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Sensex, Nifty end with minor cuts
(15:39, 12 Aug 2020)

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Domestic-equity-benchmarks-corrected-on-Wednesday,-snapping-their-recent-rising-streak.-After-opening-near-the-day's-low,-the-key-indices-crawled-higher-as-the-session-progressed.-While-pharma-and-metal-stocks-corrected,-PSU-banks-and-auto-shares-advanced.-

As-per-provisional-closing-data,-the-barometer-index,-the-S&P-BSE-Sensex,-fell-37.38--points-or-0.10%-at-38,369.63.-The-Nifty-50-index-lost-14.10-points-or-0.12%-at-11,308.40.

In-the-broader-market,-the-S&P-BSE-Mid-Cap-index-slipped-0.26%-while-the-S&P-BSE-Small-Cap-index-shed-0.02%.

The-market-breadth-favoured-the-buyers.-On-the-BSE,-1514-shares-rose-and-1209-shares-fell.-A-total-of-150-shares-were-unchanged.

COVID-19-Update:

Total-COVID-19-confirmed-cases-worldwide-stood-at-20,292,486-with-741,380-deaths.-India-reported-6,43,948-active-cases-of-COVID-19-infection-and-46,091-deaths-while-16,39,599-patients-have-been-discharged,-according-to-the-data-from-the-Ministry-of-Health-and-Family-Welfare,-Government-of-India.

Economy:

India's-industrial-output-fell-for-the-fourth-straight-month,-led-by-weakness-across-most-segments-except-consumer-non-durable-goods.-The-Index-of-Industrial-Production-contracted-by-16.6%-in-June-over-last-year,-compared-to-a-revised-contraction-of-34%-in-May-and-a-record-57.6-per-cent-slide-in-April.-In-the-April-June-2020-quarter,-the-index-contracted-by-35.9%.

India-CPI-numbers-for-July-are-due-to-be-announced-today.-The-domestic-consumer-prices-in-India-increased-6.09%-year-on-year-(YoY)-in-June-of-2020,-compared-with-6.27%-in-May-2020.-The-retail-inflation-in-June-had-surpassed-the-Reserve-Bank-of-India's-(RBI)-upper-limit-of-6%.-The-government-has-mandated-the-Indian-central-bank-to-keep-inflation-within-the-range-of-4%-with-a-margin-of-2%-on-either-side.

Earnings-Today:-

Aarti-Industries-(down-1.15%),-Ashok-Leyland-(up-3.45%),-Aster-DM-Healthcare-(up-1.66%),-Aurobindo-Pharma-(down-0.95%),-Cummins-India-(up-0.17%),-Thermax-(up-1.41%),-Graphite-India-(down-1.19%),-Gulf-Oil-(up-3.70%),-Kalpataru-Power-(up-1.15%),-Natco-Pharma-(down-1.85%),-MAS-Financial-(up-2.53%)-and-Tata-Power-(up-2.02%)-are-some-of-the-companies-that-will-announce-their-quarterly-earnings-today.

Earnings-Impact:

Bharat-Forge-jumped-5.92%-at-₹-437.40.-The-company-reported-a-consolidated-net-loss-of-₹-127.32-crore-in-Q1-June-2020-as-against-net-profit-of-₹-171.92-crore-posted-in-Q1-June-2019.-EBITDA-margin-declined-to-1%-in-Q1-June-2020-from-17.8%-in-Q1-June-2019.

Revenue-from-operations-for-Q1-June-2020-stood-at-₹-1154.21-crore,-tumbling-50%-from-₹-2327.85-crore-in-the-same-period-last-year.-The-company-clarified-that-a-drop-in-revenue-was-due-to-the-shutdown-of-manufacturing-operations-in-the-month-of-April-and-May-on-account-of-the-lockdown-imposed-by-the-government-to-control-the-spread-of-the-pandemic.

B.N.-Kalyani,-Chairman-&-Managing-Director-said,-Looking-ahead-in-to-demand-for-the-coming-quarter,-we-are-witnessing-marginal-improvement-in-demand-across-both-domestic-&-export-markets.-We-expect-our-domestic-revenues-to-be-flat-as-compared-to-Q2-FY20-while-the-exports-will-be-lower-than-levels-witnessed-in-Q2-FY20.-The-sustainability-in-the-recovery-in-underlying-demand-is-a-key-factor-to-track-in-the-coming-months.

Adani-Ports-and-Special-Economic-Zone-(APSEZ)-rose-1.87%-to-₹-341.10-after-the-company-said-that-there-had-been-been-a-steady-increase-in-cargo-throughput-across-Ports-from-July-2020.

During-the-month-of-July-2020,-APSEZ-handled-cargo-volume-of-18.30-MMT,-a-growth-of-6%-on-year-on-year-basis-and-31%-over-June-2020.-This-trend-gives-us-confidence-that-worst-is-behind-us-and-going-forward-cargo-volume-in-FY21-is-expected-to-stabilize,-APSEZ-further-said.

However,-the-company-delivered-a-weak-set-of-numbers-for-the-April-June-quarter-as-lockdown-measures-announced-by-the-government-during-the-quarter-to-tame-the-spread-of-COVID-19-resulted-in-lower-import-and-export,-impacting-cargo-throughput-in-first-quarter-of-FY21.

APSEZ-reported-26%-decline-in-consolidated-net-profit-to-₹-758-crore-on-a-18%-fall-in-revenue-to-₹-2,293-crore-in-Q1-FY21-over-Q1-FY20.-Cargo-volumes-fell-27%-to-41.41-MMT-(million-metric-tonne)-in-Q1-June-2020-compared-to-56.75-MMT-in-Q1-June-2019.

EBITDA-margin-was-at-63%-as-on-30-June-2020-as-against-66%-as-on-30-June-2019.-The-company-also-recorded-a-forex-loss-of-₹-37-crore-in-the-first-quarter-as-against-as-a-forex-loss-of-₹-3-crore-in-the-same-period-last-year.

Sundram-Fasteners-added-5.05%-to-₹-444.-The-TVS-Group-company-reported-a-consolidated-net-loss-of-₹-26.70-crore-in-Q1-June-2020-as-against-a-net-profit-of-₹-95.52-crore-in-Q1-June-2019.-Net-sales-tumbled-68.1%-year-on-year-(YoY)-to-₹-362.76-crore-in-the-first-quarter.-Earnings-before-depreciation-and-taxes-(EBDT)-for-the-quarter-ended-30-June-2020-slumped-93.2%-to-₹-12.35-crore-from-₹-182.87-crore-during-the-same-period-in-the-previous-year.

Metropolis-Healthcare-rose-0.84%-to-₹-1613.-The-medical-diagnostics-company's-consolidated-net-profit-slumped-89.3%-to-₹-2.88-crore-on-29.6%-drop-in-net-sales-to-₹-143.13-crore-in-Q1-June-2020-over-Q1-June-2019.

Metropolis-said-it-conducted-2.65-million-tests-from-1.37-million-patient-visits.-Cost-rationalization-program-initiated-in-April-2020-to-reduce-fixed-costs-by-9%,-semi-variable-cost-by-12%-and-variable-cost-by-21%.-Goal-for-second-quarter-is-to-scale-up-Non-COVID-19-tests-and-subsequent-revenues.

In-June-2020,-the-company-achieved-100%-revenues-(including-COVID-19-testing)-compared-to-June-2019.-With-improving-Non-COVID-19-revenues-and-cost-rationalization-measures-we-have-achieved-near-normal-EBITDA-margin-of-25.2%-for-June-2020.

Separately,-Metropolis-Healthcare-has-received-the-approval-to-acquire-balance-equity-stake-of-35%-in-Metropolis-Histoxpert-Digital-Services-for-a-total-cash-consideration-of-₹-32,648.-The-company-also-approved-the-acquisition-of-balance-equity-stake-of-49%-in-Raj-Metropolis-Healthcare-for-a-total-cash-consideration-of-₹-82.33-lakh.-Both-the-acquisitions-are-expected-to-complete-within-3-months,-the-company-said-in-the-BSE-filing.

Central-Bank-of-India-gained-0.28%-to-₹-18.20-after-the-bank's-net-profit-rose-14.41%-to-₹-135-crore-on-a-3.60%-increase-in-total-income-to-₹-6727-crore-in-Q1-June-2020-over-Q1-June-2019.-Net-Interest-Margin-(NIM)-was-at-3.08%-as-on-30-June-2020-as-against-2.62%-as-on-30-June-2019.

The-bank's-provisions-and-contingencies-fell-5.81%-to-₹-974-crore-in-Q1-June-2020-from-₹-1034-crore-in-Q1-June-2019.-Bank-has-made-provision-of-₹-161.75-crore-during-the-quarter-in-accounts-where-moratorium-due-to-COVID-19-pandemic-was-extended.-The-total-provision-of-₹-305-crore-is-held-by-the-Bank-as-on-30-June-2020,-Central-Bank-of-India-said-in-a-statement.

On-the-asset-quality-front,-the-ratio-of-gross-NPAs-to-gross-advances-stood-at-18.10%-as-on-30-June-2020-as-against-18.92%-as-on-31-March-2020-and-19.93%-as-on-30-June-2019.-The-ratio-of-net-NPAs-to-net-advances-stood-at-6.76%-in-Q1-FY21-as-against-7.63%-in-Q4-FY20-and-7.98%-in-Q1-FY20.

Global-Markets:

Most-markets-in-Europe-and-Asia-advanced-on-Wednesday.-The-Dow-Jones-Futures-30-were-trading-255-points-higher,-indicating-a-positive-opening-in-US-markets-today.

The-UK-economy-contracted-by-20.4%-in-the-second-quarter-of-2020,-compared-to-the-previous-three-months,-as-coronavirus-induced-lockdowns-hammered-activity,-according-to-preliminary-figures-released-Wednesday.

US-stocks-stumbled-in-late-trade-Tuesday,-giving-up-early-gains-to-end-lower-as-a-selloff-in-tech-shares-continued.-Investors-continued-to-assess-the-outlook-for-the-US-economy-amid-a-decline-in-the-number-of-new-coronavirus-cases-recorded-and-a-lack-of-progress-toward-additional-coronavirus-aid-from-Washington.

Enthusiasm-around-Russia's-COVID-19-vaccine-efforts-faded-throughout-the-day-amid-international-skepticism-about-whether-the-vaccine-was-effective-and-safe,-with-doubts-cast-on-the-approach-on-testing.

The-most-important-factor-that-surprised-investors-and-caught-some-off-guard-was-a-sharp-rise-in-Treasury-yields.-The-yield-on-the-10-year-Treasury-note-reportedly-rose-7-basis-points-to-0.64%-as-investors-shunned-safe-haven-assets.

That-triggered-a-wave-of-gold-selling-and-consequently,-gold-retreated-on-Tuesday-from-record-territory-and-posted-its-steepest-daily-dollar-slide-in-more-than-seven-years,-with-December-futures-tumbling-4.6%-to-settle-at-$1,946.30-an-ounce.

The-jump-in-yields-was-driven-by-plans-of-the-US-Treasury-to-sell-a-record-amount-of-sovereign-debt-this-week.

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Domestic-equity-benchmarks-corrected-on-Wednesday,-snapping-their-recent-rising-streak.-After-opening-near-the-day's-low,-the-key-indices-crawled-higher-as-the-session-progressed.-While-pharma-and-metal-stocks-corrected,-PSU-banks-and-auto-shares-advanced.-

As-per-provisional-closing-data,-the-barometer-index,-the-S&P-BSE-Sensex,-fell-37.38--points-or-0.10%-at-38,369.63.-The-Nifty-50-index-lost-14.10-points-or-0.12%-at-11,308.40.

In-the-broader-market,-the-S&P-BSE-Mid-Cap-index-slipped-0.26%-while-the-S&P-BSE-Small-Cap-index-shed-0.02%.

The-market-breadth-favoured-the-buyers.-On-the-BSE,-1514-shares-rose-and-1209-shares-fell.-A-total-of-150-shares-were-unchanged.

COVID-19-Update:

Total-COVID-19-confirmed-cases-worldwide-stood-at-20,292,486-with-741,380-deaths.-India-reported-6,43,948-active-cases-of-COVID-19-infection-and-46,091-deaths-while-16,39,599-patients-have-been-discharged,-according-to-the-data-from-the-Ministry-of-Health-and-Family-Welfare,-Government-of-India.

Economy:

India's-industrial-output-fell-for-the-fourth-straight-month,-led-by-weakness-across-most-segments-except-consumer-non-durable-goods.-The-Index-of-Industrial-Production-contracted-by-16.6%-in-June-over-last-year,-compared-to-a-revised-contraction-of-34%-in-May-and-a-record-57.6-per-cent-slide-in-April.-In-the-April-June-2020-quarter,-the-index-contracted-by-35.9%.

India-CPI-numbers-for-July-are-due-to-be-announced-today.-The-domestic-consumer-prices-in-India-increased-6.09%-year-on-year-(YoY)-in-June-of-2020,-compared-with-6.27%-in-May-2020.-The-retail-inflation-in-June-had-surpassed-the-Reserve-Bank-of-India's-(RBI)-upper-limit-of-6%.-The-government-has-mandated-the-Indian-central-bank-to-keep-inflation-within-the-range-of-4%-with-a-margin-of-2%-on-either-side.

Earnings-Today:-

Aarti-Industries-(down-1.15%),-Ashok-Leyland-(up-3.45%),-Aster-DM-Healthcare-(up-1.66%),-Aurobindo-Pharma-(down-0.95%),-Cummins-India-(up-0.17%),-Thermax-(up-1.41%),-Graphite-India-(down-1.19%),-Gulf-Oil-(up-3.70%),-Kalpataru-Power-(up-1.15%),-Natco-Pharma-(down-1.85%),-MAS-Financial-(up-2.53%)-and-Tata-Power-(up-2.02%)-are-some-of-the-companies-that-will-announce-their-quarterly-earnings-today.

Earnings-Impact:

Bharat-Forge-jumped-5.92%-at-₹-437.40.-The-company-reported-a-consolidated-net-loss-of-₹-127.32-crore-in-Q1-June-2020-as-against-net-profit-of-₹-171.92-crore-posted-in-Q1-June-2019.-EBITDA-margin-declined-to-1%-in-Q1-June-2020-from-17.8%-in-Q1-June-2019.

Revenue-from-operations-for-Q1-June-2020-stood-at-₹-1154.21-crore,-tumbling-50%-from-₹-2327.85-crore-in-the-same-period-last-year.-The-company-clarified-that-a-drop-in-revenue-was-due-to-the-shutdown-of-manufacturing-operations-in-the-month-of-April-and-May-on-account-of-the-lockdown-imposed-by-the-government-to-control-the-spread-of-the-pandemic.

B.N.-Kalyani,-Chairman-&-Managing-Director-said,-Looking-ahead-in-to-demand-for-the-coming-quarter,-we-are-witnessing-marginal-improvement-in-demand-across-both-domestic-&-export-markets.-We-expect-our-domestic-revenues-to-be-flat-as-compared-to-Q2-FY20-while-the-exports-will-be-lower-than-levels-witnessed-in-Q2-FY20.-The-sustainability-in-the-recovery-in-underlying-demand-is-a-key-factor-to-track-in-the-coming-months.

Adani-Ports-and-Special-Economic-Zone-(APSEZ)-rose-1.87%-to-₹-341.10-after-the-company-said-that-there-had-been-been-a-steady-increase-in-cargo-throughput-across-Ports-from-July-2020.

During-the-month-of-July-2020,-APSEZ-handled-cargo-volume-of-18.30-MMT,-a-growth-of-6%-on-year-on-year-basis-and-31%-over-June-2020.-This-trend-gives-us-confidence-that-worst-is-behind-us-and-going-forward-cargo-volume-in-FY21-is-expected-to-stabilize,-APSEZ-further-said.

However,-the-company-delivered-a-weak-set-of-numbers-for-the-April-June-quarter-as-lockdown-measures-announced-by-the-government-during-the-quarter-to-tame-the-spread-of-COVID-19-resulted-in-lower-import-and-export,-impacting-cargo-throughput-in-first-quarter-of-FY21.

APSEZ-reported-26%-decline-in-consolidated-net-profit-to-₹-758-crore-on-a-18%-fall-in-revenue-to-₹-2,293-crore-in-Q1-FY21-over-Q1-FY20.-Cargo-volumes-fell-27%-to-41.41-MMT-(million-metric-tonne)-in-Q1-June-2020-compared-to-56.75-MMT-in-Q1-June-2019.

EBITDA-margin-was-at-63%-as-on-30-June-2020-as-against-66%-as-on-30-June-2019.-The-company-also-recorded-a-forex-loss-of-₹-37-crore-in-the-first-quarter-as-against-as-a-forex-loss-of-₹-3-crore-in-the-same-period-last-year.

Sundram-Fasteners-added-5.05%-to-₹-444.-The-TVS-Group-company-reported-a-consolidated-net-loss-of-₹-26.70-crore-in-Q1-June-2020-as-against-a-net-profit-of-₹-95.52-crore-in-Q1-June-2019.-Net-sales-tumbled-68.1%-year-on-year-(YoY)-to-₹-362.76-crore-in-the-first-quarter.-Earnings-before-depreciation-and-taxes-(EBDT)-for-the-quarter-ended-30-June-2020-slumped-93.2%-to-₹-12.35-crore-from-₹-182.87-crore-during-the-same-period-in-the-previous-year.

Metropolis-Healthcare-rose-0.84%-to-₹-1613.-The-medical-diagnostics-company's-consolidated-net-profit-slumped-89.3%-to-₹-2.88-crore-on-29.6%-drop-in-net-sales-to-₹-143.13-crore-in-Q1-June-2020-over-Q1-June-2019.

Metropolis-said-it-conducted-2.65-million-tests-from-1.37-million-patient-visits.-Cost-rationalization-program-initiated-in-April-2020-to-reduce-fixed-costs-by-9%,-semi-variable-cost-by-12%-and-variable-cost-by-21%.-Goal-for-second-quarter-is-to-scale-up-Non-COVID-19-tests-and-subsequent-revenues.

In-June-2020,-the-company-achieved-100%-revenues-(including-COVID-19-testing)-compared-to-June-2019.-With-improving-Non-COVID-19-revenues-and-cost-rationalization-measures-we-have-achieved-near-normal-EBITDA-margin-of-25.2%-for-June-2020.

Separately,-Metropolis-Healthcare-has-received-the-approval-to-acquire-balance-equity-stake-of-35%-in-Metropolis-Histoxpert-Digital-Services-for-a-total-cash-consideration-of-₹-32,648.-The-company-also-approved-the-acquisition-of-balance-equity-stake-of-49%-in-Raj-Metropolis-Healthcare-for-a-total-cash-consideration-of-₹-82.33-lakh.-Both-the-acquisitions-are-expected-to-complete-within-3-months,-the-company-said-in-the-BSE-filing.

Central-Bank-of-India-gained-0.28%-to-₹-18.20-after-the-bank's-net-profit-rose-14.41%-to-₹-135-crore-on-a-3.60%-increase-in-total-income-to-₹-6727-crore-in-Q1-June-2020-over-Q1-June-2019.-Net-Interest-Margin-(NIM)-was-at-3.08%-as-on-30-June-2020-as-against-2.62%-as-on-30-June-2019.

The-bank's-provisions-and-contingencies-fell-5.81%-to-₹-974-crore-in-Q1-June-2020-from-₹-1034-crore-in-Q1-June-2019.-Bank-has-made-provision-of-₹-161.75-crore-during-the-quarter-in-accounts-where-moratorium-due-to-COVID-19-pandemic-was-extended.-The-total-provision-of-₹-305-crore-is-held-by-the-Bank-as-on-30-June-2020,-Central-Bank-of-India-said-in-a-statement.

On-the-asset-quality-front,-the-ratio-of-gross-NPAs-to-gross-advances-stood-at-18.10%-as-on-30-June-2020-as-against-18.92%-as-on-31-March-2020-and-19.93%-as-on-30-June-2019.-The-ratio-of-net-NPAs-to-net-advances-stood-at-6.76%-in-Q1-FY21-as-against-7.63%-in-Q4-FY20-and-7.98%-in-Q1-FY20.

Global-Markets:

Most-markets-in-Europe-and-Asia-advanced-on-Wednesday.-The-Dow-Jones-Futures-30-were-trading-255-points-higher,-indicating-a-positive-opening-in-US-markets-today.

The-UK-economy-contracted-by-20.4%-in-the-second-quarter-of-2020,-compared-to-the-previous-three-months,-as-coronavirus-induced-lockdowns-hammered-activity,-according-to-preliminary-figures-released-Wednesday.

US-stocks-stumbled-in-late-trade-Tuesday,-giving-up-early-gains-to-end-lower-as-a-selloff-in-tech-shares-continued.-Investors-continued-to-assess-the-outlook-for-the-US-economy-amid-a-decline-in-the-number-of-new-coronavirus-cases-recorded-and-a-lack-of-progress-toward-additional-coronavirus-aid-from-Washington.

Enthusiasm-around-Russia's-COVID-19-vaccine-efforts-faded-throughout-the-day-amid-international-skepticism-about-whether-the-vaccine-was-effective-and-safe,-with-doubts-cast-on-the-approach-on-testing.

The-most-important-factor-that-surprised-investors-and-caught-some-off-guard-was-a-sharp-rise-in-Treasury-yields.-The-yield-on-the-10-year-Treasury-note-reportedly-rose-7-basis-points-to-0.64%-as-investors-shunned-safe-haven-assets.

That-triggered-a-wave-of-gold-selling-and-consequently,-gold-retreated-on-Tuesday-from-record-territory-and-posted-its-steepest-daily-dollar-slide-in-more-than-seven-years,-with-December-futures-tumbling-4.6%-to-settle-at-$1,946.30-an-ounce.

The-jump-in-yields-was-driven-by-plans-of-the-US-Treasury-to-sell-a-record-amount-of-sovereign-debt-this-week.

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