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SGX Nifty Up 67 Points, Q4 Results, Piramal Enterprises Stake Sale, and Buzzing Stocks in Focus Today
Tue, 30 Jun Pre-Open | Monish Vora, TM Team

Indian share markets witnessed selling pressure throughout the day yesterday, tracking weak global cues as coronavirus cases continue to surge across the world.

The Standard and Poor's warning that the Indian economy is in deep trouble also weighed on investor sentiment. The rating agency has projected the Indian economy's growth to contract by 5% this fiscal.

Further, geopolitical tensions like India-China border issue and US-China trade dispute kept investors on edge.

At the closing bell yesterday, the BSE Sensex stood lower by 210 points, down 0.6%. The NSE Nifty closed down by 71 points, down 0.7%.

The BSE Mid Cap index ended down by 1.4%, while the BSE Small Cap index ended down by 1.2%.

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Among sectoral indices, metal stocks and realty stocks were among the hardest hit.

At 8:05 am today, the SGX Nifty was trading up by 67 points, or 0.66% higher at 10,314 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

Asian stock markets fell yesterday as the number of coronavirus cases around the world exceeded 10 million and the epidemic accelerated in the United States.

Speaking of the current stock market scenario, note that the coronavirus impact has shaken markets worldwide.

For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

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History has shown that after years like the one we had just now, the next 3 years are good for the markets. If you can find good businesses that can survive the current crisis, you will do well in the long run.

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Top Stocks in Focus Today

Emami share price will be in focus today as the company reported disappointing set of numbers for the quarter ended March 2020, impacted severely by the Covid-19 pandemic.

The personal products company's profit before tax (PBT) declined by 70% year on year (YoY) to Rs 253.7 million in Q4FY20, from Rs 847.7 million in Q4FY19.

Profit after tax during the quarter under review more-than-halved to Rs 233.6 million from Rs 561.5 million.

IDBI Bank will be among the top buzzing stocks today.

Shares of IDBI Bank gained 5% intraday yesterday after the bank said its board has approved a plan to offload 27% stake in IDBI Federal Life Insurance at a combined value of Rs 6 billion.

IDBI Bank has 48% stake in IDBI Federal Life Insurance, which started operations in 2008. Federal Bank and its Dutch partner Ageas Insurance International NV have 26% stake, each.

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ITC March Quarter Results

ITC reported a 9.1% rise in standalone net profit at Rs 38 billion for the quarter ended March 31, 2020 (Q4FY20).

The increase in ITC's profit came on account of a lower corporate tax outgo despite a decline in revenues.

ITC's revenue from operations declined 6.3% to Rs 113 billion in the fourth quarter of financial year 2019-20, from Rs 120.6 billion in the year-ago period.

The company's profit before tax (PBT) declined by 7.8% to Rs 47.4 billion. The fall in PBT was due to a sharp decline in consumption, especially in rural areas due to the covid-19 pandemic.

During the quarter, ITC paid Rs 8.5 billion in taxes, as against Rs 15.7 billion in the same quarter a year ago.

ITC said that in the initial stages, the pandemic had a significant impact on its hotels, education, and stationery products businesses as it coincided with the peak period and the onset of the school season, which were closed owing to the pandemic.

The company's board recommended a dividend of Rs 10.15 per share for financial year 2019-20.

To know more, you can read ITC's latest result analysis on our website.

Piramal Enterprises Sells 20% Stake in Pharma Unit

Piramal Enterprises has announced that US-based investment firm Carlyle Group will purchase a 20% stake in its pharmaceutical unit for around US$490 million.

Piramal Enterprises will integrate its pharmaceuticals businesses into its wholly owned subsidiary Piramal Pharma, which will use the capital raised through the deal to accelerate its organic and inorganic growth plans.

The conglomerate said the transaction, expected to close in 2020 and subject to regulatory clearance, is one of the largest private equity deals in the country's pharmaceutical sector.

Reportedly, the deal values its pharma business at an enterprise value of US$2,775 million, with an upside component of up to US$360 million depending on the company's performance in the current financial year.

The final amount of equity investment will depend on the net debt, exchange rate and performance against the pre-agreed conditions at the time of closing of the deal.

We will keep you updated on all the news from this space. Stay tuned.

And 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!

Read the latest Market Commentary


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Stock Market Updates

SAIL Share Price Up by 5%; BSE METAL Index Up 2.8% (Today's Market)

Sep 25, 2020 03:34 PM

SAIL share price is trading up by 5% and its current market price is Rs 34. The BSE METAL is up by 2.8%. The top gainers in the BSE METAL Index are SAIL (up 5.2%) and JINDAL STEEL & POWER (up 7.2%).

FORCE MOTORS Share Price Up by 5%; BSE AUTO Index Up 3.4% (Today's Market)

Sep 25, 2020 03:28 PM

FORCE MOTORS share price is trading up by 5% and its current market price is Rs 1,060. The BSE AUTO is up by 3.4%. The top gainers in the BSE AUTO Index are FORCE MOTORS (up 5.2%) and MOTHERSON SUMI (up 5.6%).

VODAFONE IDEA Share Price Up by 13%; BSE 500 Index Up 2.4% (Today's Market)

Sep 25, 2020 03:24 PM

VODAFONE IDEA share price is trading up by 13% and its current market price is Rs 10. The BSE 500 is up by 2.4%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 13.5%) and IFB INDUSTRIES LTD (up 11.9%). The top losers are OBEROI REALTY and BAJAJ HOLDINGS & INVESTMENT .

BAJAJ CONSUMER CARE Share Price Up by 5%; BSE FMCG Index Up 2.0% (Today's Market)

Sep 25, 2020 03:24 PM

BAJAJ CONSUMER CARE share price is trading up by 5% and its current market price is Rs 185. The BSE FMCG is up by 2.0%. The top gainers in the BSE FMCG Index are BAJAJ CONSUMER CARE (up 5.1%) and GSK CONSUMER (up 5.1%). The top losers are GILLETTE INDIA (down 0.5%) and EMAMI LTD (down 0.5%).

ADANI TRANSMISSION Share Price Up by 6%; BSE POWER Index Up 2.2% (Today's Market)

Sep 25, 2020 03:24 PM

ADANI TRANSMISSION share price is trading up by 6% and its current market price is Rs 250. The BSE POWER is up by 2.2%. The top gainers in the BSE POWER Index are ADANI TRANSMISSION (up 6.0%) and TATA POWER (up 5.5%). The top losers is SIEMENS (down 0.5%).

Indian Indices Trade Higher; HCL Tech, Bharti Airtel & TCS Up Over 4% (Today's Market)

Sep 25, 2020 12:30 pm

The BSE Sensex is trading up by 451 points, while the NSE Nifty is trading up by 127 points.

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