The six-week gaining streak of India's benchmark indices came to an end in a week of consolidation. Benchmark indices declined in four out of the five sessions this week.The S&P BSE Sensex ended 0.34% lower at 37,606 while the NSE Nifty 50 declined 0.14% to end at 11,087. Both Sensex and the Nifty declined for the third straight day.Among the sectoral indices - the Nifty Pharma outperformed for the third straight day, ending 3.6% higher. Gains on the index were led by Sun Pharma and Cipla, both ending with gains of over 5%. Both were also the top performers on the Nifty 50 index.Other sectoral gainers were the Nifty PSU Bank index and the Nifty Realty index, both ended with gains of over 1.4%.The Media index was the only major sectoral laggard, ending 0.9% lower.Broader markets outperformed in today's session. The midcap index posted gains of 0.4% while the smallcap index gained 0.8%.Market breadth ended in favour of the laggards. 957 stocks on the NSE ended with losses while 829 stocks gained..Revenue down 9% to Rs 7,585 croreNet loss of Rs 1,665 crore from net profit of Rs 1,496 croreEbitda down 7% to Rs 1,922.5 croreEbitda margin at 25.3% from 24.6%Exceptional item of Rs 3,633.3 crore this quarterProvided Rs 3,178.1 crore for settlement for Taro's litigationsSales of branded formulations in India rose 3% to Rs 2,388 crore. India business accounted for 32% of total sales.Sales in the U.S. stood at $282 million. The U.S. business accounted of 29% of the total sales. The U.S. sales are not comparable as the base quarter included a one-time contribution from the special business in the U.S.Emerging markets sales fell 10.5% compared to the previous year to $173 million.Rest of the world markets, excluding the U.S. and emerging markets, fell 18.5% year-on-year to $136 million. The rest of the world contributed to 14% of the total sales, the company said in a press release..Shares ended higher for the fourth straight day, with gains of 5.5% at Rs 537.8..Revenue down 21% to Rs 266 croreNet profit down 52% to Rs 28.4 croreEbitda down 49% to Rs 48.4 croreEbitda margin at 18.2% from 28.3%All numbers are consolidated and compared on a year-on-year basis.Shares recovered from the day's low, currently trading 2.4% higher at Rs 1,927..Revenue down 32% to Rs 162.4 croreNet profit up 46% to Rs 83.3 croreEbitda down 42% to Rs 37.5 croreEbitda margin at 23.1% from 26.7%Revenue impacted due to Covid-19 but has been partially offset by major cost reductionsLower taxes and other expenses contribute to profitabilityAll numbers are standalone and compared on a year-on-year basis.Shares rose as much as 3.25% to Rs 372.9, post the announcement..The rupee ended little changed, capping a rangebound week of trade for the local currency.The rupee ended at 74.81 against the U.S. Dollar as compared to Thursday's close of 74.85.Through the week, the rupee has traded in a 25 paise range, with a weekly low of 74.66 and a high of 74.90.On a weekly basis, the currency was the joint worst performer in Asia, on-par with the Hong Kong dollar.Yield on the 10-year government bond ended at 5.838% as compared to Thursday's close of 5.825%.The government auctioned a new 10-year bond maturing in 2030 today. It managed to raise Rs 18,000 crore through the new 10-year bond. The cut-off rate for the same is set at 5.77%..Revenue down 47% to Rs 62,397 croreNet profit of Rs 1,910 crore from net loss of Rs 5,185 croreEbitda up to Rs 5,511 crore from Rs 211 croreEbitda margin at 6.2% from 0.2%Gross Refining Margin at -$1.98 per barrelCore GRM at $4.27 per barrelBase quarter had an inventory loss of Rs 11,304 croreDomestic sales down 26% to 15.24 MMTExports down 17% to 1.25 MMTRefineries Throughput down 24% to 12.93 MMTPipelines Throughput down 28% to 15 MMTAll numbers are standalone and compared on a year-on-year basis.Shares ended unchanged at Rs 88.55..Net Interest Income up 16% to Rs 26,641 croreNet profit up 81% to Rs 4,189 croreGross NPA at 5.44% from 6.15% last quarterNet NPA at 1.88% from 2.23% last quarterProvisions against bad loans down 19% year-on-year Rs 9,420 croreProvided a sum of Rs 405 crore towards wage revision arrears.Exceptioal gain of Rs 1,539.7 crore on sale of stake in SBI Life InsuranceProvisions worth Rs 1,836 crore towards Covid-19 this quarterTotal provisions for Covid-19 now at Rs 3,008 croreProvision Coverage Ratio at 86.32%.Shares ended 2.4% higher at Rs 191..Net Interest Income down 5% to Rs 1,266.8 crorNet profit of Rs 21.4 crore from net loss of Rs 601.4 croreGross NPA at 14.38% from 16.77% last quarterNet NPA at 4.95% from 5.45% last quarterProvisions at Rs 564.7 crore from Rs 1,089.2 crore last quarterRs 87.65 crore decided towards wage revision during the quarterExtended moratorium towards accounts worth Rs 1,010.3 croreProvisions for Covid-19 at Rs 43.9 crore this quarterProvision Coverage Ratio at 86.5%.Shares gained as much as 8.8% to Rs 15.45, before cooling off..Revenue down 4% to Rs 3,014.4 croreNet loss of Rs 248.6 crore from net profit of Rs 77.8 croreEbitda down 4% to Rs 266.7 croreEbitda margin at 8.8% from 8.9%Power and Fuel expenses up 5% to Rs 829 croreReversal of fixed cost subsidy of Rs 388.85 crore this quarter, classified as exceptional item.Own Fertiliser segment revenue down 5% to Rs 2,261.3 croreFertiliser trading revenue flat at Rs 677.9 croreAll numbers are consolidated and compared on a year-on-year basis.Shares fell as much as 18.4% - the most since 2003 to Rs 34.20. The stock is down for the second straight day..Benchmark indices in Europe have opened flat and are set for their second straight weekly loss. Markets on Thursday saw their biggest decline in a month.The Stoxx 600 opened higher led by technology shares. Real Estate, Utilities are among the other outperformers. Autos and leisure stocks are among the top laggards.Most Asian markets have ended lower, while futures on the Dow Jones have given up gains to trade flat.Brent crude is trading 0.7% higher at $43.23 per barrel while Gold is 1% higher at $1,974/Oz..Let's take a look at how benchmark indices across Europe have opened:Euro Stoxx 50 up 0.3% at 3,216DAX up 0.1% at 12,395CAC up 0.2% at 4,862FTSE 100 unchanged at 5,993IBEX 35 up 0.35% at 7,021.Revenue seen 45% lower at Rs 68,500 croreNet profit seen at Rs 2,168 crore from net loss of Rs 5,185 croreEbitda seen higher at Rs 6,361 croreEbitda margin seen at 9.3% from 0.2%GRMs seen at $4.3 per barrel from negative GRM of $9.64 per barrelAll estimates are standalone and compared on a quarter-on-quarter basis.Key Factors At Play For Indian Oil:Improved marketing margins may partly make up for lower volumesSaw an exceptional loss of Rs 11,034 crore due to write-down of inventories due to fall in oil pricesCore GRM seen at $1.2 per barrelMarketing volumes may fall 26.2% year-on-year to 15.9 MMTExpect inventory gains of Rs 4,000-8,000 crore and no forex losses.The housing finance lender's parent company Punjab National Bank has informed the exchanges that it will infuse a sum of Rs 600 crore in the company.The fund infusion will be done through a preferential issue or a rights issue, PNB said in an exchange filing.Shares of PNB are trading 1% lower at Rs 31.4, the lowest in two months.Shares of PNB Housing Finance are off the day's low, down 1.5% at Rs 206.5..Revenue up 18% to Rs 741.5 croreNet profit up 13% to Rs 44.4 croreEbitda up 35% to Rs 146.7 croreEbitda margin at 19.8% from 17.2%AMESA revenue down 3% to Rs 219 croreEAP revenue up 46% to Rs 202 croreAMERICAS revenue up 11% to Rs 151 croreEuropean revenue up 30% to Rs 197.7 croreReduced net debt to Rs 248.2 crore in Q1FY21Gross cash position at Rs 301.1 crore as on June 30, 2020Contribution from personal care segment stood at 49% during the quarter.The stock gained as much as 18.3% - the most since April 2010, to an all-time high of Rs 243. The stock is up for the fifth straight day - its longest winning streak in two months..Benchmark indices remain little changedNifty down 0.1% at 11,091Sensex down 0.2% at 37,672Nifty Bank down 0.6% at 21,522Nifty Midcap index up 0.1%Nifty Smallcap index unchangedIndia Volatility Index up 1.3% at 25Nifty Pharma remains the top sectoral gainer; up 2.5%Nifty FMCG and Nifty I.T. are the other sectoral gainers; up 0.8% eachOther sectoral indices trade flat to negativeCipla remains the top Nifty gainer; up 3.5%HDFC Bank is the top Nifty laggard; down 2.2%689 stocks on the NSE trade with gains while 1,035 decline.Risk-Averse Private Banks Flock To The Safety Of Bonds.Automakers’ Pain Persisted In All Except For One Segment In July, Say Analysts.Investors Bet on State-Owned Stragglers as India Privatizes.Gold prices are set for its best monthly gain in more than four years, courtesy a weak U.S. Dollar and low interest rates.Spot Bullion is up 10% in July, Bloomberg News reports. The gauge of the U.S. Dollar is on a downward spiral, prompting concerns that its status as the world's reserve currency of choice is at risk.The yellow metal is just $20 shy of its all-time high as analysts believe that there are more gains ahead."There is still plenty of upside left in this rally," ANZ Banking group wrote in a note.Gold is currently trading 0.9% higher at $1,973/Oz..Nifty August futures add 5.3% and 5.5 lakh shares in Open Interest.Nifty Bank August futures add 18.6% and 2.45 lakh shares in Open Interest..Nifty: August 6 Expiry11,000 Put: Premium down 4.7% to Rs 89.5. The contract has added 9.2 lakh shares in Open Interest.11,200 Call: Premium down 15.5% to Rs 71.7. The contract has added 13.7 lakh shares in Open Interest.11,300 Call: Premium down 24.6% to Rs 40.8. The contract has added 21.8 lakh shares in Open Interest..Nifty Bank: August 6 Expiry21,000 Put: Premium up 21.6% to Rs 241. The contract has added 3.2 lakh shares in Open Interest.22,000 Call: Premium down 21.6% to Rs 220. The contract has added 2.9 lakh shares in Open Interest.22,500 Call: Premium down 28.5% to Rs 98.5. The contract has added 2.9 lakh shares in Open Interest..Revenue up 6% to Rs 4,403 croreNet profit more than quadruples to Rs 257.8 croreEbitda up 26% at Rs 1,041.9 croreEbitda margin at 23.7% from 19.8%Deferred tax gain of Rs 37.6 crore this quarterVoice Solutions revenue down 10% to Rs 799.3 croreData and Managed Services revenue up 11% to Rs 3,509.4 crorePayment Solutions revenue down 41% to Rs 52.25 croreReal Estate revenue up 16% to Rs 45.8 croreAll numbers are consolidated and compared on a year-on-year basis.Shares are locked in an upper circuit of 5% at Rs 759.8. The stock has gained in four out of the last five trading sessions and is trading at an all-time high..The stock is rising for the fourth straight day today, after brokerage firm CLSA raised its price target on the stock to Rs 590 from the earlier Rs 565.The brokerage firm in its note states that the company has structural growth prospects going ahead owing to a diversified portfolio and a dynamic new management at the helm.Raising its earnings and EPS estimates by 4% each, CLSA said that Dabur's current valuations are yet to capture its long-term growth potential.The brokerage maintained its buy recommendation on the stock.Shares rose as much as 4.1% - the most in two months to Rs 512.3. The stock now trades at the highest level in five months..The company informed the exchanges that Tata Capital Growth Fund will invest a sum of $30 million or Rs 225 crore in Biocon Biologics for a 0.85% stake.The deal values Biocon Biologics at $3.5 billion, as per the exchange filing.It also values the company at an Enterprise Valuation of Rs 30,400 crore or $4 billion.The equity infusion will enable the company's future growth through prudent capital allocation, while we continue to invest in R&D and manufacturing, Biocon's statement read..We are confident of achieving our aspiration of serving 5 million patients through our biosimilars portfolio and achieving a target revenue of $1 billion in FY22.Christiane Hamacher, CEO, Biocon Biologics.Shares surged as much as 1.8% to Rs 410.7, up for the second straight day..Revenue seen 5% lower at Rs 7,993 croreNet profit seen 25% lower at Rs 1,043 croreEbitda seen 20% lower at Rs 1,599 croreEbitda margin at 20% from 24%All estimates are consolidated and compared on a year-on-year basis.Factors At Play For Sun Pharma:Underperformance by Taro and specialty portfolio to impact U.S. businessTaro reported weak numbers on WednesdayTaro reported a sales decline of 27% and an operating loss of $449 millionDomestic growth to remain muted due to lower prescriptions generated on account of Covid-19Emerging Markets, API business may see growthHigher other expenses may impact margins.Top performing stock on the Nifty Midcap IndexTrades at an all-time highGains as much as 8% to Rs 1,885Biggest single-day gain in nearly four monthsHas gained only thrice in the last 10 trading sessionsToday's volumes are seven times higher than its 20-day averageStock nearing overbought territory with Relative Strength Index (RSI) at 67Has more than doubled from its 52-week low of Rs 844.2 on October 10, 201918 out of the 23 analysts tracking the stock have a buy recommendation; 1 sell callThe stock trades 8.9% above its 12-month consensus price target of Rs 1,688, implying a negative return potential.Revenue down 43.8% to Rs 88,253 croreNet profit up 31% to Rs 13,233 croreExceptional gain of Rs 4,966 crore on transfer of petrol marketing business to Reliance-BP Joint Venture contributes to profitEbitda down 20.8% to Rs 16,875 croreEbitda margin at 19.1% from 13.6%Gross Refining Margins at $6.3 per barrel from $8.1 per barrelInventory loss of Rs 1,637 crore due to sharp drop in crude pricesPetrochemical segment revenue down 33% to Rs 25,192 croreRefining segment revenue down 54% to Rs 46,642 croreRetail revenue down 17% to Rs 31,633 croreAll numbers are consolidated and compared on a year-on-year basis.The company's telecom vertical Reliance Jio reported a growth in its revenue and net profit compared to the previous quarter.The Average Revenue Per User or ARPU rose to Rs 140.3 from Rs 130.6 in the previous quarter. Sustained subscriber momentum and tariff hikes contributed to the growth in ARPU..JPMorgan has maintained a neutral rating on RIL but raised its price target to Rs 1,860 from Rs 1,490, citing valuations as being expensive on a bottom-up basis.Shares fell as much as 2.7% to Rs 2,052 and are the top laggards on the Nifty 50 index..Benchmark indices trade little changedNifty unchanged at 11,095Sensex unchanged at 37,697Nifty Bank down 0.2% at 21,600Nifty Midcap index up 0.3%Nifty Smallcap index up 0.1%India Volatility Index up 0.2% at 24.77Nifty Media is the top sectoral laggard; down 0.8%Nifty Pharma and Nifty I.T. up 1.7% eachCipla is the top Nifty gainer; up 3.1%Reliance Industries is the top Nifty laggard; down 2.1%803 stocks on the NSE trade with gains while 822 decline.The rupee opened with gains in today's session after ending little changed on Thursday.The currency opened at 74.74 against the U.S. Dollar as compared to Thursday's close of 74.85. It has traded in a narrow range through the week.Core sector data for the month of June will be reported today. The Reserve Bank of India will also be reporting its weekly forex and bank credit data later today.Within the bond markets today, traders will look forward to the sale of government bonds worth Rs 30,000 crore as well as monitor the fiscal deficit data which will be released this evening..Revenue down 47% to Rs 427.3 croreNet loss of Rs 16 crore from net profit of Rs 46.7 croreEbitda down 52% to Rs 73.3 croreEbitda margin at 17.2% from 19%Cement business revenue down 43% to Rs 409 croreRayon and Chemicals business revenue down 78% to Rs 18.3 croreAll numbers are consolidated and compared on a year-on-year basis.The company has approved a fund raising plan worth Rs 2,000 crore through equity and / or debt. The company may raise funds through NCDs, preference shares or a rights issue or any other combination thereof.Shares rose as much as 9.4% to Rs 37.95..The company's board has approved a rights issue worth Rs 120 crore. It will issue 2 crore rights shares at Rs 60 per share.The rights issue price is a 24% discount to Thursday's closing price. The rights entitlement ratio is set at 48 rights shares for every 125 shares held as on the record date.The record date for the same has been set as August 5.Shares gained as much as 5% to Rs 81.95, before cooling off..India reports biggest single-day spike in new cases55,078 cases reported over the last 24 hoursTotal number of confirmed cases at 16,38,870Active cases at 5,45,318Patients cured / discharged / migrated at 10,57,805Death toll rises to 35,747779 deaths reported in the last 24 hours37,223 patients recovered in the last 24 hours.Coronavirus India Updates: Covid-19 Tally Tops 16.3 Lakh Cases With Over 55,000 New Ones.Revenue up 1.7% to Rs 2,056 croreNet profit up 48.6% to Rs 321 croreEbitda up 22.2% to Rs 661 croreEbitda margin at 32.1% from 26.8%Lower other expenses, employee and raw material costs contribute to margin expansionIndia business revenue up 2% to Rs 925 croreU.S. business revenue down 1% to Rs 373 crore. Constant currency sales at $47 million.Brazil business revenue down 20% to Rs 140 croreGermany business revenue down 6% to Rs 246 croreAll numbers are consolidated and compared on a year-on-year basis.Shares gained as much as 7.4% to Rs 2,617. The stock is up for the third straight day. This is the biggest single-day gain for the stock in nearly four months. It is now trading at the highest level in over two months..Indian equity markets opened marginally higher after ending the July series on a negative note.The S&P BSE Sensex opened 0.3% higher at 37,847 while the NSE Nifty 50 index opened at 11,139 - up 0.34%.Both benchmarks gained 8% in the July series but fell for the second straight day on Thursday.On a weekly basis, both Sensex and Nifty are down 1% as of closing on Thursday.Most sectoral indices have opened flat. The I.T. index has opened with gains of 1% while others are trading little changed to gains of 0.5%.Broader markets have opened in-line with the benchmrks. The midcap index opened 0.3% higher while the smallcap index opened with gains of 0.4%.Market breadth is in favour of the gainers. 858 stocks on the NSE have opened with gains while 569 have declined..Global cases cross 17.2 millionDeath toll rises to 6.71 lakhMore than 400 cases reported in Tokyo as compared to 367 on ThursdayAustralia's Victoria reports 627 new casesChina reports 123 local infections including 112 in Xinjiang6,377 new cases reported in ArgentinaBrazil reported 57,837 new cases and 1,129 deathsTexas reports a record 322 deaths and 8,800 new casesU.K. re-imposes restrictions in Greater Manchester and parts of East Lancashire and West YorkshireU.S. death toll at 1,51,170.Reliance Industries: Revenue and Ebitda were below Bloomberg Consensus estimates, while an exceptional gain of over 4,000 crore rupees contributed to the boost in bottom line. Margins however were above street estimates while a sharp drop in crude prices led to an inventory loss. Jio's earnings met street estimates with rise in ARPU on a sequential basis.HDFC: Public shareholders give nod to raise up to Rs 1.25 lakh crore via NCDs. Shareholders also approve sale of shares held in HDFC Life Insurance an HDFC Ergo General Insurance which will be pursuant to RBI guidelines / approval.Wipro: Awarded multi-year contract by U.K.-based Metro Bank for I.T. solutions.Lakshmi Vilas Bank: Extends the exclusivity period for the proposed amalgamation of Clix Capital Service and Clix Finance into the bank till September 15, due to delay in the mutual due diligence and preparation of documents for regulatory requirements due to the Covid-19 situation and travel restrictions.Dixon Technologies: Government of India puts import of TV sets in restricted list. Importers will have to approach DGFT to apply for licence before importing TV sets.Satin Creditcare Network: Board approves rights issue worth Rs 120 crore. To issue 2 crore rights shares at Rs 60 per share. The rights issue price is a 24% discount to Thursday's closing price. The rights entitlement ratio is set at 48 rights shares for every 125 shares held as on the record date. The record date has been set as August 5.Nifty Earnings Today: Indian Oil Corporation, State Bank of India, UPL, Tata Motors, Sun PharmaNon-Nifty Earnings Today: Deepak Fertilisers, Dr Lal Pathlabs, Thyrocare, Godrej Agrovet, JSW Energy, Motilal Oswal, NIIT, Tata Chemicals, Teamlease..To know more about the key stocks in focus, brokerage views and more, click here..Benchmark indices end lower despite tech rallyS&P 500 ends 0.4% lower; Dow Jones falls 0.8%Nasdaq poised to outperform the S&P 500 for 10th straight monthU.S. economy sees its sharpest contraction on recordPresident Donald Trump raised the notion of delaying the November 3 Presidential election till the pandemic subsidesBloomberg Dollar Spot Index set for its worst month in a decadeYield on the 10-year treasury fell to 0.54%West Texas Intermediate crude fell 2.8% to $40.13 per barrel.Get your daily fix of the global markets here..Good Morning!India's equity benchmarks, having gained for six straight weeks so far, are down nearly 1% in the seventh as of closing on Thursday. They, however, have gained 8% in the July series of futures and options.The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.4% to 11,149 as of 7:55 a.m. on Friday.Stocks such as Reliance Industries, Torrent Pharma and Lakshmi Vilas Bank, among others, will be in focus as they reported their June-quarter results after market hours on Thursday.Also, five Nifty 50 companies — State Bank of India, Indian Oil Corporation, Tata Motors, UPL and Sun Pharma — will report their quarterly earnings on Friday. Some of the non-Nifty 50 names include Dr. Lal Pathlabs, Thyrocare, Godrej Agrovet, JSW Energy, Motilal Oswal and Tata Chemicals, among others.Across the globe, Asian markets are mixed with benchmarks in Japan and Australia declining, while those in China and Hong Kong trading with gains. Futures on the Dow Jones are trading higher by 125 points..Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
