As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 1,416.30 points or 2.61% at 52,792.23. The Nifty 50 index lost 430.90 points or 2.65% at 15,809.40.
In the broader market, the S&P BSE Mid-Cap index slumped 2.66% while the S&P BSE Small-Cap index slipped 2.29%.
The market breadth was weak. On the BSE, 853 shares rose and 2,474 shares fell. A total of 120 shares were unchanged.
Buzzing Index:
The Nifty IT index slumped 5.74% to 28,352.15. The index has lost 6.18% in two trading sessions.
Coforge Ltd (down 7.22%), Mphasis Ltd (down 6.84%), HCL Technologies Ltd (down 6.09%), Tata Consultancy Services Ltd (down 5.74%) and Mindtree Ltd (down 5.73%), L&T Technology Services Ltd (down 5.56%), Wipro Ltd (down 5.55%), Infosys Ltd (down 5.52%), Tech Mahindra Ltd (down 5.42%) and Larsen & Toubro Infotech Ltd (down 5.37%) slumped.
Earnings Impact:
Dr. Reddy Lab rose 0.82% to Rs 3,940 after the drug maker's consolidated net profit tumbled 76% to Rs 87.50 crore in 15% increase in revenues to Rs 5436.80 crore in Q4 March 2021 over Q4 December 2021. On a consolidated basis, Dr Reddy's Laboratories' profit before tax tumbled 60% year-on-year to Rs 248.30 crore in Q4 March 2021. EBITDA for Q4 FY22 is at 1300 crore. The EBITDA margin stood 23.9% in Q4 March 2021 higher than 23.8% in Q4 December 2021 and 23.8% in Q3 December 2021.
Ucal Fuel Systems surged 7.05% to Rs 123.75 after the company's consolidated net profit surged 276.04% to Rs 12.71 crore on 13.01% decline in net sales to Rs 170.76 crore in Q4 March 2022 over Q4 March 2021. On a consolidated basis, profit before tax (PBT) surged 213.64% year-on-year (YoY) to Rs 12.42 crore in Q4 March 2022
JK Lakshmi Cement (JKLC) soared 6.54% to Rs 419.55 after the company's net profit rose 25.80% to Rs 171.73 crore on 13.29% rise in net sales to Rs 1497.64 crore in Q4 March 2022 over Q4 March 2021. Profit before tax (PBT) rose 6.11% year-on-year to Rs 197.93 crore in Q4 March 2022. EBIDTA before other income increased 3.12% YoY to Rs 276.23 crore.
Sandur Manganese & Iron Ores jumped 4.85% to Rs 3750.05 after the company's net profit surged to Rs 235.52 crore in Q4 FY22 from Rs 70.91 crore in Q4 FY21. Net sales during the quarter doubled to Rs 716.24 crore from Rs 357.68 crore recorded in the same period last year.
ITC jumped 3.53% to Rs 275.90 after the company's standalone net profit rose 11.81% to Rs 4,190.96 crore on 16.49% increase in net revenue to Rs 15,331.48 crore in Q4 March 2022 over Q4 March 2021. EBITDA improved by 16.8% to Rs 5,224 crore in Q4 FY22 from Rs 4,473 crore in Q4 FY21. Profit before tax in the fourth quarter stood at Rs 5,442 crore, up by 12.1% from Rs 4,854 crore reported in the same period last year.
Manappuram Finance slumped 9.42% to Rs 94.75 after the company reported a 44.2% fall in consolidated net profit to Rs 261.10 crore on an 8.5% decline in total income to Rs 1,491.31 crore in Q4 FY22 over Q4 FY21. The NBFC's revenue declined after its flagship Gold loans business income fell 17.6% to Rs 1109.18 in Q4 FY22 from Rs 1346.48 crore posted in Q4 FY21. Meanwhile, revenues from Microfinance segment grew 34.6% to Rs 382.13 crore in Q4 FY22 over Q4 FY21.
LIC Housing Finance fell 0.66% to Rs 356.30 after the company reported 180% rise in net profit to Rs 1118.64 crore in Q4 FY22 from Rs 398.92 crore in Q4 FY21. Revenue from operations increased 7% YoY during the quarter to Rs 5,299.66 crore. Net interest income improved 9% to Rs 1637.49 crore in Q4 FY22 over Q4 FY21.
Granules India tumbled 5.97% to Rs 247.35 after the drug maker reported a 13% fall in consolidated net profit to Rs 111 crore in Q4 FY22 from Rs 128 crore posted in Q4 FY21. Consolidated income from operations grew by 29% year on year to Rs 1,030 crore in Q4 FY22 as compared to Rs 799 crore posted in Q4 FY21, across all geographies and segments.
Lupin slumped 7.06% to Rs 635 after the company reported a consolidated net loss of Rs 518 crore in Q4 FY22 as against a net profit of Rs 460.4 crore in Q4 FY21. Income from operations rose by 2.8% YoY to Rs 3,864.5 crore during the quarter. While the total revenue from formulations was Rs 3,644.2 crore (up 4% YoY), the revenue from API was Rs 220.3 crore (down 13.8% YoY) in Q4 FY22.
Pidilite Industries fell 2.24% to Rs 2,114.75 after the company reported a 17.7% fall in consolidated net profit to Rs 254.35 crore in Q4 FY22 compared with the net profit of Rs 308.89 crore in Q4 FY21. Net sales stood at Rs 2,507.10 crore for the quarter ended 31 March 2022 as against Rs 2,235.52 crore during the same period in the previous year, registering a growth of 12.1%.
Shyam Metalics and Energy fell 2.19% to Rs 334.50 after the comapny reported 12% rise in consolidated net profit to Rs 433.2 crore on a 22% jump in net sales to Rs 2,856.8 in Q4 FY22 over Q4 FY21. Profit before tax rose 5.8% year on year to Rs 581 crore in Q4 FY22 over Q4 FY21. EBITDA improved by 6% to Rs 663.1 crore in Q4 FY22 from Rs 626.8 crore in Q4 FY21. Meanwhile, EBITDA margin declined to 23.2% in Q4 FY22 from 26.7% in Q4 FY21 and Blended EBITDA per tonne fell 17% to Rs 15,179 in Q4 FY22.
Global Markets:
In the US, Dow Jones index futures were down 423 points, indicating a weak opening in the US stocks today.
Shares in Europe and Asia tumbled on Thursday. Rising inflation, the conflict in Ukraine, prolonged supply chain snarls, pandemic-related lockdowns in China and prospects of aggressive policy tightening by central banks have weighed on the markets recently.
In the U.K., data showed inflation soared to a 40-year high of 9% in April as food and energy prices spiraled.
Wall Street ended sharply lower on Wednesday, with Target losing around a quarter of its stock market value and highlighting worries about the US economy after the retailer became the latest victim of surging prices.
US retail giant Target plunged 25% as higher costs and disrupted logistics hit its profit margins. Walmart, the world's largest bricks-and-mortar retailer, cut its earnings guidance on challenging soaring inflationary trends.
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