As per the provisional closing data, the barometer index, the S&P BSE Sensex, was up 148.53 points or 0.25% at 60,284.22. The Nifty 50 index rose 46 points or 0.26% to 17,991.95.
The broader market closed with decent gains. The S&P BSE Mid-Cap index rose 0.65% while the S&P BSE Small-Cap index was up 0.26%.
The market breadth was positive. On the BSE, 1790 shares rose and 1551 shares fell. A total of 137 shares were unchanged.
In the commodities market, Brent crude for December 2021 settlement was up 0.10% at $83.73 a barrel. India is heavily dependent on oil imports for satisfying its domestic demand. A high crude price directly maps into a high trade deficit and in turn a high current account deficit (CAD). At the same time, being an important input for the aggregate economy, a crude price shock also leads to a spike in domestic inflation.
Earnings Impact:
G M Breweries jumped 13% after the company's net profit surged 94.92% to Rs 21.85 crore on 59.69% increase in net sales to Rs 115.95 crore in Q2 FY22 over Q2 FY21. Profit before tax (PBT) jumped 94.80% to Rs 29.20 crore in Q2 FY22 over Q2 FY21. Net cash from operating activities surged to Rs 51.54 crore as on 30 September 2021 compared with Rs 1.41 crore as on 31 March 2021
Krsnaa Diagnostics fell 6.43% after the company's net profit declined 44.56% to Rs 12.54 crore on 27.9% decline in net sales to Rs 108.26 crore in Q2 FY22 over Q2 FY21.
Tata Metaliks tumbled 6.2% after the company's net profit declined by 33.4% to Rs 54.62 crore in Q2 FY22 from Rs 82 crore in Q2 FY21. Revenue from operations, however, rose by 24.1% YoY to Rs 644.84 crore during the quarter. Total expenses increased by 31.4% to Rs 566.95 crore in Q2 FY22 over Q2 FY21, due to a sharp rise in raw material costs (up 51.5% YoY). Profit before tax in the second quarter stood at Rs 81.01 crore, down by 10.2% from Rs 90.21 crore recorded in the same period last year.
Delta Corp rallied 4.52% after the company reported net loss of Rs 22.57 crore in Q2 FY22, lower than net loss of Rs 54.91 crore in Q2 FY21. Net sales surged 94.74% to Rs 74.72 crore in Q2 FY22 over Q2 FY21. On a sequential basis, net sales declined 1.52% in Q2 FY22 from Q1 FY22. The income from casino gaming division fell to Rs 40.05 crore in Q2 FY22 as against Rs 41.43 crore in Q1 FY22.
Stocks in Spotlight:
Container Corporation of India (CONCOR) rose 1.14%. The company said that its total physical volumes handled increased by 10.74% to 9,80,757 twenty-foot equivalent units (TEUs) in Q2 FY22 as compared with 8,85,673 TEUs in Q2 FY21. The physical volumes have, however, declined by 1.11% from 9,91,746 TEUs in Q1 FY22. While the domestic physical volumes jumped by 33.68% to 1,88,332 TEUs, export-import (EXIM) physical volumes improved by 6.40% to 7,92,425 in Q2 FY22 over Q2 FY21.
Tata Power Company advanced 1.96% to Rs 195.30 after the company's wholly-owned subsidiary Tata Power Solar Systems bagged EPC orders worth Rs 538 crore from Energy Efficiency Services (EESL). The contract is for setting up multiple distributed ground mounted solar projects totalling 100 MW. The EESL project sites are located in Maharashtra. The work secured includes engineering, design, supply, construction, erection, testing, O&M and commissioning of the solar projects. The commissioning date of the projects is set for 12 months
Hester Biosciences surged 4.85% on reports that Bharat Biotech's Covaxin has received emergency use approval for children in the 2-18 years age group. Covaxin is India's indigenous COVID-19 vaccine by Bharat Biotech developed in collaboration with the Indian Council of Medical Research (ICMR) - National Institute of Virology (NIV).
Suryoday Small Finance Bank rose 1.04% after the bank's gross advances increased by 19.6% to Rs 4,471 crore as on 30 September 2021 from Rs 3,737 crore as on 30 September 2020. The gross advances have risen by 11.7% from Rs 4,004 crore as on 30 June 2021. Disbursements for the quarter increased by 2.84 times to Rs 1,061 crore from Rs 374 crore disbursed in the same period last year. On a sequential basis, the disbursements have risen by 2.94 times from Rs 361 crore as on 30 June 2021.
Ujjivan Small Finance Bank jumped 11% after the bank's total deposits increased by 31% to Rs 14,090 crore in Q2 FY22 from Rs 10,743 crore in Q2 FY21. The total deposits have risen by 3% from Rs 13,673 crore in Q1 FY22. CASA was at Rs 3,168 crore as on 30 September 2022 as against Rs 1,769 crore as on 30 September 2021 and Rs 2,773 crore as on 30 June 2021. CASA ratio was at 22% as on 30 September 2022 as against 16% as on 30 September 2021 and 20% as on 30 June 2021.
Global Markets:
US Dow Jones index futures were up 6 points, indicating a flat opening in the US stock market today.
European shares declined while most Asian markets were in the red. Higher commodity prices and rising bond yields weighed on stocks.
US stocks declined on Monday as investors looked at surging oil prices, economic worries and major earnings results lined up ahead.
Goldman on Monday lowered its 2022 growth estimate for US to 4% from 4.4% and took its 2021 estimate down a tick to 5.6% from 5.7%. The firm cited the expiration of fiscal support from Congress and a slower-than-expected recovery in consumer spending, specifically services.
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