Share Market Update: Sensex ends 246 points higher, Nifty at 11,661; YES Bank gains 8%

China's Q3 GDP growth slows to 6%, slowest in 27 years

China's economy expanded at its slowest rate in nearly three decades in the third quarter, hit by cooling domestic demand and a protracted US trade war, official data showed Friday.



The Chinese economy grew 6.0 percent in July-September, compared with 6.2 percent in the second quarter, according to the National Bureau of Statistics (NBS).

(AFP)

PVR Q2 results

 

Multiplex operator PVR on Thursday reported 35 per cent year-on-year growth in its consolidated net profit at Rs 47.67 crore for the second quarter ended September 30, 2019.

"The company had posted consolidated net profit of Rs 35.39 crore in September quarter of 2018 and Rs 16.18 crore in June quarter 2019," PVR said in a filing to the Bombay Stock Exchange.

Consolidated revenue jumped by 37 per cent to Rs 979.40 crore as compared to Rs 714.65 crore in the year-ago period.

PVR Q2 profit jumps 35% to Rs 47.67 crore, revenue surges 37%

TVS Motor Company Q2 results

Chennai-based TVS Motor Company on Thursday reported 20.68 per cent year-on-year (Y-o-Y) rise in net profit after tax (PAT) at Rs 255.01 crore for the second quarter ended September 30, 2019.

"The country's third largest two-wheeler manufacturer had posted a net profit of Rs 211.31 crore in the corresponding quarter last year," TVS Motor said in a filing to the Bombay Stock Exchange.

Total revenue reported for the July-September quarter declined by 12.84 per cent to Rs 4,352.70 crore as against Rs 4,994.20 crore in the same quarter last year. 

TVS Motor Q2 net profit jumps 21% to Rs 255 crore, revenue dips 13%
 

UK, EU agree on Brexit deal

Prime Minister Boris Johnson said on Thursday that Britain and the European Union had agreed a "great" new Brexit deal but still faced resistance from the Northern Irish Democratic Unionist Party (DUP) as he sought support for the deal.

Britain and the European Union have been racing to renegotiate the Withdrawal Agreement in time for an October 31 Brexit, but the deal still needs approval from parliament.

"We've got a great new deal that takes back control," Johnson said in a tweet.

"Now parliament should get Brexit done on Saturday so we can move on to other priorities like the cost of living, the NHS, violent crime and our environment."

UK, EU agree on Brexit deal; British PM Johnson says let's do it and move on

Zee Entertainment Enterprises Q2 results

Zee Entertainment Enterprises Ltd (ZEEL) on Thursday reported 6.87 per cent year-on-year (Y-o-Y) rise in consolidated net profit after tax (PAT) at Rs 413.23 crore for the second quarter ended September 30, 2019.

"The Essel group company had posted a consolidated net profit of Rs 386.67 crore in the corresponding quarter last year," ZEEL said in a filing to the Bombay Stock Exchange.

The company has reported a one-time loss of Rs 170.62 crore in July-September period of this fiscal, it said in the regulatory filing.  

Zee Entertainment Q2 profit up 7% at Rs 413 crore

Sensex, Nifty pre-open marginally higher

In Friday's pre-open session,  Sensex, Nifty are trading marginally higher, with Sensex rising 35 points to39,087 level and Nifty50 tradeing 5 points higher at 11, 590 level.

 

Global Market Update

Asian stocks edged higher on Friday, tracking global lifted sentiments post the Brexit deal, although negative Chinese GDP release capped initial gains. On the Singaporean Exchange, SGX Nifty declined 36 points or 0.34% at 11,566, indicating flat-to-negative opening in Nifty. Nikkie 225 currently rises 0.56%

On the Wall Street, US stocks rose on strong earnings, tracking Brexit deal gains with S&P closing 0.28% higher and Dow Jones Industrial Average gaining 0.09%. Although, US Futures (Dow Jones) trades at 26966, down 27 pts or 0.10%.

Brexit Deal challenges

The new Brexit Deal deal continues to hang in the balance as it remains to be seen if Johnson would have the required numbers in Parliament to get it through. He is faced with an open revolt by the Northern Irish Democratic Unionist Party (DUP) which supports his Conservative Party government in the Commons.

"We've got a great new deal that takes back control," Johnson tweeted.

Additionally, the DUP made it clear that it cannot sign off on the deal as it stands due to concerns that Northern Ireland would be treated differently from the rest of the UK on customs and VAT.

"These proposals are not, in our view, beneficial to the economic well-being of Northern Ireland and they undermine the integrity of the Union," the DUP said in a statement.

(PTI)
 

Opening bell

Share Market LIVE: Sensex, Nifty erased all early gains in the pre-open session on back of negative asian conterparts and opened marginally higher on Friday amid high volatility. Sensex has risen to 39,100 after 30 points hike an dNifty rose 5 points higher to 11, 590 level.
 

Oil prices steady

 


Oil prices were stable on Friday after data suggested China, amid the ongoing trade dispute with US recorded weakest quarter of economic growth in last 3 decades. Global benchmark Brent crude oil futures fell 0.2%, to $59.82 a barrel, and later tarded lower at 59.57,down 0.34%.

FII positive for 5th straight session

Net investment of equity and debt reported by foreign portfolio investors (FPIs) turned positive for the 5th consecutive session and remained bearish with net buying logged at Rs 1,158.63 crore from Indian equities while domestic institutional investors (DIIs) turned bearish with selling logged at Rs 511.76 crore on Thursday.

 

Asain stocks trade lower

Asian stocks stumbled on Friday as China GDP grew 6.0% in 3rd quarter, a 3-decade low. MSCI Asia ex-Japan index turned lower at -0.17% and Nikkei trimmed gains to trade up merely 0.18%

 

Sensex, Nifty turn positive

Share Market LIVE: Sensex, Nifty recovered from earlier volatility to trade higher on Friday. Sensex has risen to 39,165 after 110 points hike and Nifty rose 29 points higher to 11, 608 level.

 After opening at 39,087.83, Sensex has made a high of 39,197.84 and a low of 38,963.60. Similarly, Nifty after opening at 11,580.30 has made a high of 11,626.35 and a low of 11,553.15

ZEEL stock trades 3% lower

Post Q2 results, ZEEL stock opened to the intraday loss of Rs 247.95, down 6.33% today, inline with the 'TV Broadcasting & Software' sector , that has fallen by 3%. The stock has reduced over 45% year to date and 23% in the last 3 months.

 

PVR stock drops 1.24% post results

Post Q2 results, PVR stock trades 1.24% lower to the intraday low of Rs 1816.60, in line with with the 'Nifty Media' sector , that has fallen by 1.24%.

 

Despite IMF projections, India still among fastest growing economies: FM

India remains among the fastest growing economies of the world and efforts are being made to make it grow faster, Union Finance Minister Nirmala Sitharaman has said.

The International Monetary Fund (IMF) has projected a reduced growth rate for India, but the country's economy is "still growing as the fastest", she told a group of Indian reporters on Thursday.

(PTI)

Results scheduled for today

Listed companies that are due to release their second quarterly earnings figures today are namely Reliance Industries, Ambuja Cements, ICICI Lombard, L&T Finance Holdings, L&T Technology Services, Visa Steel, Sasken Technologies

Key event next week

The next US Federal Open Market Committee Meeting (October 2019) is scheduled for 29-30 (Tuesday-Wednesday) of October, 2019

YES Bank share price rises 9%

YES Bank shares rose 9% intraday over the reports of industrialists Sunil Munjal and Sunil Mittal expressing interest in buying stake in the private bank. Both industrialists have reportedly initiated interest in buying as much as 5% stake in the cash-crunched lender, that currently stand amid a capital raising exercise.

The clarification issued by the bank today said, “The Bank in the usual and ordinary course of its business continues to explore various means of raising capital/funds through issuance of securities to diverse set of investors in order to meet its business and regulatory requirements, subject to compliance with prescribed procedures and receipt of statutory and regulatory approvals.”



 

Sector update

Sectorally, all sectors traded in the green except media, with over 1% rise in PSU banking and metal scrips.