As per the provisional closing data, the barometer index, S&P BSE Sensex slumped 598.18 points or 1.05% at 56,598.52. The Nifty 50 index shed 186.7 points or 1.09% at 16,985.70.
The broader market traded with losses as well. The S&P BSE Mid-Cap index slipped 1.86% while the S&P BSE Small-Cap index fell 1.88%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 1051 shares rose while 2,478 shares fell. A total of 145 shares were unchanged.
COVID-19 Update:
India reported 2,541 fresh COVID-19 cases on Monday, marginally lower than 2,593 infections recorded the previous day, the Union Health Ministry's data showed. The total number of active cases of the country now stands at 16,522. As many as 30 deaths were reported Monday, taking the death toll to 5,22,223.
The active cases comprise 0.04% of the total infections, while the national COVID-19 recovery rate was recorded as 98.75%. An increase of 649 cases has been recorded in the active COVID-19 caseload in a span of 24 hours. The daily positivity rate was recorded as 0.84% and the weekly positivity rate as 0.54%. The number of people who have recuperated from the disease surged to 4,25,21,341, while the case fatality rate was 1.21%.
Economy:
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Indonesia announced its plans to ban export of palm oil from 28 April 2022. The country is the world's top palm oil producer while India is the world's largest importer of edible oils, and specifically the highest importer of palm oil and soyabean oil. The media reported that the ban on palm oil could trigger further inflation worries for India.
Stocks in Spotlight:
ICICI Bank added 0.86%. The private lender's standalone net profit rose 59.42% to Rs 7,018.71 crore on 14.44% increase in total income to Rs 27,412.32 crore in Q4 March 2022 over Q4 March 2020. Net interest income (NII) increased by 21% year-on-year to Rs 12,605 crore in Q4 FY22. Net interest margin was 4% in Q4 FY22 compared to 3.84% in Q4 FY21 and 3.96% in Q3 FY22. The bank's provisions and contingencies (excluding tax provisions) fell 62.93% to Rs 1,068.95 crore in Q4 FY22 over Q4 FY21. The ratio of gross NPAs to gross advances stood at 3.60% as on 31 March 2021 as against 4.13% as on 31 December 2021 and 4.96% as on 31 March 2020. The ratio of net NPAs to net advances stood at 0.76% as on 31 March 2021 as against 0.85% as on 31 December 2021 and 1.14% as on 31 March 2020.
Century Textiles & Industries rose 0.93%. The company reported a consolidated net profit (from continuing operations) of Rs 84.43 crore in Q4 FY22 as against a net loss of Rs 4.89 crore in Q4 FY21. Net sales surged 44.62% to Rs 1,186.22 crore in Q4 FY22 over Rs 820.21 crore in Q4 FY21. Consolidated EBITDA grew 66.25% to Rs 133 crore in Q4 FY22 as against Rs 80 crore in Q4 FY21.
Bhansali Engineering Polymers (BEPL) lost 4.17% after the company reported a 55.2% fall in consolidated net profit to Rs 73.27 crore on a 5.9% decline in net sales to Rs 445.67 crore in Q4 Fy22 over Q4 FY21. Profit before tax fell 52.9% year on year to Rs 103.16 crore in Q4 FY22 over Q4 FY21. Profitability was dented after the company reported a 35.7% jump in total expenses to Rs 344.64 crore in Q4 FY22 over Q4 FY21.
Cummins India fell 5.94% after the government amended rules mandating power distribution companies to supply 24x7 electricity in metros and large cities to dissuade diesel generation in five years. The Union Ministry of Power issued a gazette notification to amend the Electricity (Rights of Consumers) Rules, 2020. "In view of the increasing pollution level particularly in the metros and the cities with a population 1,00,000 and above, the distribution licensee shall ensure 24x7 uninterrupted power supply to all the consumers, so that there is no requirement of running the diesel generator sets," the notification said.
Alembic Pharmaceuticals rose 0.02%. The company said that Aleor Dermaceuticals has received final approval from the US Food & Drug Administration (US FDA) for its ANDA for Clobetasol Propionate Foam. The approved abbreviated new drug application (ANDA) is therapeutically equivalent to the reference listed drug product (RLD) Olux Foam of Mylan Pharmaceuticals Inc.
Welspun Corp fell 2.4%. Welspun Corp bagged a receipt of major export order from South East Asia of approximately 55,000 MT for the manufacture and supply of pipes for a critical offshore application. This order would be executed from Welspun Corp's facilities in India and majority of it would be supplied in this financial year, as per the company's press release.
Torrent Power fell 0.78%. The company said that it has entered into a share purchase agreement (SPA) with SkyPower Southeast Asia III Investments and SkyPower Southeast Asia Holdings 2 for the acquisition of 100% securities of Sunshakti Solar Power Projects. The enterprise value for this acquisition is approximately Rs 417 crore, subject to closing price adjustments, if any. Sunshakti Solar Power Projects (SPV) operates 50 MW solar power project in the State of Telangana. The SPV has a long-term power purchase agreement (PPA) for its project with the Northern Power Distribution Company of Telangana (NPDCTL) for a period of 25 years at a fixed tariff of approximately Rs 5.35 per kWh, with remaining useful life of approximately 20 years. It had recorded a turnover of Rs 50.09 crore in FY 2021.
Global Markets:
The US Dow Jones index futures were down 296 points, indicating a weak opening in the US stocks.
Shares in Europe and Asia tumbled on Monday as the sell-off in global markets continued into the new trading week. Investors in Europe digested the result of the French presidential election on Monday, and monitoring the latest developments in Ukraine.
France's Emmanuel Macron has comfortably beaten his rival Marine Le Pen in Sunday's election, securing a second term as president on his pro-business and pro-EU agenda. Separately, Russia's invasion of Ukraine entered its third month on Sunday. The conflict that has killed thousands and led to the worst refugee crisis Europe has seen since World War II. The war will end only if Russian troops fully withdraw from the country, Ukrainian Prime Minister Denys Shmyhal stated.
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