The benchmark indices extended substantial gains during morning trade, buoyed by IT, oil & gas and metal stocks. The Nifty re-claimed 17,300 mark.
The barometer index, the S&P BSE Sensex, jumped 576.70 points or 1.01% at 57,853.64. The Nifty 50 index advanced 192.50 points or 1.13% at 17,302.65.
In the broader market, the S&P BSE Mid-Cap index rose 1.96% while the S&P BSE Small-Cap index gained 1.94%.
The market breadth was strong. On the BSE, 2,388 shares rose and 679 shares fell. A total of 90 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 6,266.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,881.32 crore in the Indian equity market on 27 January 2022, provisional data showed.
The Budget session of Parliament is set to commence on 31 January 2022 and will conclude on 8 April 2022. The government will present the Budget for fiscal 2022-23 on 1 February 2022. The Economic Survey is likely to be tabled on 31 January 2022 after the president's address.
On the political front, developments in the upcoming assembly polls in Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur will be closely watched. Polls in all the five states will be held between 10 February 2022 and 7 March 2022 in seven phases. The counting of votes and the result will be declared on 10 March 2022.
Upcoming Results:
Larsen & Toubro (L&T), Dr Reddy's Laboratories, Kotak Mahindra Bank, Britannia Industries, Vedanta, Atul, AU Small Finance Bank, Bajaj Healthcare, Bharat Electronics, Blue Dart Express, CARE Ratings, Central Bank of India (CBI), Chambal Fertilisers & Chemicals, Crompton Greaves Consumer Electricals, Deepak Fertilisers, Dixon Technologies, Equitas Small Finance Bank, Happiest Minds Technologies, Karnataka Bank, Marico, Max Financial Services, Info Edge, Oberoi Realty, Suzlon Energy, Tata Coffee, United Breweries and UTI Asset Management Company will announce their quarterly earnings on 28 January 2022.
Buzzing Index:
The Nifty IT index advanced 2.11% to 34,182.65. The index lost 13.78% in the past eight trading sessions.
Coforge (up 7%), MindTree (up 4.82%), L&T Technological Services (LTTS) (up 4.19%), Mphasis (up 3.48%) and L&T Infotech (LTI) (up 3.43%) were the top gainers in the IT segment.
Coforge soared 7%. The company's consolidated net profit increased by 25.2% to Rs 183.7 crore on a 5.7% rise in revenue to Rs 1,658.1 crore in Q3 FY22 over Q2 FY22. As compared to Q3 FY21, the company's net profit and revenue are higher by 50.7% and 39.3%, respectively. Adjusted EBITDA in the third quarter was Rs 322.6 crore, up 10.4% Q-o-Q and up 50.4% Y-o-Y. Adjusted EBITDA margin for the quarter expanded to 19.5%. In dollar terms, the company's revenue for the quarter was $221.6 million, up 4.2% Q-o-Q and up 37.8% Y-o-Y. Total order book executable over the next 12 months at $701 million. Order intake was $247 million while 13 new clients were added during the quarter. Headcount in Q3 FY22 increased by 1,344 to 22,130 while the attrition was 16.3%.
Stocks in Spotlight:
Bharat Heavy Electricals (BHEL) lost 1.01%. The PSU company posted a standalone net profit of Rs 14.26 crore in Q3 FY22 as compared to a standalone net loss of Rs 230.99 crore registered in Q3 FY21. Standalone net sales grew by 17% to Rs 4,918 crore in Q3 FY22 from Rs 4,203 crore posted in Q3 FY21. BHEL posted a profit before tax of Rs 20.24 crore in Q3 FY22 as against a pre-tax loss of Rs 292.88 crore registered in the same quarter last year. BHEL reported a positive EBITDA of Rs 180 crore in Q3 FY22 as against a negative EBITDA of Rs 94 crore in Q3 FY21. The PSU enterprise said it achieved break-even at profit before tax level for Q3 FY21-22, mainly contributed by focus on provision withdrawal and strict budgetary control on expenses.
RBL Bank declined 1.86%. The firm's reported 6% rise in net profit to Rs 156 crore on a 11% increase in net interest income to Rs 1,010 crore in Q3 FY22 over Q3 FY21. Total income during the quarter rose by 3% Y-o-Y to Rs 2,664 crore. Net interest margin (NIM) for Q3 FY22 improved by 15 bps Y-o-Y to 4.34%. Operating profit, however, declined by 21% to Rs 631 crore in the third quarter from Rs 801 crore reported in the same period last year. Provisions (other than tax) in Q3 FY22 amounted to Rs 424 crore, which is lower by 30% as compared to Rs 606 crore recorded in Q3 FY21. Provision coverage ratio was 78.6% in Q3 FY22 as against 86.4% in Q3 FY21. The net non-performing assets aggregated to Rs 1,076 crore as at 31 December 2021 as against Rs 1,200 crore as at 30 September 2021 and Rs 402 crore as at 31 December 2020.
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