Falling Crude Oil Imports, June Quarter Results, and Top Cues in Focus Today

Thu, 25 Jul Pre-Open

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Share markets in India witnessed selling pressure throughout the day yesterday and ended marginally lower.

Barring FMCG sector, all sectoral indices ended on a negative note with metal stocks, automobile stocks, and oil & gas stocks witnessing maximum selling pressure.

At the closing bell yesterday, the BSE Sensex stood lower by 135 points and the NSE Nifty closed down by 60 points. The BSE Mid Cap index ended the day down 1.5%, while the BSE Small Cap index ended the day down by 1.2%.

Top Stocks in Focus Today

From the pharma sector, Dr. Reddy's Laboratories share price will be in focus today as the company has launched Ramelteon Tablets, 8 mg, approved by the US Food and Drug Administration (USFDA).

Market participants will be tracking Oberoi Realty share price, Bharti Infratel share price, and Asian Paints share price as these companies announced their June quarter (Q1FY20) results yesterday.

You can read our recently released Q1FY20 results: TVS Motors, Jyothy Labs, DCM Shriram, United Spirits.

June Quarter Results

M&M Financial Services reported a sharp 75% year on year (YoY) decline in its standalone net profit at Rs 680 million in Q1FY20, due to higher provisioning for stressed assets. The company had posted profit of Rs 2690 million in the year-ago quarter.

Shares of the company tanked 15%, to Rs 289 per share on back of the above news and were trading at their lowest level since March 2017.

Net interest income (NII) during the quarter grew 17% YoY to Rs 12.7 billion from Rs 10.8 billion in the corresponding quarter of the previous fiscal. The provisioning more than doubled from Rs 2.9 billion to Rs 6.2 billion during the June quarter.

Gross non-performing assets (GNPA) ratio came in at 5.7% for Q1FY20, up by about 90 basis points from 4.8% in March 2019 quarter. GNPA for the year-ago period was 6.3%.

Net NPAs rose to 7.4% during the quarter from 5.9& in the previous quarter. Asset quality for the automotive and tractors finance improved on an annual basis but deteriorated sequentially.

From the pharma sector, Torrent Pharma reported a rise of 82.8% in its net profit at Rs 2.2 billion for the quarter under review as compared to Rs 1.2 billion for the same quarter in the previous year.

Total income of the company increased by 10% at Rs 16.3 billion for Q1FY20 as compared Rs 14.9 billion for the corresponding quarter previous year.

Indian Crude Oil Imports Fall in June

As per the latest data released by the government, India's June crude oil imports fell 13.4% from a year earlier to their lowest since February 2017.

Crude imports into the world's third-biggest oil importer fell to 16.9 million tonnes, which was also a more than 10% drop from May's 18.9 million tonnes.

June's decline came amid the loss of Iranian oil supplies as Washington tightened sanctions on Tehran.

In April, Trump administration had said it would not renew exemptions granted last year to buyers of Iranian oil. India through May was Iran's second-biggest oil customer after China.

Meanwhile, imports of oil products surged by about 20.4% from a year earlier, while year-on-year exports slipped 11.4% last month, the data showed.

Diesel exports climbed nearly 6% to 2.22 million tonnes in June month-on-month, though they were down 9.4% from a year earlier, due to weaker demand in the domestic sector due to the monsoon season.

Monsoon rains typically reduce the need for diesel used in irrigation pumps, which typically ramps up exports of the fuel.

India's strong diesel demand growth is likely to decouple from the car market as motorists increasingly turn to gasoline vehicles, leaving it more reliant on patchy demand from construction and heavy industry.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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