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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Barometers trade higher; bank shares bounce
(14:22, 16 Oct 2020)

The domestic equity barometers continued to trade with decent gains in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was up 183.95 points or 0.46% at 39,912.36. The Nifty 50 index gained 70.15 points or 0.60% at 11,750.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.80% while the S&P BSE Small-Cap index gained 0.56%.

The market breadth was positive. On the BSE, 1303 shares rose and 1189 shares fell. A total of 172 shares were unchanged.

Buzzing Index:

The Nifty Bank index rose 1.97% to 23,526.15. The index crashed 3.36% yesterday.

RBL Bank (up 2.90%), Bandhan Bank (up 2.75%), Axis Bank (up 2.31%), HDFC Bank (up 2.16%), Kotak Mahindra Bank (up 2.12%), IDFC First Bank (up 2%), ICICI Bank (up 1.82%), IndusInd Bank (up 1.41%), SBI (up 1.22%) and Bank of Baroda (up 1.12%) advanced while Punjab National Bank declined 0.72%.

Federal Bank gained 0.87% at Rs 52.20. The bank reported 26.1% decline in net profit to Rs 307.62 crore on 8.7% increase in total income to Rs 3997.23 crore in Q2 September 2020 over Q2 September 2019.

The bank's net interest income (NII) rose by 22.79% to Rs 1379.87 crore in Q2 September 2020 over Q2 September 2019. Net Interest Margin (NIM) improved to 3.13% in Q2 September 2020 from 3.01% in Q2 September 2019.

The bank's provisions and contingencies increased by 135% to Rs 592.06 crore in Q2 September 2020 over Q2 September 2019.

The ratio of gross NPAs to gross advances stood at 2.84% on 30 September 2020 as against 2.96% as on 30 June 2020 and 3.07% as on 30 September 2019. The ratio of net NPAs to net advances stood at 0.99% as on 30 September 2020 as against 1.22% as on 30 June 2020 and 1.59% as on 30 September 2019.

Earnings Impact:

Shakti Pumps rose 3.45% to Rs 241.10 after the company posted a consolidated net profit of Rs 15.24 crore in Q2 September 2020 compared with net loss of Rs 1.70 crore in the same period last year. Consolidated revenue from operations surged 120% to Rs 201.08 crore in Q2 September 2020 as against Rs 91.20 crore in Q2 September 2019.

Cyient rose 3.30% to Rs 378.40 after the company's consolidated net profit rose 3.07% to Rs 83.90 crore on 1.16% increase in revenue from operations to Rs 1,003.30 crore in Q2 September 2020 (Q2FY21) over Q1 June 2020 (Q1FY21). The PAT increased mainly from higher operating income driven by higher volume and efficiency.

Services revenue stood at $114.10 million, registering a growth of 1.7% QoQ and a drop of 18.7% year-on-year (YoY). DLM revenue was at $20.90 million, recording a growth of 13.3% QoQ and a 12.3% fall YoY. Order intake in Q2FY21 is at $127.3 million, increased by 9% QoQ.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.35 compared with its previous closing 73.3675.

The yield on 10-year benchmark federal paper rose to 5.924% compared with previous closing of 5.898% in the previous trading session.

MCX Gold futures for 04 December 2020 settlement added 0.13% to Rs 50,780.

In the commodities market, Brent crude for December 2020 settlement lost 21 cents to $42.95 a barrel. The contract declined 0.37% or 16 cents to settle at $43.16 in the previous trading session.

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