The benchmark indices traded in a narrow range with modest gains in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 194.57 points or 0.38% at 51,726.09. The Nifty 50 index gained 50.65 points or 0.33% at 15,223.95.
The broader market was trading higher. The S&P BSE Mid-Cap index rose 0.20%. The S&P BSE Small-Cap index gained 0.39%.
Buyers outpaced sellers. On the BSE, 1,529 shares rose and 1,317 shares fell. A total of 161 shares were unchanged. In Nifty 50 index, 17 stocks advanced while 33 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 944.36 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 707.68 crore in the Indian equity market on 11 February 2021, provisional data showed.
The domestic equity barometers have climbed nearly 25% since January 2021 following a range of positive developments, including a high-spending union budget, strong corporate earnings, robust foreign fund flows and progress on COVID-19 vaccinations.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 10,77,87,428 with 23,68,530 deaths. India reported 1,35,926 active cases of COVID-19 infection and 1,55,447 deaths while 1,05,89,230 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Gainers & Losers:
Adani Ports & Special Economic Zones (APSEZ) (up 3.57%), IndusInd Bank (up 2.55%), ICICI Bank (up 1.44%), Housing Development Finance Corporation (HDFC) (up 1.33%) and Infosys (up 1.33%) were major gainers in Nifty 50 index.
Coal India (down 2.22%), Sun Pharmaceutical Industries (down 2%), ONGC (down 1.96%) and NTPC (down 1.95%) were major losers in Nifty 50 index.
Nifty Result Today:
Grasim Industries (up 0.74%) will announce Q3 result today.
Earnings Impact:
Motherson Sumi Systems soared 6.64% after the company's consolidated net profit surged 194% to Rs 798 crore on 15% rise in revenue from operations to Rs 17,923 crore in Q3 FY21 over Q3 FY20. The company said it posted a highest ever quarterly revenue. Motherson Sumi Systems said operations have normalised, with most facilities running at pre-COVID 19 levels. Indications of positive consumer sentiments reflected by increased demand globally. Sustained improvements in performance of Greenfield plants with a continued focus on cost reduction and efficiency improvements.
Consolidated profit before tax (PBT) (before exceptional items) jumped 166% to Rs 1,175 crore in Q3 FY21 from Rs 441 crore in Q3 FY20. The company received a tax rebate of Rs 109.22 crore in Q3 FY21 as compared to tax expense of Rs 96.76 crore in Q3 FY20. Consolidated EBITDA jumped 56% year on year to Rs 2,041 crore in Q3 FY21 from Rs 1,309 crore in Q3 FY20. EBITDA margin improved to 11.4% in Q3 FY21 as against 8.4% in Q3 FY20.
Power Grid Corporation of India fell 0.35%. On a consolidated basis, the company reported a 26% jump in net profit to Rs 3,367.71 crore in Q3 FY21 on an 8.3% rise in net sales to Rs 10,142.48 crore in Q3 FY21 over Q3 FY20. Profit before tax jumped 27.1% to Rs 4,446.57 crore in Q3 FY21 over Q3 FY20. Current tax expense spiked 27% to Rs 693 crore in Q3 FY21 over Q3 FY20.
ITC declined 3.93% after the company's net profit declined 11.6% to Rs 3,663 crore on 0.05% decline in net sales to Rs 11,698.60 crore in Q3 FY21 over Q3 FY20. EBITDA declined by 7.2% to Rs 4,281 crore in Q3 December 2020 from Rs 4,613 crore in Q3 December 2019.
Total FMCG segment revenue rose 5.1% Y-o-Y (year-on-year) to Rs 9,060 crore during the period under review. In the FMCG segment, cigarettes revenue increased by 3.5% Y-o-Y to Rs 5,498 crore while the revenue from other FMCG segment improved by 7.5% Y-o-Y to Rs 3,562 crore during the quarter.
Hotel business revenue stood at Rs 235 crore (down 57.4% Y-o-Y), agri-business revenue was at Rs 2,482 crore (up 18.5% Y-o-Y) and paperboards, paper & packaging revenues were at Rs 1,478 crore (down 5% Y-o-Y) in the third quarter.
Stocks in Spotlight:
Strides Pharma Science rallied 3.42% after the drug company announced that its step-down wholly owned subsidiary has received US drug regulator's approval for Prednisone tablets. The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Deltasone tablets, 10 mg and 20 mg, of Pharmacia and Upjohn Co. (Pharmacia).
Biocon gained 0.68%. Biocon Biologics, a subsidiary of Biocon has announced that Kixelle, a biosimilar Insulin Aspart co-developed with Viatris Inc, has received marketing authorization approval from the European Commission. Biocon said that approval was received following the positive recommendation by the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency.
Kixelle, a fast-acting insulin analog indicated for the treatment of diabetes mellitus in adults, adolescents and children aged 1 year and above, has been approved as a 100 units/ml solution for injection in vial and pre-filled pen presentations. The centralized marketing authorization granted by the EC is valid in all EU Member States as well as in the European Economic Area (EEA) countries Iceland, Liechtenstein and Norway.
Global Markets:
European stocks declined at opening bell on Friday as traders digested fresh corporate results. Asian stocks were trading higher on Thursday as multiple major markets in the region were closed for holidays. Markets in China, Japan, South Korea and Taiwan were closed for holidays.
In US, the Nasdaq and S&P 500 eked out modest gains on Thursday with investors betting on more fiscal stimulus, but U.S. President Joe Biden said China was poised to 'eat our lunch,' a warning that tempered enthusiasm for a market near record highs. The Dow Jones Industrial Average ended near the flatline.
Federal Reserve Chairman Jerome Powell said Wednesday that the economy faces challenges in the labor market, and so monetary policy needs to stay 'patiently accommodative.' In remarks at the Economic Club of New York, Powell said the employment picture is a 'long way' from where it needs to be.
The number of Americans filing new applications for unemployment benefits inched down last week. Initial claims for state unemployment benefits totaled a seasonally adjusted 7,93,000 for the week ended 6 February 2021, compared to 8,12,000 in the prior week, the Labor Department said on Thursday.
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