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Budget News

  • Bank Nifty soars 768 points; Broader market underperforms
  • August 04,2021  11:32
  • The main indices traded sideways near the record high level in mid morning trade. The Nifty surpassed 16,250 level with ease to hit an all-time high of 16,278.95. Banks and financial stocks saw heavy demand while FMCG and IT shares came under pressure. Meanwhile, the Sensex scaled record high of 54,385.83.

    At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 503.27 points or 0.94% at 54,326.63. The Nifty 50 index gained 122 points or 0.76% at 16,252.40.

    The broader market underperformed the frontliners with the BSE Mid Cap falling 0.16% and BSE Small Cap trading 0.04% lower.

    The market breadth, indicating the overall health of the market, was almost even. On the BSE, 1517 shares rose and 1538 shares fell. A total of 133 shares were unchanged.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 199,523,213 with 4,245,626 global deaths.

    India reported 410,353 active cases of COVID-19 infection and 425,757 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

    RBI MPC Meet:

    The Reserve Bank of India (RBI) is set to begin its three-day meet to decide key monetary policy rates on Wednesday. The central bank will announce its bi-monthly monetary policy review on Friday, at the end of the meeting.

    Economy:

    IHS Markit India Services PMI came at 45.4 in July 2021. The index was in contraction territory for the third month in a row. However, the index rose from 41.2 posted in June. Panel members that reported lower output cited subdued demand conditions amid the COVID-19 crisis.

    Commenting on the latest survey results, Pollyanna De Lima, economics associate director at IHS Markit said, The current COVID-19 environment continued to weigh on the performance of the service sector that is so crucial to the Indian economy. July data was somewhat disappointing, with incoming new business and output falling solidly over the month, but there was at least a slowdown in rates of contraction. Uncertainty over when the pandemic will end, as well as concerns about inflationary pressures and financial troubles, dampened business confidence in July. Service providers were pessimistic towards the outlook for business activity for the first time in a year. Downbeat assessments and ongoing declines in new work caused another round of job shedding in the service sector. The subdued performance of services more than offset a rebound across manufacturing, causing further contractions in private sector sales, output and employment. Rates of reduction eased noticeably from June, however.

    Buzzing Index:

    The Nifty Bank index soared 768 points or 2.18% to 35,975.95, rising for second trading session. The banking index has added 4% in two days.

    ICICI Bank (up 3.36%), AU Small Finance Bank (up 2.57%), Kotak Mahindra Bank (up 2.5%), IndusInd Bank (up 2.39%), HDFC Bank (up 2.33%), Axis Bank (up 2.25%) and Bandhan Bank (up 1%) were top gainers in banking space.

    Earnings Impact:

    Kalpataru Power declined 0.1%. On a consolidated basis, the company's net profit soared 178.57% to Rs 78 crore on a 37.51% jump in revenue from operations to Rs 3,204 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21). Consolidated profit before tax surged 135.18% to Rs 127 crore in Q1 FY22 as against Rs 54 crore in Q1 FY21. EBITDA grew 10% Y-o-Y (year-on-year) to Rs 297 crore with margins at 9.3%. The EBITDA margin remained low as compared to last year due to divestment of T&D SPVs, as well on account of increase in commodity prices, COVID-19 related expenses and higher logistics cost. Consolidated order book stood at Rs 29,313 crore as on 30 June 2020 (L1 of Rs 5,050 crore). The order inflows were at Rs 5,524 crore till date in FY22 driven by T&D, B&F, Urban Infra and Water business.

    Dhampur Sugar Mills lost 2.66% to Rs 336.10 after the company's consolidated net profit slid 20.47% to Rs 43.58 crore on a 19.85% decline in total revenue from operations to Rs 883.70 crore in Q1 FY22 over Q1 FY21. Consolidated profit before tax dropped 16.73% to Rs 59.90 crore in Q1 FY22 as against Rs 71.94 crore in Q1 FY21. Meanwhile, Dhampur Sugar Mills approved the expansion of sugar units capacity by 1,500 Tonnes Crushing per Day (TCD) each at Asmoli unit from 9,000 TCD (90% existing capacity utilisation) to 10,500 TCD for a total investment of Rs 20 crore and Meerganj unit from 5,000 TCD (92% existing capacity utilisation) to 6,500 TCD for total investment of Rs 12.45 crore. With the proposed expansion, the total capacity of Dhampur Sugar Mills will stand augmented from 45,500 TCD to 48,500 TCD.

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