The main indices ended a volatile session with minor losses on Tuesday amid mixed global cues. Auto and IT shares tumbled while private banks advanced.
As per the provisional closing data, the barometer index, the S&P BSE Sensex, fell 18.82 points or 0.04% at 52,861.18. The index reversed gains after hitting a record high of 53,129.37 in mid-afternoon trade.
The Nifty 50 index fell 16.1 points or 0.1% to end at 15,818.25. After opening at 15,813.75, the index hit the day's high of 15,914.20 in afternoon trade. Heavy selling in the mid-afternoon dragged the index near 15,800 mark.
In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index fell 0.26%. The BSE Small Cap index saw profit taking after rallying near 3% in for four consecutive trading days.
The market breadth was negative. On the BSE, 1598 shares rose and 1,660 shares fell. A total of 128 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 18,41,54,287 with 39,84,582 deaths. India reported 4,64,357 active cases of COVID-19 infection and 4,03,281 deaths while 2,97,52,294 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India has reported 34,703 new cases in last 24 hours - the lowest in 111 days. Meanwhile, there were 2,97,52,294 total recoveries across the country so far and 51,864 patients recovered during last 24 hours. Daily recoveries continue to outnumber the daily new cases for the 54th consecutive day.
Economy:
The gross GST revenue collected in the month of June 2021 stood at Rs 92,849 crore of which CGST stood at Rs 16,424 crore, SGST stood at Rs 20,397, IGST came at Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and Cess stood at Rs 6,949 crore (including Rs 809 crore collected on import of goods).
The revenues for the month of June 2021 are 2% higher than the GST revenues in the same month last year. GST collection after posting above Rs 1 lakh crore mark for eight months in a row, the collection in June 2021 dropped below Rs 1 lakh crore. The GST collection for June 2021 is related to the business transactions made during May 2021. During May 2021, most of the States/UTs were under either complete or partial lock down due to COVID. The e-way bill data for the month of May 2021 shows that during the month, 3.99 crore e-way bills were generated as compared to 5.88 crore in the month of April 2021, down by more than 30%.
During the month of June, the government said it settled Rs 19,286 crore to CGST and Rs 16,939 crore to SGST from IGST as regular settlement.
Stocks in Spotlight:
Bajaj Finance rose 2.12% after the company's customer franchise increased by 17.44% to 50.5 million as on 30 June 2021 as against 43 million as of 30 June 2020. The company acquired 1.9 million new customers in Q1 FY22 as compared to 0.5 million in Q1 FY21. New loans booked during Q1 FY22 were 4.6 million as compared to 1.8 million in Q1 FY21. Assets under management (AUM) stood at approximately Rs 159,000 crore (including IPO financing receivable of approximately Rs 2,900 crore) as of 30 June 2021 as compared to Rs 138,055 crore as of 30 June 2020. The company's AUM in Q1 FY22 grew by approximately Rs 7,100 crore (Rs 4,200 crore excluding IPO financing receivable). Consolidated liquidity surplus stood at approximately Rs 10,900 crore as of 30 June 2021. The company's liquidity position remains strong.
AU Small Finance Bank jumped 8.36% after the bank's total deposits increased 38% to Rs 37,014 crore as on 30 June 2021 from Rs 26,734 crore as on 30 June 2020. The bank's total deposits increased 3% as on 30 June 2021 from Rs 35,979 crore as on 31 March 2021. Loan AUM gained 22% YoY to Rs 36,635 crore as on 30 June 2021. CASA ratio stood at 26% as on 30 June 2021 as against 14% as on 30 June 2020 and 23% as on 31 March 2021. Average cost of funds was 6.3% in Q1 FY22 as compared with 7.2% in Q1 FY21. Gross advances increased by 31% to Rs 34,688 crore as on 30 June 2021 from Rs 26,534 crore as on 30 June 2020. However, the gross advances are lower by 2% as compared with Rs 35,356 crore as on 31 March 2021.
IDFC First Bank slipped 1.47%. The private sector bank's total customer deposits increased 35.53% to Rs 84,583 crore as on 30 June 2021 as against Rs 62,409 crore as on 30 June 2020. Sequentially, the bank's deposits have risen 2.25% as on 30 June 2021 from Rs 82,725 crore as on 31 March 2021. CASA deposits of the bank soared 97.73% to Rs 46,449 crore at the end of 30 June 2021 from Rs 23,491 crore on 30 June 2020. CASA ratio improved to 51.04% on 30 June 2021 from 33.74% in 30 June 2020. Average CASA ratio as of 30 June 2021 stood at 50.27% compared with 50.23% as of 31 March 2021 and 32% as of 30 June 2020. Depositors' Concentration (Rs <=5 crore) stood at 81.88% at the end of 30 June 2021 compared with 64.81% on 30 June 2020. Gross funded assets grew by 9.02% to Rs 1,13,434 crore as of 30 June 2021 from Rs 1,04,050 crore as of 30 June 2020.
S H Kelkar and Company fell 4%. The company recorded a consolidated sales of about Rs 355 crore, despite a challenging domestic macro-environment owing to lockdowns and restrictions. Client engagements and wins continued to remain at healthy levels across FMCG customers during the quarter. Following easing of restrictions and lockdowns from June 2021 onwards, S H Kelkar and Company (SHK) is witnessing recovery in demand and normalisation in consumer sentiments. Creative Flavours and Fragrances (CFF), the company's 100% wholly-owned subsidiary, delivered a healthy performance during the quarter on the back of improved demand and volume offtake in key markets. On a like-to-like basis, the revenues stood at Rs 277 crore.
Coforge fell 0.54%. The IT company in a regulatory filing on Tuesday (6 July) announced that the IT company's board has approved the fresh issuance of equity shares for the purpose of capital raising way of a depository receipts issue or a Qualified Institutions Placement or any other mode not exceeding Rs 375 crore.
Maruti Suzuki declined 1.01%. The car major's total auto production surged 226.30% to 1,65,576 units in June 2021 over 50,742 units in June 2020. Total passenger vehicle production figures surged 229.52% to 1,63,037 units in June 2021 compared with 49,476 units in June 2020. Light Commercial Vehicle (LCV) production soared 100.55% to 2,539 units in June 2021 as against 1,266 units in June 2020.
TCS skid 1.63%. The IT major has entered into a strategic partnership with OTT streaming platform, SonyLIV, to help create an innovative business model enabled by digital technologies, enhance customer experience, and pave the path to future growth.
Goldiam International soared 9.27% after the company said its board will consider a share buyback on Wednesday, 21 July 2021.
Global Markets:
European shares fell across the board while most Asian markets closed on a mixed note on Tuesday. US markets were shut on Monday in observance of Independence Day.
Meanwhile, OPEC+ ministers called off oil output talks on Monday after clashing last week when the United Arab Emirates rejected a proposed eight-month extension to output curbs, meaning no deal to boost production has been agreed.
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