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Moody's Negative Outlook on India, Q2FY20 Results, and Top Cues in Focus Today
Mon, 11 Nov Pre-Open | Monish Vora, TM Team

India share markets ended their day deep in the red on Friday.

At the closing bell on Friday, the BSE Sensex stood lower by 330 points (down 0.8%) and the NSE Nifty closed down by 106 points (down 0.9%).

The BSE Mid Cap index ended the day down 0.8%, while the BSE Small Cap index ended the day down 0.6%.

Sectoral indices ended on a mixed note. Stocks in the oil & gas sector and FMCG sector witnessed most of the selling pressure, while banking stocks and realty stocks were trading in the green.

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September Quarter Results

From the energy space, Bharat Petroleum Corporation Ltd (BPCL) reported 40.1% year-on-year (YoY) jump in its net profit at Rs 17 billion for the second quarter ended September 30, 2019.

The growth was aided by tax reversal of Rs 5.8 billion based on favourable judgments from Income Tax Appellate Authorities over multiple issues. On the quarter-on-quarter basis, the profit grew 55% compared to Rs 10.7 billion in the June quarter.

Revenue from operations decreased 9.4% to Rs 750.5 billion in July-September of this fiscal as against Rs 829.2 billion in Q2FY19. The figure stood at Rs 858.6 billion in June quarter this year.

On the consolidated basis, the net profit stood at Rs 15 billion and revenue from operation was at Rs 756.2 billion during the quarter under review.

From the realty sector, DLF reported 18% year-on-year (YoY) jump in its consolidated net profit at Rs 4.4 billion on the back of higher revenue. Consolidated revenues increased 26% YoY at Rs 19.4 billion.

Earnings before interest, tax, depreciation and amortization (EBITDA) margins rose at 30% for the development business.

The company's management said that the development business has been performing well and achieved net sales of Rs 7.3 billion in Q2FY20.

The net debt for the company stood at Rs 44.6 billion, pursuant to the settlement of inter-company payables.

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Mutual Fund AUM Rises in October

Mutual funds' asset base increased to Rs 26.33 lakh crore in October-end. This was a rise of 7.4% as compared with the preceding month and the same was seen on the back of robust inflows in equity and liquid schemes.

According to data from the Association of Mutual Funds in India (AMFI), the mutual fund industry logged an asset under management (AUM) of Rs 24.5 lakh crore in September-end.

Mutual fund houses witnessed an overall inflow of Rs 1.33 lakh crore last month after witnessing a redemption of Rs 1.52 lakh crore in September. Of these, liquid funds alone witnessed an impressive over Rs 932 billion last month.

As per the news, fund managers attributed growth in the asset base to higher retail participation and robust inflows in equity schemes and liquid funds.

The open-ended equity schemes witnessed an infusion of Rs 60.2 billion, while there was a small outflow of Rs 110 million in close-ended equity plans, taking total equity inflows to Rs 60.1 billion last month. In September, net inflow in such schemes stood at Rs 64.8 billion.

Among debt-oriented schemes, liquid funds with investments in cash assets such as treasury bills, certificates of deposit and commercial paper for shorter horizon saw an infusion of Rs 932 billion last month as compared to an outflow of Rs 1.4 lakh crore in September.

Overall, debt funds saw an inflow of Rs 1.2 lakh crore.

Besides, gold exchange-traded funds saw an outflow of Rs 31.45 crore after witnessing inflow in the preceding two months. The safe-haven asset saw an infusion of Rs 440 million in September and Rs 1.45 billion in August.

How this trend pans out in the coming months remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Moody's Cut India's Outlook to Negative

Moody's Investors Service cut India's credit ratings outlook to negative from stable on concern that the government won't be able to help stunted economic growth.

Moody's cited a growing debt burden and the government's struggle to narrow the budget deficit. The rating company affirmed the nation's foreign issuer rating at Baa2, the second-lowest investment grade score.

The report by the agency stated that financial stress, especially in rural areas, and low job creation calls into question how effective the nation's government is in addressing economic sluggishness.

The downgrade puts additional pressure on India, which already tried to kickstart the economy in September with an unexpected cut in corporate taxes.

But chances of more reforms like this have diminished, and Moody's expects the government to struggle to narrow its deficit or contain a growing debt burden.

Stabilization in the non-bank financial sector, meantime, would be credit positive and could flag less risk of negative spillover into banks.

Fitch Ratings and S&P Global Ratings. However, still hold India's outlook at stable.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Stock Market Updates

TATA METALIK Surges by 5%; BSE METAL Index Up 1.8% (Today's Market)

Nov 18, 2019 01:26 PM

TATA METALIK share price has surged by 5% and its current market price is Rs 608. The BSE METAL is up by 1.8%. The top gainers in the BSE METAL Index is TATA METALIK (up 5.2%). The top losers is COAL INDIA (down 0.5%).

SANOFI INDIA Surges by 5%; BSE HEALTHCARE Index Up 1.5% (Today's Market)

Nov 18, 2019 01:24 PM

SANOFI INDIA share price has surged by 5% and its current market price is Rs 6,820. The BSE HEALTHCARE is up by 1.5%. The top gainers in the BSE HEALTHCARE Index are SANOFI INDIA (up 5.2%) and GLENMARK PHARMA (up 17.2%). The top losers are PIRAMAL ENTERPRISES (down 0.2%) and LAURUS LABS LTD (down 0.4%).

WOCKHARDT Surges by 11%; BSE HEALTHCARE Index Up 1.1% (Today's Market)

Nov 18, 2019 12:20 PM

WOCKHARDT share price has surged by 11% and its current market price is Rs 306. The BSE HEALTHCARE is up by 1.1%. The top gainers in the BSE HEALTHCARE Index are WOCKHARDT (up 11.4%) and GLENMARK PHARMA (up 15.4%). The top losers are LAURUS LABS LTD and BLISS GVS PHARMA .

WOCKHARDT Surges by 11%; BSE HEALTHCARE Index Up 1.0% (Today's Market)

Nov 18, 2019 12:18 PM

WOCKHARDT share price has surged by 11% and its current market price is Rs 306. The BSE HEALTHCARE is up by 1.0%. The top gainers in the BSE HEALTHCARE Index are WOCKHARDT (up 11.3%) and GLENMARK PHARMA (up 14.7%). The top losers are LAURUS LABS LTD and BLISS GVS PHARMA .

ABBOTT INDIA at All Time High; BSE HEALTHCARE Index Up 1.0% (Today's Market)

Nov 18, 2019 12:18 PM

ABBOTT INDIA share price has hit an all time high at Rs 13,200 (up 5.4%). The BSE HEALTHCARE Index is up by 1.0%. Among the top gainers in the BSE HEALTHCARE Index today are ABBOTT INDIA (up 5.4%) and SANOFI INDIA (up 3.5%). The top losers include LAURUS LABS LTD and BLISS GVS PHARMA .

Sensex Opens Higher; Telecom and Energy Stocks Gain (Today's Market)

Nov 18, 2019 09:30 am

Indian share markets open higher. The BSE Sensex opened up by 137 points, while the Nifty is trading up by 36 points.

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Nov 18, 2019 01:45 PM