The domestic equity benchmark extended early gains and hit fresh intraday high in morning trade. Investors continued to monitor the results of the US Presidential election as Joe Biden edged closer to victory. At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 659.98 points or 1.62% at 41,276.12. The Nifty 50 index was up 186.55 points or 1.57% at 12,095.05.
In the broader market, the S&P BSE Mid-Cap index gained 1.23% while the S&P BSE Small-Cap index rose 1.31%.
Buyers outpaced sellers. On the BSE, 1489 shares rose and 590 shares fell. A total of 106 shares were unchanged.
U.S. Presidential Election:
According to the latest count, Democratic Party candidate and former vice president Joe Biden has won 264 electoral votes while President Donald Trump has won 214 electoral votes. A candidate needs 270 electoral votes to win the election.
In the Senate, the Republican Party has so far won 48 seats while the Democratic Party has won 46 seats. Either party needs 51 seats for a majority in the Senate.
In the House, the Democratic Party has won 204 seats so far while the Republican Party has won 190 seats. Either party needs 218 seats for a majority in the House.
The US Dow Jones Futures were currently up 150 points and Nasdaq futures were up 155 points.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 48,008,175 with 12,24,144 deaths.
India reported 527,962 active cases of COVID-19 infection and 124,315 deaths while 7,711,809 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Segment:
Shares of the multiplex operators advanced after Maharashtra government allowed the cinema halls, theatres, multiplexes to open with 50% of seating capacity from Thursday, 5 November 2020.
PVR gained 3.86% to Rs 1157.80 while Inox Leisure was up 2.35% at Rs 270.55.
The State Government in an order said multiplexes will be opened only in areas outside containment zone. The development comes after the Central Government issued order on 1 October 2020 permitting to open with upto 50% of their seating capacity, for which, standard operating procedure (SOP) will be issued by Ministry of Information & Broadcasting.
Earnings Impact:
Lupin fell 1.23% to Rs 932.60. The drug major reported a consolidated net profit of Rs 211 crore in Q2 FY21 compared with net loss of Rs 127.1 crore in Q2 FY20. Net sales during the quarter declined by 1% year-on-year (YoY) to Rs 3781.80 crore. On the segmental front, revenue from the formulations business was at Rs 3407.9 crore (up 1.1% YoY) and revenue from the API business was at Rs 373.9 crore (up 22.5% YoY) in Q2 FY21.
In the formulations business, the revenue growth was led by North America (up 5.6% YoY) and Europe, Middle East, and Africa (EMEA) region (up 2% YoY). The biggest revenue contraction was witnessed in the ROW (Rest-of-the-World) market (down 27.4% YoY) followed by Growth Markets (down 3.7% YoY) and India (down 0.7% YoY).
Investment in R&D was Rs 384.3 crore (10.2% of sales) for Q2 FY2021 compared to Rs 357.5 crore (10.3% of sales) for Q1 FY2021.
Pidilite Industries gained 1.82% to Rs 1591.15 after the company posted a 9.7% rise in consolidated net profit to Rs 356.44 crore in Q2 September 2020 from Rs 325 crore in Q2 September 2019. Consolidated net sales for Q2 September 2020 stood at Rs 1,880 crore, rising 4% from Rs 1,806 crore in Q2 September 2019.
Pidilite said the consumer and bazaar segment returned to growth reaching pre-COVID levels in most geographies. Growth was healthy in construction chemicals and DIY products. The Fevicol maker further said that B2B segment continued to face headwinds, however it showed signs of recovery in the latter part of the quarter. International subsidiaries have reported healthy double-digit constant currency growth and domestic subsidiaries continued to witness challenging business conditions. However, performance has continued to improve sequentially during the quarter, the company added.
BASF India soared 11.69% to Rs 1508.65 after the company's consolidated net profit surged to Rs 412.83 crore in Q2 September 2020 from Rs 2.32 crore in Q2 September 2019. Consolidated total income rose to Rs 2462.86 crore in Q2 September 2020 from Rs 2080.59 crore in Q2 September 2019.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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