The Sensex hit a fresh record high of 40,392 on October 31 and closed the week with gains of 2.8 percent. The Nifty managed to touch 11,900 levels on November 1, but the momentum fizzled out at higher levels as investors preferred to book profits. The Sensex rose 35 points to 40,165 while the Nifty closed 13 points higher at 11,890.
For the week ended November 1, the Sensex rallied 2.83 percent while the Nifty closed with gains of 2.65 percent.
Investors’ wealth in terms of the average market capitalisation of BSE-listed companies rose by Rs 4.78 lakh crore to Rs 154.09 lakh crore recorded on November 1 from Rs 149.31 registered on October 25.
"Sensex made a new record high and will likely carry the momentum ahead. However, sustainability above 39,800 would be critical in the near future. It has potential to test 41,150 by 2019-end and above 43,000 by October 2020," Ajit Mishra, VP Research, Religare Broking told Moneycontrol.
Below are the top 10 companies which have declared September quarter numbers this week:
Yes Bank: Higher provisions, DTA lead to Rs 600 crore loss
Yes Bank posted a loss of Rs 600.08 crore during July-September period, dented by higher provisions and one-time deferred tax assets (DTA) adjustment with a sharp increase in non-performing assets.
Lower other income, PPoP and Net interest income (NII) also hit earnings. The bank had reported profit at Rs 964.70 crore in the year-ago period and Rs 113.76 crore in the quarter ended June.
"Profit before tax in Q2 stood at Rs 122.19 crore against Rs 1,426.46 crore year-on-year (YoY). PAT impacted by one-time DTA adjustment of around Rs 709 crore, excluding this one-time impact, adjusted PAT at Rs 109 crore," the bank said in its BSE filing.
NII during the quarter declined 9.6 percent YoY to Rs 2,185.91 crore, including the impact of around Rs 228 crore due to fresh slippages during the quarter.
Dr Reddy's Labs Q2 beats estimates
Beating estimates, Dr Reddy's Laboratories doubled its profit to Rs 1,093 crore in the July-September quarter, compared to Rs 504 crore reported in the same period last year. The bottom line was boosted by licensing fee and tax credit along with better operating income.
The revenue during the quarter grew by 26.4 percent to Rs 4,801 crore YoY, which included Rs 723 crore received towards licensing fee for selling the US and select territory rights for neurology brands Zembrace Symtouch (sumatriptan injection) 3 mg and Tosymratm (sumatriptan nasal spray) 10 mg, to Upsher-Smith Laboratories, LLC.
The revenue from North America business remained flat YoY, but the same declined 13 percent sequentially on account of price erosion and lower volumes.
"Further impact on account of the voluntary recall of ranitidine and temporary disruption in supplies due to logistics issues faced during this quarter," Dr Reddy's said.
Indian Oil Corporation Q2 profit plunges 84.3% to Rs 563.4 crore
Indian Oil Corporation (IOC) reported standalone net profit at Rs 563.4 crore for the July-September period, an 84.3 percent quarter-on-quarter (QoQ) drop due to higher inventory losses. The oil-marketing company's profit stood at Rs 3,596 crore in the quarter ended June. The fall was despite lower tax cost, which was Rs 251 crore for the quarter against Rs 1,783.3 crore in the June quarter.
"Higher inventory losses led to lower profits this time. Inventory losses for the quarter stood at Rs 1,807 crore against Rs 2,300 crore of gains in the June quarter," said Chairman Sanjiv Singh.
Bank of India posts Q2 profit of Rs 266.4 crore
Public sector lender Bank of India reported a profit of Rs 266.4 crore for the July-September period driven by fall in provisions and strong NII growth. Higher other income and pre-provision operating profit also boosted the bottom line.
The lender had posted a loss of Rs 1,156 crore in the year-ago period. Profit before tax stood at Rs 407.6 crore for the quarter against a loss of Rs 1,696 crore in the same period last year.
NII surged 31.9 percent YoY to Rs 3,860.5 crore in the quarter ended September, but loan growth was weak (down 1.6 percent YoY). Deposits grew 1.2 percent YoY in Q2FY20. Net interest margin in Q2 was 2.99 percent, the highest in the past 18 quarters, improving against 2.67 percent in June quarter and 2.27 percent in the year-ago period.
JSW Energy profit up 12%
JSW Energy on November 1 posted about 12 percent rise in consolidated net profit at Rs 353 crore for the September quarter of this fiscal mainly due to lower fuel and finance cost. The company had reported a profit of Rs 316 crore in the year-ago period, a BSE filing said.
The profit in April-September also rose to Rs 597.36 crore from Rs 545.13 crore a year ago. Total revenue during the quarter under review fell 13 per cent to Rs 2,232 crore from Rs 2,568 crore in the year-ago period mainly due to a decline in fuel cost.
JK Tyre Q2 net profit jumps over 3-fold to Rs 167.7 crore
JK Tyre & Industries on October 30 reported over three-fold jump in consolidated net profit to Rs 167.70 crore in the September quarter driven by gains from deferred tax liability. The company had posted a consolidated net profit of Rs 45.78 crore in the same period last fiscal, JK Tyre & Industries said in a regulatory filing.
Consolidated revenue from operations during the second quarter stood at Rs 2,154.95 crore as against Rs 2,493.76 crore in the year-ago period, down 13.59 per cent, it added.
Ramco Cements standalone Q2 net up 68%
Cement maker the Ramco Cements on October 30 said its standalone profits for the July-September quarter jumped 68 percent to Rs 168.15 crore. The city-based flagship company of diversified conglomerate Ramco Group had recorded profits at Rs 114.47 crore during the corresponding quarter of the previous year.
For the six-month period ending September 30, 2019 profits of the company grew by 50.3 percent to Rs 360.12 crore from Rs 239.45 crore registered same period year ago. The standalone total comprehensive income for the quarter ending September 30, 2019 was at Rs 167.47 crore from Rs 114.26 crore registered year ago.
United Bank of India Q2: Net profit of Rs 124 crore
United Bank of India reported a net profit of Rs 123.88 crore in the second quarter ended September 30, on the back of substantially lower dud loans, leading to lower provisioning requirement. The Kolkata-headquartered bank had posted a net loss of Rs 883.17 crore in the July-September period of 2018-19. Sequentially, there was a net profit of Rs 105 crore in the first quarter ended June this year.
The lender's total income rose to Rs 3,013.74 crore in the September 2019 quarter, compared with Rs 2,600.47 crore earned in the corresponding period of the previous financial year, the bank said in a regulatory filing on October 30.
Tata Chemicals Q2 net profit up 10% at Rs 355 crore
Tata Chemicals reported 10.3 percent YoY jump in its consolidated Q2FY20 net profit at Rs 355 crore versus profit of Rs 321.7 crore. Revenue of the company was up 4.1 percent at Rs 3,083.5 crore against Rs 2,960.6 crore YoY.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 5.5 percent at Rs 635 crore against Rs 602 crore and EBITDA margin was up at 20.6 percent versus 20.3 percent YoY. Tax expense for the quarter stood at Rs 38.8 crore versus Rs 120 crore.
CreditAccess Grameen Q2 net up 37% to Rs 101 crore
Micro-financier CreditAccess Grameen on October 30 reported a rise of 37.3 percent in net profit at Rs 100.9 crore for the second quarter of this fiscal. The company's net profit stood at Rs 73.5 crore in the July-September period of the previous fiscal.
NII rose by 26.3 per cent to Rs 251 crore in the reported quarter from Rs 198.8 crore in the same period a year ago, CreditAccess Grameen said in a release. The gross loan portfolio of the company was up by 36.4 percent to Rs 7,904.80 crore from Rs 5,794.30 crore.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
