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Budget News

  • Barometers trade in range; European shares open in green
  • April 26,2022  13:40
  • The benchmark indices traded in a range during afternoon trade, amid firmness in index pivotal. All the sectoral indices on the NSE were in the green. The Nifty index hovered above 17,100 level.

    At 13:30 IST, the barometer index, S&P BSE Sensex surged 545.74 points or 0.96% at 57,125.63. The Nifty 50 index jumped 173.10 points or 1.02% at 17,127.05.

    The S&P BSE Mid-Cap index gained 1.38%. The S&P BSE Small-Cap index added 0.72%.

    The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,970 shares rose while 1,356 shares fell. A total of 118 shares were unchanged.

    As per reports, the much-awaited initial public offering of the Life Insurance Corporation of India (LIC) is likely to open on 4 May 2022 and close on 9 May 2022. The government is likely to price LIC IPO at Rs 950-1,000 per share. By seeking Rs 21,000 crore from the proposed IPO, the government targets a valuation of Rs 6 lakh crore for the insurer.

    COVID-19 Update:

    India recorded 2,483 new COVID-19 infections as of Tuesday, slightly lower than the previous day's 2,541 cases. The active cases also dipped to 15,636 from 16,522, while the positivity rate declined to 0.55%.

    The country reported 1,399 COVID-related deaths. Of these, 1,347 were reported from Assam to reflect the number of COVID-positive patients who died due to other reasons, the Union Ministry of Health said. The state reported zero COVID-related deaths in the last 24 hours, it added. Similarly, the 47 deaths reported in Kerala were based on reconciled figures.

    Gainers & Losers:

    Mahindra & Mahindra (M&M) (up 4.24%), Hero MotoCorp (up 4.16%), Bajaj Auto (up 3.65%), Adani Ports & Special Economic Zones (APSEZ) (up 3.54%) and Tata Consumer Products (up 3.06%) were the top Nifty gainers.

    Oil & Natural Gas Corporation (ONGC) (down 2.18%), Hindalco Industries (down 1.03%), Asian Paints (down 0.62%), Maruti Suzuki India (down 0.61%) and Apollo Hospitals Enterprise (down 0.40%) were the top Nifty losers.

    Stocks in Spotlight:

    Mahindra CIE Automotive surged 14.92%. The company's consolidated net profit surged to Rs 161.4 crore in Q1 CY2022 from Rs 10.1 crore in Q1 CY2021. Revenue from operations increased by 18.2% year on year to Rs 2,588.4 crore in Q4 FY22 over Q4 FY21. EBITDA improved by 1% to Rs 3,079 crore in Q1 CY2022 from Rs 3,062 crore in Q1 CY2021. EBITDA margin was 12.6% in Q1 CY2022 as against 14.7% in Q1 CY2021.

    Tatva Chintan Pharma Chem dropped 7.81%. The company's consolidated net profit declined 17.09% to Rs 17.51 crore on 9.33% decline in net sales to Rs 98.53 crore in Q4 March 2022 over Q4 March 2021. EBITDA declined 18% to Rs 22.3 crore in Q4 March 2022 over Q4 March 2021. EBIDTA margin for the quarter was at 23% in Q4 FY22 as against 25% in Q4 FY21. Profit before tax (PBT) fell 22% year-on-year to Rs 18.98 crore during the quarter.

    Eveready Industries India rose 0.20%. The company eported a standalone net loss of Rs 38.40 crore in Q4 FY22 as against a net loss of Rs 441.20 crore in Q4 FY22 over Q4 FY21. Operating income during the quarter declined by 12% YoY to Rs 241.24 crore. The company reported a negative operating EBIDTA of Rs 35.61 crore in Q4 FY22. It had recorded an operating EBIDTA of Rs 40.99 crore in Q4 FY21. Pre-tax loss in the fourth quarter was Rs 52.17 crore as against a loss of Rs 636.70 crore reported in the same period last year.

    Global Markets:

    European stocks opened higher on Tuesday as market sentiment rallied after a sell-off in regional markets at the start of the week. The higher open in Europe comes after Chinese stocks reversed early declines on Tuesday after plunging the previous day, despite COVID-19 fears in China as Beijing expands mass testing.

    Asian markets closed mixed on Tuesday. China's coronavirus outbreak worsened as rising cases in Beijing sparked jitters about an unprecedented lockdown of the capital.

    Wall Street rose on Monday, with the Nasdaq ending sharply higher after Twitter agreed to be bought by billionaire Elon Musk, sparking a late day rally in growth stocks. Twitter jumped roughly 5.7% after the social media company announced it accepted billionaire Elon Musk's buyout deal valued at about $44 billion.

    Crypto Market:

    Among the popular crypto currencies, Doge Coin (Doge) (up 29.81%), Ethereum (ETH) (up 6.39%), Bitcoin (BTC) (up 5.08%) and Binance Coin (BNB) (up 4.80%) surged.

    However, Tether (USDT) (down 0.48%) declined.

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