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Budget News

  • Sensex, Nifty end with minor cuts; metal stocks decline for fourth day
  • October 22,2021  15:40
  • The domestic equity benchmarks ended with minor cuts after a volatile session on Friday. The Nifty closed below the 18,150 mark. Metals, IT, pharma, healthcare, auto and FMCG declined while banks, financials and realty stocks outperformed.

    As per provisional closing data, the barometer index, the S&P BSE Sensex, dropped 101.88 points or 0.17% to 60,821.62. The Nifty 50 index lost 63.20 points or 0.35% to 18,114.90.

    Sentiment took a hit after the media reported that China has started shutting down schools, cancelling hundreds of flights and ramping up mass testings following a new outbreak of Covid-19.

    The broader market tumbled. The S&P BSE Mid-Cap index slipped 0.97%. The S&P BSE Small-Cap index shed 1.20%.

    Sellers outnumbered buyers. On the BSE, 1327 shares rose and 1967 shares fell. A total of 154 shares were unchanged.

    Buzzing Index:

    The Nifty Metal index declined 2.79% to 5,704.75, extending losses for fourth day in a row. The index has declined by 8.77% in four sessions.

    Vedanta (down 7.26%), Hindustan Copper (down 4.97%), National Aluminum Co. (down 4.51%), Hindalco Industries (down 4.38%), Coal India (down 3.56%) and Adani Enterprises (down 3.11%) edged lower.

    Further, NMDC (down 2.26%), Ratnamani Metals Tubes (down 2.07%), Jindal Steel & Power (down 1.78%), SAIL (down 1.52%), Tata Steel (down 1.19%) and JSW Steel (down 0.65%) declined while Welspun Corp (up 4.44%) outperformed.

    Hindustan Zinc slumped 5.95% to Rs 322.30. The company reported 4% rise in net profit to Rs 2,017 crore on a 8% increase in sales to Rs 6,122 crore in Q2 FY22 over Q2 FY21.While the company's net profit has risen by 2%, sales have declined by 6% in Q2 FY22 as compared with Q1 FY22.

    Stocks in Spotlight:

    HDFC Life Insurance Company shed 0.13% to Rs 694. The company reported a 16% fall in standalone net profit to Rs 274.16 crore in Q2 FY22 as compared to Rs 326.09 crore posted in Q2 FY21. Net premium income during increased by nearly 14% year on year to Rs 11,443.96 crore.

    JSW Steel fell 1.98% to Rs 664.80. The company reported a 350% year-on-year (Y-o-Y) jump in consolidated net profit to post its highest quarterly profit of Rs 7,179 crore for the second quarter ending 30 September. The company also reported its highest-ever quarterly revenue from operations at Rs 32,503 crore for the quarter, against Rs 19,264 crore a year ago.

    TVS Motor Company jumped 7.11% to Rs 618.10. The company posted a consolidated net profit of Rs 234.37 crore in Q2 FY22 over net profit of Rs 181.41 crore in Q2 FY21. Total income rose to Rs 6,491.18 crore for the second quarter as compared to Rs 5,269.59 in the year-ago period.

    ICICI Lombard General Insurance Company shed 0.38% to Rs 1,499.75. The company's net profit rose 7.44% to Rs 446.67 crore in the quarter ended September 2021 as against Rs 415.74 crore during the previous quarter ended September 2020. Sales rose 31.99% to Rs 3250.29 crore in the quarter ended September 2021 as against Rs 2462.52 crore during the previous quarter ended September 2020.

    Reliance Industries (RIL) rose 0.14% at Rs 2,626.30. Shareholders of RIL have approved appointment of His Excellency Yasir Othman H. Al Rumayyan as an independent director of the company for three years. Yasir bin Othman Al-Rumayyan is governor of the Public Investment Fund (PIF), the sovereign wealth fund of the Kingdom of Saudi Arabia, and the chairman of Saudi Aramco.

    RIL board will consider Q2 September 2021 results today, 22 October 2021.

    Yes Bank declined 4.47% at Rs 13.68. The bank's net profit rose 74.31% to Rs 225.50 crore on 7.06% decline in total income to Rs 5430.30 crore in Q2 September 2021 over Q2 September 2020.

    Net interest income (NII) for the quarter ended 30 September 2021 fell 23.4% to Rs 1,512 crore from Rs 1,973 crore for the quarter ended 30 September 2020. NII rose 7.9% QoQ from Rs 1,402 crore in Q1 June 2021. NIM stood at 2.2% as on Q2 September 2021 as against 2.1% as on 30 June 2021 and 3.1% as on Q2 September 2020.

    Yes Bank saw gross slippages worth Rs 1,783 crore, including Rs 750-crore corporate loans. The bank said it has made prudent provisioning of about Rs 336 crore on a single telecom exposure. Aggregate coverage stood at about 10%.

    As of 30 September 2021, the bank had restructured loans worth Rs 4,621.74 crore under the Reserve Bank of India's first Covid window announced on 6 August 2020. Of these, Rs 421.01 crore worth of loans slipped into the non-performing category. Most of the loans restructured under the first window belonged to corporate borrowers.

    IndiaMART InterMESH tumbled 5.78% to Rs 8,069.55. The company posted a 18% rise in consolidated net profit to Rs 82 crore on a 12% increase in net sales to Rs 182 crore in Q2 FY22 over Q2 FY21. On a sequential basis, the company posted a 7% fall in net profit on a 0.4% increase in net sales in Q2 FY22 over Q1 FY22.

    IndiaMART registered a traffic growth 10% year on year with 284 million in Q2 FY22 as compared to 259 million in Q2 FY21. Unique business enquiries stood at grew to 6.7 million, an increase of 7% YoY and paying subscription suppliers grew to 150 thousand, a growth of 6%.

    Mphasis dropped 4.19% to Rs 3,254.30. The company's consolidated net profit rose 0.52% to Rs 341.45 crore on a 6.62% increase in revenue from operations to Rs 2,869.22 crore in Q2 FY22 over Q1 FY22.

    VST Industries fell 2.77% to Rs 3,452.65. The company's standalone net profit fell 9.78% to Rs 79.88 crore on a 8.61% decline in total revenue from operations to Rs 360.86 crore in Q2 FY22 over Q2 FY21.

    The operating performance got impacted due to challenging situation after the outbreak of second COVID-19 wave that led to sudden lockdown announcements in various states. As situation continues to improve and the economic activities are get normalized rapidly and lockdown restrictions being lifted significantly, the forthcoming business quarters are expected to see improved operating performance, the company said.

    Indian Hotels Company declined 4.42% to Rs 204.50. The company reported consolidated net loss of Rs 120.58 crore in Q2 September 2021 lower than net loss of Rs 230.01 crore in Q2 September 2020. Net sales surged 183.78% to Rs 728.37 crore in Q2 September 2021 over Q2 September 2020.

    The company's board approved Rs 4000 crore of fund raising: Rs 2000 crore will be raised by way of rights issue and additional Rs 2000 crore through QIP, subject to receipt of requisite approvals.

    Container Corporation of India (CONCOR) added 2.14% to Rs 678.60. The company reported a 37.4% increase in company's consolidated net profit to Rs 253.72 crore in Q2 FY22 as compared to Rs 184.62 crore posted in Q2 FY21. Net sales for Q2 FY22 stood at Rs 1,837 crore, rising 21.7% year on year from Rs 1,509 crore posted in Q2 FY21.

    Zee Entertainment Enterprises fell 3.86% to Rs 308.65. According to the media reports, the Bombay High Court on Thursday asked the media company to call an extraordinary general meeting (EGM) as requisitioned by shareholders Invesco Developing Market Funds and OFI Global China Fund.

    Tanla Plaforms was locked in an upper circuit of 5% at Rs 1,062.5 after the IT software company posted a 67% increase in net profit to Rs 136.17 crore on a 44.3% rise in net sales to Rs 841.62 crore in Q2 FY22 over Q2 FY21. The company's customer base expanded with addition of 87 new customers. Revenues from >Rs 10 million+ customers grew by 46% year-over-year.

    Macrotech Developers advanced 1.93% to Rs 1,047. The real estate developer posted a consolidated net profit of Rs 223.36 crore in Q2 FY22 as compared to a net loss of Rs 362.58 crore posted in Q2 FY21. The realty major Lodha Group, listed as Macrotech Developers posted a 135% jump in net sales to Rs 2,123 crore in Q2 FY22 as compared to Rs 900.76 crore posted in Q2 FY21.

    In a separate filing, the company said that its board has approved the proposal of raising of funds by way of further issuance of securities through any of the permissible modes (in one or more tranches), for an aggregate amount not exceeding Rs 4000 crore.

    Global Markets:

    European stocks rallied across the board while Asian stocks ended mixed on Friday, as fears over the Chinese property market cooled, while investors monitored corporate earnings and key economic data.

    Shares of China Evergrande Group bounced in Hong Kong following media reports that the embattled developer is set to pay off a coupon payment on a dollar-denominated bond.

    In the US, the number of Americans applying for unemployment benefits fell last week to a new low point since the pandemic erupted. Unemployment claims dropped 6,000 to 290,000 last week, the third straight drop, the Labor Department said Thursday. That's the fewest people to apply for benefits since March 14, 2020, when the pandemic intensified.

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