Domestic indices were trading at day's high in morning trade. The Nifty reclaimed 14,400 mark. All sectoral indices on the NSE were trading in the green. Positive cues from other Asian markets supported buying.
At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 462.05 points or 0.95% at 49,026.62. The Nifty 50 index added 138.55 points or 0.97% at 14,419.40.
The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index rallied 1.57% while the S&P BSE Small-Cap index was up 1.52%.
The market breadth was strong. On the BSE, 1878 shares rose and 563 shares fell. A total of 101 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 95,543,848 with 2,039,942 deaths. India reported 2,00,528 active cases of COVID-19 infection and 1,52,556 deaths while 1,02,28,753 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Primary Listing:
The initial public offer (IPO) of Indian Railway Finance Corporation (IRFC) received bids for 87.60 lakh shares as against 124.75 crore shares on offer on Monday (18 January 2021), according to the stock exchange data at 10:15 IST. The issue was subscribed 0.7 times.
The issue opened for subscription yesterday (18 January 2021) and it will close on Wednesday (20 January 2021). The price band for the IPO is set at Rs 25-26 per share. An investor can bid for minimum of 575 equity shares and in multiples thereof. The stock will list on 2 February 2021 on bourses.
The IPO consists of fresh issue of up to 118.80 crore equity shares and an offer of sale of up to 59.40 crore equity shares by the Government of India. Post issue, the government shareholding in the company will fall to 86.4%. The company proposes to utilize the net proceeds from the offer for augmenting equity capital base to meet future capital requirements arising out of growth in business.
Results Today:
ICICI Lombard General Insurance Company (up 1.73%), Alembic Pharmaceuticals (up 0.49%), Ceat (up 2$), DCM Shriram (up 1.42%), L&T Infotech (up 3.22%), Skipper (up 1.95%), Tata Communications (down 0.59%), Tata Metaliks (up 2.95%), Tata Steel BSL (up 1.53%), Hatsun Agro Product (up 0.57%), Bank of Maharashtra (up 1.69%), Network18 Media & Investments (up 1.69%) and TV18 Broadcast (up 2.94%) are some of the companies that will announce their results today.
Buzzing Index:
The Nifty Realty index jumped 4.79% to 340.1. The index declined 4.1% in the past four trading sessions.
DLF (up 6.11%), Sobha (up 4.69%), Mahindra Lifespace Developers (up 4.48%), Prestige Estates Projects (up 4.31%), Godrej Properties (up 4.09%), Oberoi Realty (up 3.01%), Brigade Enterprises (up 2.95%), Phoenix Mills (up 2.75%) and Sunteck Realty (up 1.55%) advanced.
Indiabulls Real Estate surged 10.5% after the realtor's consolidated net profit jumped 63.8% to Rs 80.69 crore on a 41.4% fall in net sales to Rs 721.68 crore in Q3 December 2020 over Q3 December 2019.
Earnings Impact:
Mindtree jumped 3.13%. On a consolidated basis, the IT company's net profit rose 28.7% to Rs 326.5 crore on 5% increase in revenue to Rs 2,023.7 crore in Q3 December 2020 (Q3 FY21) over Q2 September 2020 (Q2 FY21). EBITDA grew 23.7% to Rs 467.9 crore in Q3 FY21 over Q2 FY21. Profit before tax (PBT) in Q3 FY21 stood at Rs 445.1 crore, up by 29.1% from Rs 344.7 crore in Q2 FY21. In dollar terms, the revenue stood at $274.1 million, registering a growth of 5% quarter-on-quarter (Q-o-Q) and a decline of 0.4% year-on-year (Y-o-Y) in Q3 FY21. The net profit stood at $44.2 million, recording a growth of 28.6% Q-o-Q and 59.3% Y-o-Y in Q3 FY21. The company reported strong deal wins of $312 million, crossing $1 billion YTD. There are currently 276 active clients as of 31 December 2020. Mindtree said that it added eight new clients during the quarter.
IndiaMART InterMESH gained 2% after the company reported 29.35% rise in consolidated net profit to Rs 80.20 crore on 9.2% rise in total income to Rs 198.20 crore in Q3 December 2020 over Q3 December 2019. Consolidated EBITDA jumped 100% to Rs 88 crore in Q3 December 2020 from Rs 44 crore in Q3 December 2019. The firm's EBITDA margin surged to 51% in Q3 December 2020 from 26% in Q3 December 2019. On the operational front, IndiaMART registered a traffic growth of 35% year on year with 253 million in Q3 December 2020 as compared to 188 million in Q3 December 2019. Total business enquiries delivered increased to 154 million in Q3 December 2020 from 112 million in Q3 December 2019, registering a growth of 37%. Supplier storefronts grew to 6.4 million in Q3 December 2020, an increase of 9% year on year.
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