As per the provisional closing data, the barometer index, the S&P BSE Sensex, advanced 307.66 points or 0.6% at 51,422.25. The Nifty 50 index gained 97.80 points or 0.64% to 15,435.80.
Reliance Industries (RIL) (up 5.99%), Adani Ports & SEZ (up 3.41%), Grasim Industries (up 3.38%), and HDFC Bank (up 1.69%) boosted the indices.
In the broader market, the S&P BSE Mid-Cap index fell 0.12% while the S&P BSE Small-Cap index lost 0.48%. Both these indices underperformed the benchmarks.
The market breadth was negative. On the BSE, 1,438 shares rose and 1,694 shares fell. A total of 146 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 16,89,70,971 with 35,11,375 deaths. India reported 23,43,152 active cases of COVID-19 infection and 3,18,895 deaths while 2,48,93,410 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India recorded 1.86 lakh new COVID-19 cases in the 24 hours on Friday, 28 May 2021 the lowest spike in daily infections in the last 44 days. The number of active cases further declined to 23.43 lakh while over 2.48 crore people have recovered from the virus till now.
Earnings Impact:
Mahindra & Mahindra (M&M) rose 2.13%. M&M reported a net profit of Rs 162.54 crore in Q4 FY21 as against a net loss of Rs 3255.02 crore in Q4 FY20. Net revenue from operations increased by 48.1% year-on-year (YoY) to Rs 13,338.15 crore during the quarter. The results include the combined earnings of M&M and Mahindra Vehicle Manufacturers (MVML), which is a manufacturing unit of M&M.
The auto maker recorded a pre-tax profit of Rs 551.38 crore in the fourth quarter. It has posted a pre-tax loss of Rs 2,687.72 crore in the same period last year. Exceptional loss (net) of Rs 839.89 crore in Q4 March 2021 represents impairment provisions for certain long-term assets and other exposures.
Eicher Motors rose 1.16% after the auto maker reported 72.9% jump in consolidated net profit to Rs 526.14 crore in Q4 FY21 compared with Rs 304.28 crore in Q4 FY20. Net sales during the quarter increased 33.8% year-on-year (YoY) to Rs 2,930.38 crore. Sequentially, the company's net profit declined 1.2% and net sales rose 4.3% during the quarter. EBITDA in the fourth quarter was at Rs 634 crore, up 47% as compared to Rs 432 crores in the same quarter of the previous financial year. Profit before tax in Q4 FY21 stood at Rs 688.59 crore, up by 54.1% from Rs 446.84 crore in Q4 FY20.
IRB Infrastructure Developers fell 1.1% after the company's consolidated net profit dropped 36.85% to Rs 97.46 crore on 1.35% rise in revenue from operations to Rs 1,605.84 crore in Q4 March 2021 over Q4 March 2020. Profit before tax tanked 36.33% to Rs 147.09 crore in Q4 FY21 as against Rs 231.05 crore in Q4 FY20.
3M India fell 3.56%. On a consolidated basis, the company reported 16.7% rise in net profit to Rs 70 crore on 22.9% increase in sales to Rs 827 crore in Q4 FY21 over Q4 FY20. EBITDA improved 23.6% to Rs 110 crore in the fourth quarter as against Rs 89 crore reported in the same period last year. Profit before tax in Q4 FY21 stood at Rs 95 crore, up by 31.9% from Rs 72 crore in Q4 FY20.
Goodyear India jumped 3.75% after the company's net profit surged 240.31% to Rs 43.22 crore on 51.84% jump in revenue from operations to Rs 569.34 crore in Q4 March 2021 over Q4 March 2020. The revenue was boosted by robust farm demand, distribution expansion initiatives in consumer replacement business and base impact of COVID-19 in March 2020. The improvement in PAT was due to higher volumes, increased factory utilization and cost efficiencies. Profit before tax soared 238.27% to Rs 58.42 crore in Q4 FY21 as against Rs 17.27 crore in Q4 FY20. The volumes improved throughout the quarter driven by record consumer replacement volume and a robust rural demand.
Gujarat Pipavav fell 1.72%. On a consolidated basis, the company reported 20.78% jump in net profit to Rs 65.39 crore on 19.45% rise in revenue from operations to Rs 193.43 crore in Q4 March 2021 over Q4 March 2020. Profit before tax spurted 9.17% to Rs 90.19 crore in Q4 FY21 as against Rs 82.61 crore in Q4 FY20. The Q4 earnings was declared post trading hours yesterday, 27 May 2021.
Metropolis Healthcare soared 10.26% after the company's consolidated net profit surged to Rs 61.3 crore in Q4 FY21 from Rs 15.5 crore in Q4 FY20. Revenue from operations increased by 42% year-on-year (Y-o-Y) to Rs 291.8 crore during the quarter. Reported EBIDTA rose by 88% to Rs 96.80 crore in Q4 FY21 as against Rs 51.50 crore in Q4 FY20. Reported EBIDTA margin was at 33.2% as on 31 March 2021 as against 25% as on 31 March 2020. Profit before tax in Q4 FY21 stood at Rs 81.60 crore, up 249% over Rs 23.40 crore recorded in the same period last year. The diagnostic services provider reported 44% jump in consolidated net profit to Rs 183.30 crore on 17% rise in revenue from operations to Rs 997.80 crore in FY21 over FY20.
Dixon Technologies (India) gained 0.07% after the company reported 60% jump in consolidated net profit to Rs 44.26 crore in Q4 FY21 compared with Rs 27.58 crore in Q4 FY20. Revenue from operations increased by 146% year-on-year (Y-o-Y) to Rs 2,109.71 crore. EBITDA jumped 45% to Rs 80.79 crore in Q4 FY21 from Rs 55.85 crore in Q4 FY20. EBITDA margin was at 3.8% as on 31 March 2021, lower than 6.5% as on 31 March 2020. Profit before tax in Q4 FY21 stood at Rs 61.37 crore, up 65% from Rs 37.26 crore in Q4 FY20.
Global Markets:
US Dow Jones futures were up 161 points, indicating a positive opening in the US stocks today.
Shares in Europe and Asia advanced on Friday after solid U.S. economic data and President Joe Biden's federal spending plans spurred a rally on Wall Street in cyclical shares.
U.S. stocks advanced on Thursday, as data showing improvement in the labor market helped bolster expectations in the economic recovery and spurred a minor rotation towards stocks seen as more likely to benefit from the rebound.
On Thursday, Senate Republicans unveiled their $928 billion infrastructure counter offer to President Joe Biden's $1.7 trillion proposal. Republicans again rejected Biden's call to raise corporate taxes, contending they could cover infrastructure costs with funds already allocated by Congress or with transportation user fees.
The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided. Initial claims for state unemployment benefits fell 38,000 to a seasonally adjusted 406,000 for the week ended May 22, the Labor Department said. That was the lowest since mid-March 2020 and kept claims below 500,000 for three straight weeks.
In a separate report, the Commerce Department left its initial estimate on first-quarter gross domestic product unchanged at 6.4%.
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