As per the provisional closing data, the barometer index, the S&P BSE Sensex, fell 206.93 points or 0.34% at 61,143.33. The Nifty 50 index was down 57.45 points or 0.31% at 18,210.15.
In the broader market, the S&P BSE Mid-Cap index was up 0.02% while the S&P BSE Small-Cap index rose 0.3%.
The market breadth was positive. On the BSE, 1,778 shares rose and 1,471 shares fell. A total of 145 shares were unchanged.
Nifty Results Today:
Larsen & Toubro (up 0.37%), ITC (up 1.69%), IndusInd Bank (down 1.78%), Bajaj Auto (up 0.07%), Titan Company (up 0.25%), SBI Life Insurance Company (up 1.81%) and Adani Ports and Special Economic Zone (APSEZ) (down 0.11%) will announce their quarterly results today.
Earnings Impact:
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Axis Bank fell 6.52%. The bank's net profit surged 86.21% to Rs 3133.32 crore on 2.99% increase in total income to Rs 20134.39 crore in Q2 FY22 over Q2 FY21. The bank's Net Interest Income (NII) grew 8% YoY to Rs 7,900 crore from Rs 7,326 crore in Q2FY21. Net interest margin (NIM) for Q2 FY22 stood at 3.39%.
Maruti Suzuki India rose 0.75%. The car maker's net profit dropped 65.3% to Rs 475.3 crore in Q2 FY22 from Rs 1,371.6 crore in Q2 FY21. Net sales rose by 9.1% YoY to Rs 1,929.78 crore during the quarter. Operating EBIT declined by 91.5% to Rs 98.8 crore in Q2 FY22 from Rs 116.77 crore in Q2 FY21. Operating EBIT margin was 0.5% as on 30 September 2021 as against 6.6% as on 30 September 2020. Profit before tax in Q2 FY22 stood at Rs 599 crore, down by 65.7% from Rs 1,747.8 crore in Q2 FY21. The company sold a total of 379,541 units during the quarter constrained by a global shortage in the supply of electronic components. Sales in the domestic market stood at 320,133 units. Exports were at 59,408 units, the highest ever in any quarter.
Cipla gained 1.47% after the drug major's consolidated net profit grew 7% year on year to Rs 711 crore on a 10% rise in total revenue from operations to Rs 5,520 crore in Q2 FY22 over Q2 FY21. The drug maker's profit before tax increased 7.5% to Rs 995.81 crore in Q2 FY22 as compared to Rs 925.65 reported in Q2 FY21. EBITDA rose 4% year on year to Rs 1,226 crore in Q2 FY22. EBITDA margin for Q2 FY22 stood at 22.2% as compared to 23.4% posted in Q2 FY21. R&D investments stood at Rs 274 crore in Q2 FY22 with priority projects spends on track.
Mahanagar Gas fell 0.95%. The gas distributor reported 41.5% rise in net profit to Rs 204.29 crore on a 63.8% increase in net sales to Rs 830.14 crore in Q2 FY22 over Q2 FY21. Profit before tax in Q2 FY22 stood at Rs 275.05 crore, up by 41% from Rs 195.03 crore in Q2 FY21. While the company's net profit has remained flat, net sales increased by 34.88% in Q2 FY22 as compared with Q1 FY22.
Sanofi India rose 2.09% after the company's standalone net profit surged 298.64% to Rs 529.80 crore on a 9.88% rise in revenue from operations to Rs 754.50 crore in Q3 September 2021 over Q3 September 2020. Profit before tax jumped 270.03% to Rs 687.90 crore in Q3 September 2021 as against Rs 185.90 crore in Q3 September 2020.
Nippon Life India Asset Management rose 0.59% after the company's net profit rose 47.08% to Rs 213.72 crore on 31.86% increase in total income to Rs 425.08 crore in Q2 FY22 over Q2 FY21. Profit before tax (PBT) jumped 48.09% to Rs 282.80 in Q2 FY22 over Q2 FY21. Operating profit was Rs 186 crore, an increase of 46% year-on-year (YoY). Nippon Life India Asset Management is the asset manager of Nippon India Mutual Fund (NIMF). As on 30 September 2021, NAM India's assets under management was Rs 4,00,831 crore ($54.2 billion).
Persistent Systems advanced 2.6% after the company reported 6.9% rise in consolidated net profit to Rs 161.75 crore on a 9.9% increase in revenue to Rs 1,351.24 crore in Q2 FY22 over Q1 FY22. EBITDA improved by 11.4% to Rs 224.39 crore in Q2 FY22 from Rs 201.52 crore in Q1 FY22. EBITDA margin was 16.6% as on 30 September 2021 as against 16.4% as on 30 June 2021. Profit before tax in Q2 FY22 stood at Rs 217.63 crore, up by 7.2% from Rs 203.05 crore in Q1 FY22. In dollar terms, the company's revenue in the second quarter was $182.32 million (up 9.3% QoQ and up 34% YoY). The IT firm's net profit and revenue has risen by 58.6% and 34.1%, respectively, in Q2 FY22 as compared with Q2 FY21.
Zensar Technologies jumped 6.39%. The company's consolidated net profit fell 6.53% to Rs 94.40 crore on 12.15% increase in net sales to Rs 1,050.60 crore in Q2 FY22 over Q1 FY22. Earnings before interest, tax, depreciation and amortization (EBITDA) fell 6.5% to Rs 161.30 crore in Q2 FY22 over Q1 FY22. EBITDA margin stood at 15.3% in Q2 FY22 lower than 18.4% in Q1 FY22 and 19.4% in Q2 FY21. In Q2FY22, the company reported revenue of $141.9 million, a constant currency sequential QoQ growth of 12.3%.
ABB India advanced 1.48% after the company's net profit (from continuing operations) jumped 40.33% to Rs 119.97 crore on a 10.31% surge in total revenue from operations to Rs 1,778.39 crore in Q3 September 2021 over Q3 September 2020. Profit margin stood at 6.7% in Q3 2021 as compared to 5.3% in Q3 2020. Operational EBITA grew 63.10% to Rs 168 crore in Q3 2021 from Rs 103 crore in Q3 2020. Operational EBITA margin was at 9.4% in Q3 2021 as against 6.4% in Q3 2020.
Dr Lal Path Labs skid 1.27%. On a consolidated basis, Dr Lal Path Labs net profit jumped 10.56% to Rs 96.30 crore on a 15.39% surge in revenue from operations to Rs 498.40 crore in Q2 September 2021 over Q2 September 2020. The COVID-19 and allied contributed 10.1% to revenue in Q2 FY22 with 4.7 lakh RT-PCR tests. Normalised EBITDA grew 13.1% to Rs 152.20 crore in Q2 FY22 as against Rs 134.70 crore in Q2 FY21. Normalised EBITDA margins stood at 30.5% in Q2 September 2021 over 31.2% in Q2 September 2020. Profit margins was at 19.3% in Q2 FY22 from 20.2% in Q2 FY21. Meanwhile, Dr Lal Path Labs has acquired Suburban Diagnostics in an all-cash deal for an enterprise value of Rs 925 crore and a cap of Rs 1,150 crore, the company said in regulatory filings on Tuesday.
Torrent Pharmaceuticals declined 4%. On a consolidated basis, Torrent Pharmaceuticals' net profit rose 1.93% to Rs 316 crore on a 5.94% increase in net revenue from operations to Rs 2,137 crore in Q2 FY22 over Q2 FY21, bouyed by strong momentum in branded generic markets. Gross profit rose 5% to Rs 1,542 crore in Q2 September 2021 as compared to Rs 1,463 crore in Q2 September 2020. EBITDA jumped 11% to Rs 711 crore in Q2 FY22 as against Rs 641 crore in Q2 FY21. R&D spend gained 9% to Rs 130 crore in Q2 September 2021 from Rs 119 crore in Q2 September 2020.
TTK Prestige soared 18.49% after the company's consolidated net profit rose 58.21% to Rs 103.53 crore on 34.86% increase in net sales to Rs 858.55 crore in Q2 FY22 over Q2 FY21. Profit before tax (PBT) rose 59.28% to Rs 138.75 crore in Q2 FY22 over Q2 FY21. The board also approved the proposed 10-for-1 stock split.
Arvind declined 4.34%. The textile firm reported a consolidated net profit of Rs 71.06 crore in Q2 FY22 as against a net loss of Rs 5.86 crore in Q2 FY21. Revenue from operations rose by 62.1% YoY to Rs 2,115.14 crore during the quarter. On the segmental front, revenue from Textiles was Rs 1,726.49 crore (up 70.7% YoY), Advanced Material revenue from Rs 298.28 crore (up 60.5% YoY) and other revenue was Rs 103.45 crore (down 9% YoY) during the period under review. Arvind said that volumes grew across all segments as post-COVID demand stayed strong in both export and domestic markets. Input costs continued to increase sharply, but were mostly offset by improved price realization and higher efficiencies.
Global Markets:
European stocks declined across the board while most Asian stocks ended on a negative note on Wednesday as traders weighed the latest U.S. earnings reports amid lingering concerns about growth risks from elevated inflation and China's indebted property sector.
In the UK, Finance Minister Rishi Sunak is said to deliver his budget later in the session. The half-yearly update on the country's public finances is expected to bring increased spending on health care, transport and a rise in public sector pay.
In Asia, profits at China's industrial firms rose at a faster pace in September even as surging raw material prices and supply bottlenecks squeezed margins and weighed on factory activity. Profits jumped 16.3% on-year to 738.74 billion yuan ($115.72 billion), the statistics bureau said on Wednesday, quickening from the 10.1% gain reported in August.
In the US, the consumer confidence index increased to 113.8 in October from 109.8 in September as concerns about high inflation were offset by improving labor market prospects.
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