Sensex Trades Marginally Lower; Axis Bank & Infosys Top Losers

In a regulatory filing, the company said that it had successfully transitioned to BS-VI and almost 85% of the vehicles it dispatched during the quarter were BS VI products.

In other news, Ceat share price is witnessing buying interest today.

Shares of the company gained 6% after the tire manufacturer's standalone operating performance improved during the March quarter despite subdued demand amid the Covid-19 outbreak.

Ceat reported a 19.6% decline in its consolidated net profit at Rs 517.2 million for Q4FY20, as against a net profit of Rs 643.2 million in the year-ago period.

The company's revenue from operations declined to Rs 15.7 billion during the quarter under review.

For the financial year FY19-20, revenue declined to Rs 67.8 billion as against Rs 69.8 billion in 2018-19.

On a consolidated basis, the company's EBITDA for FY20 was Rs 7.4 billion, up 12% compared to previous fiscal, while EBITDA margin expanded by 340 bps YoY to 12.9%.

Buying interest is also seen as the company on May 27 said that it has partially resumed operation at various plants in Mumbai.

Moving on to news from the commodity space, crude oil prices edged lower today after US inventory data showed lackluster fuel demand in the world's largest oil consumer while worsening US-China tensions weighed on global financial markets.

Thursday's data from the Energy Information Administration (EIA) showed that US crude oil and distillate inventories rose sharply last week.

Reports state that fuel demand remained slack even as various states lifted travel restrictions they had imposed to curb the coronavirus pandemic.

At the time of writing, Brent crude was trading down by 1% at US$ 34.93 a barrel. Meanwhile, US West Texas Intermediate crude was trading down by 1.5% at US$ 33.20 a barrel.

Despite today's loss, both contracts are set for a fifth weekly gain, helped by production cuts and optimism about demand recovery in other countries.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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