A bronze bull statue stands at the entrance to the Bombay Stock Exchange (BSE) building in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty End At Record Highs On Strong Earnings Momentum

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Sensex, Nifty End At Record Highs On Strong Earnings Momentum

Indian equity benchmarks rose to record highs on strong earnings momentum showcased by the Indian companies in June quarter so far.

The S&P BSE Sensex rose 0.3 percent or 126 points to 36,985 and the NSE Nifty 50 index climbed 0.32 percent or 35 points to 11,167. Earlier in the day, the Sensex hit record high of 37,061.62 and Nifty surged to an all-time high of 11,186.

Thirteen out of 19 Nifty 50 companies, that have reported June quarter earnings, have either met or exceeded Bloomberg consensus estimates.

Meanwhile, gains in today’s session were led by financial heavyweights ICICI Bank, State Bank of India, HDFC twins and Axis Bank.

Seven out of 11 sector gauges compiled by National Stock Exchange ended higher led by the Nifty PSU Bank index’s 5.4 percent gain. On the other hand, the Nifty Metal index was top loser, down 0.8 percent.

Dr. Reddy's Labs Surges On Q1 Profit Beat

Shares of the Hyderabad-based drugmaker rose as much as 5 percent to Rs 2,191 after its net profit beat Bloomberg consensus estimates in June quarter.

Key earnings highlights:

  • Net profit rose 7.7 times to Rs 456 crore versus estimate of Rs 290 crore.
  • Revenue up 12.18 percent at Rs 3,720 crore versus estimate of Rs 3,504 crore.
  • Ebitda up 2.4 times at Rs 807 crore versus Rs 336 crore (YoY)
  • Margin at 21.7 percent versus 10.1 percent (YoY)
  • Revenue from emerging markets at Rs 660 crore, up 16 percent
  • Europe revenue at Rs 200 crore, down 3 percent (YoY)
  • Russia revenue at Rs 380 crore, up 9 percent (YoY)
  • North America revenue at Rs 1,590 crore, up 6 percent (YoY)
Sensex, Nifty End At Record Highs On Strong Earnings Momentum

Bloomberg Exclusive: SEC Is Said To Query ICICI Bank On Governance, Accounting

The U.S. Securities and Exchange Commission has sought details from India’s ICICI Bank Ltd. on its accounting and corporate governance practices, people familiar

with the matter said.

The SEC’s queries center on ICICI’s dealings with certain borrowers under Chief Executive Officer Chanda Kochhar and whether there had been misrepresentations in the bank’s accounting, the people said, asking not to be named.

Idea Holds Gains After Government Gives Final Approval To Vodafone-Idea Merger

Shares of the country’s third biggest wireless telecom service provider held on to gains and rose 1.7 percent to Rs 55.90 after a Mint report suggested that government gave its final approval to the Idea-Vodafone merger.

Telecommunications department has given final approval for the merger as they have paid the required dues, the newspaper reported citing an unknown senior official from the DoT.