03:30 pm Market closing:
03:30 pm Market closing:The market closed higher for the first time in last five sessions. In a big setback for the government’s reform drive, the parliament’s turbulent and largely unproductive monsoon session ended without the GST Bill getting passed.
The Sensex gained 37.27 points at 27549.53 and the Nifty rose 6.40 points to 8355.85. However, the broader markets underperforming. The BSE Midcap lost 0.2 percent and Smallcap fell 0.8 percent. About 1053 shares advanced against 1800 shares declined on the BSE.
M&M, Cipla, Lupin, Sun Pharma, Axis Bank and Tata Power rallied 2-4 percent. BPCL rose 1.75 percent ahead of Q1 earnings on Friday.
However, Vedanta plunged 8.6 percent. Tata Steel and Hindalco were down 5-6 percent. Bharti Airtel, GAIL and NMDC lost 2-3 percent.
02:50 pm Earnings: State-run oil retailer Indian Oil Corporation (IOC) surpassed analysts’ estimates on Thursday by reporting first quarter net profit at Rs 6,436 crore, up 2.5-fold over Rs 2,523 crore in the same quarter last year.
Gross refining margin climbed 4.8 times to USD 10.77 a barrel during the quarter compared to USD 2.25 a barrel in same quarter last year.
02:30 pm Interview: Unseasonal rains in summer led to drop in demandof air coolers, Achal Bakeri, Chairman & Managing Director (CMD) of Symphony told CNBC-TV18.
The company’s total income fell 13 percent to Rs 133.4 crore and sales slumped 20.9 percent in the June quarter. Net profit came at Rs 22.3 crore against Rs 32.7 crore year-on-year.
Bakeri does not expect adverse impact of irregular monsoon. Symphony’s sales will improve by 10-15 percent from current quarter onwards.
The company’s recent acquisition of an air-cooler Chinese company, Munters Keruilai will aid its expansion plans. The acquisition, worth over Rs 50 crore, will open up global markets and add more customers, Bakeri said.
02:00 pm Market Check
The market continued to be in consolidation mode with the Sensex rising 87.77 points to 27600.03 and the Nifty up 27 points at 8376.45. About 1147 shares have advanced, 1533 shares declined, and 136 shares are unchanged on the BSE.
Tata Power jumped nearly 4 percent after strong earnings in Q1. It turned profitable during the quarter, reporting net at Rs 241.3 crore against loss of Rs 111.3 crore in same quarter last year. Revenue jumped 6 percent year-on-year to Rs 9,234.6 crore.
Metals stocks extended losses in afternoon trade with the Vedanta falling nearly 6 percent followed by Tata Steel with 5 percent loss.
The recent market weakness can be attributed to China, policy logjam (GST) and the slow pickup in the earnings cycle, says Vikas Khemani, CEO, Edelweiss Securities.
However, he says India has a unique story and these kinds of falls or dips should be used definitely as an opportunity to build equity play portfolio from a medium-to-long-term perspective.