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Benchmarks trade with minor cuts; IT shares outperform

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Capital Market

The key equity indices continued to trade with minor cuts in morning trade. The Nifty continued to trade below the 15,800 mark. IT, metals and pharma shares bucked weak market trend.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 71.6 points or 0.14% to 52,698.13. The Nifty 50 index lost 26.25 points or 0.17% to 15,786.10.

In the broader market, the S&P BSE Mid-Cap index gained 0.19% while the S&P BSE Small-Cap index rose 0.43%.

The market breadth was strong. On the BSE, 1725 shares rose and 1159 shares fell. A total of 138 shares were unchanged.

 

Zomato IPO:

The initial public offer of online food delivery platform Zomato was subscribed 10% by 10:30 IST. The issue received bids for 7,44,69,720 shares compared with 71,92,33,522 shares on offer. The IPO opened for bidding today (14 July) and it will close on Friday (16 July). The price band of the IPO is fixed at Rs 72-76 per share of the face value of Rs 1 each.

The IPO comprises a fresh issue of equity shares worth Rs 9,000 crore and an offer for sale (OFS) worth Rs 375 crore by existing investor, Info Edge (India).

Ahead of the IPO, the online food delivery and restaurant discovery platform raised Rs 4,197 crore from 186 anchor investors Tuesday (13 July). The company allotted 55.22 crore equity shares to anchor investors for Rs 76 per equity share.

Economy:

S&P Global Ratings on Tuesday affirmed India's sovereign rating at the lowest investment grade of 'BBB-' for the 14th year in a row with a stable outlook, and said that the country's strong external settings will act as a buffer against financial strains despite elevated government funding needs over the next 24 months. The sovereign credit ratings on India reflect the economy's above-average long-term real GDP growth, sound external profile, and evolving monetary settings, S&P Global Ratings stated.

Earnings Today:

Infosys, L&T Technology Services, 5Paisa Capital, Craftsman Automation, Dodla Dairy, Hatsun Agro Product, Raghav Productivity Enhancers, Tinplate Company of India are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty IT index rose 1.58% to 28,889.15. The index declined 1.08% in the past three sessions.

Mphasis (up 4.14%), Coforge (up 3.81%), Oracle (up 2.25%), Tech Mahindra (up 2.23%), Larsen & Toubro Infotech (up 2.21%), HCL Tech (up 1.62%), Infosys (up 0.86%), Wipro (up 0.87%) and TCS (up 0.51%) advanced.

Mindtree jumped 7.36% to Rs 2,678.45 after the IT company reported strong Q1 results after market hours Tuesday (13 July). The counter hit a record high of Rs 2,692.80 in intraday today. The stock has surged 179% from its 52-week low of Rs 963.30 hit on 15 July 2020.

The IT company reported an 8.2% increase in net profit to Rs 343.40 crore on an 8.6% rise in revenues to Rs 2,291.70 crore in Q1 FY22 over Q4 FY21. In dollar terms, the company posted 7.5% rise in consolidated net profit to $46.5 million on 7.7% increase in revenues to $310.5 million in Q1 FY22 over Q4 FY21.

EBITDA in Q1 FY22 rose 0.4% to Rs 464.50 crore as against Rs 462.60 crore posted in Q4 FY21. EBITDA margin was at 20.3% as on Q1 FY22 compared with 21.9% in Q4 FY21 and 18.2% in Q1 FY21.

In Q1 FY22, Mindtree reported highest ever order book of half-a-billion US dollars, registering a growth of 34.2% QoQ. The total active clients at the end of June 2021 stood at 260, down from 270 clients at the end of March 2021.

Total employee headcount was at 27,256 in Q1 FY22 as against 23,814 in Q4 FY21. The attrition rate (last twelve months) stood at 13.7% at the end of Q1 FY22, falling from 16.6% in Q1 FY21.

Stocks in Spotlight:

NBCC (India) shed 0.09% to Rs 54.45. The company has secured total business of Rs 206 crore in the month of June 2021.

Tata Metaliks jumped 6.48% to Rs 1279.95. The company's standalone net profit stood at Rs 94.72 crore in Q1 June 2021 (Q1 FY22) compared with net loss of Rs 12.36 crore in Q1 June 2020 (Q1 FY21). Revenue from operations surged 187.21% to Rs 602.97 crore in Q1 FY22 as against Rs 209.94 crore in Q1 FY21.

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First Published: Jul 14 2021 | 10:26 AM IST

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