The benchmark indices ended with robust gains on Thursday. The Nifty closed near the 17,400 level. Barring the Nifty Media index, all the sectoral indices on the NSE ended in the green.
As per provisional closing data, the barometer index, S&P BSE Sensex rallied 874.18 points or 1.53% at 57,911.68. The Nifty 50 index advanced 256.05 points or 1.49% at 17,392.60.
The S&P BSE Mid-Cap index gained 1.28%. The S&P BSE Small-Cap index added 1.33%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,305 shares rose while 1,114 shares fell. A total of 102 shares were unchanged.
COVID-19 Update:
India reported 2,380 COVID-19 cases and 56 deaths as of Thursday. The active cases in the country were above 13,000. Meanwhile, the World Health Organisation (WHO) said that the number of reported new COVID-19 cases worldwide decreased by nearly a quarter last week, continuing a decline since the end of March. The Geneva-based UN health agency said in a weekly report that nearly 5.59 million cases were reported between 11 April 2022 and 17 April 2022, recording a 24% fall over the previous week.
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Results Today:
HCL Technologies (up 1.41%), ICICI Lombard General Insurance Company (up 2.59%), L&T Technology Services (LTTS) (up 1.56%), Cyient (up 3.61%) and Rallis India (up 0.86%) will release their quarterly earnings today, 21 April 2022.
Buzzing Index:
The Nifty Pharma index rose 1.18% to 13,821.30. The index added 2.21% in two trading sessions.
Among the components of the Nifty Pharma index, Biocon (up 6.07%), Gland Pharma (up 5.06%), Abbott India (up 3.48%), Sun Pharmaceuticals Industries (up 2.23%) and Alembic Pharmaceuticals (up 1.71%) were the top gainers.
Among the other gainers were Strides Pharma Science (up 1.61%), Divis Laboratories (up 1.22%), Granules India (up 1.04%), Laurus Labs (up 0.96%) and Lupin (up 0.68%).
On the other hand, Pfizer (down 0.04%), Alkem Laboratories (down 0.06%) and Glenmark Pharmaceuticals (down 0.8%) moved lower.
Dr. Reddy's Laboratories rose 0.54%. The company announced the launch of Posaconazole delayed-release tablets in the U.S. market. Posaconazole delayed-release tablets, the therapeutic generic equivalent to NOXAFIL (posaconazole) delayed-release tablets, has been approved by the U.S. Food and Drug Administration (US FDA). Posaconazole is used to prevent certain fungal infections in patients who have severely weakened immune systems (such as patients who have had chemotherapy). It belongs to a class of drugs known as azole antifungals. It works by stopping the growth of fungi.
Stocks in Spotlight:
Tata Elxsi gained 1.23%. The design led technology service provider reported 38.95% rise in net profit to Rs 160.01 crore on 31.51% increase in revenues from operations to Rs 681.73 crore in Q4 March 2022 over Q4 March 2021. The company's revenue from operations grew 7.3% over previous quarter (QoQ). Profit before tax (PBT) stood at Rs 220.26 crore, registering a growth of 10% QoQ and 36.2% YoY. EBITDA margin stood at 32.5% in Q4 FY22. The company's growth was powered by Embedded Product Design (EPD) growing at 7.5% QoQ, while Industrial Design and Visualization (IDV) grew 8% QoQ. The board recommended a final dividend of Rs 42.50 per equity share for the financial year ended March 2022.
Angel One surged 18.07%. The company's consolidated net profit doubled to Rs 204.7 crore in Q4 FY22 from Rs 101.9 crore in Q4 FY21. Total Revenue from operations increased by 64.3% YoY to Rs 671.3 crore during the quarter. Total expenses rose by 48.6% to Rs 411 crore in Q4 FY22 over Q4 FY21. Profit before tax in Q4 FY22 stood at Rs 205.4 crore, up by 94.6% from Rs 105.6 crore in Q4 FY21. As compared with Q3 FY22, the company's net profit and revenue are higher by 24.4% and 12.4%, respectively. Earnings before depreciation, amortization, & taxes (EBDAT) improved by 23.9% to Rs 279.5 crore in Q4 FY22 from Rs 225.6 crore in Q3 FY22. EBDAT margin expanded to 54.9% in Q4 FY22 from 50.7% in Q3 FY22. The company witnessed strong gross addition in client base by 1.5 million clients in Q4 FY22 as compared to 1.3 million clients in Q3 FY22. Total client base was 9.2 million in Q4 FY22 as against 7.8 million in Q3 FY22.
ICICI Securities dropped 5.09%. The brokerage house reported a 3.3% increase in consolidated net profit to Rs 340.2 crore on a 20.6% rise in total revenue from operations to Rs 891.6 crore in Q4 FY22 over Q4 FY21. Consolidated profit before tax grew 3.2% to Rs 455.3 crore in Q4 FY22 over Q4 FY21. Interest income jumped 105% to Rs 211.9 crore in Q4 FY22 from Rs 103.3 crore in Q4 FY21. The company said it added 6.18 lakh clients during the quarter ended March 2022. Despite of client addition, brokerage income declined 5.5% to Rs 372.8 crore in Q4 FY22 from Rs 394.5 crore in Q4 FY21. ICICI Sec said that decline in brokerage income was primarily due to fall in retail equity volumes. In Q4 FY22, Equities and Allied Business, which comprises retail equity, institutional equity, lending towards ESOP (Employee Stock Option Plans) & MTF (Margin Trade Funding), Prime & NEO subscription fees and other charges, rose 20% year-on-year to Rs 521.5 crore. The company's Distribution revenue stood at Rs 168.6 crore in Q4FY22 up 21% against Q4 FY21. ICICI Sec said that Distribution Business continued to scale with increasing contribution in revenue while Retail equities revenue remained stable. ICICI Sec's Private Wealth Management (PWM) business reported Rs 251.8 crore of revenue in Q4 FY22, up by 59% year on year.
Nestle India fell 0.60%. The FMCG company's net profit fell 1.25% to Rs 594.7 crore in quarter ended March 2022 as compared to quarter ended March 2021. Net sales jumped 9.7% to Rs 3,950 crore in quarter ended March 2022 from Rs 3,600 crore posted in quarter ended March 2021. The FMCG major's profit before exceptional items and tax fell 0.69% to Rs 806.2 crore in Q1 CY22 over Q1 CY21. Total sales and domestic sales for the quarter ended March 2022 increased by 9.7% and 10.2% respectively. Domestic sales growth was broad based and largely driven by volume & mix. Export sales were lower by 1% largely due to change in product mix. Nestle said profitability was impacted as Cost of materials consumed increased due to higher commodity prices, particularly edible oil, milk and its derivatives and packaging materials.
Ajanta Soya hit an upper circuit of 5% at Rs 259 after the company said its board approved 5-for-1 sock split. The board of Ajanta Soya on 20 April 2022 approved splitting each share of face value Rs 10 each into five shares of face value Rs 2 each.
Reliance Industries (RIL) advanced 2.35%. Reliance Brands (RBL) has signed a definitive agreement to invest in India's foremost Couturiers Abu Jani Sandeep Khosla (AJSK) for a 51% majority stake. The strategic partnership is aimed at accelerating the 35-year-old couture house's growth plans in India and across the globe. Reliance Brands is a subsidiary of Reliance Retail Ventures, which is a subsidiary of RIL.
Global Markets:
The Dow Jones Futures were trading 228 points higher, indicating a positive start to the U.S. market.
Shares in Europe and Asia were mixed on Thursday as investors continued to monitor the developments in the war between Russia and Ukraine. Investors also monitored China's Covid situation along with moves in the Japanese yen.
US stocks ended in mixed territory on Wednesday as the tech-heavy Nasdaq was dragged down by bleak Netflix earnings, while bond yields dipped after a recent strong run. The Dow Jones Industrial Average rose on the back of strong earnings from Procter & Gamble.
Netflix tanked 35% after its quarterly results showed a loss of 2,00,000 subscribers in the first quarter, its first reported subscriber loss in more than 10 years.
Crypto Market:
Among the popular crypto currencies, Bitcoin (BTC) (up 1.02%) and Tether (USDT) (up 0.36%) advanced.
However, Doge Coin (Doge) (down 3.03%), Binance Coin (BNB) (down 1.11%) and Ethereum (ETH) (down 0.17%) declined.
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