Benchmark indices scaled record high levels as Union Budget euphoria continued. The Nifty scaled 14,750 mark and inched higher. At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 390.63 points or 0.78% at 50,189.66. The Nifty 50 index was up 126.70 points or 0.86% at 14,774.75.
The Sensex scaled record high of 50,231.39 while the Nifty recorded an all time high of 14,792.
The rally was broad based. The S&P BSE Mid-Cap index was up 1.26%. The S&P BSE Small-Cap index was up 1.21%.
The Union Budget 2021 unveiled on 1 February 2021 supported all the essential aspects of growth by an increase in government spending without an increase in indirect taxes. The Budget offered huge stimulus to infrastructure, capex, healthcare and boosted the credit flow by taking out the toxic assets of the banking system. Increased FDI limit in insurance improved the overall outlook of the sector.
In three trading days, the Sensex has zoomed 8.43% while the Nifty has advanced 8.37%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1303 shares rose and 604 shares fell. A total of 86 shares were unchanged.
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COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 10,38,51,556 with 22,52,034 deaths. India reported 160,057 active cases of COVID-19 infection and 154,596 deaths while 104,62,631 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Results Today:
Bharti Airtel was up 1.42% ahead of its Q3 result today.
Jubilant FoodWorks (up 0.65%), Adani Enterprises (up 1.82%), Adani Green Energy (down 0.58%), Apollo Tyres (up 0.9%), Astral Poly Technik (up 7.7%), Adani Total Gas (up 1.97%), Bajaj Consumer Care (up 3.16%), City Union Bank (down 0.5%), Deepak Fertilisers (up 2.09%), Hindustan Copper (down 1.24%), Ramco Systems (up 3.17%), SeQuent Scientific (up 1.58%), Thermax (down 1%), Ujjivan Small Finance Bank (up 2.18%) and VIP Industries (up 1.59%) will announce their quarterly earnings today.
New Listing:
Shares of Home First Finance Company India were trading at Rs 587.95 at 10:12 IST on the BSE, at a premium of 13.50% over the initial public offer price of Rs 518. The stock was listed at Rs 612.15, at a premium of 18.18% to the initial public offer (IPO) price. So far the stock hit a high of Rs 639.50 and low of Rs 581. On the BSE, 7.73 lakh shares were traded on the counter so far. The initial public offer (IPO) of Home First Finance Company India received bids for 41.64 crore shares as against 1.56 crore shares, according to the stock exchange data. The issue was subscribed 26.66 times.
Buzzing Index:
The Nifty IT index gained 1.33% to 25,786.20, rising for third consecutive trading session. The IT index has surged 4.6% in three trading days.
Coforge (up 3.35%), Mindtree (up 2.98%), Tech Mahindra (up 2.86%), Larsen Toubro Infotech (up 2.61%), Wipro (up 2%), Mphasis (up 1.79%) and Infosys (up 1.13%) were top gainers in IT segment.
Earnings Impact:
Tata Consumer Products gained 2.82%. On a consolidated basis, the company reported a 29% rise in net profit to Rs 237 crore on 23% increase in revenue from operations to Rs 3,070 crore in Q3 FY21 over Q3 FY20. The growth in revenue was driven by strong growth across India and International business. Sequential recovery continues for our out-of-home India businesses i.e. NourishCo & Tata Starbucks. On the segmental front, total branded business revenue rose by 26% to Rs 2,832 crore while the non branded business revenue increased by 4% to Rs 246 crore in Q3 December 2020 over Q3 December 2019. In the Branded business, the growth was led by India Beverages (up 46% YoY), followed by India Foods (up 19% YoY) and International Beverages (up 9% YoY). EBITDA for the quarter is up 12% year-on-year (YoY) to Rs 365 crore, primarily driven by strong profit delivery in International & India Foods business which more than offset the adverse impact of tea inflation in India beverages business. EBITDA margin was at 11.9% as on 31 December 2020, lower than 13.1% as on 31 December 2019.
Ajanta Pharma spurted 5.27% to Rs 1,838.15 after consolidated net profit soared 64.2% to Rs 176.63 crore on 15% increase in net sales to Rs 748.74 crore in Q3 December 2020 over Q3 December 2019. Consolidated profit before tax (PBT) jumped 23.1% to Rs 215.47 crore in Q3 December 2020 as against Rs 175.10 crore in Q3 December 2019. Consolidated EBITDA grew 30% Y-o-Y (year-on-year) to Rs 242 crore in Q3 FY21 as against Q3 FY20, which was 32% of revenue from operations. The Q3 FY21 India sales surged 13% to Rs 220 crore as against Rs 195 crore in Q3 FY20. The Q3 FY21 total export sales stood at Rs 524 crore over Rs 448 crore in Q3 FY20, recording a growth of 17% Y-o-Y.
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