Domestic equity benchmarks were trading with modest gains in morning trade. IT, metal and FMCG shares advanced while pharma and auto shares declined.
At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 125.17 points or 0.24% to 51,473.94. The Nifty 50 index has added 53.30 points or 0.35% to 15,169.10.
The Sensex hit a record high of 51,606.25 and the Nifty hit a record high of 15,197.80 in morning trade. Both the indices have gained over 11% in seven straight sessions.
In the broader market, the S&P BSE Mid-Cap index gained 0.34% while the S&P BSE Small-Cap index rose 0.56%.
The market breadth was positive. On the BSE, 1392 shares rose and 1068 shares fell. A total of 137 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 106,460,230 with 2,324,916 deaths. India reported 143,625 active cases of COVID-19 infection and 155,158 deaths while 104,96,308 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty IT index rose 1.22% to 26,231.85. The index has added 3.6% in two sessions.
Wipro (up 3.60%), Infosys (up 1.59%), Mphasis (up 1.42%), HCL Tech (up 1.24%), Info Edge India (up 0.92%), Larsen & Toubro Infotech (up 0.88%), Coforge (up 0.51%), TCS (up 0.41%) and Tech Mahindra (up 0.28%) advanced.
Earnings Today:
Among the Nifty stocks, Adani Ports and Special Economic Zone (up 0.22%) and Tata Steel (up 0.44%) will announce quarterly earnings today.
Further, Abbott India (up 0.22%), AIA Engineering (up 1.15%), Akzo Nobel India (down 0.20%), Aster DM Healthcare (up 0.06%), BASF India (up 1.41%), Berger Paints (up 1.45%), Burger King (up 2.06%), Central Bank of India (down 0.34%), Heidelberg Cement (down 0.50%), Indian Overseas Bank (down 0.09%), KRBL (up 0.86%), Mahanagar Gas (up 0.40%), Muthoot Finance (up 0.82%), Spandana Sphoorty (down 0.13%) and Varroc Engineering (down 0.76%) will also release their quarterly financial numbers today.
Earnings Impact:
Bharat Petroleum Corporation (BPCL) rose 2.30% to Rs 429.55 after the company's net profit surged 120.3% to Rs 2,777.62 crore on 10.7% decline in net sales to Rs 66,731.39 crore in Q3 FY21 over Q3 FY20.
The oil marketing company's other income in the third quarter was Rs 1,514.55 crore as against Rs 514.82 crore in the same period last year. In Q3 December 2020, the company incurred a one-time cost of Rs 419 crore towards an employee stock purchase option scheme 2020.
The state-owned refiner's throughput in the quarter declined 13.9% year-on-year (YoY) to 7.24 million tonne. The company's market sales in the quarter were largely flat at 11.10 million tonne as compared to the same period last year.
The Average Gross Refining Margin (GRM) of the Corporation during nine months ended 31 December 2020 Is $2.90 per barrel as compared to $3.15 per barrel in April - December 2019.
NMDC rose 1.83% to Rs 119.9 after the state-run miner's standalone net profit increased 53.2% to Rs 2108.9 crore on a 44.9% jump in net sales to Rs 4355.1 crore in Q3 FY21 over Q3 FY20. EBITDA margin improved to 66% in Q3 FY21 from 50% in Q3 FY20.
During the quarter ended December 2020, the company's iron ore production increased 70% to 96 lakh tonnes (LT), iron ore sales jumped 41% to 92.84 LT over the same period last year. The average domestic realization spiked 41% to Rs 4,402 per ton in Q3 FY21 over Q3 FY20.
Balaji Amines soared 15.49% to Rs 1461.20 after the company's standalone net profit jumped 162.5% to Rs 70.16 crore on 64.5% rise in net sales to Rs 364.73 crore in Q3 FY21 over Q3 FY20.
During the quarter ended December 2020, the company's sales volume grew by 33.9% to 28,353 MT from 21,160 MT in the same period last year. Amines volumes stood at 4,952 MT, Amines Derivatives volumes stood at 10,812 MT while Specialty Chemicals volumes stood at 12,589 MT in quarter ended December 2020.
EBITDA for Q3FY21 was Rs 98.77 crore as compared to Rs 45.81 crore in Q3FY20, posting a growth of 115.6%. EBITDA margin for Q3FY21 was at 26.92%, up by 647 basis points, compared with 20.45% in Q3FY20. The improvement in operating margins was primarily on account of improvement in operating leverage due to increase in volume offtake and better price realization.
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