At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 31 points or 0.05% to 59,953.70. The Nifty 50 index was up 5.35 points or 0.03% to 17,862.60.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.97% while the S&P BSE Small-Cap index was up 0.2%.
The market breadth, indicating the overall health of the market turned positive. On the BSE, 1539 shares rose and 1496 shares fell. A total of 150 shares were unchanged.
Reappointment of RBI Governor:
The Government on Friday reappointed Shaktikanta Das as the Governor of Reserve Bank of India for three years beyond 10 December 2021. In an official statement, the government said, "The Appointments Committee of the Cabinet has approved the reappointment of Shaktikanta Das as RBI Governor for a period of three years beyond December 10, 2021 or until further orders, whichever is earlier. He had assumed charge as the governor of RBI effective 12 December 2018.
Results Today:
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Bharat Petroleum Corporation (up 0.01%), Dr Reddy's Laboratories (up 1.01%), Shree Cement (up 1.17%) and UPL (up 0.69%) are main index stocks that will announce their quarterly results today.
Apollo Tyres (up 1.22%), Bandhan Bank (up 0.44%), Bharat Electronics (down 0.57%), Cadila Healthcare (up 2.83%), Cholamandalam Investment And Finance (up 1.12%), Dixon Technologies India (down 0.77%), Escorts (up 0.73%), Exide Industries (up 1.22%), Gail India (up 2.34%), Oberoi Realty (up 2.35%), Shriram Transport Finance Company (down 0.21%), Steel Authority Of India (up 1%), Vedanta (up 3.02%), Voltas (up 4.38%), Adani Transmission (down 0.5%), Castrol India (down 0.07%), Indigo Paints (up 0.07%), Nazara Technologies (down 0.65%) and Sumitomo Chemical India (up 0.69%) are some of the companies that will announce their quarterly results today.
Buzzing Index:
The Nifty Media index gained 1.96% to 2,275.75, snapping its two day losing streak. The media index slipped 4.4% in two days.
Sun TV Network (up 4.12%), Dish TV (up 3.65%), Zee Entertainment Enterprises (up 3.57%), PVR (up 2.09%), Inox Leisure (up 0.98%), Network 18 (up 0.98%) and TV18 Broadcast (up 0.73%) were top gainers in media space.
Earnings Impact:
SBI Cards and Payment Services fell 4%. The company's consolidated net profit surged 67.30% to Rs 344.90 crore on a 6.67% increase in total revenue from operations to Rs 2,576.24 crore in Q2 FY22 over Q2 FY21, due to a higher income from fees and services during Q2 FY22. Finance costs decreased by Rs 10 crore, or 4% to Rs 254 crore during Q2 FY22 from Rs 264 crore for Q2 FY21. The total operating cost increased by Rs 277 crore, or 25% to Rs 1,383 crore in Q2 FY22 from Rs 1,106 crore in Q2 FY21, on account of higher business volumes in Q2 FY22. Earnings before credit costs stood at Rs 1,058 crore for Q2 FY22 over Rs 1,140 crore for Q2 FY21, recording a fall of 7.19% Y-o-Y. Impairment losses & bad debts expenses for Q2 FY22 stood at Rs 594 crore as compared to Rs 862 crore for Q2 FY21, registering a drop of 31.09% Y-o-Y. New accounts volume was at 9,53,000 in Q2 FY22, rising 39% as compared to 6,88,000 during Q2 FY21. Card-in-force grew 14% to 1.26 crore as of Q2 FY22 as against 1.10 crore as of Q2 FY21. Retail spends jumped 41% to Rs 35,070 crore in Q2 FY22 over Rs 24,863 crore in Q2 FY21. Corporate spends surged 80% to Rs 8,491 crore in Q2 FY22 from Rs 4,728 crore in Q2 FY21. Receivables grew 12% to Rs 26,741 crore as of Q2 FY22 as against Rs 23,978 crore as of Q2 FY21.
GMM Pfaudler rose 1.43% after the company's consolidated net profit rose 28.82% to Rs 34.60 crore on 247.51% increase in net sales to Rs 647.24 crore in Q2 FY22 over Q2 FY21. Profit before tax (PBT) rose 65.89% to Rs 55.64 crore in Q2 FY22 over Q2 FY21. EBITDA jumped 138% YoY to Rs 94 crore during the quarter. The company's cost of raw material surged 193.03% year-on-year to Rs 236.21 crore. Employee expense soared 502.78% to Rs 173.30 in Q2 FY22 over Q2 FY21.
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