Sensex, Nifty attain highest closing level in nearly 7 months
Stocks of public sector banks, pharma companies, crude oil refiners and index heavyweights Infosys and HDFC led the latest upmove on the bourses. The barometer index, the S&P BSE Sensex, rose 286.92 points or 1.09% to settle at 26,653.60. The Nifty 50 index rose 87 points or 1.08% to settle at 8,156.65. Gains in Asian and European stocks aided the upmove on the domestic bourses. Asian and European stocks edged higher after better-than-expected US economic reports overnight. The US economy is the world's biggest economy. With fourth straight trading session of gains, the Sensex and the Nifty, both, attained their highest closing level in nearly seven months.
Sun Pharmaceutical Industries surged after the company's US subsidiary Taro Pharmaceutical Industries posted strong financial performance for the year ended 31 March 2016. The State Bank of India stock surged, shrugging off weak financial performance for Q4 March 2016. BPCL jumped 9.12% after the company's board of directors recommended issue of 1:1 bonus shares at the time of announcement of its Q4 March 2016 results after trading hours yesterday, 26 May 2016.
Index heavyweight Reliance Industries (RIL) edged higher on reports that the company is preparing to restart work in four offshore oil and gas blocks, including one of India's biggest natural gas discoveries, as it seeks to revive development activity stalled for seven years by disputes with the government.
In overseas stock markets, Asian and European stocks edged higher after better-than-expected US economic reports overnight. The US economy is the world's biggest economy. US equities took a breather yesterday, 26 May 2016, following their steepest two-day advance since March as investors parsed a slew of economic reports. The latest data showed US durable goods orders, housing and initial jobless claims data coming in strong, while capital goods orders and the Kansas City Fed manufacturing survey were weak.
The Sensex rose 286.92 points or 1.09% to settle at 26,653.60, its highest closing level since 30 October 2015. The index jumped 310.75 points, or 1.18% at the day's high of 26,677.43. The index rose 38.60 points, or 0.15% at the day's low of 26,405.28.
The Nifty 50 index rose 87 points or 1.08% to settle at 8,156.65, its highest closing level since 28 October 2015. The index rose 94.55 points, or 1.17% at the day's high of 8,164.20. The index rose 7.40 points, or 0.09% at the day's low of 8,077.05.
The BSE Mid-Cap index rose 1.39%, outperforming the Sensex. The BSE Small-Cap index rose 0.57%, underperforming the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,417 shares rose and 1,157 shares fell. A total of 197 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Bankex (up 1.15%), the S&P BSE Metal index (up 1.18%), the S&P BSE Finance index (up 1.37%), the S&P BSE Realty index (up 1.51%), the S&P BSE Healthcare index (up 2.42%), the S&P BSE Energy index (up 2.44%) and the S&P BSE Oil & Gas index (up 2.66%), outperformed the Sensex. The S&P BSE Telecom index (down 0.04%), the S&P BSE FMCG index (down 0.01%), the S&P BSE Utilities index (up 0.18%), the S&P BSE Capital Goods index (up 0.49%), the S&P BSE Power index (up 0.50%), the S&P BSE Industrials index (up 0.67%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.76%), the S&P BSE Teck index (up 0.84%), the S&P BSE IT index (up 0.91%), the S&P BSE Auto index (up 0.94%) and the S&P BSE Basic Materials index (up 1.04%), underperformed the Sensex
The total turnover on BSE amounted to Rs 3359 crore, higher than turnover of Rs 2928.58 crore registered during the previous trading session.
Bharat Heavy Electricals (Bhel) fell 0.19% to Rs 128.20. The company's net profit fell 59.52% to Rs 359.58 crore on 18.36% decline in total income to Rs 10418.64 crore in Q4 March 2016 over Q4 March 2015. The result was announced after trading hours today, 27 May 2016. Bhel's order backlog stood at about Rs 1.10 lakh crore as on 31 March 2016. The company removed orders amounting Rs 3783 crore from the order book in Q4 March 2016. It removed orders amounting Rs 7429 crore from the order book in the year ended 31 March 2016, which are not likely to commence.
Pharmaceutical stocks edged higher. Divi's Laboratories (up 3.88%), Piramal Enterprises (up 3.42%), Wockhardt (up 3.09%), Aurobindo Pharma (up 2.65%), Cadila Healthcare (up 2.19%), GlaxoSmithKline Pharmaceuticals (up 1.36%), Cipla (up 1.29%), Glenmark Pharmaceuticals (up 1.11%), Strides Shasun (up 0.93%) and Dr Reddy's Laboratories (up 0.72%) edged higher. Alkem Laboratories (down 0.83%) and IPCA Laboratories (down 1.2%), edged lower.
Sun Pharmaceutical Industries rose 5.83% at Rs 825.50 after the company's US subsidiary Taro Pharmaceutical Industries posted strong financial performance for the year ended 31 March 2016. Taro Pharmaceutical Industries' consolidated net profit rose 11.69% to $540.9 million on 10.2% growth in net sales to $950.80 million in the year ended 31 March 2016 over the year ended 31 March 2015. The result was announced yesterday, 26 May 2016. Taro reportedly contributes around 32% of the US turnover of Sun Pharma.
Lupin rose 0.72% at Rs 1,480.70 after the company announced during trading hours today, 27 May 2016, that it has received Establishment Inspection Reports (EIR) for its Mandideep and Aurangabad facilities wherein the U S Food and Drug Administration (USFDA) has concluded that the inspections stand closed. The USFDA had conducted audits at Lupin's Mandideep facility from 8 to 19 February 2016 and its Aurangabad facility from 11 to 15 January 2016. Lupin said that the company had taken appropriate steps to address the observations it had received from these audits. Having received the EIRs from the USFDA about the closure of these inspections, all observations stand addressed and both these facilities are cGMP compliant.
Bank stocks edged higher on renewed buying. Among state-run banks, Allahabad Bank (up 4.36%), Syndicate Bank (up 3.89%), Union Bank of India (up 3.61%), IDBI Bank (up 2.90%), Dena Bank (up 2.79%), Bank of Baroda (up 2.78%), Indian Bank (up 2.78%), Andhra Bank (up 2.72%), Punjab National Bank (up 2.68%), Bank of India (up 2.53%), United Bank of India (up 2.27%), UCO Bank (up 2.07%), Central Bank of India (up 1.30%), Corporation Bank (up 0.99%), Vijaya Bank (up 0.66%) and Bank of Maharashtra (up 0.18%), edged higher. Punjab and Sind Bank (down 0.99%) and Canara Bank (down 2.94%), edged lower.
State Bank of India (SBI) rose 6.42% at Rs 195.55. The bank's net profit fell 66.23% to Rs 1263.81 crore on 10.10% increase in total income to Rs 53526.97 crore in Q4 March 2016 over Q4 March 2015. The result was announced during trading hours today, 27 May 2016.
The bank's gross non-performing assets (NPAs) stood at Rs 98172.80 crore as on 31 March 2016 as against Rs 72791.73 crore as on 31 December 2015 and Rs 56725.34 crore as on 31 March 2015. The ratio of gross NPA to gross advances stood at 6.5% as on 31 March 2016 as against 5.1% as on 31 December 2015 and 4.25% as on 31 March 2015. The ratio of net NPA to net advances stood at 3.81% as on 31 March 2016 as against 2.89% as on 31 December 2015 and 2.12% as on 31 March 2015.
The bank's provisions and contingencies rose 89.74% to Rs 13174.05 crore in Q4 March 2016 over Q4 March 2015. The provisions and contingencies include provisions for NPA. SBI's provisions for NPA jumped 143.47% to Rs 12139.17 crore in Q4 March 2016 over Q4 March 2015. The provision coverage ratio of the bank stood at 60.69% as on 31 March 2016.
Among private sector banks, City Union Bank (up 2.45%), Kotak Mahindra Bank (up 1.98%), ICICI Bank (up 0.96%), Yes Bank (up 0.81%), HDFC Bank (up 0.50%) and IndusInd Bank (up 0.02%), edged higher. Axis Bank fell 1.17%.
Index heavyweight and housing finance major HDFC rose 2.43% to Rs 1,257.30. The stock hit a high of Rs 1,266.50 and a low of Rs 1,219.05 in intraday trade.
IT stocks edged higher on renewed buying. MphasiS (up 4.20%), HCL Technologies (up 1.89%), Hexaware Technologies (up 1.22%), Infosys (up 1.20%), TCS (up 0.75%), Persistent Systems (up 0.42%), MindTree (up 0.41%), Oracle Financial Services Software (up 0.19%) and Wipro (up 0.15%) edged higher. Tech Mahindra fell 1.10%.
Most auto stocks edged higher. Ashok Leyland (up 2.50%), Bajaj Auto (up 2.49%), Eicher Motors (up 1.79%), Tata Motors (up 1.05%) and Hero MotoCorp (up 1.01%), edged higher. Mahindra & Mahindra (down 0.15%), Escorts (down 0.2%) and TVS Motor Company (down 2.21%),
Maruti Suzuki India rose 0.59% at Rs 4141.35 . The company announced during trading hours today, 27 May 2016, that it will recall 75,419 Baleno cars and 1,961 DZire cars (only AGS variant). The company will proactively and voluntarily recall 75,419 Baleno cars (petrol and diesel) manufactured between 3 August 2015 and 17 May 2016 to upgrade the airbag controller software. Of these, 15,995 Baleno cars (only diesel), manufactured between 3 August 2015 and 22 March 2016 will also be attended to for inspection and replacement of a faulty fuel filter. The Baleno cars covered in the recall include 17,231 units of exports.
In addition, 1,961 DZire diesel cars (only AGS variant) will be attended to for inspection and replacement of a faulty fuel filter. Starting 31 May 2016, the owners of the vehicles covered will be contacted by Maruti Suzuki dealers. The software upgrade and the replacement of faulty fuel filter, will be done free of cost, the company said.
Stocks of oil exploration and production (E&P) firms were mixed. Cairn India fell 2.02%. Oil India rose 0.43%.
Brent for July settlement was currently down 78 cents at $48.81 a barrel. The contract had declined 15 cents or 0.3% to settle at $49.59 a barrel during the previous trading session.
Index heavyweight Reliance Industries (RIL) gained 2.75% to Rs 972.65 on reports that the company is preparing to restart work in four offshore oil and gas blocks, including one of India's biggest natural gas discoveries, as it seeks to revive development activity stalled for seven years by disputes with the government. The company plans to drill 21 wells in four offshore areas, including the deepwater KG-D6 block in the Bay of Bengal, according to reports. RIL aims to initially focus on parts of the KG-D6 block known as the R-cluster, satellite and MJ discoveries. It plans to finalize the investment and work plan by the end of this year.
ONGC edged lower in volatile trade in the aftermath of the announcement of its Q4 March 2016 results. The stock was off 1.64% at Rs 213.15 . The stock had risen 3.09% to settle at Rs 216.70 yesterday, 26 May 2016, after the result hit the market at the fag end of the trading session. The company's net profit rose 12.22% to Rs 4416.11 crore on 15.42% decline in total income to Rs 19776.70 crore in Q4 March 2016 over Q4 March 2015. ONGC's net profit fell 9.75% to Rs 16003.65 crore on 4.14% decline in total income to Rs 84584.99 crore in the year ended 31 March 2016 over the year ended 31 March 2015.
In terms of the decision of the Government of India, the company shared under-recoveries of oil marketing companies (OMCs) amounting to Rs 1096 crore for the year ended March 2016 (FY 2016) by allowing discount in the prices of crude oil based on the rates of discount communicated by Petroleum Planning and Analysis Cell (PPAC). The discount was sharply lower than Rs 36300 crore in the year ended 31 March 2015 (FY 2015). The impact on net profit was Rs 607 crore in FY 2016 as compared to Rs 20437 crore in FY 2015.
ONGC's consolidated net profit fell 22.96% to Rs 14123.80 crore on 16.63% decline in total income to Rs 139364.35 crore in the year ended 31 March 2016 over the year ended 31 March 2015.
BPCL rose 9.12 % after the company's board of directors recommended issue of 1:1 bonus shares at the time of announcement of its Q4 March 2016 results after trading hours yesterday, 26 May 2016. BPCL revised its record date for issuing bonus shares to 14 July 2016, from 11 July 2016 earlier. BPCL's net profit fell 10.64% to Rs 2549.08 crore on 13.55% decline in total income to Rs 44891.65 crore in Q4 March 2016 over Q4 March 2015. The average gross refining margin (GRM) for Q4 March 2016 fell to $6.30 per barrel from $ 7.85 per barrel in Q4 March 2015.
HPCL rose 9.81%. HPCL's net profit fell 28.18% to Rs 1552.94 crore on 6.63% decline in total income to Rs 42603.09 crore in Q4 March 2016 over Q4 March 2015. The result was announced during market hours today, 27 May 2016. HPCL's bottom line during the quarter was adversely impacted by lower other income or non-operational income. Other income declined 59.83% to Rs 407.85 crore in Q4 March 2016 over Q4 March 2015.
The Sensex and the Nifty edged higher for the fourth day in a row. The Sensex has gained 1,423.24 points or 5.64% in four trading sessions from its close of 25,230.36 on 23 May 2016. The Sensex has gained 1,050.98 points or 4.1% in this month so far (till 27 May 2016). The Sensex has risen 541.06 points or 2.07% in calendar year 2016 so far (till 27 May 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 4,161.99 points or 18.50%. The Sensex is off 1,922.73 points or 6.73% from a 52-week high of 28,578.33 hit on 23 July 2015. The Sensex is off 3,370.14 points or 11.22% from a record high of 30,024.74 hit on 4 March 2015.
Sun Pharmaceutical Industries surged after the company's US subsidiary Taro Pharmaceutical Industries posted strong financial performance for the year ended 31 March 2016. The State Bank of India stock surged, shrugging off weak financial performance for Q4 March 2016. BPCL jumped 9.12% after the company's board of directors recommended issue of 1:1 bonus shares at the time of announcement of its Q4 March 2016 results after trading hours yesterday, 26 May 2016.
Index heavyweight Reliance Industries (RIL) edged higher on reports that the company is preparing to restart work in four offshore oil and gas blocks, including one of India's biggest natural gas discoveries, as it seeks to revive development activity stalled for seven years by disputes with the government.
In overseas stock markets, Asian and European stocks edged higher after better-than-expected US economic reports overnight. The US economy is the world's biggest economy. US equities took a breather yesterday, 26 May 2016, following their steepest two-day advance since March as investors parsed a slew of economic reports. The latest data showed US durable goods orders, housing and initial jobless claims data coming in strong, while capital goods orders and the Kansas City Fed manufacturing survey were weak.
The Sensex rose 286.92 points or 1.09% to settle at 26,653.60, its highest closing level since 30 October 2015. The index jumped 310.75 points, or 1.18% at the day's high of 26,677.43. The index rose 38.60 points, or 0.15% at the day's low of 26,405.28.
The Nifty 50 index rose 87 points or 1.08% to settle at 8,156.65, its highest closing level since 28 October 2015. The index rose 94.55 points, or 1.17% at the day's high of 8,164.20. The index rose 7.40 points, or 0.09% at the day's low of 8,077.05.
The BSE Mid-Cap index rose 1.39%, outperforming the Sensex. The BSE Small-Cap index rose 0.57%, underperforming the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,417 shares rose and 1,157 shares fell. A total of 197 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Bankex (up 1.15%), the S&P BSE Metal index (up 1.18%), the S&P BSE Finance index (up 1.37%), the S&P BSE Realty index (up 1.51%), the S&P BSE Healthcare index (up 2.42%), the S&P BSE Energy index (up 2.44%) and the S&P BSE Oil & Gas index (up 2.66%), outperformed the Sensex. The S&P BSE Telecom index (down 0.04%), the S&P BSE FMCG index (down 0.01%), the S&P BSE Utilities index (up 0.18%), the S&P BSE Capital Goods index (up 0.49%), the S&P BSE Power index (up 0.50%), the S&P BSE Industrials index (up 0.67%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.76%), the S&P BSE Teck index (up 0.84%), the S&P BSE IT index (up 0.91%), the S&P BSE Auto index (up 0.94%) and the S&P BSE Basic Materials index (up 1.04%), underperformed the Sensex
The total turnover on BSE amounted to Rs 3359 crore, higher than turnover of Rs 2928.58 crore registered during the previous trading session.
Bharat Heavy Electricals (Bhel) fell 0.19% to Rs 128.20. The company's net profit fell 59.52% to Rs 359.58 crore on 18.36% decline in total income to Rs 10418.64 crore in Q4 March 2016 over Q4 March 2015. The result was announced after trading hours today, 27 May 2016. Bhel's order backlog stood at about Rs 1.10 lakh crore as on 31 March 2016. The company removed orders amounting Rs 3783 crore from the order book in Q4 March 2016. It removed orders amounting Rs 7429 crore from the order book in the year ended 31 March 2016, which are not likely to commence.
Pharmaceutical stocks edged higher. Divi's Laboratories (up 3.88%), Piramal Enterprises (up 3.42%), Wockhardt (up 3.09%), Aurobindo Pharma (up 2.65%), Cadila Healthcare (up 2.19%), GlaxoSmithKline Pharmaceuticals (up 1.36%), Cipla (up 1.29%), Glenmark Pharmaceuticals (up 1.11%), Strides Shasun (up 0.93%) and Dr Reddy's Laboratories (up 0.72%) edged higher. Alkem Laboratories (down 0.83%) and IPCA Laboratories (down 1.2%), edged lower.
Sun Pharmaceutical Industries rose 5.83% at Rs 825.50 after the company's US subsidiary Taro Pharmaceutical Industries posted strong financial performance for the year ended 31 March 2016. Taro Pharmaceutical Industries' consolidated net profit rose 11.69% to $540.9 million on 10.2% growth in net sales to $950.80 million in the year ended 31 March 2016 over the year ended 31 March 2015. The result was announced yesterday, 26 May 2016. Taro reportedly contributes around 32% of the US turnover of Sun Pharma.
Lupin rose 0.72% at Rs 1,480.70 after the company announced during trading hours today, 27 May 2016, that it has received Establishment Inspection Reports (EIR) for its Mandideep and Aurangabad facilities wherein the U S Food and Drug Administration (USFDA) has concluded that the inspections stand closed. The USFDA had conducted audits at Lupin's Mandideep facility from 8 to 19 February 2016 and its Aurangabad facility from 11 to 15 January 2016. Lupin said that the company had taken appropriate steps to address the observations it had received from these audits. Having received the EIRs from the USFDA about the closure of these inspections, all observations stand addressed and both these facilities are cGMP compliant.
Bank stocks edged higher on renewed buying. Among state-run banks, Allahabad Bank (up 4.36%), Syndicate Bank (up 3.89%), Union Bank of India (up 3.61%), IDBI Bank (up 2.90%), Dena Bank (up 2.79%), Bank of Baroda (up 2.78%), Indian Bank (up 2.78%), Andhra Bank (up 2.72%), Punjab National Bank (up 2.68%), Bank of India (up 2.53%), United Bank of India (up 2.27%), UCO Bank (up 2.07%), Central Bank of India (up 1.30%), Corporation Bank (up 0.99%), Vijaya Bank (up 0.66%) and Bank of Maharashtra (up 0.18%), edged higher. Punjab and Sind Bank (down 0.99%) and Canara Bank (down 2.94%), edged lower.
State Bank of India (SBI) rose 6.42% at Rs 195.55. The bank's net profit fell 66.23% to Rs 1263.81 crore on 10.10% increase in total income to Rs 53526.97 crore in Q4 March 2016 over Q4 March 2015. The result was announced during trading hours today, 27 May 2016.
The bank's gross non-performing assets (NPAs) stood at Rs 98172.80 crore as on 31 March 2016 as against Rs 72791.73 crore as on 31 December 2015 and Rs 56725.34 crore as on 31 March 2015. The ratio of gross NPA to gross advances stood at 6.5% as on 31 March 2016 as against 5.1% as on 31 December 2015 and 4.25% as on 31 March 2015. The ratio of net NPA to net advances stood at 3.81% as on 31 March 2016 as against 2.89% as on 31 December 2015 and 2.12% as on 31 March 2015.
The bank's provisions and contingencies rose 89.74% to Rs 13174.05 crore in Q4 March 2016 over Q4 March 2015. The provisions and contingencies include provisions for NPA. SBI's provisions for NPA jumped 143.47% to Rs 12139.17 crore in Q4 March 2016 over Q4 March 2015. The provision coverage ratio of the bank stood at 60.69% as on 31 March 2016.
Among private sector banks, City Union Bank (up 2.45%), Kotak Mahindra Bank (up 1.98%), ICICI Bank (up 0.96%), Yes Bank (up 0.81%), HDFC Bank (up 0.50%) and IndusInd Bank (up 0.02%), edged higher. Axis Bank fell 1.17%.
Index heavyweight and housing finance major HDFC rose 2.43% to Rs 1,257.30. The stock hit a high of Rs 1,266.50 and a low of Rs 1,219.05 in intraday trade.
IT stocks edged higher on renewed buying. MphasiS (up 4.20%), HCL Technologies (up 1.89%), Hexaware Technologies (up 1.22%), Infosys (up 1.20%), TCS (up 0.75%), Persistent Systems (up 0.42%), MindTree (up 0.41%), Oracle Financial Services Software (up 0.19%) and Wipro (up 0.15%) edged higher. Tech Mahindra fell 1.10%.
Most auto stocks edged higher. Ashok Leyland (up 2.50%), Bajaj Auto (up 2.49%), Eicher Motors (up 1.79%), Tata Motors (up 1.05%) and Hero MotoCorp (up 1.01%), edged higher. Mahindra & Mahindra (down 0.15%), Escorts (down 0.2%) and TVS Motor Company (down 2.21%),
Maruti Suzuki India rose 0.59% at Rs 4141.35 . The company announced during trading hours today, 27 May 2016, that it will recall 75,419 Baleno cars and 1,961 DZire cars (only AGS variant). The company will proactively and voluntarily recall 75,419 Baleno cars (petrol and diesel) manufactured between 3 August 2015 and 17 May 2016 to upgrade the airbag controller software. Of these, 15,995 Baleno cars (only diesel), manufactured between 3 August 2015 and 22 March 2016 will also be attended to for inspection and replacement of a faulty fuel filter. The Baleno cars covered in the recall include 17,231 units of exports.
In addition, 1,961 DZire diesel cars (only AGS variant) will be attended to for inspection and replacement of a faulty fuel filter. Starting 31 May 2016, the owners of the vehicles covered will be contacted by Maruti Suzuki dealers. The software upgrade and the replacement of faulty fuel filter, will be done free of cost, the company said.
Stocks of oil exploration and production (E&P) firms were mixed. Cairn India fell 2.02%. Oil India rose 0.43%.
Brent for July settlement was currently down 78 cents at $48.81 a barrel. The contract had declined 15 cents or 0.3% to settle at $49.59 a barrel during the previous trading session.
Index heavyweight Reliance Industries (RIL) gained 2.75% to Rs 972.65 on reports that the company is preparing to restart work in four offshore oil and gas blocks, including one of India's biggest natural gas discoveries, as it seeks to revive development activity stalled for seven years by disputes with the government. The company plans to drill 21 wells in four offshore areas, including the deepwater KG-D6 block in the Bay of Bengal, according to reports. RIL aims to initially focus on parts of the KG-D6 block known as the R-cluster, satellite and MJ discoveries. It plans to finalize the investment and work plan by the end of this year.
ONGC edged lower in volatile trade in the aftermath of the announcement of its Q4 March 2016 results. The stock was off 1.64% at Rs 213.15 . The stock had risen 3.09% to settle at Rs 216.70 yesterday, 26 May 2016, after the result hit the market at the fag end of the trading session. The company's net profit rose 12.22% to Rs 4416.11 crore on 15.42% decline in total income to Rs 19776.70 crore in Q4 March 2016 over Q4 March 2015. ONGC's net profit fell 9.75% to Rs 16003.65 crore on 4.14% decline in total income to Rs 84584.99 crore in the year ended 31 March 2016 over the year ended 31 March 2015.
In terms of the decision of the Government of India, the company shared under-recoveries of oil marketing companies (OMCs) amounting to Rs 1096 crore for the year ended March 2016 (FY 2016) by allowing discount in the prices of crude oil based on the rates of discount communicated by Petroleum Planning and Analysis Cell (PPAC). The discount was sharply lower than Rs 36300 crore in the year ended 31 March 2015 (FY 2015). The impact on net profit was Rs 607 crore in FY 2016 as compared to Rs 20437 crore in FY 2015.
ONGC's consolidated net profit fell 22.96% to Rs 14123.80 crore on 16.63% decline in total income to Rs 139364.35 crore in the year ended 31 March 2016 over the year ended 31 March 2015.
BPCL rose 9.12 % after the company's board of directors recommended issue of 1:1 bonus shares at the time of announcement of its Q4 March 2016 results after trading hours yesterday, 26 May 2016. BPCL revised its record date for issuing bonus shares to 14 July 2016, from 11 July 2016 earlier. BPCL's net profit fell 10.64% to Rs 2549.08 crore on 13.55% decline in total income to Rs 44891.65 crore in Q4 March 2016 over Q4 March 2015. The average gross refining margin (GRM) for Q4 March 2016 fell to $6.30 per barrel from $ 7.85 per barrel in Q4 March 2015.
HPCL rose 9.81%. HPCL's net profit fell 28.18% to Rs 1552.94 crore on 6.63% decline in total income to Rs 42603.09 crore in Q4 March 2016 over Q4 March 2015. The result was announced during market hours today, 27 May 2016. HPCL's bottom line during the quarter was adversely impacted by lower other income or non-operational income. Other income declined 59.83% to Rs 407.85 crore in Q4 March 2016 over Q4 March 2015.
The Sensex and the Nifty edged higher for the fourth day in a row. The Sensex has gained 1,423.24 points or 5.64% in four trading sessions from its close of 25,230.36 on 23 May 2016. The Sensex has gained 1,050.98 points or 4.1% in this month so far (till 27 May 2016). The Sensex has risen 541.06 points or 2.07% in calendar year 2016 so far (till 27 May 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 4,161.99 points or 18.50%. The Sensex is off 1,922.73 points or 6.73% from a 52-week high of 28,578.33 hit on 23 July 2015. The Sensex is off 3,370.14 points or 11.22% from a record high of 30,024.74 hit on 4 March 2015.
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