As per the provisional closing data, the barometer index, the S&P BSE Sensex, rose 97.70 points or 0.19% at 51,115.32. The Nifty 50 index gained 36.40 points or 0.24% at 15,337.45. Trading was volatile as the May 2021 F&O contracts expired today, 27 May 2021.
The broader indices outperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.54% while the S&P BSE Small-Cap index added 0.34%.
Buyers outpaced sellers. On the BSE, 1,756 shares rose and 1,364 shares fell. A total of 144 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 241.60 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 438.59 crore in the Indian equity market on 26 May 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 16,84,17,658 with 34,98,557 deaths. India reported 24,19,907 active cases of COVID-19 infection and 3,15,235 deaths while 2,46,33,951 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India, in the last 24 hours, recorded 2,11,298 new COVID-19 cases. Tamil Nadu was the top contributor with 33,764 people testing positive for the virus, while Kerala saw 28,798 cases. Active cases decline to 24.19 lakh, a reduction of over 75,000 on Wednesday. However, the country also recorded 3,847 deaths reported on Wednesday. While Maharashtra witnessed 1,013 deaths, Karnataka saw 530 and Tamil Nadu 475.
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RBI Annual Report 2020-21:
The balance sheet size of RBI increased by 6.99% for the year ended 31 March 2021, mainly reflecting its liquidity and foreign exchange operations. From this year onwards, RBI has changed the accounting year to April - March from July-June earlier. Due to this transition, the accounting year 2020-21 was of nine months only, i.e., July 2020 - March 2021. Thus, data is for a period of nine months of 2020-21 compared with 12 months for the previous year.
The size of the balance sheet increased by Rs 3.73 lakh crore, or 6.99%, from Rs 53.35 lakh crore as on 30 June 2020 to Rs 57.08 lakh crore as on 31 March 2021. While income for the year decreased by 10.96%, the expenditure decreased by 63.10%. The year ended with an overall surplus of Rs 99,122 crore as against Rs 57,127.53 crore in the previous year, representing an increase of 73.51%.
Net income for the nine months stood at Rs 99,126 crore. The central bank said a provision of Rs 20,710.12 crore was made and transferred to the Contingency Fund. No provision was made towards the Asset Development Fund (ADF).
The larger surplus transfer came mostly on account of income earned from sales of foreign exchange. The central bank saw a 69% jump in earnings from foreign exchange transaction, which, together with a lower transfer to its contingency fund, allowed for a larger transfer of surplus to the Government.
Earnings Impact:
Page Industries rose 0.18%. The apparel maker reported a net profit to Rs 115.6 crore in Q4 FY21, steeply higher than Rs 31 crore in Q4 FY20. Revenue increased 63% year-on-year (YoY) to Rs 880.8 crore during the quarter. EBITDA surged 192% to Rs 169.8 crore in Q4 FY21 from Rs 58.1 crore in Q4 FY20. EBITDA margin was at 19% as on 31 March 2021 compared with 11% as on 31 March 2020. Profit before tax in the fourth quarter stood at Rs 152.6 crore as against Rs 43.2 crore in the same period last year.
Bharat Petroleum Corporation (BPCL) fell 0.7%. The PSU OMC reported a net profit of Rs 11,940.13 crore in Q4 FY21 as against a net loss of Rs 1,361.01 crore in Q4 FY20. Net sales during the quarter increased 11.4% year-on-year (YoY) to Rs 76,882.32 crore. The corporation recorded an exceptional gain of Rs 6,992.95 crore during the quarter ended 31 March 2021. Exceptional items for Q4 FY21 include employee share-based expenses, gain on sale of investment in subsidiary and impairment of investment in subsidiary. The corporation had incurred an exceptional expense of Rs 1,080.83 crore in the same period last year, on account of write down of inventory. The corporation reported a pre-tax profit of Rs 12,237.44 crore in Q4 FY21 as against a pre-tax loss of Rs 2,068.87 crore in Q4 FY20. The corporation's gross refining margins (GRMs) for FY21 stood at $4.06 per barrel as against $2.50 per barrel for FY20.
BPCL has recommended a final dividend of Rs 58 per share, which includes a one-time special dividend of Rs 35 and interim dividend of Rs 21 per share.
Cummins India fell nearly 4%. The company reported a 57% jump in net profit to Rs 185.69 crore on 19.2% rise in net sales to Rs 1,230.86 crore in Q4 FY21 over Q4 FY20. The company said its domestic sales stood at Rs 976 crore in Q4 FY21, improving 26% year on year from Q4 FY20 and declining by 5% as compared preceding quarter. Export sales stood at Rs 255 crore in Q4 FY21. Exports declined by 1% as compared to the same quarter last year and declined by 32% as compared to the preceding quarter. Standalone profit before tax (after exceptional items) stood at Rs 245 crore in Q4 FY21, up 109% over Rs 117 crore in Q4 FY20.
Burger King India declined 2.91%. On a standalone basis, the company's net loss stood at Rs 25.94 crore in Q4 FY21 compared with net loss of Rs 37.41 crore in Q4 FY20. Net sales rose 2.6% to Rs 196.05 crore in Q4 FY21 over Q4 FY20. Pre-tax loss stood at Rs 25.94 crore in Q4 FY21, lower than pre-tax loss of Rs 37.41 crore in Q4 FY20. Restaurant EBITDA slipped 1.8% to Rs 14.11 crore in Q4 March 2021 as compared to Rs 14.37 crore in Q4 March 2020. The Restaurant EBITDA was driven by gross margin improvement and operating cost optimisations. Restaurant EBITDA margin was at 7.2% in Q4 FY21 over 8.8% in Q4 FY20. Reported EBITDA grew 2.1% to Rs 24.59 crore in Q4 March 2021 as against Rs 24.09 crore in Q4 March 2020. Reported EBITDA margin stood at 12.5% in Q4 FY21 over 14.8% in Q4 FY20.
Pfizer slipped 2.59% after the company's net profit fell 2.4% to Rs 100.55 crore on 6.5% rise in net sales to Rs 534.76 crore in Q4 March 2021 over Q4 March 2020. Profit before tax jumped 8.4% to Rs 132.09 crore in Q4 FY21 as against Rs 121.90 crore in Q3 FY21. The board of Pfizer has recommended a normal dividend of Rs 30 per equity share and a special dividend of Rs 5 per equity share for the year ended 31 March 2021. During the current quarter, the company completed the wind down activities for its consumer healthcare business consisting of two brands - Anacin and Anne French. The compensation of Rs 27.5 crore derived based on the fair value of Pfizer Consumer Healthcare Products as determined by the independent valuers along with the incremental wind down cost of Rs 11.6 crore will be received by the company.
Gabriel India advanced 1.86% after the company's net profit rose 4.8% to Rs 27.69 crore on 36.8% increase in net sales to Rs 580.73 crore in Q4 March 2021 over Q4 March 2020. Profit before tax soared 82.1% to Rs 40.67 crore in Q4 FY21 as against Rs 22.34 crore in Q4 FY20. EBITDA grew 49% to Rs 49.30 crore in Q4 FY21 as against Rs 33.10 crore over the same period last year. EBITDA margin improved to 8.5% in Q4 March 2021 from 7.8% in Q4 March 2020.
FDC dropped 5.7% after the company's consolidated net profit skid 16.3% to Rs 46.76 crore on 6% decline in net sales to Rs 313.40 crore in Q4 March 2021 over Q4 March 2020. Profit before tax slipped 5.1% to Rs 53.85 crore in Q4 FY21 as against Rs 56.73 crore in Q4 FY20.
Global Markets:
Most European shares were trading lower while Asian markets closed on a mixed note, as investors reacted to the release of Chinese industrial profits data for April.
Earnings at China's industrial firms grew at a slower pace in April. Profits at China's industrial firms rose 57% year-on-year in April to 768.63 billion yuan ($120.22 billion), down from year-on-year growth of 92.3% in March, data from the National Bureau of Statistics (NBS) showed on Thursday.
US stocks closed out Wednesday's session with modest gains as recent comments from Federal Reserve officials helped tamp down concerns about runaway inflation. Shares of companies linked to a recovering economy gained.
The optimism on the economy comes as U.S. average daily Covid cases fall below 25,000 and as nearly half the U.S. population has received at least one vaccination dose.
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