Live: Sensex, Nifty Off Day’s High; Nifty Bank Falls 100 Points
Nifty Bank Turns Negative; Drags Nifty Lower
Earnings Reaction: Varun Beverages
The company was back to reporting profits after reporting a net loss in the previous quarter.
Net profit rose 35 percent compared to last year to Rs 54.92 crore, aided by a tax benefit of Rs 52.2 crore.
It has also reported an exceptional loss of Rs 66.2 crore this quarter which represents provisions for impairment in the value of certain parts and equipment, glass bottles and plastic shells, as per its press release.
Given the increasing demand that we witnessed for all our products prior to the lockdown, we are confident that once things stabilise, we will once again see encouraging growth and we will further strengthen our position as the leading player in the beverage industry.Ravi Jaipuria, Chairman, Varun Beverages
Shares that were trading with gains of as much as 5.2 percent have fallen of the day's high post the announcement and now trade 1 percent higher at Rs 623.70.
Markets At Noon
- Benchmark indices off day's high
- Nifty up 0.4 percent at 9,332
- Nifty futures trade at a discount of 9 points
- Sensex up 0.5 percent at 31,868
- Nifty Bank down 0.1 percent at 19,719
- Nifty Midcap Index up 0.7 percent
- Nifty Smallcap Index up 0.1 percent
- India Volatility Index down 3.3 percent to 42.21
- Nifty Auto and Nifty Metal Index up 1 percent each
- Nifty Realty Index remains top sectoral laggard; down 1.9 percent
- Bharti Infratel remains top Nifty gainer; up 9 percent
- Asian Paints is the top Nifty loser; down 3.5 percent
- 879 stocks on the NSE are gaining while 785 trade with losses
Stock Update: Orient Cement
- Trades at the lowest level since February 2014
- Down for the third straight day
- Down 8.5 percent over the last 3 trading sessions
- Today's volumes are 10.1 times higher than its 30-day average
- The stock has gained only thrice in the last 14 trading sessions
- It has corrected 26 percent in the last 14 sessions
- Has fallen over 71 percent from its 52-week high of Rs 125 on June 4, 2019
- 12 out of the 13 analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 59 percent
27% Of India's Labour Force Jobless, Says CMIE
More than a quarter of India's labour force is without a job post the nationwide lockdown to combat Covid-19 according to a survey by the Center for Monitoring Indian Economy or CMIE.
The unemployment rate in April was estimated at 23.5 percent, according to Mahesh Vyas, the CEO of CMIE.
The CMIE study estimates that nearly 122 million jobs were lost in the month of April with daily wage workers and those employed by smaller businesses being the worst hit.
Source: Bloomberg