The domestic equity benchmarks were trading flat in morning trade. At 10:23 IST, the barometer index, the S&P BSE Sensex, was down 1.84 points to 46,872.52. The Nifty 50 index added 6.40 points or 0.05% to 13,823.95.
The broader market was trading firm. The S&P BSE Mid-Cap index rose 0.63% while the S&P BSE Small-Cap index gained 0.43%.
The market breadth was strong. On the BSE, 1539 shares rose and 757 shares fell. A total of 129 shares were unchanged.
Some value buying was visible after the benchmark indices corrected a little over 5.5% each in the preceding five trading sessions. Investors remained cautious ahead of the Union Budget on Monday.
The Budget session of the Parliament is all set to open with the presentation of the Economic Survey of India today, 29 January 2021. Chief economic adviser Krishnamurthy Subramanian is scheduled to hold a press conference at 2.30 pm today to discuss the economic survey. The survey will include details and outcomes of the schemes and policies implemented by the government during the year under review. It may provide hints about what is in store for the economy in the coming days.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 101,409,081 with 2,188,840 deaths. India reported 171,686 active cases of COVID-19 infection and 154,010 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
A total of 28,47,608 beneficiaries have so far been vaccinated for COVID-19 through 52,667 sessions held till the evening of January 28, the thirteenth day of the immunisation drive, according to a provisional report of the Union Health Ministry.
New Listing:
Shares of Indian Railway Finance Corporation (IRFC) were trading at Rs 25.15 at 10:15 IST on the BSE, a discount of 3.27% over the initial public offer price of Rs 26.
The stock was listed at Rs 25, a discount of 3.85% to the initial public offer (IPO) price. So far the stock hit a high of Rs 25.50 and low of Rs 24.30. On the BSE, 1.21 crore shares were traded on the counter so far.
Results Today:
Cipla (down 0.78%), Dr Reddy's Laboratories (down 0.73%), IndusInd Bank (up 3.96%), Indian Oil Corporation (up 0.76%), Sun Pharma (up 0.28%), Tata Motors (up 2.42%), Tech Mahindra (up 0.97%) and UPL (down 0.37%) will announce Q3 earnings today.
Atul (up 1.45%), Chola Finance (up 2.56%), Credit Access Grameen (down 1.23%), Dabur (down 0.94%), DLF (up 0.50%), Exide Industries (down 0.10%), JSW Energy (up 1.36%), Dr Lal Pathlabs (down 0.98%), LIC Housing Finance (up 3.14%), Manappuram Finance (up 2.45%), Solar Industries (down 0.22%) and Union Bank of India (up 2.71%) will also announce Q3 earnings today.
Earnings impact:
Interglobe Aviation (Indigo) rose 0.71% to Rs 1599.60. On a consolidated basis, Indigo reported net loss of Rs 620.14 crore in Q3 December 2020 compared with net profit of Rs 495.97 crore in Q3 December 2019. Revenue from operations tumbled 50.56% to Rs 4,909.98 in Q3 FY21 compared to Rs 9,931.68 crore in Q3 FY20.
The airline company posted a 49.7% drop in EBITDAR to Rs 987.10 crore in Q3 December 2020 from Rs 1,960.70 in Q3 December 2019. EBITDAR margin improved to 20.1% in Q3 December 2020, from 19.7% registered in the same period last year.
Pidilite Industries fell 1.77% at Rs 1685.95. On a consolidated basis, the company reported a 29% jump in net profit to Rs 446.43 crore on 19.3% rise in net sales to Rs 2299 crore in Q3 FY21 over Q3 FY20.
Pidilite said robust growth was registered across all verticals driven by continued demand momentum in rural areas and strong recovery in urban including metros. Overseas subsidiaries have also performed strongly, reporting double-digit constant currency revenue growth as well as strong earnings growth. While domestic subsidiaries in the Consumer and Bazaar (C&B) segment have shown healthy growth, subsidiaries in the Business to Business (B2B) segment have shown signs of recovery in the later part of the quarter.
TVS Motor Company jumped 9.84% to Rs 580.65 after the company's standalone net profit surged 119.4% to Rs 265.62 crore on 30.7% rise in net sales to Rs Rs 5391.39 crore in Q3 FY21 over Q3 FY20.
EBITDA stood at Rs 511 crore in Q3 FY21, recording a growth of 41% from Rs 363 crore posted in the same period last year.
In Q3 FY21, the overall two-wheeler sales of the company including exports grew by 23% to 9.52 lakh units from 7.73 lakh units in the quarter ended December 2019. Total three wheelers sales registered sale of 0.38 Lakh units in the quarter ended December 2020 as against sales of 0.48 Lakh units in the quarter ended December 2019.
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