Benchmark indices ended a range bound trading session with strong gains ahead on Monday. All sectoral indices on the NSE ended in the green with realty, IT and consumer durable space moving the most. The Nifty closed below the 17,350 level after hitting a day's of 17,410 in intraday trade.
As per the provisional closing data, the barometer index, the S&P BSE Sensex, surged 813.94 points or 1.42% at 58,014.11. The Nifty 50 index soared 237.9 points or 1.39% at 17,339.25.
The broader market traded with strong gains. The S&P BSE Mid-Cap index rose 1.76% while the S&P BSE Small-Cap index added 0.99%.
Buyers outnumbered sellers. On the BSE, 1,862 shares rose and 1,673 shares fell. A total of 152 shares were unchanged.
Economy:
Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-22 in the Lok Sabha. The Survey forecasts FY23 real GDP growth at 8-8.5%. FY22 GDP growth is seen at 9.2%.
Lok Sabha is adjourned for the day. Sitharaman will present the Union Budget for the year 2022-2023 tomorrow (1 February 2022) in the Lok Sabha and its copy will be laid on the Table of the Rajya Sabha soon thereafter. This year it will be a paperless budget and the Session will be held amidst Covid protocol.
With a view to ensure Covid safety protocol, both the Houses of Parliament will function in shifts from Wednesday (2 February 2022). The Rajya Sabha proceedings will be held from 10 AM to 3 PM and Lok Sabha from 4 PM to 9 PM. The first part of the Budget Session will continue till 11th of February and it will have 10 sittings. This time in the Rajya Sabha, the Zero Hour, which usually runs for one hour, has been reduced to 30 minutes. After a month-long recess, the second part of the session will begin from 14th of March and conclude on 8th of April this year in which there will be 19 sittings.
Growth will be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending, the Economic Survey said. The projection is based on the assumption that there will be no further debilitating pandemic related economic disruption.
As per the survey, agriculture sector is likely to grow by 3.9% in 2021-22 after growing 3.6% in the previous year. India's consumption story is intact despite third wave. Has grown 7% in 2021-22 with significant kitty coming from government spending. Fiscal support as well as the health response caused the fiscal deficit and government debt to rise in 2020-21. India has third largest startup ecosystem in the world after US and China.
India's capital markets, have done exceptionally well and have allowed record mobilization of risk capital for Indian companies. India's banks are well capitalized and the overhang of NPAs seems to have structurally declined even allowing for some lagged impact of the pandemic. In April-November 2021, IPOs of 75 companies have listed, garnering Rs 89,066 crore, as compared to 29 companies raising Rs 14,733 crore during April-November 2020, indicating a rise of 504.5% in fund mobilization.
Primary Market:
The initial public offer (IPO) of Adani Wilmar received bids for over 179.22 crore shares as against 12.25 crore shares on offer, according to stock exchange data at 11:03 IST on Monday, (31 January 2022). The issue was subscribed 14.63 times.
The issue opened for bidding on 27 January 2022 and it will close today, 31 January 2022. The price band of the IPO is fixed at Rs 218-230. An investor can bid for a minimum of 65 equity shares and in multiples thereof. The IPO comprises a fresh issue of upto Rs 3,600 crore (including an anchor portion of 4,08,65,217 equity shares).
New Listing:
Shares of AGS Transact Technologies were currently trading at Rs 161.70 on the BSE, at a discount of 7.6% as compared to the issue price of Rs 175. The scrip was listed at Rs 176, representing a premium of 0.57% to the initial public offer (IPO) price. So far, the scrip has hit a high of Rs 181.85 and a low of Rs 168.05. Over 11.53 lakh shares of the company have changed hands in the counter till now. The initial public offer (IPO) of AGS Transact Technologies received bids for 22,34,74,265 shares as against 2,86,74,696 shares on offer, according to stock exchange data. The issue was subscribed 7.79 times.
The issue opened for bidding on 19 January 2022 and closed on 21 January 2022. The price band of the IPO is fixed at Rs 166-175.
Stocks in Spotlight:
Sun Pharmaceutical Industries rose 0.92%. The drug company's consolidated net profit grew 11.13% to Rs 2,058.80 crore on a 11.61% rise in total revenue from operations to Rs 9,863.06 crore in Q3 FY22 over Q3 FY21. Consolidated profit before tax (PBT) jumped 14.01% to Rs 2,466.19 crore in Q3 FY22 from Rs 2,163.05 crore in Q3 FY21. India formulation sales stood at Rs 3,167.60 crore, rising 15% over same quarter last year. The US formulation sales was at $397 million, recording a growth of 6% over Q3 last year. The emerging markets formulation sales stood at $239 million, growing 17% over Q3 last year. The rest of world formulation sales was at $181 million, rising 3% over same quarter last year. The R&D investments stood at Rs 547.10 crore as compared to Rs 559.50 crore for Q3 FY21. The EBITDA was at Rs 2,557.40 crore, up 8% over Q3 last year, with an EBITDA margin at 26.1%.
UPL fell 1.78%. The company's consolidated net profit soared 24.89% to Rs 1,179 crore on a 23.78% increase in revenue from operations to Rs 11,297 crore in Q3 FY22 over Q3 FY21. EBITDA grew 21% to Rs 2,666 crore in Q3 FY22 over Rs 2,209 crore in Q3 FY21. The rise in EBITDA was on the back of house manufacturing with backward integration linkages supported by effective raw material sourcing and overall cost management. EBITDA margin fell 61 bps to 23.6% in Q3 FY22 as against 24.2% in Q3 FY21.
IndusInd Bank fell 3.4%. The private sector bank's net profit increased by 36.18% to Rs 1161.27 crore in Q3 FY22 from Rs 852.76 crore in Q3 FY21. The bank's total income in the third quarter ended December 2021 rose by 7.4% YoY to Rs 9614.27 crore. The bank's operating profit before provisions and contingencies for the quarter increased by 7.8% year on year to Rs 3205.07 crore. Standalone profit before tax stood at Rs 1551 crore in Q3 FY22, 38.5% higher than Rs 1,119.76 crore.
Britannia Industries added 0.74%. The FMCG company's consolidated net profit skid 18.4% to Rs 369.18 crore on a 13.7% increase in net sales to Rs 3,530.70 crore in Q3 FY22 over Q3 FY21. Consolidated profit before tax (PBT) dropped 17.7% to Rs 505.40 crore in Q3 FY22 from Rs 613.73 crore in Q3 FY21.
Tata Coffee rose 1.69% after the company's consolidated net profit jumped 38.4% to Rs 69.46 crore, driven by improved operating performance in the value-added businesses. Net sales grew by 17.5% to Rs 626.07 crore in Q3 FY22 over Q3 FY21. Consolidated profit before tax (PBT) surged 34.9% to Rs 91.72 crore in Q3 FY22 from Rs 67.98 crore in Q3 FY21.
Bajaj Healthcare declined 0.69%. The company's standalone net profit dropped 34% to Rs 17.45 crore on a 6% decline in net sales to Rs 167.57 crore in Q3 FY22 over Q3 FY21. Revenues from operations slipped on account of a drop in the sales volume of ascorbic acid (Vitamin C) & CH base.
Blue Dart Express rose 2.52% to Rs 6900 after the company's consolidated net profit rose 29.48% to Rs 123.42 crore on 20.98% rise in net sales to Rs 1254.75 crore in Q3 FY22 over Q3 FY21. Profit before tax (PBT) rose 43% to Rs 165.38 crore in Q3 FY22 over Q3 FY21. EBITDA rose 8.3% year-on-year to Rs 288 crore in Q3 FY22. EBITDA margin stood at 22.7% in Q3 FY22 as against 25.5% in Q3 FY21. The company's board has declared interim dividend of Rs 25 per share for the financial year ended 2021-22.
Multi Commodity Exchange of India (MCX) fell 1.26% after the company reported a 52% fall in consolidated net profit to Rs 4.46 crore on a 17% decline in total income to Rs 104.06 crore in Q3 FY22 over Q3 FY21. EBITDA in the third quarter was Rs 52.78 crore, down by 28% from Rs 73.45 crore in Q3 FY21. The company made a provision of Rs 11.01 crore for tax during the quarter. It had written back tax provisions amounting to Rs 4.21 crore in the same period last year. The average daily turnover (ADT) in overall commodity futures stood at Rs 24,556 crore in Q3 FY 21-22 vis-à-vis Rs 32,684 crore in the corresponding quarter of FY 20-21. The notional ADT of options increased by 965% to Rs 8,610 crore in Q3 FY21-22 from Rs 808 crore during Q3 FY20-21.
Global Markets:
European markets were trading higher while Asian stocks advanced on Monday with markets in mainland China and South Korea closed for the Lunar New Year eve. Regionally, markets in Hong Kong and Singapore are also set to close early on Monday ahead of the Lunar New Year holidays.
Official data released Sunday showed Chinese factory activity growth slowing in January. The country's official manufacturing Purchasing Managers' Index for January was at 50.1, just above the 50 level that separates growth from contraction. January's reading compared against December's figure of 50.3.
Meanwhile, a private survey released over the weekend showed Chinese manufacturing activity contracting in January. The Caixin/Markit manufacturing PMI came in at 49.1 for the month.
U.S. stocks rallied on Friday, notching its best day so far in 2022 after another zigzag session, bolstered by a marked rebound in tech shares. Shares of Apple jumped after a stellar quarterly result. The company reported its largest single quarter in terms of revenue ever even amid supply challenges and the lingering effects of the pandemic.
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