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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
21-Oct-2016     08:06

Market may edge lower in early trade

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 11.50 points at the opening bell.

In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks registered small losses yesterday, 20 October 2016, after a sharp fall in oil prices, while investors parsed through key US economic data, and digested a key European Central Bank (ECB) decision on interest rates.

As widely expected, ECB kept its policy rate unchanged after a meeting yesterday, 20 October 2016. Though ECB left its ultra-loose monetary policy unchanged, President Mario Draghi said the European region's central bank had left the door open to more monetary stimulus.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 7.30 crore yesterday, 20 October 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) purchased shares worth a net Rs 583.22 crore yesterday, 20 October 2016, as per provisional data.

Among corporate news, HCL Technologies is scheduled to announce Q2 September 2016 results today, 21 October 2016. ACC is scheduled to announce Q3 September 2016 results today, 21 October 2016.

Wipro is slated to announce Q2 September 2016 results today, 21 October 2016. The company after market hours yesterday, 20 October 2016 said it has signed a definitive agreement to acquire Appirio, a global cloud services company that creates next generation worker and customer experiences for a purchase consideration of $500 million. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to be closed in Q3 December 2016.

Reliance Industries' (RIL) net profit rose 17.91% to Rs 7704 crore on 0.64% increase in total income to Rs 66624 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 20 October 2016.

On a consolidated basis, RIL's net profit fell 22.9% to Rs 7206 crore on 9.6% increase in turnover to Rs 81651 crore in Q2 September 2016 over Q2 September 2015. Profit before depreciation, interest, and taxes (PBDIT) rose 24.8% to Rs 13551 crore in Q2 September 2016 over Q2 September 2015.

RIL said its turnover increased primarily on account of increase in volumes in refining, petrochemical and retail businesses.

RIL's revenue from the refining and marketing segment decreased by 0.4% to Rs60527 crore in Q2 September 2016 over Q2 September 2015. Segment earnings before interest and taxes (EBIT) rose 9.7% to Rs 5975 crore in Q2 September 2016 over Q2 September 2015, aided by stronger volumes and yield shifts to capture higher margins.

Gross Refining Margins (GRM) stood at $10.10 per barrel in Q2 September 2016, a tad lower than $10.60 per barrel in Q2 September 2015.

Revenue from the petrochemicals segment increased by 5.6% to Rs 22422 crore in Q2 September 2016 over Q2 September 2015, primarily due to increase in volumes of fiber intermediates and polyester products.

Revenues for organized retail business grew by 63% to Rs 8079 crore in Q2 September 2016 over Q2 September 2015. The increase in turnover was led by growth in digital, fashion & lifestyle and petroleum products. During the quarter, Reliance Retail added 59 stores across various store concepts and strengthened its distribution network for consumer electronics. As on 30th September 2016, Reliance Retail operated 3,442 stores across 679 cities with an area of over 13 million square feet.

Commenting on the results, Mukesh D. Ambani, chairman and managing director, RIL said that the company has achieved outstanding second quarter results with strong refining business performance and record petrochemicals segment earnings. Refining business sustained high profitability in a tough environment highlighting the company's exceptional refining assets, dynamic response to market trends and robust operations. Petrochemicals segment gained significantly from higher volumes, integration and supportive product margins. RIL's projects in the hydrocarbon chain are at advanced stages of mechanical completion and precommissioning activities. These projects will further strengthen the company's position as a leading operator in the energy and materials businesses. RIL is delighted and humbled by the enthusiastic adoption of Jio by India. Jio is built to empower every Indian with the power of data.

RIL's outstanding debt as on 30 September 2016 was Rs 189132 crore compared toRs 180388 crore as on 31 March 2016.

Cash and cash equivalents as on 30 September 2016 were at Rs 82533 crore compared to Rs 89966 crore as on 31 March 2016. These were in bank deposits, mutual funds, CDs and Government Bonds and other marketable securities.

Separately, RIL announced after market hours yesterday, 20 October 2016 that Reliance Jio Infocomm (RJIL) has received communication from Telecom Regulatory Authority of India (Trai) stating that the tariff plans offered by it are fully compliant with regulatory norms of IUC compliance, non-predatory and non-discriminatory. This clearly establishes the fact that all the tariffs offered by RJIL are in compliance with the prevailing regulations, RJIL said.

Banking, metal, telecom sector stocks and index heavyweight HDFC led modest gains for key benchmark indices yesterday, 20 October 2016. The Sensex had risen 145.47 points or 0.52% to settle at 28,129.84, its highest closing level since 5 October 2016.

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