A television screen displays a news report about the coronavirus outbreak as a trader monitors financial data on computer screens on a trading floor. (Photographer: Chris J. Ratcliffe/Bloomberg)
Live: Sensex, Nifty Hold Gains; IndusInd Bank, DRL Top Performers
Earnings Expectations: Hero MotoCorp Q4FY20
- Revenue seen 22% lower at Rs 6,130 crore
- Net profit seen 22% lower at Rs 569 crore
- Ebitda seen 34% lower at Rs 708 crore
- Ebitda margin may narrow to 11.6% from 13.6%
- All estimates are standalone and compared on a year-on-year basis
Key Factors At Play For Hero MotoCorp:
- Lower volumes to impact topline
- Volumes declined 25% compared to the previous year in the March quarter
- Margins may decline due to higher operating expense
- Realisations likely to be higher due to BS-VI transition
- Demand outlook in rural areas a key factor to watch
The stock trades 1.3% higher at Rs 2,415 and is up for the fourth straight day ahead of its earnings.
Gold Imports Fall For Second Straight Month
India's gold imports fell 99% for the month of May led largely by the lockdown due to Covid-19, Bloomberg News reports, citing people familiar with the data.
Shipments to the world's second-largest gold consumer fell to 1.3 tonnes in May from 105.8 tonnes in the same period last year.
Shipments had plunged to 60 kg in April, the lowest in at least a decade.
Data compiled by Bloomberg shows that imports by India have slumped more than 80% during the first five months of the year to 75.46 tonnes.
Spokesperson from the Finance Ministry was unavailable for commenting on the Bloomberg story.
Stock Update: GMM Pfaudler
- Trades at an all-time high
- Gains as much as 1.8% to Rs 4,350
- Up for the eighth straight day
- Longest winning streak since November 2004
- Has gained 20% in the last eight trading sessions
- Today's volumes are 25% below its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 76
- Has nearly quadrupled from its 52-week low of Rs 1,150 on August 2, 2019
- 1 out of the 4 analysts tracking the stock has a buy recommendation; 1 sell call
- The stock trades 22% higher than its 12-month consensus price target, implying a negative return potential
Markets At Noon
- Benchmark indices surge to the day's high
- Nifty up 1.2% at 10,288
- Sensex up 1.24% at 34,790
- Nifty Bank up 1.6% at 21,530
- Nifty Midcap Index up 1.4%
- Nifty Smallcap Index up 0.6%
- India Volatility Index unchanged at 29.64
- Nifty Media is the only sectoral index; down 0.2%
- Nifty Pharma remains the top sectoral gainer; up 2.8%
- Nifty Realty, Nifty FMCG and Nifty PSU Bank gain over 2% each
- IndusInd Bank is the top Nifty gainer; up 5.3%
- GAIL is the top Nifty laggard; down 2.5%
- 1,092 stocks on the NSE trade with gains while 643 decline