India's Retail Inflation in July, BPCL Q1 Results, and Top Buzzing Stocks Today

Mon, 17 Aug Pre-Open

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Indian share markets ended on a negative note on Friday amid a huge selloff in auto and banking stocks.

Benchmark indices erased all the gains and went on to trade deep in the red during closing hours on Friday on signs of escalating US-China tensions. Losses were also seen as India's retail inflation rose to 6.93% in July on higher food prices, remaining above the RBI's medium-term target for a 10th straight month.

At the closing bell on Friday, the BSE Sensex stood lower by 433 points (down 1.1%). The NSE Nifty closed down by 122 points (down 1.1%).

The BSE Mid Cap index ended down by 1%. Meanwhile, the BSE Small Cap index ended down by 0.6%.

On the sectoral front, banking stocks and auto stocks were the hardest hit.

Top Stocks in Focus Today

Hero MotoCorp will be among the top buzzing stocks today as the two-wheeler maker reported a 95% year-on-year (YoY) decline in consolidated net profit at Rs 577.8 million for the quarter ended June 30 (Q1FY21), on account of lower sales due to Covid-19 pandemic.

Total income during the quarter under review declined to Rs 31.2 billion as compared with Rs 84.1 billion in the year-ago period. The two-wheeler major sold a total of 565,000 units of motorcycles and scooters in the first quarter of fiscal 2020-21 as compared with 1.843 million units in the same period of FY20.

Ashok Leyland will also be in focus today as the company reported a consolidated net loss of Rs 3.9 billion for the first quarter ended June 30 this year owing to the coronavirus pandemic. The commercial vehicle maker had posted a net profit of Rs 2.7 billion for the April-June 2019 quarter.

The company's revenue from operations in June quarter significantly declined to Rs 14.9 billion as compared with Rs 65.9 billion in the year-ago period. The company saw a significant decline in volumes, affecting the financial performance adversely.

Market participants will also be tracking Cadila Healthcare share price as the company launched Remdesivir under the brand name Remdac, used to treat patients suffering from severe symptoms of COVID-19, in the Indian market. Priced at Rs 2,800 per 100 mg vial, Remdac is the most economical Remdesivir brand in India, the reports noted.

In June this year, Zydus had entered into a non-exclusive agreement with Gilead Sciences Inc to manufacture and sell Remdesivir, the investigational drug, which has been issued an emergency use authorisation by the US Food and Drug Administration (USFDA) to treat patients suffering from severe symptoms of COVID-19.

Retail Inflation in July at 6.93% on Rising Food Prices

India's retail inflation rose for the fourth straight month in July as costs of some food articles and transportation remained high.

Consumer price index (CPI) inflation stood at 6.93% in July, compared to a revised estimate of 6.23% in June 2020.

At over 6%, inflation continued to remain just above the Monetary Policy Committee's (MPC) tolerance band of 4 (+/-2)%, for the fourth straight month since April, creating a stagflation like scenario where inflation is high despite a collapse in growth.

The MPC which met earlier this month had left rates unchanged as they sought greater clarity on inflation, which they see easing in the second half of the year.

The break-up of the July CPI data suggests that inflation in the vegetables and pulses categories was elevated. Transportation and communication also saw high levels of inflation.

Rural inflation stood at 7.04% in July compared 6.3% in June. Inflation in urban areas stood at 6.84% compared to 6.1% in June.

Among key food categories, vegetable inflation stood at 11.29%, from 4% in June, while inflation in the fruits category stood at 0.13% from 0.3% in June. Pulses prices rose by 15.92% in July, compared to 17.6% in the previous month.

Fuel and light inflation rose to 2.8% in July from 0.5% in the previous month, while inflation in transport and communication rose to 9.95% in July from 8.3% in June.

It would be interesting to track how these numbers show up in the coming months. Stay tuned, we'll keep you updated on all the developments from this space.

BPCL Net Profit Rises 21.6% YoY in June Quarter

BPCL said its consolidated net profit in the quarter ended June rose 21.6% year-on-year (YoY) to Rs 21.8 billion. The company had reported a net profit of Rs 17.9 billion a year ago.

The company's revenues from operations dropped 41.09% YoY to Rs 509 billion from Rs 864.1 billion a year ago.

The company pointed that the Covid-19 outbreak and subsequent lockdown had an impact on its business. It said the lower demand for crude oil and petroleum products impacted the prices and refining margins globally.

Since petroleum products are covered under essential services, the refining and marketing operations of the company continued during the lock down period, but there was lower refinery throughput and revenue from operations which was mainly due to lower demand of petroleum products.

The company said that with the gradual reopening of the economy, it expects the refinery throughput and revenue from operations will improve and will be at normal levels post COVID 19 impact and removal of complete lockdown restrictions.

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