NIFTY| NSE | BSE | SENSEX | STOCK |MARKET LIVE |SHARE MARKET LIVE |INDIAN STOCK LIVE |NIFTY LIVE | UPDATES JULY 29 2020
The Indian benchmark indices, Sensex and Nifty traded lower on Wednesday afternoon dragged by selling in IT and auto stocks. Mixed global cues trend pressurized the markets as investors await the US Federal Reserve’s interest rate decision. Broader indices, Nifty Midcap and Nifty Smallcap outperformed the benchmarks, gaining 0.8 and 1.02 percent each.
For Q2CY20, Nestle India (NIL) has reported better than expected results both on the top-line and bottom-line front. Top-line grew by 2% to Rs 3,050 crore. Top-line was negatively impacted mainly due COVID-19 lockdown. On the operating front, the company reported margins improvement (up 75 bps YoY at 24.5%) mainly due to lower other expenditure. On the bottom-line front, NIL reported growth of 11% YoY to Rs 487 crore due to healthy operating performance and lower taxes. Considering NIL’s strong product portfolio coupled with strong brand and market leadership position, we are positive on stock.