As per the provisional closing data, the barometer index, the S&P BSE Sensex, surged 609.83 points or 1.18% at 52,154.76. The Nifty 50 index rallied 151.4 points or 1% at 15,314.90.
The BSE Sensex hit a new record high of 52,235.97 while the Nifty index touched 15,340.15 in late trade.
Domestic shares have rallied sharply since January 2021 following a range of positive developments, including a high-spending union budget, strong corporate earnings, robust foreign fund flows and progress on COVID-19 vaccinations.
In the broader market, the S&P BSE Mid-Cap index rose 1.4% while the S&P BSE Small-Cap index gained 0.37%.
The market breadth was negative. On the BSE, 1,375 shares rose and 1,668 shares fell. A total of 150 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 37.33 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 597.62 crore in the Indian equity market on 12 February 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 10,88,12,222 with 23,99,793 deaths. India reported 1,39,637 active cases of COVID-19 infection and 1,55,732 deaths while 1,06,21,220 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
The rate of inflation, based on monthly wholesale Price Index (WPI), stood at 2.03% (provisional) for the month of January 2021 (over January 2020) as compared to 3.52% during the corresponding month of the previous year. All commodities index stood at 2.03% in January 2021 as against 1.22% in December 2020 and 2.29% in November 2020. Food index was at (0.26%) in January 2021 from 0.92% in December 2020 and 4.79% in November 2020.
India's retail inflation, which is measured by the Consumer Price Index (CPI), eased to 4.06% in the month of January 2021. The retail inflation during the month of December 2020 was at 4.59%.
Separately, the country's factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 1% in December 2020, two separate data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed on Friday. The IIP had grown 0.4% in December 2019, the data showed.
Earnings Impact:
ONGC rose 1.44%. The state-run oil major's consolidated net profit dropped 31.1% to Rs 3,763.53 crore on 8.4% fall in net sales at Rs 1,00,288.83 crore in Q3 December 2020 over Q3 December 2019. Profit before tax (PBT) tumbled 31% to Rs 6,138.14 crore in Q3 December 2020 as against Rs 8,889.77 crore in Q3 December 2019. Total crude oil fell 3.3% to 5.632 million metric tonnes (MMT) in Q3 December 2020 over 5.823 MMT in Q3 December 2019. Total gas declined 5.9% to 5.809 billion cubic metre (BCM) in Q3 FY21 from 6.173 BCM in Q3 FY20. Value added products skid 9.9% to 809 kilo tonnes (KT) in Q3 December 2020 as against 898 KT in Q3 December 2019.
Deepak Nitrite jumped 6.16% after the speciality chemical maker reported a 38.2% jump in consolidated net profit to Rs 216.56 crore on 10.3% rise in revenue from operations to Rs 1234.69 crore in Q3 FY21 over Q3 FY20. Improvement in revenues was led by robust Y-o-Y improvement in the phenolics business aided by incremental contribution from Isopropyl Alcohol (IPA) products. EBITDA stood at Rs 340 crore in Q3 FY21, up 25% over Q3 FY20. EBITDA margin grew by 330 basis points to 27.4% in Q3 FY21 over Q3 FY20. Margin accretion has been driven by the increased volumes and higher efficiency in plant operations of the phenolics business supported by better sourcing, logistics and marketing for the wider product basket including IPA, which commenced in Q1 of the current fiscal.
Apollo Hospitals Enterprise soared 12.6% after the company's consolidated net profit jumped 49.10% to Rs 134.16 crore on 5.2% decrease in net sales at Rs 2,759.84 crore in Q3 FY21 over Q3 FY20. Consolidated profit before tax (PBT) soared 27.6% to Rs 185.34 crore in Q3 FY21 as against Rs 145.30 crore in Q3 FY20.
Vodafone Idea declined 3.9% after the company reported a consolidated net loss of Rs 4,532.10 crore in Q3 FY21 compared with net loss of Rs 6,438.80 crore in Q3 FY20. Net sales during the quarter fell by 1.7% year-on-year (Y-o-Y) to Rs 10,891.60 crore. The company recorded a net gain of Rs 1,696.5 crore during the quarter on sale of stake in Indus Towers. The company recorded a pre-tax loss of Rs 4,532.40 crore in Q3 December 2020 compared with pre-tax loss of Rs 6,421.40 crore in Q3 December 2019. On a sequential basis, the company's net loss has narrowed down significantly in Q3 FY21 from Rs 7,218.20 crore in Q2 FY21. Revenue for the quarter improved by 1% from Rs 10,788.20 crore in the second quarter, supported by higher 4G additions. EBITDA rose by 3.2% to Rs 4,286.2 crore in Q3 December 2020 from Rs 4,152.4 crore in Q2 September 2020. EBITDA margins was at 39.3% in Q3 FY21 as against 38.5% in Q2FY21. The teleco said that EBITDA was positively impacted due to the amortisation of subscriber acquisition cost over the average expected customer life. Additionally, EBITDA improvement was driven by higher revenue as well as incremental opex savings from our cost optimization initiatives.
Indian Railway Finance Corporation (IRFC) rose 1.78% after the company reported 15.4% rise in net profit to Rs 1046.74 crore on 8% increase in total income to Rs 3934.46 crore in Q3 FY21 over Q3 FY20. Total expenditure during the quarter increased by 5.6% to Rs 2885.72 crore compared with the same period last year. The board of the NBFC declared an interim dividend of Rs 1.05 per share with a record date for the same is 20 February 2021.
Dilip Buildcon surged 6.36% after the company's consolidated net profit jumped 106.27% to Rs 182.20 crore on 7.09% rise in revenue from operations to Rs 2,746.20 crore in Q3 FY21 over Q3 FY20. Revenue from the roads, special bridges & tunnels segment decreased by 6% on Y-o-Y basis to Rs 1917.8 crore while that from Mining segment decreased by 19% Y-o-Y to Rs 197.30 crore in Q3 FY21. Irrigation segment recorded the revenue of Rs 199.80 crore while Metros & Airports segment recorded revenue of Rs 132.10 crore during the quarter ended 31 December 2020. The net order book as on 31 December 2020 was at Rs 26,141 crore, of which 66.62% was from the Central Government and the remaining 33.38% of the order book was from the State Governments.
Kalpataru Power Transmission gained 1.32% after the company's consolidated net profit surged 132% to Rs 308 crore on 10.7% rise in net sales to Rs 3501 crore in Q3 FY21 over Q3 FY20. Core EBITDA inched lower to Rs 383 crore in Q3 FY21 from Rs 384 crore in Q3 FY20. Core EBITDA margin dropped by 120 basis points to 10.9% in Q3 FY21 from 12.1% in Q3 FY20.
Amara Raja Batteries (ARBL)'s slumped 6.19%. Its consolidated net profit jumped 17.98% to Rs 193.69 crore on 12.18% rise in revenue from operations at Rs 1,960.43 crore in Q3 December 2020 over Q3 December 2019. Consolidated profit before tax (PBT) surged 19.93% to Rs 260.40 crore in Q3 December 2020 over Q3 December 2019. In the automotive segment, revenue growth is aided by consistent growth in OEM and aftermarket segments and also the export segment registered robust growth. The telecom and commercial UPS market segments have also recorded a strong growth in the third quarter. Manufacturing capacities are fully ramped up to the optimum utilisation across all segments.
Edelweiss Financial Services slumped 4.9% after the company reported a consolidated net loss of Rs 69.72 crore in Q3 FY21 compared with net profit of Rs 16.71 crore in Q3 FY20. Total income during the quarter declined by 17.3% year-on-year (Y-o-Y) to Rs 2,191.34 crore. The NBFC's operation profit dropped by 91.9% to Rs 26.18 crore in the third quarter from Rs 321.46 crore in the same period last year. Provisions and write-offs declined 51.9% to Rs 105.96 crore in Q3 December 2020 from Rs 220.48 crore in Q3 December 2019. The company recorded a pre-tax loss of Rs 135.17 crore in Q3 FY21 as against a pre-tax profit of Rs 51.50 crore in Q3 FY20. It wrote back current taxes aggregating to Rs 45.85 crore in the December 2020 quarter.
Force Motors skid 3.58% after the commercial vehicle maker reported a consolidated net loss of Rs 18.98 crore in Q3 FY21 as against net profit of Rs 13.80 crore in Q3 FY20. Net sales tumbled 43.5% to Rs 491.18 crore in Q3 FY21 from Rs 869.11 crore in Q3 FY20. Force Motors said the impact of COVID-19 pandemic continued to be seen in current quarter and is expected to affect the operations of the company in forthcoming quarters.
Global Markets:
European markets were trading higher on Monday, with successful vaccine rollouts fueling hopes of a global economic recovery. The U.K. has now issued a first COVID-19 vaccine dose to more than 15 million people across all four of its top priority categories, in what Prime Minister Boris Johnson described over the weekend as an "extraordinary feat."
Asian markets closed higher on Monday, with multiple markets in North Asia closed for Lunar New Year holidays. Markets in China, Hong Kong, Taiwan as well as the U.S. are closed on Monday for holidays.
Government data released Monday showed Japan's economy growing 12.7% on an annualized basis between October and December last year.
In US, all three major stock indexes closed at record highs Friday, as investors eyed the prospect of more financial aid from Washington to boost the economic recovery, while coronavirus cases are falling and vaccine distribution ramps up.
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