Sensex Trades Higher; HUL & Kotak Mahindra Bank Top Gainers

Share markets in India are presently trading on a strong note tracking higher global equity markets.

Benchmark indices edged higher, tracking gains in Asian peers amid hopes that the worst of the coronavirus outbreak in China may have passed.

Sectoral indices are trading mixed with stocks in the FMCG sector and IT sector witnessing buying interest, while realty stocks are witnessing selling pressure.

The BSE Sensex is trading up by 327 points while the NSE Nifty is trading up by 89 points. The BSE Mid Cap index and the BSE Small Cap index are trading down by 0.2%.

The rupee is trading at 71.25 against the US$.

In news from the engineering sector, shares of graphite electrode manufacturer HEG slipped over 13% today after the company reported poor set of financial numbers for the quarter ended December 31, 2019 (Q3FY20).

The company reported consolidated loss of Rs 12.3 million for the quarter under review against Rs 4,446 million profit registered in the year-ago period.

Total revenue declined 78% year-on-year (YoY) to Rs 4,209.7 million.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 99.6% to Rs 47 million while margin stood at 1.2% against 70.4% in the year-ago period.

Segment-wise, revenue from graphite vertical stood at Rs 3.9 billion, down 79% YoY. Power generated revenue of Rs 65.6 million, down 81% YoY.

The company also announced dividend of Rs 25 per share.

HEG share price is presently trading down by 12.7%.

Moving on, in latest developments from the IPO space, the markets regulator has given its approval for the initial public offer (IPO) of SBI Cards and Payment Services, the cards unit of the State Bank of India (SBI).

As per a leading financial daily, the IPO is likely to hit the market towards the end of this month. The company may raise Rs 90 billion to Rs 100 billion.

According to the DRHP filed last year, the company will offer up to 130,526,798 equity shares via offer for sale (OFS) route.

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