The benchmark indices with minor losses on Tuesday, closing in red for the third consecutive day. Metal, IT and oil & gas were among the top laggards. The Nifty hit an intraday high of 16,404.55 during afternoon trade, but failed to retain the level, and closed below 16,250 mark.
As per provisional closing basis, the barometer index, S&P BSE Sensex fell 105.82 points or 0.19% at 54,364.85. The Nifty 50 index lost 61.80 points or 0.38% at 16,240.05.
The S&P BSE Mid-Cap index slipped 1.98%. The S&P BSE Small-Cap index lost 2.11%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 881 shares rose while 2,476 shares fell. A total of 130 shares were unchanged.
Prudent Corporate Advisory Services IPO:
The initial public offering (IPO) of insurance behemoth Prudent Corporate Advisory Services received bids for 19.31 lakh shares as against 60.18 lakh shares on offer, according to stock exchange data at 15:30 IST on Tuesday (10 May 2022). The issue was subscribed 32%.
The issue opened on 10 May 2022 and it will close on 12 May 2022. The IPO price band is Rs 595 to Rs 630 per equity share. An investor can bid for a minimum of 23 equity shares and in multiples thereof.
Buzzing Index:
The Nifty IT index fell 1% to 30,427.20. The index rose 0.05% in the past trading session.
Among the components of the Nifty IT index, Coforge (down 5.4%), Mindtree (down 3.23%), Larsen & Toubro Infotech (LTI) (down 2.66%), Tech Mahindra (down 1.57%) and Wipro (down 1.13%) were the top losers.
Among the other losers were Infosys (down 1.1%), HCL Technologies (down 0.47%), L&T Technology Services (down 0.45%) and Tata Consultancy Services (TCS) (down 0.21%).
On the other hand, Mphasis (up 0.04%) edged higher.
Crypto Market:
Among the popular crypto currencies, Tether (USDT) (up 0.32%) advanced.
However, Doge Coin (Doge) (down 6.73%), Bitcoin (BTC) (down 5.95%), Binance Coin (BNB) (down 5.81%) and Ethereum (ETH) (down 2.66%) declined.
Stocks in Spotlight:
Asian Paints advanced 2.46%. On a consolidated basis, the paint major's net profit fell 0.20% to Rs 850.42 crore on 18.66% increase in revenue from operations to Rs 7,892.67 crore in Q4 March 2022 over Q4 March 2021. Consolidated sales increase 20.6% to Rs 7,889.94 crore in Q4 March 2022 over Q4 March 2021. Profit before exceptional items and tax increased 12.8% to Rs 1,304.88 crore from Rs 1,156.31 crore. PBDIT [profit before depreciation, interest, tax, other income, and exceptional items] (before share in profit of associates) increased 9.5% to Rs 1,443.29 crore from Rs 1,318.26 crore. PBDIT margin improved from 12.9% in Q2 to 18.3% in Q4. For the year, Asian Paints' consolidated sales increased 34.6% to Rs 28,923.48 crore from Rs 21,485.20 crore in the year ended March 2021. Profit before exceptional items and tax marginally decrease to Rs 4,303.42 crore in FY22 from Rs 4,304.35 crore in FY21.
Godrej Agrovet declined 3.82%. The company reported 120.6% YoY rise in consolidated net profit to Rs 139.8 crore in Q4 FY22. The company had recorded a net profit of Rs 63.4 crore in Q4 FY21. Revenues increased by 42.3% to Rs 2,080.8 crore in Q4 FY22 over Q4 FY21. EBITDA improved by 82.1% to Rs 222.4 crore in Q4 FY22 from Rs 122.2 crore in Q4 FY21. EBITDA margin in Q4 FY22 was 10.7% as compared with 8.4% in Q4 FY21. Profit before tax in Q4 FY22 stood at Rs 174.43 crore, up by 122% from Rs 78.57 crore in Q4 FY21. Godrej Agrovet recorded 20.6% rise in consolidated net profit to Rs 419.2 crore on a 32.5% increase in revenues to Rs 8,306.1 crore in FY22 over FY21.
Ajanta Pharma skid 3.96%. The company reported 5% fall in consolidated net profit to Rs 151 crore despite a 15% increase in revenue from operations to Rs 870 crore in Q4 FY22 over Q4 FY21. On the segmental front, revenue from Exports was Rs 616 crore (up 17% YoY) while that from the Domestic business was Rs 245 crore (up 13% YoY) during the quarter. Total expenses rose by 32% YoY to Rs 701 crore during the quarter. During Q4 FY22, R&D expenses were Rs 59 crore, which is 7% of revenue from operations. R&D expenses were R. 39 crore in Q4 FY21. EBITDA declined by 20% to Rs 207 crore in Q4 FY22 from Rs 259 crore in Q4 FY21. EBITDA margin was 24% in Q4 FY22 as against 34% in Q4 FY21. Profit before tax in Q4 FY22 stood at Rs 198 crore, down by 14% from Rs 229 crore in Q4 FY21. The company reported 9% increase in consolidated net profit to Rs 713 crore on a 16% rise in revenue from operations to Rs 3,341 crore in FY22 over FY21.
JSW Steel dropped 4.95%. The steel maker's standalone crude steel production for the month of April 2022 grew 22% year on year to 16.67 lakh tonnes as against 13.71 lakh tonnes in April 2021. While the production of flat rolled products increased by 25% to 12 lakh tonnes, production of long rolled products rose by only 5% to 3.54 lakh tonnes in April 2022 over April 2021.
Vedant Fashions (Manyavar) fell 1.84%. The company reported a consolidated net profit of Rs 88.70 crore in Q4 FY22, which is higher by 86.3% as compared with a net profit of Rs 47.60 crore in Q4 FY21. Revenue from operations increased by 54.7% YoY to Rs 296.25 crore during the quarter. Profit before tax in Q4 FY22 stood at Rs 119.58 crore, up by 82.2% from Rs 65.64 crore in Q4 FY21.
Sun Pharmaceutical Industries shed 2.74%. The US FDA issued a Form-483 with 10 observations post the conclusion of the inspection of its Halol facility. The Gujarat-based facility of Sun Pharma was inspected by the United States Food and Drug Administration (US FDA) from 26 April to 9 May 2022.
Cipla lost 1.40%. The company has announced the commercialisation of 'RT-Direct' multiplex COVID-19 RT PCR test kit in India, in partnership with Genes2Me. With this Cipla is expanding its diagnostics offering to bring more advance and innovative products.
HCL Technologies slipped 0.32%. The IT major announced a strategic partnership with Syniti. This collaboration with Syniti, a global leader in enterprise data management that combines AI-driven software and data expertise, will help develop industry-specific data solutions and deliver higher quality SAP S/4HANA transformations.
Global Markets:
The US Dow Jones index futures were up 235 points, indicating a positive opening in the US stocks today.
European stocks advanced while most Asian markets declined on Tuesday as global markets looked to rebound from a broad sell-off in recent days, prompted mainly by concerns over inflation and rising interest rates — and the potential for a global recession. The war in Ukraine remains another source of market tension.
In the US, the S&P 500 ended below 4,000 for the first time since late March 2021 and the Nasdaq dropped more than 4% on Monday in a selloff led by mega-cap growth shares as investors grew more concerned about rising interest rates.
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