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Markets Take a Pause Due to ITC, Reliance – Post-Market Analysis

NIFTY started the day flat at 19,748. The index was volatile within a 100-point range between 19,780 and 19,680 with a bearish bias. It has been moving in a downward channel since Friday. Nifty closed at 19,672, down by 72 points or 0.37%.

BANK NIFTY (BNF) started the day at 46,131 with a small gap-up of 56 points. Similar to Nifty, BNF fell sharply after 11:30 and consolidated in a 230-point range for the remainder of the day. The index has also formed a triangular pattern. BNF closed at 45,923, down by 152 points or 0.33%. 

All indices except Nifty Pharma (+0.4%), Nifty Realty (+0.2%), Nifty PSU Bank (+0.1%), and Nifty Auto (+0.17%) closed in the red. Nifty FMCG (-1.7%) fell the most.

Major Asian markets closed mixed. France’s CAC40 is currently trading in the red, while UK’s FTSE100 and Germany’s Dax are in green.

Today’s Moves

SBI Life (+2.05%) was NIFTY50’s top gainer on the back of strong volumes. 

Aarti Drugs (+18.6%) surged after the company approved plans for a buyback of 6.65 lakh fully paid-up equity shares. The floor price for the buyback is set at ₹900 per share, which is over 72% higher than the stock’s closing price on Friday.

ITC (-3.89%) was NIFTY50’s top loser. The company’s board has given in-principle approval for the demerger of its hotel business.

Kotak Bank (-3.7%) fell sharply despite reporting better-than-expected Q1 results.

Tejas Networks (-8.1%) crashed after the company’s net loss widened sequentially in the April-June (Q1) quarter.

Hikal (-7.28%) moved down after the Gujarat Pollution Control Board (GPCB) asked the pharma company to close down its plant in Bharuch for alleged violation of environmental norms.

Markets Ahead

Both Nifty and Bank Nifty are at crucial support zones and can give good moves on either side tomorrow.

Nifty: The index is now below its support of 19,700. But if there’s a flat or gap down opening, the index can further come down to the 19,560 level. If there’s a gap up and further up-move, the index can go back into the consolidation zone of 19,800 and 19,700.

Bank Nifty: 45,900 in Bank Nifty is a very important support zone. A breakdown from here can give us the target till the round levels of 45,500 and then eventually to 45,200 zones. But looking at the triangular pattern Bank Nifty has formed, a breakout on the upside is more likely to happen and if the market goes up tomorrow, we can expect a target of 46,400.

Meanwhile, Reliance Industries shares fell over 2% today after the company reported lower-than-estimated Q1 earnings. The US will report its manufacturing PMI data tonight.

Being FIN NIFTY expiry tomorrow, major indices can be volatile. Since it’s the monthly expiry also, we can expect some directional moves tomorrow. So trade cautiously if you’re a non-directional player! 

Which levels are you watching out for FIN NIFTY expiry tomorrow? Let us know in the comments section of the marketfeed app.

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Market News Top 10 News

UPL Posts 29% YoY Rise in Q4 Net Profit – Top Indian Market News

UPL Q4 Results: Net profit rises 29% YoY to Rs 1,379 crore

UPL Ltd reported a 29% YoY increase in consolidated net profit to Rs 1,379 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 24% YoY to Rs 15,860 crore during the same period. The chemical manufacturer’s EBITDA stood at Rs 3,591 crore in Q4, up 26% YoY. UPL’s board has declared a dividend of Rs 10 per share.

UPL has settled a case with SEBI pertaining to the alleged failure to modify the terms of appointment of the auditor of its subsidiary. It has paid Rs 19.5 lakh towards settlement charges.

Read more here.

Vodafone Idea partners with SonyLIV to boost content offerings

Vodafone Idea (Vi) has partnered with SonyLIV to offer premium content services. SonyLIV is the video streaming platform from Sony Pictures Networks India. Vi has introduced a new add-on recharge of Rs 82, which will provide a free mobile-only subscription of SonyLIV Premium for 28 days and an added data benefit of 4GB with 14-day validity.

Read more here.

PVR Q4 Results: Net loss at Rs 105.5 crore

PVR Limited reported a consolidated net loss of Rs 105.49 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 289.21 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations jumped nearly three-fold to Rs 537.14 crore in Q4 FY22. The multiplex chain operator’s total expenses stood at Rs 731.17 crore, up 43.91% YoY.

Read more here.

L&T secures order from Jharkhand govt

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) from the Government of Jharkhand. The project aims to provide water to irrigate 22,283 hectares of culturable command area (CCA) in Dumka district by pumping water from the Sidheshwari river. The scope of the order includes survey, design, and construction of a barrage across the river.

Read more here.

Suven Pharma Q4 Results: Net profit rises 11% YoY to Rs 92 crore

Suven Pharmaceuticals Ltd reported a 10.3% YoY increase in consolidated net profit to Rs 91.66 crore for the quarter ended March (Q4 FY22). Net profit fell 42.7% when compared to the previous quarter. Its revenue from operations rose 40.54% YoY to Rs 364 crore during the same period. The pharma company’s board has declared an interim dividend of ₹1 per share.

Read more here.

Can Fin Homes clarifies on possible RBI probe into fraud detection

Can Fin Homes Ltd offered clarification on a possible Reserve Bank of India (RBI) probe into the detection of fraud in 37 accounts, saying it has not received any such information from the regulator. Earlier today, a media report claimed that RBI may launch a probe into the detection of fraudulent accounts in Can Fin Homes. The company further said the report is factually incorrect and that it is unaware of its source.

Read more here.

HCL Tech to acquire digital banking firm Confinale

HCL Technologies UK has signed a definitive agreement to acquire Switzerland-based Confinale AG, a digital banking and wealth management consulting specialist. With this acquisition, HCL Tech will expand its footprint in the global wealth management market. Confinale has one of the largest pools of Avaloq-certified specialists in Europe. It works with leading banks and wealth advisors. 

Read more here.

LIC IPO subscribed 2.94 times on final day of bidding  

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 2.94 times on the final day of bidding. Retail investors have subscribed 1.98 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 2.91 times and 2.83 times, respectively, against their reserved portions. LIC policyholders have subscribed 6.09 times the portion reserved for them. 

Aarti Drugs Q4 Results: Net profit rises 7% YoY to Rs 55 crore

Aarti Drugs Ltd reported a 7.14% YoY increase in consolidated net profit to Rs 55.34 crore for the quarter ended March (Q4 FY22). Net profit fell 5% when compared to the previous quarter. Its revenue from operations rose 38.4% YoY to Rs 694.27 crore during the same period. The pharma company’s total expenses stood at Rs 626.73 crore in Q4, up 43.2% YoY.

Read more here.

SRF Q4 Results: Net profit rises 59% YoY to Rs 

SRF Limited reported a 59% YoY increase in consolidated net profit to Rs 605.65 crore for the quarter ended March (Q4 FY22). Net profit rose 19.8% when compared to the previous quarter. Its revenue from operations rose 36% YoY to Rs 3,549 crore during the same period. The company’s chemicals business posted a revenue of Rs 1,572 crore in Q4, up 36% YoY. 

SRF’s board has approved a project to set up dedicated facilities to produce key specialty products at its Dahej plant at an estimated cost of Rs 115 crore. They have also approved a project for capacity expansion at the Dahej plant at an approx. cost of Rs 30 crore.

Read more here.

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Aarti Drugs Reports 12% YoY Decline in Net Profit in Q4 – Top Indian Market News

Aarti Drugs Q4 Results: Net profit declines 12% YoY to Rs 51.6 crore

Aarti Drugs reported a 12% year-on-year (YoY) decline in consolidated net profit to Rs 51.6 crore for the quarter ended March (Q4). Net profit has declined by 24% when compared to the previous quarter (Q3 FY21). The drugmaker’s net sales rose 11.6% YoY to Rs 501.75 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 98.3% YoY to Rs 280.41 crore. Net sales have grown by 19.3% YoY to Rs 2,154.78 crore in FY21.

Read more here.

Kesoram Industries Q4 Results: Net profit at Rs 96.4 crore

Kesoram Industries reported a consolidated net profit of Rs 96.41 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 82.17 crore in the corresponding quarter a year ago (Q4 FY20). Net profit has jumped 80.5% when compared to the previous quarter (Q3 FY21). Revenue from operations rose to Rs 861.56 crore in Q4 FY21, compared with Rs 532.49 crore in the year-ago period. The company’s board has approved fundraising of up to Rs 600 crore, including a rights issue of Rs 200 crore. The funds will be utilised to repay debts.

Read more here.

Zensar Technologies to acquire US-based digital engineering firm M3bi

Zensar Technologies has signed definitive agreements to acquire M3bi, a US-based data engineering and digital engineering firm, for $30.6 million (~Rs 224 crore). The company will acquire the entire share capital of M3bi Private Ltd (M3bi India), while its wholly-owned subsidiary— Zensar Technologies Inc (USA) will acquire the entire share capital of M3bi LLC. This move will enhance Zensar Tech’s capabilities in the field of business intelligence and analytics, data warehousing & big data.

Read more here.

Pfizer likely to sell 50 million doses to India by Q3: Report

According to a report from the Times of India, drug manufacturer Pfizer is likely to sell 50 million doses of its Covid-19 vaccine to the Indian government by the third quarter of this year. The report states that the Centre is in ‘high-level’ discussions with Pfizer, which is proceeding in a successful direction. A recent study revealed that the Pfizer-BioNTech vaccine appeared to work against highly transmissible variants of Covid-19. 

Read more here.

Trident Q4 Results: Net profit rises 90.5% YoY to Rs 76.45 crore

Trident Limited reported a 90.5% YoY increase in consolidated net profit to Rs 76.45 crore for the quarter ended March (Q4). Net profit has declined by 31.8% when compared to the previous quarter (Q3 FY21). Its total revenue rose 35.69% YoY to Rs 1,344.95 crore during the same period. The company’s board has recommended a final dividend of Rs 0.36 per share.

Read more here.

Tata Steel approves conversion of 56.02 lakh partly-paid up shares

The Board of Directors of Tata Steel has approved the conversion of 56.02 lakh partly paid-up equity shares (Rs 2.504 paid-up) of the face value of Rs 10 each to fully paid-up equity shares of the face value of Rs 10 each, on which the first and final call money of Rs 461 per share has been received. The call money includes the face value of Rs 7.496 per share and securities premium of Rs 453.504 per share.

Read more here.

You can learn more about partly paid-up shares here.

Kirloskar Industries Q4 Results: Net profit rises 73% YoY to Rs 67.49

Kirloskar Industries reported a 73.72% YoY increase in consolidated net profit to Rs 67.49 crore for the quarter ended March (Q4). Its revenue from operations rose 63.5% YoY to Rs 750.82 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 70.8% YoY to Rs 163.79 crore. The Board of Directors of Kirloskar Industries has recommended a dividend of Rs 10 per share. The company’s board has also approved an investment of up to Rs 15 crore in its wholly-owned subsidiary— Wellness Space Developers Ltd.

Read more here.

PNB closes QIP issue at 5% discount to floor price

Punjab National Bank (PNB) has closed its qualified institutional placement (QIP) offering with ~5% discount to the floor price of the issue. Equity capital was raised at Rs 33.75 per share, as against the floor price of Rs 35.53 per share fixed earlier by PNB. The bank has not revealed the actual amount it has raised through this QIP. PNB was looking to raise Rs 1,800 crore, including an option to retain oversubscription up to Rs 600 crore.

Read more here.

Geojit Financial Services Q4 Results: Net profit rises 94% YoY to Rs 36 crore

Geojit Financial Services Ltd reported a 94.08% YoY rise in consolidated net profit to Rs 36.39 crore for the quarter ended March (Q4). Net profit rose 18.8% when compared to the previous quarter (Q3 FY21). Its revenue from operations rose 47% YoY to Rs 121.38 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 161.8% YoY to Rs 123.16 crore. The company’s board has recommended a final dividend of Rs 2 per share.

Read more here.

Quick Heal Tech Q4 Results: Net profit jumps 195% QoQ to Rs 39.7 crore

Quick Heal Technologies reported a 195% quarter-on-quarter (QoQ) jump in consolidated net profit to Rs 39.72 crore for the quarter ended March (Q4). Its revenue from operations rose 50% QoQ to Rs 105 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 43.77% YoY to Rs 106.98 crore. The company’s board has recommended a final dividend of Rs 4 per share.

IRB InvIT’s Q4 distribution stands at Rs 2.5 per unit

IRB Infrastructure Investment Trust (InvIT) announced that it will be distributing Rs 2.5 per unit for Q4 FY21. This takes the overall distribution to unitholders to Rs 8.5 per unit for the financial year 2020-21. IRB InvIT owns, operates, and maintains a portfolio of toll road concessions in India. Its gross income for Q4 stood at Rs 334 crore, compared with Rs 316 crore in the corresponding period last year (Q4 FY20).

Devyani International files DRHP for Rs 1,400 crore IPO

Devyani International has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 1,400 crore through an initial public offering (IPO). The company is the largest franchisee of Pizza Hut, KFC, and Costa Coffee in India. The IPO comprises a fresh issue of Rs 400 crore and an offer for sale (OFS) of up to 12.53 crore equity shares by promoters.

Read more here.

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Market News Top 10 News

Bharat Dynamics Signs Rs 1,188 crore Deal With Defence Ministry – Top Indian Market News

Bharat Dynamics to supply 4,960 Milan-2T missiles to Indian Army

The Ministry of Defence, on Friday, signed a Rs 1,188 crore deal with Bharat Dynamics Ltd (BDL) for the supply of 4,960 Milan 2T Anti-Tank Guided Missiles to the Indian Army. The missiles, having a range of 1,850 metres, can be fired from the ground as well as from vehicle-based launchers. The missiles are being produced by BDL under license from French defence major MBDA Missile Systems.

Read more here.

Govt sells 10% stake to exit Tata Communications

The Central Government has exited Tata Communications Ltd (TCL) after selling its 10% stake to Tata Sons’ subsidiary Panatone Finvest in an off-market trade. Around 2.85 crore equity shares held by the government were sold to Panatone Finvest. The government has already sold a 16.12% stake in TCL through an offer for sale (OFS) to retail and non-retail investors at the floor price of Rs 1,161 per share.

Read more here.

PNC Infratech’s arm secures order worth Rs 1,412 crore

PNC Infratech said its subsidiary, PNC Meerut Haridwar Highways, has secured a road project from the National Highways Authority of India (NHAI). The project consists of four-laning the Meerut-Nazibabad section of NH-19 in Uttar Pradesh on Hybrid Annuity Mode (HAM). The order is valued at Rs 1,412 crore. The project comes under the Central government’s Bharatmala Pariyojana.

Strides Pharma’s subsidiary partners with RDIF to supply Covid-19 vaccine

Strides Pharma Science Ltd said its biopharmaceutical division, Stelis Biopharma, has partnered with the Russian Direct Investment Fund (RDIF) to supply 200 million doses of the Sputnik V vaccine.  The vaccine demonstrated an efficacy rate of 91.6% against the Covid-19 infection and is now approved for use in over 50 countries. The parties intend to commence supplies from Q3 (July-September) of calendar year 2021. 

Read more here.

Tata Motors introduces new compact ambulance Magic Express

Tata Motors has launched Magic Express, its first product in the compact ambulance segment, with the promise of easy maneuverability in congested Indian cities. The Magic Express Ambulance is compliant with AIS-125 government norms for the ambulance category. It can seat five attendants, apart from the driver and patient. Tata Motors said that the ambulance is designed to specifically support medical and health-related services, with a focus on the speedy movement of patients that require emergency care. 

Read more here. 

TV advertising volumes rose 21% in Jan-Feb 2021: BARC

According to data released by the Broadcast Audience Research Council (BARC), advertising volumes in January-February 2021 were 21% higher when compared to the same period last year. The report states that FMCG and e-commerce categories grew by 36% and 21%, respectively, during Jan-Feb compared to 2020. TV channels in the movies and music genre saw a spike in ad volumes at 25% and 24%, respectively. 

Read more here.

HDFC Bank’s MSME book grows 30% YoY to cross Rs 2 lakh crore-mark

HDFC Bank said its Micro, Small, and Medium Enterprises (MSME) loan book grew 30% YoY to cross the Rs 2 lakh crore-mark as of December-end. This growth was driven by the Emergency Credit Line Guarantee Scheme (ECLGS)- a Rs 20 lakh crore package introduced by the Finance Ministry to support the MSME sector amidst the Covid-19 pandemic. HDFC Bank has become the second-largest lender in the MSME segment after the State Bank of India (SBI).

Read more here.

Aarti Drugs announces Rs 60 crore share buyback plan

Aarti Drugs Limited said its Board of Directors have approved the buyback of up to 6 lakh fully paid-up equity shares (of the face value of Rs 10 each) at Rs 1,000 per share. This represents 0.64% of the total number of equity shares of the firm. The total buyback size is Rs 60 crore. Aarti Drugs’ share buyback price of Rs 1,000 is at a premium of 46% to its closing price of Rs 683 on Thursday. 

Read more here.

TCS announces salary hikes for all employees

Tata Consultancy Services (TCS), on Friday, announced salary hikes for all its employees. The salary hikes will be effective from April 1, 2021. The IT major had increased salaries by 6-8% in October 2020. With the upcoming hike, around 4.6 lakh TCS employees will get around 12-14% average increment in six months’ time. 

Read more here.

IPO Updates:

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 2.37 times on the final day of bidding. The portion reserved for retail investors was subscribed 3.09 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.31 times and that of qualified institutional buyers (QIBs) 2.18 times.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 175.46 times on the final day of bidding. The portion reserved for retail investors was subscribed 75.29 times and that of employees 7.55 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 389.89 times and that of QIBs 103.77 times. It has become the second-most subscribed IPO (after MTAR Technologies) so far in 2021.