Benchmark indices register small losses
Trading for the week began on a subdued note as losses for IT stocks and index heavyweights HDFC and Reliance Industries (RIL) pushed the two key benchmark indices lower. The barometer index, the S&P BSE Sensex, fell 87.79 points or 0.31% to settle at 28,064.61. The Nifty 50 index fell 29.60 points or 0.34% to setle at 8,642.55. The Sensex ended above the psychologically important 28,000 mark after falling below that level in intraday trade. The Sensex and the Nifty witnessed intraday volatility.
Index heavyweight Reliance Industries edged lower on reports the petroleum ministry has slapped a penalty of nearly $250 million on the company to make good the government's loss of "profit petroleum" owing to the firm's inability to meet the natural gas production targets from the Krishna-Godavari (KG) D6 block. Infosys edged lower after the company lost a contract from Royal Bank of Scotland (RBS) as RBS decided not to pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G). L&T moved higher after the company won a contract from the Maharashtra state government to convert Nagpur into an integrated smart city.
Hindalco Industries edged higher with the stock extending previous trading session's gains triggered by the company reporting strong Q1 June 2016 earnings. State Bank of India edged higher, with the stock extending previous session's gains triggered by the state-run bank reporting a smaller-than-expected increase in bad loans in Q1 June 2016. Sun Pharmaceutical Industries edged lower on reports that a foreign brokerage has downgraded the stock to neutral from buy, citing increased competition for the company's US subsidiary.
The Sensex fell 87.79 points or 0.31% to settle at 28,064.61, its lowest closing level since 11 August 2016. The Sensex fell 209.75 points, or 0.75% at the day's low of 27,942.65. The index rose 46.70 points, or 0.17% at the day's high of 28,199.10.
The Nifty 50 index fell 29.60 points or 0.34% to setle at 8,642.55, its lowest closing level since 11 August 2016. The Nifty fell 71.70 points, or 0.83% at the day's low of 8,600.45. The index rose 10.20 points, or 0.12% at the day's high of 8,682.35.
The market breadth indicating the overall health of the market was negative. On BSE, 1,614 shares fell and 1,110 shares rose. A total of 169 shares were unchanged. The BSE Mid-Cap index rose 0.55%, outperforming the Sensex. The BSE Small-Cap index fell 0.01%. The decline in this index was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 3306 crore, lower than turnover of Rs 3996.38 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Telecom index (down 1.62%), the S&P BSE IT index (down 1.31%), the S&P BSE Teck index (down 1.31%), the S&P BSE Auto index (down 0.61%), the S&P BSE Realty index (down 0.54%), the S&P BSE Consumer Durables index (down 0.43%) underperformed the Sensex. The S&P BSE Consumer Discretionary Goods & Services index (down 0.28%), the S&P BSE FMCG index (down 0.05%), the S&P BSE Finance index (down 0.03%), the S&P BSE Energy index (up 0.19%), the S&P BSE Bankex (up 0.27%), the S&P BSE Healthcare index (up 0.28%), the S&P BSE Industrials index (up 0.3%), the S&P BSE Power index (up 0.33%), the S&P BSE Utilities index (up 0.35%), the S&P BSE Capital Goods index (up 0.81%), the S&P BSE Oil & Gas index (up 0.91%), the S&P BSE Basic Materials index (up 1.12%) and the S&P BSE Metal index (up 1.45%) outperformed the Sensex.
The small losses on the domestic bourses materialized after data showing increase in inflation based on the consumer price index (CPI) and the wholesale price index (WPI). Inflation based on WPI accelerated to 3.55% in July 2016 from 1.62% in June 2016. The government announced the data during trading hours today, 16 August 2016. Inflation based on CPI accelerated to 6.07% in July 2016 from 5.77% in June 2016. The core CPI inflation moved up to 4.52% in July 2016 from 4.39% in June 2016. The data was released after market hours on Friday, 12 August 2016.
Another data showed that industrial production (IIP) expanded 2.1% in June 2016 from a year earlier. The rise was primarily led by expansion in electricity and mining production. The data was released after market hours on Friday, 12 August 2016.
Shares of most public sector oil marketing companies (PSU OMCs) rose on renewed buying. Indian Oil Corporation (IOCL) (up 1.26%), BPCL (up 2.78%) and HPCL (up 1.9%) edged higher. IOCL announced reduction in prices of petrol and diesel with effect from midnight of 15/16 August 2016. Petrol price was reduced by Re 1 a litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of petrol in Delhi becomes Rs 60.09 a litre. Diesel price was reduced by Rs 2 a litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of Diesel in Delhi becomes Rs 50.27 a litre.
Shares of oil exploration and production companies saw mixed trend. ONGC (up 0.86%) and Cairn India (up 2.28%) rose. Oil India (down 0.08%) edged lower.
In the global commodities markets, Brent crude oil futures edged higher. Brent for October settlement was currently up 19 cents at $48.54 a barrel. The contract had risen $1.38 a barrel or 2.94% to settle at $48.35 a barrel during the previous trading session.
Index heavyweight Reliance Industries (RIL) lost 1.04% on reports the petroleum ministry has slapped a penalty of nearly $250 million on the company to make good the government's loss of "profit petroleum" owing to the firm's inability to meet the natural gas production targets from the Krishna-Godavari (KG) D6 block. The KG-D6 fields started production in April 2009. The current production of around 8 million metric standard cubic metres per day (mmscmd) is a far cry from the peak of over 69 mmscmd achieved in early 2010, reports suggested. The block was envisaged to produce more than 80 mmscmd of the fuel, reports indicated. Profit petroleum is the main source of revenue for the government from a hydrocarbon block.
IT shares declined. TCS (down 1.5%), MindTree (down 1.26%), Oracle Financial Services Software (down 1.03%), Tech Mahindra (down 1.79%), Wipro (down 1.38%), Hexaware Technologies (down 1.74%), Persistent Systems (down 0.16%), MphasiS (down 2.06%) and HCL Technologies (down 2.14%) edgd lower.
Infosys edged lower after the company lost a contract from Royal Bank of Scotland (RBS) as RBS decided not to pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G). The stock fell 1.16%. Subsequent to this decision by RBS, Infosys will carry out an orderly ramp-down of about 3,000 employees, primarily in India, over the next few months. Infosys was a W&G program technology partner for consulting, application delivery and testing services. Infosys said in a statement that RBS is a key relationship for Infosys and that the company looks forward to further strengthening its strategic partnership and working with RBS across other strategic and transformation programs.
L&T gained 1.13% after the company won a contract from the Maharashtra state government to convert Nagpur into an integrated smart city. The scope of work in phase 1 of the Nagpur smart city project includes laying of 1,200 kilometers of optical fiber network backbone, creating 136 city wifi hotspots at key locations, establishing 100 digital interactive kiosks and developing city surveillance systems with 3,800 IP based cameras. Further, the city has identified a strip of approximately 6 kilometers from Japanese Garden Square to Orange City Hospital Square to be developed as a 'Smart Strip' with state-of-the-art systems powered by smart ICT interventions like smart transport, solid waste management. smart lighting, etc. which can be leveraged in a phased manner to ultimately cover the entire city. The Nagpur smart city project will be executed by L&T's Smart World & Communications business vertical.Hindalco Industries edged higher with the stock extending previous trading session's gains triggered by the company reporting strong Q1 June 2016 earnings. The stock rose 5.37%. Hindalco Industries' net profit jumped 381.3% to Rs 294.07 crore on 11.9% decline in net sales to Rs 7501.39 crore in Q1 June 2016 over Q1 June 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 34.45% to Rs 1350.90 crore in Q1 June 2016 over Q1 June 2015. Meanwhile, a foreign brokerage has reportedly maintained its overweight stance on Hindalco stock and has increased target price on the stock in the wake of the company's strong Q1 earnings. The brokerage has also reportedly raised its estimates on Hindalco's EBITDA by 12% for the current financial year (FY 2017) and by 6% for FY 2018.
Bank stocks saw mixed trend. Among private bank stocks, HDFC Bank (down 0.2%), Axis Bank (down 1.27%), IndusInd Bank (down 0.98%) declined. Yes Bank (up 0.3%), Kotak Mahindra Bank (up 1.15%), ICICI Bank (up 1.12%) rose.
Among PSU bank stocks, Central Bank of India (up 4.47%), Indian Bank (up 1%), Bank of Baroda (up 0.23%), and Union Bank of India (up 0.46%) rose. Allahabad Bank (down 2.25%), UCO Bank (down 1.6%), Canara Bank (down 0.8%), IDBI Bank (down 0.88%), Bank of India (down 1.71%) fell. Shares of Punjab National Bank were unchanged at Rs 122.80.
State Bank of India rose 1.43%, with the stock extending previous session's gains triggered by the state-run bank reporting a smaller-than-expected increase in bad loans in Q1 June 2016. The SBI stock had jumped 7.16% to settle at Rs 243.20 on Friday, 12 August 2016, after the announcement of Q1 results. The stock market was closed yesterday, 15 August 2016, for a holiday. SBI's net profit fell 31.72% to Rs 2520.96 crore on 9.38% rise in total income to Rs 48928.60 crore in Q1 June 2016 over Q1 June 2015.
The bank's gross non-performing assets (NPA) stood at Rs 101541.18 crore as on 30 June 2016 as against Rs 98172.80 crore as on 31 March 2016 and Rs 56420.77 crore as on 30 June 2015. The ratio of gross NPA to gross advances stood at 6.94% as on 30 June 2016 as against 6.50% as on 31 March 2016 and 4.29% as on 30 June 2015. The ratio of net NPA to net advances stood at 4.05% as on 30 June 2016 as against 3.81% as on 31 March 2016 and 2.24% as on 30 June 2015.
Meanwhile, a foreign brokerage has reportedly upgraded its rating on State Bank of India (SBI) stock to 'buy' after the announcement of first quarter results. The brokerage has reportedly stated that SBI scores over PSU peers on asset quality, profitability and capitalisation.
Index heavyweight and housing finance major HDFC dropped 1.35% to Rs 1,360. The stock hit high of Rs 1,383.75 and low of Rs 1,351.45 in intraday trade.
Sun Pharmaceutical Industries (Sun Pharma) lost 2.36% on reports that a foreign brokerage has downgraded the stock to neutral from buy, citing increased competition for the company's US subsidiary. The brokerage reportedly said in a research report that Sun Pharmaceutical Industries' (Sun Pharma) US subsidiary Taro Pharmaceutical Industries (Taro) is facing increasing competition and that Taro's growth is likely to moderate from here on.
Cipla shrugged off weak Q1 results. The stock jumped 7.14%. The company's consolidated net profit fell 43.74% to Rs 365.24 crore on 6.94% fall in total income to Rs 3618.92 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours on Friday, 12 August 2016. Earnings before interest, taxation, depreciation and amortization (EBITDA) fell 42% to Rs 611 crore in Q1 June 2016 over Q1 June 2015. EBITDA margin dropped to 17% in Q1 June 2016 from 27.5% in Q1 June 2015.
Cipla said that the growth momentum in key markets – India, South Africa and the US with focused cost containment measures has resulted in enhanced profitability in the base business. The recent acquisitions of InvaGen Pharmaceuticals Inc. and Exelan Pharmaceuticals Inc. are EBITDA margin-accretive at a consolidated level with the integration plans progressing smoothly. The company is preparing itself for the future with focused investments in R&D as well as portfolio build-up through strategic inorganic moves. The quarter also saw an improvement in cash flows on account of operational efficiencies, Cipla said.
Cipla also announced resignation of Subhanu Saxena from the post of Managing Director & Global Chief Executive Officer with effect from the close of business hours on 31 August 2016. The company has appointed Umang Vohra as the Managing Director & Global Chief Executive Officer of the company effective 1 September 2016. Vohra joined the company in October 2015 as the Global Chief Financial & Strategy Officer and was elevated as the Global Chief Operating Officer early this year as part of a planned progression.
Power Grid Corporation of India slipped 0.2%. The company's net profit rose 32.9% to Rs 1801.77 crore on 30.6% growth in total income to Rs 6259.30 crore in Q1 June 2016 over Q1 June 2015. The result was announced during market hours today, 16 August 2016.
The Sensex has gained 12.75 points or 0.05% in this month so far (till 16 August 2016). The Sensex has risen 1,947.07 points or 7.46% in calendar year 2016 so far (till 16 August 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 5,570 points or 24.76%. The Sensex is off 225.35 points or 0.8% from a 52-week high of 28,289.96 hit on 9 August 2016. The Sensex is off 1,960.13 points or 6.53% from a record high of 30,024.74 hit on 4 March 2015.
In overseas stock markets, European stocks edged lower weighed down by industrial stocks after Swiss firm Schindler cut the top end of its revenue growth outlook for the full year. Earlier during the global day, Asian stocks ended on a mixed note. Japanese stocks fell as the yen strengthened against the dollar. The Nikkei 225 Average ended 1.62% lower. A stronger yen hurts the competitiveness of Japanese exporters. Japan's gross domestic product expanded an annualized 0.2% in the April-June quarter, weaker than a 2% expansion in the first three months of the year, Japan's government said yesterday, 15 August 2016.
All three main indices in the US closed at record high yesterday, 15 August 2016, thanks in part to a sharp uptick in oil prices, which boosted energy and materials shares.
Index heavyweight Reliance Industries edged lower on reports the petroleum ministry has slapped a penalty of nearly $250 million on the company to make good the government's loss of "profit petroleum" owing to the firm's inability to meet the natural gas production targets from the Krishna-Godavari (KG) D6 block. Infosys edged lower after the company lost a contract from Royal Bank of Scotland (RBS) as RBS decided not to pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G). L&T moved higher after the company won a contract from the Maharashtra state government to convert Nagpur into an integrated smart city.
Hindalco Industries edged higher with the stock extending previous trading session's gains triggered by the company reporting strong Q1 June 2016 earnings. State Bank of India edged higher, with the stock extending previous session's gains triggered by the state-run bank reporting a smaller-than-expected increase in bad loans in Q1 June 2016. Sun Pharmaceutical Industries edged lower on reports that a foreign brokerage has downgraded the stock to neutral from buy, citing increased competition for the company's US subsidiary.
The Sensex fell 87.79 points or 0.31% to settle at 28,064.61, its lowest closing level since 11 August 2016. The Sensex fell 209.75 points, or 0.75% at the day's low of 27,942.65. The index rose 46.70 points, or 0.17% at the day's high of 28,199.10.
The Nifty 50 index fell 29.60 points or 0.34% to setle at 8,642.55, its lowest closing level since 11 August 2016. The Nifty fell 71.70 points, or 0.83% at the day's low of 8,600.45. The index rose 10.20 points, or 0.12% at the day's high of 8,682.35.
The market breadth indicating the overall health of the market was negative. On BSE, 1,614 shares fell and 1,110 shares rose. A total of 169 shares were unchanged. The BSE Mid-Cap index rose 0.55%, outperforming the Sensex. The BSE Small-Cap index fell 0.01%. The decline in this index was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 3306 crore, lower than turnover of Rs 3996.38 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Telecom index (down 1.62%), the S&P BSE IT index (down 1.31%), the S&P BSE Teck index (down 1.31%), the S&P BSE Auto index (down 0.61%), the S&P BSE Realty index (down 0.54%), the S&P BSE Consumer Durables index (down 0.43%) underperformed the Sensex. The S&P BSE Consumer Discretionary Goods & Services index (down 0.28%), the S&P BSE FMCG index (down 0.05%), the S&P BSE Finance index (down 0.03%), the S&P BSE Energy index (up 0.19%), the S&P BSE Bankex (up 0.27%), the S&P BSE Healthcare index (up 0.28%), the S&P BSE Industrials index (up 0.3%), the S&P BSE Power index (up 0.33%), the S&P BSE Utilities index (up 0.35%), the S&P BSE Capital Goods index (up 0.81%), the S&P BSE Oil & Gas index (up 0.91%), the S&P BSE Basic Materials index (up 1.12%) and the S&P BSE Metal index (up 1.45%) outperformed the Sensex.
The small losses on the domestic bourses materialized after data showing increase in inflation based on the consumer price index (CPI) and the wholesale price index (WPI). Inflation based on WPI accelerated to 3.55% in July 2016 from 1.62% in June 2016. The government announced the data during trading hours today, 16 August 2016. Inflation based on CPI accelerated to 6.07% in July 2016 from 5.77% in June 2016. The core CPI inflation moved up to 4.52% in July 2016 from 4.39% in June 2016. The data was released after market hours on Friday, 12 August 2016.
Another data showed that industrial production (IIP) expanded 2.1% in June 2016 from a year earlier. The rise was primarily led by expansion in electricity and mining production. The data was released after market hours on Friday, 12 August 2016.
Shares of most public sector oil marketing companies (PSU OMCs) rose on renewed buying. Indian Oil Corporation (IOCL) (up 1.26%), BPCL (up 2.78%) and HPCL (up 1.9%) edged higher. IOCL announced reduction in prices of petrol and diesel with effect from midnight of 15/16 August 2016. Petrol price was reduced by Re 1 a litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of petrol in Delhi becomes Rs 60.09 a litre. Diesel price was reduced by Rs 2 a litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of Diesel in Delhi becomes Rs 50.27 a litre.
Shares of oil exploration and production companies saw mixed trend. ONGC (up 0.86%) and Cairn India (up 2.28%) rose. Oil India (down 0.08%) edged lower.
In the global commodities markets, Brent crude oil futures edged higher. Brent for October settlement was currently up 19 cents at $48.54 a barrel. The contract had risen $1.38 a barrel or 2.94% to settle at $48.35 a barrel during the previous trading session.
Index heavyweight Reliance Industries (RIL) lost 1.04% on reports the petroleum ministry has slapped a penalty of nearly $250 million on the company to make good the government's loss of "profit petroleum" owing to the firm's inability to meet the natural gas production targets from the Krishna-Godavari (KG) D6 block. The KG-D6 fields started production in April 2009. The current production of around 8 million metric standard cubic metres per day (mmscmd) is a far cry from the peak of over 69 mmscmd achieved in early 2010, reports suggested. The block was envisaged to produce more than 80 mmscmd of the fuel, reports indicated. Profit petroleum is the main source of revenue for the government from a hydrocarbon block.
IT shares declined. TCS (down 1.5%), MindTree (down 1.26%), Oracle Financial Services Software (down 1.03%), Tech Mahindra (down 1.79%), Wipro (down 1.38%), Hexaware Technologies (down 1.74%), Persistent Systems (down 0.16%), MphasiS (down 2.06%) and HCL Technologies (down 2.14%) edgd lower.
Infosys edged lower after the company lost a contract from Royal Bank of Scotland (RBS) as RBS decided not to pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G). The stock fell 1.16%. Subsequent to this decision by RBS, Infosys will carry out an orderly ramp-down of about 3,000 employees, primarily in India, over the next few months. Infosys was a W&G program technology partner for consulting, application delivery and testing services. Infosys said in a statement that RBS is a key relationship for Infosys and that the company looks forward to further strengthening its strategic partnership and working with RBS across other strategic and transformation programs.
L&T gained 1.13% after the company won a contract from the Maharashtra state government to convert Nagpur into an integrated smart city. The scope of work in phase 1 of the Nagpur smart city project includes laying of 1,200 kilometers of optical fiber network backbone, creating 136 city wifi hotspots at key locations, establishing 100 digital interactive kiosks and developing city surveillance systems with 3,800 IP based cameras. Further, the city has identified a strip of approximately 6 kilometers from Japanese Garden Square to Orange City Hospital Square to be developed as a 'Smart Strip' with state-of-the-art systems powered by smart ICT interventions like smart transport, solid waste management. smart lighting, etc. which can be leveraged in a phased manner to ultimately cover the entire city. The Nagpur smart city project will be executed by L&T's Smart World & Communications business vertical.Hindalco Industries edged higher with the stock extending previous trading session's gains triggered by the company reporting strong Q1 June 2016 earnings. The stock rose 5.37%. Hindalco Industries' net profit jumped 381.3% to Rs 294.07 crore on 11.9% decline in net sales to Rs 7501.39 crore in Q1 June 2016 over Q1 June 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 34.45% to Rs 1350.90 crore in Q1 June 2016 over Q1 June 2015. Meanwhile, a foreign brokerage has reportedly maintained its overweight stance on Hindalco stock and has increased target price on the stock in the wake of the company's strong Q1 earnings. The brokerage has also reportedly raised its estimates on Hindalco's EBITDA by 12% for the current financial year (FY 2017) and by 6% for FY 2018.
Bank stocks saw mixed trend. Among private bank stocks, HDFC Bank (down 0.2%), Axis Bank (down 1.27%), IndusInd Bank (down 0.98%) declined. Yes Bank (up 0.3%), Kotak Mahindra Bank (up 1.15%), ICICI Bank (up 1.12%) rose.
Among PSU bank stocks, Central Bank of India (up 4.47%), Indian Bank (up 1%), Bank of Baroda (up 0.23%), and Union Bank of India (up 0.46%) rose. Allahabad Bank (down 2.25%), UCO Bank (down 1.6%), Canara Bank (down 0.8%), IDBI Bank (down 0.88%), Bank of India (down 1.71%) fell. Shares of Punjab National Bank were unchanged at Rs 122.80.
State Bank of India rose 1.43%, with the stock extending previous session's gains triggered by the state-run bank reporting a smaller-than-expected increase in bad loans in Q1 June 2016. The SBI stock had jumped 7.16% to settle at Rs 243.20 on Friday, 12 August 2016, after the announcement of Q1 results. The stock market was closed yesterday, 15 August 2016, for a holiday. SBI's net profit fell 31.72% to Rs 2520.96 crore on 9.38% rise in total income to Rs 48928.60 crore in Q1 June 2016 over Q1 June 2015.
The bank's gross non-performing assets (NPA) stood at Rs 101541.18 crore as on 30 June 2016 as against Rs 98172.80 crore as on 31 March 2016 and Rs 56420.77 crore as on 30 June 2015. The ratio of gross NPA to gross advances stood at 6.94% as on 30 June 2016 as against 6.50% as on 31 March 2016 and 4.29% as on 30 June 2015. The ratio of net NPA to net advances stood at 4.05% as on 30 June 2016 as against 3.81% as on 31 March 2016 and 2.24% as on 30 June 2015.
Meanwhile, a foreign brokerage has reportedly upgraded its rating on State Bank of India (SBI) stock to 'buy' after the announcement of first quarter results. The brokerage has reportedly stated that SBI scores over PSU peers on asset quality, profitability and capitalisation.
Index heavyweight and housing finance major HDFC dropped 1.35% to Rs 1,360. The stock hit high of Rs 1,383.75 and low of Rs 1,351.45 in intraday trade.
Sun Pharmaceutical Industries (Sun Pharma) lost 2.36% on reports that a foreign brokerage has downgraded the stock to neutral from buy, citing increased competition for the company's US subsidiary. The brokerage reportedly said in a research report that Sun Pharmaceutical Industries' (Sun Pharma) US subsidiary Taro Pharmaceutical Industries (Taro) is facing increasing competition and that Taro's growth is likely to moderate from here on.
Cipla shrugged off weak Q1 results. The stock jumped 7.14%. The company's consolidated net profit fell 43.74% to Rs 365.24 crore on 6.94% fall in total income to Rs 3618.92 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours on Friday, 12 August 2016. Earnings before interest, taxation, depreciation and amortization (EBITDA) fell 42% to Rs 611 crore in Q1 June 2016 over Q1 June 2015. EBITDA margin dropped to 17% in Q1 June 2016 from 27.5% in Q1 June 2015.
Cipla said that the growth momentum in key markets – India, South Africa and the US with focused cost containment measures has resulted in enhanced profitability in the base business. The recent acquisitions of InvaGen Pharmaceuticals Inc. and Exelan Pharmaceuticals Inc. are EBITDA margin-accretive at a consolidated level with the integration plans progressing smoothly. The company is preparing itself for the future with focused investments in R&D as well as portfolio build-up through strategic inorganic moves. The quarter also saw an improvement in cash flows on account of operational efficiencies, Cipla said.
Cipla also announced resignation of Subhanu Saxena from the post of Managing Director & Global Chief Executive Officer with effect from the close of business hours on 31 August 2016. The company has appointed Umang Vohra as the Managing Director & Global Chief Executive Officer of the company effective 1 September 2016. Vohra joined the company in October 2015 as the Global Chief Financial & Strategy Officer and was elevated as the Global Chief Operating Officer early this year as part of a planned progression.
Power Grid Corporation of India slipped 0.2%. The company's net profit rose 32.9% to Rs 1801.77 crore on 30.6% growth in total income to Rs 6259.30 crore in Q1 June 2016 over Q1 June 2015. The result was announced during market hours today, 16 August 2016.
The Sensex has gained 12.75 points or 0.05% in this month so far (till 16 August 2016). The Sensex has risen 1,947.07 points or 7.46% in calendar year 2016 so far (till 16 August 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 5,570 points or 24.76%. The Sensex is off 225.35 points or 0.8% from a 52-week high of 28,289.96 hit on 9 August 2016. The Sensex is off 1,960.13 points or 6.53% from a record high of 30,024.74 hit on 4 March 2015.
In overseas stock markets, European stocks edged lower weighed down by industrial stocks after Swiss firm Schindler cut the top end of its revenue growth outlook for the full year. Earlier during the global day, Asian stocks ended on a mixed note. Japanese stocks fell as the yen strengthened against the dollar. The Nikkei 225 Average ended 1.62% lower. A stronger yen hurts the competitiveness of Japanese exporters. Japan's gross domestic product expanded an annualized 0.2% in the April-June quarter, weaker than a 2% expansion in the first three months of the year, Japan's government said yesterday, 15 August 2016.
All three main indices in the US closed at record high yesterday, 15 August 2016, thanks in part to a sharp uptick in oil prices, which boosted energy and materials shares.
No comments:
Post a Comment