As per the provisional closing data, the S&P BSE Sensex, rose 295.94 points or 0.6% to 49,502.50. The Nifty 50 index rallied 119.2 points or 0.8% at 14,942.65.
In the broader market, the S&P BSE Mid-Cap index added 0.97% while the S&P BSE Small-Cap index rose 0.94%.
The market breadth was strong. On the BSE, 2,079 shares rose and 1027 shares fell. A total of 224 shares were unchanged.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 15,83,34,639 with 32,93,120 deaths. India reported 37,45,237 active cases of COVID-19 infection and 2,46,116 deaths while 1,86,71,222 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Delhi, Uttar Pradesh and Haryana extended their ongoing lockdowns till 17 May 2021 to curb the unprecedented surge of COVID-19 cases and deaths. Tamil Nadu, Rajasthan and Puducherry have also announced two-week shutdown starting today, while in Karnataka's stringent lockdown has come into effect on today till 24 May 2021. On Saturday, Kerala came under a nine-day complete lockdown.
Minister of State for Finance Anurag Thakur said that 1.5 lakh doses of 'Sputnik V' COVID-19 vaccine have reached India and Russian Direct Investment Fund has tied up with local Indian companies for bulk production.
In view of COVID-19, the government has relaxed the provisions of Income-tax Act. Now, all hospitals, nursing units, dispensaries and COVID care centres will be able to accept cash over two lakh rupees from the patients. Patient and the payee will have to submit PAN and Aadhaar for such payments. The relaxation has been granted between 1st April to 31st May this year.
Earnings Impact:
Avenue Supermarts fell 1.34%. The company's consolidated net profit surged 52.7% to Rs 414 crore on 18.4% rise in net sales to Rs 7412 crore in Q4 FY21 over Q4 FY20. Consolidated profit before tax surged 63.1% year on year to Rs 543.56 crore in Q4 FY21 from Rs 333.25 crore in Q4 FY20. Earnings before interest, tax, depreciation and amortization (EBITDA) in Q4FY21 grew by 47% year-on-year to Rs 613 crore in Q4 FY21. EBITDA margin stood at 8.3% in Q4 FY21 from 6.7% registered in Q4 FY20.
CSB Bank jumped 5.27%. On a standalone basis, the bank reported a net profit of Rs 42.89 crore in Q4 FY21 as against net loss of Rs 59.68 crore in Q4 FY20. The bank's total income grew by 28.2% year on year to Rs 609.45 crore in Q4 FY21 as against Rs 475.49 crore in Q4 FY20. Profit before tax stood at Rs 58 crore in Q4 FY21, a jump of nearly 156% from Rs 22.67 crore in the same period last year. Operating profit before provisions surged 20.5% year on year to Rs 128.96 crore in Q4 FY21. The bank's Net Interest Income (NII) for the quarter grew by 75% year on year to Rs 275.70 crore in Q4 FY21 from Rs 157.54 crore in the corresponding quarter of the previous year. Net interest margin rose to 5.42% in Q4 FY21 from 3.73% in Q4 FY20.
Bandhan Bank fell 0.54%. The micro finance bank reported an 80% fall in net profit to Rs 103.03 crore on 25.5% rise in total income to Rs 3787.91 crore in Q4 FY21 over Q4 FY20. Profit before tax stood at Rs 135.17 crore in Q4 FY21, a decline of 80.5% from Rs 693.32 crore in the same period last year. Operating profit before provisions surged 13.73% year on year to Rs 1,729.47 crore in Q4 FY21. The bank's Net Interest Income (NII) for the quarter grew by 4.6% year on year to Rs 1,757 crore in Q4 FY21 from Rs 1,680 crore in the corresponding quarter of the previous year. Net Interest Margin (annualised) for the quarter ended 31 March 2021 stood at 6.8%. NIM is at 8.8% excluding onetime reversal on account of NPA recognition and interest on interest as against 8.1% in 31 March 2020.
DCB Bank advanced 1.98% after the bank's standalone net profit jumped 13.3% to Rs 77.91 crore on 4% decrease in total income to Rs 971.16 crore in Q4 FY21 over Q4 FY20. Net Interest Income fell 4% year-on-year (Y-o-Y) to Rs 311 crore in Q4 FY21. Non-Interest Income rose 22% Y-o-Y to Rs 134 crore in Q4 FY21. The bank's provisions and contingencies fell 14.43% to Rs 101.18 crore in Q4 FY21 over Q4 FY20.
Cholamandalam Investment and Finance Company fell 2.54%. The NBFC reported a net profit of Rs 243.21 crore in Q4 FY21 as against net profit of Rs 42.66 crore in Q4 FY20. Total income increased by 14.4% year-on-year (YoY) to Rs 2461.33 crore during the quarter. Net Income Margin jumped 32% to Rs 1,342 crore in Q4 FY21 from Rs 1,016 crore in Q4 FY20. Loan losses reduced to Rs 504 crore in Q4 FY21 as against Rs 557 crore in Q4 FY20. Aggregate disbursements in Q4 FY 21 were at Rs 8,071 crore as against Rs 5,663 crore in Q4 FY20, with a growth of 43%. Vehicle Finance (VF) business has clocked a volume of Rs 6,153 crore in Q4 FY21 as against Rs 4,703 crore in Q4 FY20, registering growth of 31%. Loan Against Property (LAP) business disbursed Rs 1,191 crore in Q4 FY21, as against Rs 589 crore in Q4 FY20, clocking a growth of 102%. Home Loan (HL) business disbursed Rs 538 crore in Q4 FY21, as against Rs 271 crore in Q4 FY20 registering a growth of 99%.
Thyrocare Technologies rose 0.38%. The company reported a consolidated net profit of Rs 37.75 crore in Q4 FY21 compared with net loss of Rs 1.60 crore in Q4 FY20. Net sales during the quarter increased 44.8% year-on-year (Y-o-Y) to Rs 146.84 crore. On the segmental front, revenue from diagnostic testing services was at Rs 138.68 crore (up 49.4% Y-o-Y), revenue from imaging services was at Rs 7.68 crore (down 5.2% Y-o-Y) in the fourth quarter. Profit before tax stood at Rs 47.63 crore in Q4 FY21, up 171.2% from Rs 17.56 crore in Q4 FY20.
Stocks in Spotlight:
HDFC rose 1.33%. The housing finance major has entered into a share purchase agreement for sale of 44,12,000 equity shares, representing 0.62% of the issued and paid-up share capital of HDFC ERGO. The stake sale is being done in accordance with the direction of the Reserve Bank of India requiring HDFC to reduce its shareholding in HDFC ERGO to 50% or below.
Jubilant Pharmova gained 1.24%. Jubilant Pharma, a subsidiary of Jubilant Pharmova, announced that it has received a favorable and unanimous judgment from the United States Court of Appeals summarily affirming Jubilant's earlier favorable rulings from the US Patent Office (PTAB) and the US International Trade Commission (ITC). These two rulings by the Appellate Court deny the appeals filed by Bracco Diagnostics, Inc. Jubilant successfully challenged Bracco's patent infringement claims in an Inter Parties Review (IPR) proceeding before the U.S. Patent Office as well as in a separate proceeding in the ITC. In both instances, Jubilant was successful. Despite the rulings of both the PTAB and the ITC, Bracco filed appeals to the US Court of Appeals in Washington D.C. These appeals are now dismissed.
Jindal Steel & Power (JSPL) added 1.95% after the company announced that it has made a prepayment of Rs 2,462 crore to its term lenders. JSPL has reduced its debt by more than Rs 20,000 crore from a peak of approximately Rs 46,500 crore in Q3 FY17 to Rs 25,600 crore as reported in Q3 FY21. This reduction of Rs 2,462 crore is over and above the annual committed debt reduction in the financial year 2020-2021.
Steel Strips Wheels (SSWL) rose 0.53% after the company said it received new orders worth over $7.25 million (Rs 54 crore) from US and Europe. SSWL will complete their execution by early July 21 from its Chennai and Dappar plants.
Global Markets:
European shares were mixed while most Asian stocks advanced on Monday following "a big miss" in the April U.S. jobs report.
U.S. job growth unexpectedly slowed in April 2021, likely restrained by shortages of workers, the Labor Department report on Friday showed. US employers hired 2,66,000 new workers in April 2021, according to the labour department's monthly non-farm payrolls report. The unemployment rate rose to 6.1% last month amid an escalating shortage of available workers. Meanwhile, March's originally estimated total of 9,16,000 was revised down to 7,70,000.
US stocks notched a record close on Friday, 7 May 2021 in what proved to be a volatile day in financial markets following a much weaker than expected jobs report. The S&P 500 climbed 0.7% to 4,232.60, hitting a record high. The Dow Jones Industrial Average rose 229.23 points, or 0.7%, to 34,777.76 to reach another closing high. The tech-heavy Nasdaq Composite rose 0.9% to 13,752.24.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
