The main equity indices pared early losses and traded near the flat line in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 34.76 points or 0.11% at 32,165.83. The Nifty 50 index was up 14 points or 0.15% at 9,504.10.
Investors remained on the sidelines 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.
The broader market was trading firm. The S&P BSE Mid-Cap index gained 1.16% while the S&P BSE Small-Cap index added 1.31%.
The market breadth was positive. On the BSE, 1226 shares rose and 710 shares fell. A total of 125 shares were unchanged. In the Nifty 50 index, 34 shares advanced while 16 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,354.14 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 144.83 crore in the Indian equity market on 28 May, provisional data showed.
Covid-19 Update:
Total COVID-19 confirmed cases worldwide stood at 58,13,997 far with 3,60,397 deaths. India reported 89,987 active cases of COVID-19 infection and 4,706 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Pharma index rose 1.57% to 9,613.25, extending gains for second day. The index has gained 3.1% in the past one month while the benchmark Nifty 50 index has lost 3.7% during the same period.
Glenmark Pharmaceuticals (up 3.04%), Cadila Healthcare (up 2.54%), Cipla (up 2.51%), Dr Reddy's Laboratories (up 2.19%), Divi's Laboratories (up 2.08%), Aurobindo Pharma (up 2.07%), Strides Pharma Science (up 1.69%), IPCA Laboratories (up 0.95%), Abbott India (up 0.93%), Sun Pharmaceutical Industries (up 0.82%), GlaxoSmithKline Pharmaceuticals (up 0.64%), Piramal Enterprises (up 0.47%) and Wockhardt (up 0.2%) advanced.
Earnings Impact:
TVS Motor Company added 0.66% to Rs 335.15. The automaker's consolidated net profit fell 47% to Rs 74.04 crore on 17.2% decline in net sales to Rs 4104.71 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) stood at Rs 114.83 crore in Q4 March 2020, declining 47% from Rs 217.19 crore in Q4 March 2019.
During March 2020, the company incurred Rs 40.33 crore towards COVID-19 related expenses and reported as an exceptional item in the above financials. The company has provided Rs 22 crore towards onetime additional discount to liquidate BSIV vehicles during end March 2020 and the same is netted of against the revenue reported in the current quarter.
The overall two-wheeler and three-wheeler sales including exports registered 6.33 lakh units in Q4 March 2020, lower than 9.07 lakh units in Q4 March 2019. Motorcycle sales registered 2.80 lakh units in Q4 March 2020, lower than 3.75 lakh units in Q4 March 2019. Scooter sales for Q4 March 2020 is 1.67 lakh units, lower than the sales of 2.71 lakh units in the fourth quarter of 2018-19.
Total export of two-wheelers and three-wheelers is 2.04 lakh units in the quarter under review as against 1.96 lakh units in Q4 March 2019 registering a growth of 4.2%. Three-wheeler sales for the quarter under review is 0.43 lakh units as against 0.42 lakh units during fourth quarter of 2018-19.
Lupin fell 1.43% to Rs 868.85. The company's consolidated net profit jumped 32% to Rs 391.29 crore on 0.4% slip in net sales to Rs 3,791 crore in Q4 March 2020 over Q4 March 2019. The jump in net profit was supported by a 185% surge in other income and an exceptional gain of Rs 83 crore. The exceptional gain was due to profit on sale of its stake in Kyowa Pharmaceutical Industry.
Consolidated profit before tax (PBT) dropped 16% to Rs 496.36 crore in Q4 March 2020 as against Rs 590.64 crore in Q4 March 2019. EBITDA fell 13.9% to Rs 733.90 crore in Q4 March 2020 from Rs 852.50 crore in Q4 March 2019. EBITDA margin stood at 19.4% in Q4 FY20 as against 22.4% in Q4 FY19.
Investment in R&D for continued operations amounted to Rs 344.20 crore (9.1% of sales) for Q4 FY20. Total formulations sales fell 1.5% to Rs 3462.40 crore while total API sales rose 12.8% to 328.60 crore in Q4 March 2020 over Q4 March 2019.
Global Markets:
Overseas, Asian stocks are trading mostly higher on Friday as investors watch for market reaction to China's controversial national security law for Hong Kong that was approved on Thursday.
The U.S., Australia, Canada and the U.K. governments issued a joint statement Thursday reiterating their deep concern regarding Beijing's decision to impose a national security law on Hong Kong, after China's parliament, the National People's Congress passed legislation Thursday that could greatly curtail democratic freedoms.
On the economic data front, Japan's retail sales fell 13.7% year-on-year in April, according to data released today showed.
In US, Wall Street ended lower on Thursday following a late-session reversal, with Facebook weighing on the market after President Donald Trump said he would sign an executive order related to social media companies and would hold a news conference on China on Friday.
On the economic front, US GDP contracted at an annual 5% pace in the first quarter instead of 4.8%, revised government data showed.
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