) in India grew by 13% to a record of $49.97 billion in the 2019-20 financial year, data showed. The country had received FDI of $44.36 billion during April-March 2018-19.
Q4 Results Today:
Voltas (up 0.91%), Metropolis Healthcare (up 0.37%), 3M India (up 0.96%), Procter & Gamble Health (up 0.95%), Shipping Corporation of India (down 0.41%), Sundaram Finance (up 0.85%) are some of the companies that will announce their quarterly earnings today.
Earnings Impact:
Radico Khaitan fell 1% to Rs 318.20, amid profit booking. The stock has added 8% in the past five sessions as compared to benchmark Sensex which had risen 4% during the same period.
The liquor manufacturer reported 20.2% fall in consolidated net profit to Rs 32.67 crore on 14.8% rise in net sales to Rs 585.36 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) stood at Rs 54.05 crore in Q4 FY20, down by 4.6% to Rs 56.65 crore in Q4 FY19. Current tax expense surged 116.69% YoY to Rs 13.89 crore during the quarter.
Total volume jumped 13.1% to 5.82 million cases in Q4 March 2020 over Q4 March 2019. Prestige & Above segment grew 11.3% while Regular & Others segment rose 13.8% YoY during the quarter. Prestige & Above segment constituted 26.4% of the total volume during the quarter compared with 26.8% in the corresponding period of the previous year.
Rain Industries surged 12.72% to Rs 78.40 after the company's consolidated net profit jumped 54.8% to Rs 106.5 crore on a 9.4% decline in net sales to Rs 2897.65 crore in Q1 March 2020 over Q1 March 2019. Profit before tax stood at Rs 161.42 crore in Q1 CY20, up by 23.8% from Rs 130.39 crore in Q1 CY19.
Carbon sales volume stood at 692 thousand metric tons (up 11.1% YoY), Advanced Materials sales volume were at 97 thousand metric tons (down 6.7% YoY) and Cement sales volume was at 627 thousand metric tons (down 6.3% YoY) in the first quarter of the calendar year. The term 'YoY' indicates year-on-year comparison.
Finance costs rose by 23.8% to Rs 119.52 crore during Q1 CY20, as compared to finance costs of Rs 130.39 crore during Q1 CY19. Increase in cost was on account of implementation of new lease standard and increase in working capital borrowings. Total expenditure fell 13.6% YoY to Rs 2450.35 crore in Q1 March 2020.
Adjusted EBITDA in the first quarter of the calendar year 2020 increased by 52.3% to Rs 557.9 crore from Rs 366.4 crore the corresponding period last year. Adjusted EBITDA margin stood at 19.3% in Q1 CY20 as compared to 11.5% in Q1 CY19.
Based on management's review of current indicators and economic conditions, there is no material impact on its financial results as at March 31, 2020”, the company said with respect to the impact of the COVID-19 pandemic on its business operations.
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