The benchmark indices ended with robust gains on Monday, extending gains for the third day. The Nifty closed above the 16,650 mark. All the sectoral indices on the NSE ended in the green. Positive global cues boosted sentiment.
As per provisional closing data, the barometer index, the S&P BSE Sensex, surged 1041.08 points or 1.90% to 55,925.74. The Nifty 50 index added 308.95 points or 1.89% to 16,661.40.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index gained 2.28% while the S&P BSE Small-Cap index added 2.23%.
The market breadth was strong. On the BSE, 2,372 shares rose while 1,089 shares fell. A total of 154 shares were unchanged.
New Listing:
Shares of ETHOS closed at Rs 802.05 at a discount of 8.59% compared with the issue price of Rs 878.
The scrip was listed at Rs 830, representing a discount of 5.47% to the initial public offer (IPO) price.
So far, the scrip has hit a high of Rs 839.65 and a low of Rs 774. Over 2 lakh shares of the company have changed hands in the counter today.
The IPO of ETHOS was subscribed 1.04 times. The issue opened for bidding on Wednesday (18 May 2022) and it closed on Friday (20 May 2022).
Buzzing Index:
The Nifty Media index rose 3.34% to 2,023.95. The index advanced 7.01% in three trading sessions.
Dish TV India (up 6.75%), Saregama India (up 4.75%), Inox Leisure (up 3.55%), PVR (up 3.27%), Hathway Cable & Datacom (up 3.16%), Zee Entertainment Enterprises (up 2.91%), Nazara Technologies (up 2.75%), TV18 Broadcast (up 2.03%), Sun TV Network (up 1.98%) and Network 18 Media & Investments (up 1.81%) edged higher.
Sun Tv Network rose 1.98% after the media company's standalone net profit declined 10.1% to Rs 404.35 crore despite of a 6.5% rise in net sales to Rs 833 crore in Q4 FY22 over Q4 FY21. Sun TV Network's advertisement revenue rose 7% to Rs 337.13 crore for the quarter ended 31 March 2022. The subscription revenue for the quarter declined 2.8% to Rs 416.03 crore in Q4 FY22 from Rs 428.12 crore reported in Q4 FY21.
Stocks in Spotlight:
Mahindra & Mahindra (M&M) hit a record high of Rs 1011.45 today, rising about 9% in three trading sessions. The vehicle major reported a 427% jump in standalone net profit before exceptional items to Rs 1,292 crore in Q4 FY22 as compared with Rs 245 crore in Q4 FY21. Revenue rose by 28% year on year to Rs 17,124 crore during the quarter ended 31 March 2022. Profit before tax surged 147.8% to Rs 1,572 crore during the period under review.
United Spirits (USL) advanced 5.83%. USL reported 18.6% fall in standalone net profit to Rs 136.20 crore in Q4 FY22 from Rs 167.30 crore posted in Q4 FY21. Net sales rose 9.5% to Rs 2,435.10 crore for the quarter ended 31 March 2022 from Rs 2,224.40 crore recorded in the corresponding period last year. The growth in net sales was driven by resilient consumer demand in off trade and gradual on trade recovery. Profit before exceptional items and tax surged 15.24% to Rs 372.7 crore in Q4 FY22 from Rs 323.4 crore in Q4 FY21.
ONGC rose 0.24% after the company reported 31.6% year-on-year (YoY) growth in standalone net profit to Rs 8,860 crore in Q4 FY22. Net sales in the January-March 2022 quarter jumped 62.8% to Rs 34,497.24 crore from Rs 21,188.91 crore recorded in the same period last year. Profit before tax in Q4 FY22 stood at Rs 11,714 crore, up by 31.2% from Rs 8,928 crore reported in Q4 FY21.
FSN E-Commerce Ventures (Nykaa) rallied 3.60%. The company's consolidated net profit fell 49.29% to Rs 8.56 crore in Q4 March 2022 as against net profit of Rs 16.88 crore in Q4 March 2021. Revenue from operations declined 11.38% sequentially ("QoQ") and 31.44% Year on Year ("YoY") to Rs 973.32 crore in Q4 FY22. Gross profit grew 40% YoY to Rs 425.30 crore in Q4 FY22 at a margin of 43.7%, up 254 bps YoY. EBITDA fell 14% to Rs 38.50 crore in Q4 FY22 at a margin of 4% (vs 6.3% in Q3 FY22 and 6% in Q4 FY21).
JSW Steel slipped 1.94% after the company reported 23% fall in consolidated net profit to Rs 3,234 crore on a 74% increase in net sales to Rs 46,026 crore in Q4 FY22 over Q4 FY21. Total expenditure during the quarter surged 107.2% YoY to Rs 38,483 crore, due to a sharp spike in cost of raw materials, power & fuel, other expenses and inventory costs.
3M India jumped 10.66% after the compnay reported a 57.4% jump in consolidated net profit to Rs 110.92 crore in Q4 FY22 from Rs 70.47 crore posted in Q4FY21. Revenue from operations rose 11.9% to Rs 925.59 crore in Q4 FY22 from Rs 827.21 crore posted in Q4 FY21. Profit before tax in Q4 FY22 stood at Rs 151.41 crore, rising 59.6% from Rs 94.88 crore in Q4 FY21.
Jubilant Foodworks spurted 9.68% after the QSR chain operator reported an 11.3% growth in net profit to Rs 116.1 crore as revenue from operations rose by 12.9% to Rs 1,157.9 crore in Q4 FY22 over Q4 FY21. The company said that the increase in revenue in Domino's was driven by robust growth in delivery channel. Meanwhile, dine-in and takeaway channel also registered a moderate growth. Domino's Like-for-Like (LFL) sales growth stood at 5.8% in Q4 FY22 as against 13.7% in Q4 FY21. LFL sales growth refers to the year-over-year growth in sales for non-split restaurants opened before previous financial year. During the quarter, the company registered system sales growth of 80.6% and opened 3 new stores taking the network strength to 35 stores in Sri Lanka. In Bangladesh, system sales grew by 44.5%.
Global Markets:
The Dow Jones futures were up 253 points, indicating a positive opening in the US stock market today.
Markets in Europe and Asia rallied on Monday as investors look ahead to major economic data releases later in the week.
Markets in the U.S. are closed on Monday for a holiday. Wall Street closed sharply higher on Friday as signs of peaking inflation and consumer resilience boosted sentiment.
The core personal consumption expenditures price index rose 4.9% in April, down from the 5.2% pace seen the previous month. This particular report is watched closely by the Federal Reserve when setting policy.
US consumer spending rose more than expected in April as households boosted purchases of goods and services. Consumer spending increased 0.9% last month. Data for March was revised higher to show outlays racing 1.4% instead of 1.1% as previously reported.
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