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Mid Session
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Broader market trades firm; metal shares rally
(10:28, 05 Jun 2020)

Key domestic barometers sharply pare gains in morning trade as selling emerged at higher levels. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 23.34 points or 0.07% at 34,004.04. The Nifty 50 index added 24.05 points or 0.24% at 10,053.15.

In the broader market, the S&P BSE Mid-Cap index gained 0.52% while the S&P BSE Small-Cap index rose 1.24%. Both these indices outperformed the Sensex.

The market breadth was strong. On the BSE, 1531 shares rose and 481 shares fell. A total of 92 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 2.55% to 2,023.30, outperforming other sectoral indices on the NSE. The index has added 3.6% in two sessions.

Steel Authority of India (up 4.66%), Hindalco Industries (up 4.59%), Tata Steel (up 4.23%), JSW Steel (up 3.93%), Hindustan Copper (up 3.39%), Jindal Steel & Power (up 3.16%), National Aluminium Company (up 2.3%), NMDC (up 1.88%) and Hindustan Zinc (up 0.96%) advanced. Meanwhile, Vedanta shed 0.43%.

Q4 Results Today:

Larsen & Toubro (up 2.98%) and SBI (up 2.82%) are two Nifty companies that will announce their quarterly earnings today.

Aditya Birla Capital (up 1.99%), Alkem Laboratories (up 2.75%), Exide Industries (up 0.03%), Greaves Cotton (up 3%), Gujarat Gas (down 0.63%), Infibeam Avenues (up 2%), Jyothy Labs (up 3.23%), RPG Life Sciences (up 1.81%), SMS Pharmaceuticals (up 0.23%), Sumitomo Chemical India (up 1.42%) and Timken India (up 1.11%) are some of the companies that will announce their quarterly earnings today.

Earnings impact:

Realty major DLF fell 2.62% to Rs 152.30 after the company reported a consolidated net loss of Rs 1857.76 crore in Q4 March 2020 as compared to a consolidated net profit of Rs 436.56 crore reported in Q4 FY19. Net sales fell 32.2% to Rs 1694.20 crore in Q4 March 2020 over Q4 March 2019. Interest payments were down by 56% to Rs 235.27 crore in Q4 FY20 from Rs 535.15 crore in Q4 FY19.

Pre-tax loss in the fourth quarter stood at Rs 129.72 crore. The company had reported a pre-tax profit of Rs 229.70 crore in the corresponding period last year. Current tax expenses were at 1907.33 crore in Q4 March 2020 as compared to Rs 37.38 crore in Q4 March 2019. “There was a one-time DTA (Deferred Tax Asset) reversal of Rs 1,916 crore, on adoption of lower-tax rate”, the company said in a statement.

In view of COVID-19, after a thorough analysis and following a prudent approach, the company has undertaken certain provisions to reflect changes in the carrying value of some of its assets and investments. This has led to a one-time, exceptional provision (net of taxes) of Rs. 272 crore in Q4 FY20. We anticipate that some semblance of normalcy may return by Q3 FY21, whereby players with strong operational expertise and financial resilience will continue to gain foothold”, the company said.

Separate, the realty major informed that Dr KP Singh vide letter dated 4 June 2020 tendered his resignation from the position of non-executive director/chairman of the company. The DLF Board approved the appointment of Rajiv Singh as the new chairman of DLF. Dr K P Singh will nonetheless continue in a non-executive role as chairman-emeritus, the company said in a statement.

SRF declined 2.88% to Rs 3681.90 after consolidated net profit slipped 2.7% to Rs 185.75 crore on a 4.2% fall in net sales to Rs 1,820.28 crore in Q4 March 2020 over Q4 March 2019. Profit before tax dropped 16.4% to Rs 211.23 crore in Q4 March 2020 as against Rs 252.80 crore in Q4 March 2019. Current tax expenses were down by 58.8% to Rs 25.48 crore in Q4 March 2020 as compared to Rs 61.91 crore paid in Q4 March 2019.

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