Indices at 10:00 am

Nifty50 14,741 ▲ 94 (+0.6%)

Sensex 50,140 ▲ 343 (+0.6%)

Nifty Bank 34,385 ▲ 118 (+0.3%)

STOCK MORNING UPDATE

In the news

Coromandel Int’l profits rise in Q3

The Hyderabad-based fertiliser company’s consolidated net profit rose 26% YoY to ₹334 crore in Q3. its revenue grew 7.7% during the same period.

Excessive rainfall in some of its target markets led to the postponement of the Rabi season sowing. However, business was boosted by an 8% YoY growth in the fertiliser segment and strong growth in its biopesticides segment in the US and European markets. The stock traded 2.2% higher today.

Finolex Industries surges on strong Q3

Shares of PVC pipe maker Finolex Industries jumped 11% today after it posted a 174% YoY jump in its Q3 consolidated profit after tax to ₹255 crore. Its total revenue rose 53% YoY to ₹1,066 crore.

During the quarter, PVC prices rose sharply due to supply constraints. Better unit realisation helped the company improve EBIT margins in the PVC resin business from 20.1% in Q3 of the previous fiscal to 35.5% this year.

MRPL’s Q3 in loss on low throughput

Mangalore Refinery and Petrochemicals, a subsidiary of ONGC, reported a loss of ₹71 crore in Q3 versus a loss of ₹37 crore during the same period last year. At ₹14,136 crore, revenue from operations saw a 15.5% contraction.

The drop in performance comes on account of a 24% YoY fall in throughput to 3.08 million tones. On the upside, the oil refining company’s gross refining margin at $3.26 per barrel was up by around 2%. The stock was down 1.9% today.

Reliance Infra’s Q3 net profit slips 77%

Reliance Infrastructure has reported a 76.8% YoY decline in its Q3 consolidated net profit to ₹80 crore.

The consolidated income from operations in Q3 dipped 3.1% YoY to ₹3,831 crore.

The company has ₹60,000 crore of receivables pending for 5-10 years before various forums, including regulatory and arbitration tribunal. It has used proceeds from sale of assets to pare debt, which was down 25% to ₹13,100 crore. The stock was up 2.1% today.

Events this week

Wednesday: Services PMI (India), Crude oil inventories (US)

Thursday: Initial jobless claims (US)

Friday: RBI interest rate decision (India)

Sectoral indices

Top gainers	Top losers
Nifty Fin Serv ▲ 4.6%	NA
Nifty Bank ▲ 4.1%	NA

Global markets	Today's movement
Nikkei 225 (Japan)	▲ 0.7%
Hang Seng (Hong Kong)	▼ 0.4%
SSE Composite (China)	▲ 0.2%
Dow Jones (US)	▲ 1.5%

Fact of the day

Nestle's popular Kitkat brand of chocolates is made by Hershey’s in the United States.
Source: Hershey’s

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Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.

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Labels: Morning Update

Indices at 9:30 am

Nifty50 13,722 ▲ 87 (+0.6%)

Sensex 46,635 ▲ 349 (+0.7%)

Nifty Bank 31,120 ▲ 555 (+1.8%)

STOCKS MORNING UPDATE

In the news

ICICI’s Q3 profits beat street estimates

India’s second-largest private bank by market capitalisation reported a profit of ₹4,939 crore in Q3, a 19% YoY growth. Analysts had estimated Q3 profits at ₹4,242 crore. The growth—driven by a rise in retail loan demand—comes despite the bank raising bad loan provisions by 31% to ₹2,741 crore.

Its gross NPA ratio dropped from 5.1% to 4.3%, while net NPAs dropped from 1% to 0.6% on a sequential basis. The stock was trading 4.6% higher today.

IDFC First improves asset quality

For Q3, IDFC First Bank reported a net profit of ₹130 crore, versus a loss of ₹1,639 crore in Q3 last year and a profit of ₹101 crore in Q2 this fiscal.

The bank’s asset quality improved as net NPAs dropped to 0.3% from 1.2% in Q3 of last year. Recently, the bank launched a credit card with rates as low as 9% per annum. The stock has gained nearly 27% in January and is down 5.4% today.

Cloud adoption boosts Tech Mahindra’s Q3

Although revenues were flat at ₹9,647 crore, Tech Mahindra’s net profit rose 14.3% YoY to ₹1,310 crore in Q3. On a constant currency basis, revenue grew 2.8% QoQ.

The Pune-based IT services company bagged deals totalling to $455 million in Q3. It expects increasing adoption of cloud technologies and artificial intelligence-based solutions to drive business growth in the coming quarters. Further, the company plans to reduce its BPO business headcount by 5,000 this fiscal by automating operations. Shares of the company were down 3.4% today.

JK Lakshmi Cement's Q3 soars on volume growth

A rise in volumes and improved efficiency helped the cement maker post a consolidated net profit of ₹118 crore in Q3, a 132.9% YoY growth. Revenue for the quarter rose 16.8% YoY to ₹1,259 crore.

After a 32% rise in Q3, the stock witnessed some profit booking in January and was down nearly 6%. It is trading 1.0% lower today.

Silver spikes on retail buying interest

Silver prices spiked as high as 6% today on the buzz that retail traders on Reddit forums have now turned their attention to commodities, especially on silver.

Recently, their trading activity fueled strong rallies in heavily shorted US-based stocks such as GameStop and AMC Entertainment.

Events this week

Monday: Union Budget 2021, Manufacturing PMI (India)

Wednesday: Services PMI (India), Crude oil inventories (US)

Thursday: Initial jobless claims (US)

Friday: RBI interest rate decision (India)

Sectoral indices

Top gainers	Top losers
Nifty Bank ▲ 1.8%	Nifty Pharma ▼ 0.8%
Nifty Fin Serv ▲ 1.4%	Nifty IT ▼ 0.4%

Global markets	Today's movement
Nikkei 225 (Japan)	▲ 1.2%
Hang Seng (Hong Kong)	▲ 1.9%
SSE Composite (China)	▲ 0.1%
Dow Jones (US)	▼ 2.0%

Fact of the day

Besides humans and apes, koalas are the only animals with fingerprints.
Source: Live Science

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