Market at Close: A record high opening, clinching key milestones and turning volatile ahead of expiry of derivatives and yet manage to end at a record highs—the market had it all in a day’s trade. The 50-share index managed to scale a fresh record high of 11,185.85, surpassing the previous levels of 11,171 that was recorded earlier this year. There was some last hour volatility and weakness ahead of F&O expiry, but PSU banks’ strength ensured that it managed to clock fresh record highs on both indices.
The Sensex is up 126.41 points or 0.34% at 36984.64, while the Nifty closed up 35.30 points or 0.32% at 11167.30. The market breadth is narrow as 1,337 shares advanced, against a decline of 1,209 shares declined, while 154 shares are unchanged.
State Bank of India, Power Grid Corporation, and ICICI Bank are the top gainers, while Yes Bank and Maruti Suzuki have lost the most.
Results: Tata Power Company has reported consolidated Q1FY19 net profit at Rs 1,769 crore, which includes one-time gain on sale of its investments of Rs 1,897 crore.
The company had posted net profit of Rs 391 crore in the same quarter last fiscal.
Revenue of the company was up 14 percent at Rs 7,313 crore against Rs 6,415 crore.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was down 8.5 percent at Rs 1,771 crore and margin was down 600 bps at 24.2
Yes Bank Q1 results: Private sector lender Yes Bank started off the year 2018-19 on a strong note with profit growth of 31 percent in June quarter but asset quality weakened.
Profit for the quarter stood at Rs 1,260.4 crore, which increased from Rs 965.52 crore in corresponding period last fiscal. The profitability was driven by NII, other income and operating income but higher provisions limited growth.
Net interest income during the quarter grew by 23 percent year-on-year to Rs 2,219.14 crore with robust loan growth of 53.4 percent but net interest margin contracted to 3.3 percent (from 3.7 percent in Q1FY18 and 3.4 percent in Q4FY18).
"Advances grew by 53.4 percent YoY to Rs 2,14,720.1 crore on the back of robust growth across corporate, IBU, MSME and retail businesses. Retail banking advances grew by 105.2 percent YoY to 14 percent of Advances (up from 10.5 percent as on June 30, 2017)," the bank said.
Other income (non-interest income) shot up 50 percent to Rs 1,694 crore and operating profit surged 44 percent to Rs 2,455 crore compared to same quarter last year. Tax expenses spiked 26 percent to Rs 568.7 crore YoY.
From Sensex 36k to 37k, India's best-performing stocks netted 50-100%; time for portfolio churn?
The Sensex completed its journey from 36,000 to 37,000 in 126 sessions. It breached 36,000 in trade for the first time on January 23 this year, but momentum fizzled out after the index hit a record high of 36,443.
Eveready Industries Q1 results: Eveready Industries first quarter net profit was up 35 percent at Rs 18.4 crore against Rs 13.6 crore, in the same quarter last fiscal.
Revenue was up 13 percent at Rs 383.3 crore versus Rs 338.8 crore.
Operating profit or EBITDA was up 24.7 percent at Rs 34.8 crore and margin at 9.1 percent.
At 13:55 hrs Eveready Industries India was quoting at Rs 226.40, down Rs 4.50, or 1.95 percent on the BSE.
Market update: The Indian benchmark indices are hovering near their record highs after hitting the milestone in the morning trade. The major contributors is PSU bank index which surged over 4%.
SBI, ICICI Bank, Tata Motors, Bharti Airtel, ONGC are the top gainer on the Sensex. Midcaps outperformed the benchmark indices with 0.5 percent gain.
Buzzing: Shares of Ambuja Cements gained 7.6 percent as company posted strong numbers in the quarter ended June 2018.
The company's Q2 standalone profit rose 27.3 percent to Rs 499 crore and revenue increases 5.7 percent to Rs 3,016.9 crore.
The Competition Commission of India (CCI) had imposed a penalty of Rs 1163.91 crore on Ambuja Cements. On appeal by the company, the National Company Law Appellate Tribunal (NCLAT) in its order passed on Wednesday has upheld the said order.
The company is yet to receive the order of the NCLAT, it believes that on merits it has sufficient grounds for a successful appeal and intends to file the same with the Hon'ble Supreme Court, company said in release.