Share markets in India have extended early gains and are presently trading on a bullish note, tracking mixed global cues.
Asian peers edged higher driven by Wall Street's overnight tech-driven rally. US markets closed higher despite stalemate over fresh stimulus to support American citizens and businesses.
The BSE Sensex is trading up by 225 points, up 0.6%, at 38,250 levels.
Meanwhile, the NSE Nifty is trading up by 75 points.
ONGC and UltraTech Cement are among the top gainers today.
The BSE Mid Cap index is trading up by 0.8%.
The BSE Small Cap index is trading up by 1.1%.
On the sectoral front, gains are largely seen in the realty sector and automobile sector.
The rupee is trading at 74.83 against the US$.
Gold prices are trading up by 0.7% at Rs 53,660 per 10 grams.
In news from the energy sector, Petronet LNG is among the top buzzing stocks today.
Shares of the company rose 5% in early trade today after it reported better than expected earnings for the first quarter of fiscal 2021. Petronet LNG's net profit in Q1FY21 rose 33.9% to Rs 5 billion from Rs 3.7 billion in the previous quarter.
Profit before tax (PBT) for the company declined 19% year-on-year (YoY) to Rs 6.8 billion.
Total revenue during the quarter came in at Rs 49.5 billion, down 43% against Rs 87.2 billion in the corresponding period of the previous fiscal.
Operating performance improved sequentially as EBITDA rose 30.5% to Rs 9.1 billion from Rs 7 billion while EBITDA margin expanded by 1,050 bps to 18.6% from 8.1%, QoQ.
Brokerage firm Morgan Stanley is of the view that Petronet LNG's earnings beat was on better-than-expected volumes while the COVID impact on LNG imports was lower than estimated.
Last week, Petronet LNG said it invoked the force majeure on nine cargoes after the COVID-19 lockdown cut offtake by consumers. Petronet invoked the force majeure on eight liquefied natural gas (LNG) cargoes of Qatar and one from Exxon for loading from March to May.
Petronet LNG share price is presently trading up by 2.1%.
Moving on to news from the finance sector, shares of PNB Housing Finance zoomed as much as 11% today as the company's board is set to meet tomorrow to consider fundraising.
The housing financier, promoted by Punjab National Bank (PNB), had announced on August 14, 2020, that its board will meet on August 19 to consider fundraising.
Last month, PNB had announced that it will infuse up to Rs 6 billion in PNB Housing Finance through preferential issue/rights issue, etc. subject to regulatory approval as and when PNB Housing Finance decides to raise capital.
For Q1FY21, PNB Housing Finance reported a consolidated net profit of Rs 2.6 billion, down 9.6% year-on-year (YoY), mainly due to lower disbursement amid Covid-19 pandemic.
The company's net interest income also slipped 22% YoY to Rs 4.9 billion during the quarter, as against Rs 6.3 billion in the year-ago period.
PNB Housing Finance share price is presently trading up by 9.6%.
Speaking of the finance sector, note that the market crash impacted all stocks, but finance stocks took the worst hit.
Even as the Sensex has made a comeback to pre-COVID levels, the slowdown and asset quality concerns amid the moratorium extension is an overhang on the financial sector.
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