Benchmarks ended with a modest decline on Monday, extended losses for the second day in a row. Weakness in global equities weighed on investor sentiment. With the exception of the Nifty IT index, all sector indices ended in the red. The media, PSU banks and oil and gas stocks were under pressure.
The S&P BSE Sensex barometer index fell 364.91 points or 0.67% to 54,470.67. The Nifty 50 index lost 109.40 points or 0.67% to 16,301.85.
After hitting the day’s low at 16,142.10 in morning trade, the Nifty rallied as the session progressed and hit the day’s high at 16,403.70 in midday trade. of the afternoon. The late trading selloff took the index close to 16,300 points.
In the broader market, the S&P BSE Mid-Cap Index fell 1.89%. The S&P BSE Small-Cap Index fell 1.67%.
The scope of the market was small. On BSE, 1,052 shares rose while 2,416 shares fell. A total of 146 shares remained unchanged.
The NSE’s Indian VIX, an indicator of near-term market volatility forecasts, rose 3.68% to 22.0325.
Numbers to watch:
The yield on India’s benchmark 10-year federal paper rose to 7.473% from 7.451% at the close of the previous trading session.
In the foreign exchange market, the rupee was weaker against the dollar. The partially convertible rupee was hovering at 77.48, down from its close of 76.90 in the previous trading session.
MCX Gold futures for June 3, 2022 settlement fell 0.61% to Rs 51,031.
The US dollar index (DXY), which tracks the value of the greenback against a basket of currencies, rose 0.19% to 103.86.
In the commodities market, Brent crude for the July 2022 settlement fell $2.08 a barrel, or 1.85% to $110.31 a barrel.
US Dow Jones index futures fell 504 points, indicating a weak open in US stocks today.
Stocks in Europe and Asia fell on Monday, following negative sentiment globally as investors continued to ponder persistently high inflation. Investors also kept an eye on the Russian-Ukrainian war.
In the United States, the Labor Department report showed that nonfarm payrolls increased by 428,000 jobs in April. The unemployment rate remained unchanged at 3.6% during the month.
IPO of LIC:
The initial public offering (IPO) of insurance giant Life Insurance Corporation (LIC) of India has received bids for 47.54 crores of shares against 16.20 crores of shares on offer, according to stock market data at 5:12 p.m. IST Monday (May 9, 2022). The issue was subscribed 2.93 times.
The issuance was opened on May 4, 2022 and will close today, May 9, 2022. The IPO price range is Rs 902 to Rs 949 per share. An investor can bid for a minimum of 15 shares and multiples thereof.
The Nifty IT index rose 0.05% to 30,733.30. The index fell 2.27% in the previous session.
HCL Technologies (+2.47%), Infosys (+1.78%), L&T Technology Services (+0.75%) and Tata Consultancy Services (+0.36%) are progressing.
Actions in the spotlight:
Indostar Capital Finance hit a 10% lower circuit limit at Rs 184.30 after an independent external agency uncovered irregularities in the company’s commercial vehicle portfolio. The company said it may need to make additional provisions for expected credit losses (ECL) between Rs 557 crore and Rs 677 crore due to “certain observations and control deficiencies” made by an external auditor.
Reliance Industries (RIL) was down 3.97%. On a consolidated basis, RIL recorded a 20.2% increase in net profit to Rs 18,021 crore on a 38.64% increase in net sales to Rs 207,375 crore in March Q4, 2022 compared to March Q4, 2021. Profit before tax (PBT) increased by 36.8% to Rs 22,411 crore in the fourth quarter of March 2022 compared to the fourth quarter of March 2021. EBITDA increased by 27.7% to Rs 33,968 crore against Rs 26,602 crore in the corresponding quarter of the previous year. EBITDA growth was driven by strong operational performance across all businesses. Finance charges decreased by 12.1% to Rs 3,556 crore from Rs 4,044 crore in the corresponding quarter of the previous year. The decrease in financial charges reflects the significant repayment of debt and other liabilities.
O2C revenue was driven by improved price realization due to strong crude oil price increases and increased volumes. Retail segment revenues increased on a robust performance with broad-based double-digit growth across all consumer baskets. Revenues from the oil and gas segment increased mainly due to higher gas prices in KG D6 and CBM. Revenues from digital services were mainly driven by higher ARPU and the ramp-up of wireline services.
Vesuvius India jumped 6.91% after the company’s net profit rose 46.50% to Rs 23.63 crore on a 25.23% increase in net sales to Rs 310.12 crore in Q1 March 2022 compared to Q1 March 2021.
DCB Bank increased by 3.14% after net profit increased by 45.60% to Rs 113.44 crore on a 7% increase in total revenue to Rs 1,034.71 crore in Q4 March 2022 from the Q4 March 2021. Operating profit for Q4 FY 2022 was Rs 220.84 crore compared to Rs 201.08 crore for the fourth quarter of FY 2021, up 9.83% year-on-year. The bank earned net interest income of Rs 380 crore for the fourth quarter of FY2022 compared to Rs 311 crore for the fourth quarter of FY2021. Interest (NIM) was 3.93% compared to 3.46% in the fourth quarter of fiscal 2021.
Tata Power Company fell 6.24%. The company recorded a 28% increase in its consolidated net profit to Rs 503.11 crore on a 15.4% increase in net sales to Rs 11,959.96 crore in Q4 FY22 compared to Q4 FY21. Total expenditure during the quarter increased by 15.4% year-on-year to Rs 11,951.68 crore. Profit before exceptional items and tax in Q4 FY22 was Rs 688.83 crore, which is 48.9% higher compared to Rs 462.65 crore in Q4 FY21. During the quarter ended March 31, 2022, based on current operating performance, the Company reassessed the recoverability of its investment in Adjaristsqali Netherlands BV (ABV), held through its wholly owned subsidiary Tata Power International ( TPIPL), and consequently recognized an impairment provision of Rs 150 crore as an exceptional item in the financial results. Pre-tax profit in the fourth quarter stood at Rs 538.56 crore, up 16.4% year-on-year.
Bajaj Consumer Care slipped 5.94%. The company’s net profit decreased by 28.81% to Rs 38.37 crore on a 10.70% decline in net sales to Rs 216.05 crore in Q4 March 2022 compared to Q4 March 2021. On a basis standalone, profit before tax (PBT) fell by 28.8% year-on-year to Rs 46.5 crore in the fourth quarter of March 2022. EBITDA fell by 37.9% to Rs 38 .6 crore during the reporting period. EBITDA margin was 17.9% in the fourth quarter of March 2022, lower than 18.4% in the third quarter of December 2021 and 25.7% in the fourth quarter of March 2021. During the quarter , total expenditure fell by 1.91% to Rs 183.42 crore. The cost of materials consumed dropped by 13.50% to Rs 57.90 crore while employee expenses decreased by 8.93% to Rs 18.96 crore.
Shares of Campus Activewear settled at Rs 378.60 on the BSE, with a premium of 29.66% over the issue price of Rs 292.
The certificate was listed at Rs 355, representing a premium of 21.58% over the initial public offering (IPO) price.
The certificate reached a maximum of Rs 417.70 and a minimum of Rs 336.80. Over 34.99 lakh shares of the company changed hands over the counter.
The Campus Activewear IPO was subscribed 51.75 times. The issuance opened for auction on April 26, 2022 and closed on April 28, 2022. The IPO price range was set at Rs 278 – 292 per share.
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