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The domestic equity benchmarks further extended gains in mid-morning trade. The Nifty was trading above the 14,800 mark. Auto stocks were in demand. At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 479.7 points or 0.98% to 49,212.25. The Nifty 50 index added 134.20 points or 0.91% to 14,812. In broader market, the S&P BSE Mid-Cap index gained 0.95% while the S&P BSE Small-Cap index rose 1.10%. The market breadth was strong. On the BSE, 1908 shares rose and 947 shares fell. A total of 191 shares were unchanged. COVID-19 Update: Total COVID-19 confirmed cases worldwide stood at 162,788,478 with 3,375,243 global deaths. India reported 35,16,997 active cases of COVID-19 infection and 2,74,390 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. India recorded 2.81 lakh fresh cases of coronavirus in last 24 hours taking the total tally of Covid-19 infections to 2,49,65,463, according to the Union health ministry data updated on Monday. On Monday, the daily Covid cases reported in the country fell below the 3-lakh mark for the first time since April 21. Though the active cases have been going down in the past few days, the 10 states account for 74.69% of the cases. These states are: Karnataka, Maharashtra, Kerala, Rajasthan, Tamil Nadu, Andhra Pradesh, Uttar Pradesh, West Bengal, Gujarat and Chhattisgarh. Cyclone Tauktae: Severe cyclonic storm Tauktae intensified overnight into very severe cyclonic storm over eastcentral Arabian Sea, the India Meteorological Department (IMD) has said. 100 rescue teams are deployed for six states - Kerala, Karnataka, Tamil Nadu, Gujarat, Maharashtra and Goa. IMD has upgraded its Monday alert for Mumbai, Thane and Palghar from green to orange (heavy to very heavy rain at isolated places). Considering the warning about Tauktae, the BMC has cancelled the Covid vaccination drive for Monday across all public centres. The BMC has also warned people against going near the sea. Buzzing Index: The Nifty auto index rose 1.69% to 9,976.15. The index tumbled 2.03% on Friday. Ashok Leyland (up 3.21%), Eicher Motors (up 2.14%), Tata Motors (up 1.89%), TVS Motor Company (up 1.84%), Hero MotoCorp (up 1.63%), Bajaj Auto (up 1.38%), Bharat Forge (up 1.24%), Mahindra & Mahindra (up 0.63%) and Maruti Suzuki (up 0.57%) advanced. Earnings Impact: Cipla declined 2.77% at Rs 879.05. On a consolidated basis, the drug major's net profit surged 68.1% to Rs 413.38 crore on 6.6% rise in net sales to Rs 4584.88 crore in Q4 FY21 over Q4 FY20. EBITDA jumped 22% YoY to Rs 796 crore in Q4 FY21. EBITDA margin stood at 17.3% in Q4 FY21, higher than 14.9% in Q4 FY20. Cipla's R&D investments stood at 277 crore representing 6% of sales in Q4 FY21. In India, Cipla's prescription business grew by 6% year on year. The drug maker said that the sequential normalisation was in-line with expectations. Expanded covid portfolio expected to see traction along with core respiratory products. The drug maker's South Africa business grew by 10% on a y-oy basis in local currency led by strong momentum in private business. The US business reported $138 million in revenue. The company saw continued market share expansion in overall Albuterol market and growth in institutional business. Larsen & Toubro (L&T) fell 1.37% to Rs 1396.05. L&T reported 3% rise in consolidated net profit to Rs 3,293 crore on 9% increase in revenues to Rs 48,088 crore in Q4 FY21 over Q4 FY20. The company's revenues registered a sequential growth of 35%, as execution activities normalized on easing of COVID-19 restrictions, prior to onset of the 2nd wave of the pandemic. The International revenues during the quarter at Rs 15,851 crore constituted 33% of the total revenue. The order inflow for the quarter January-March 2021 at Rs 50,651 crore, lower by 12% over corresponding period of the previous year with deferment of awards. International orders at Rs 18,439 crore during the quarter is at 36% of the total order inflow, with receipt of biggest Solar PV plant order and transmission line orders. The consolidated order book of the group stood at Rs 327,354 crore as at 31 March 2021, registering a robust growth of 8% over 31 March 2020. International orders constitute 21% of the total order book. In its outlook, L&T said that the second wave of the COVID-19 pandemic is expected to temporarily slow down the growth momentum, especially during the first quarter of FY 2021-22. Once the immediate challenges get resolved, the economy would once again recover with the resumption of near normalized activity in sectors like agriculture, manufacturing, mining, construction and non-contact based services. Elsewhere, most parts of the global economy is gradually recovering from the impact of the COVID-19 pandemic, but it still continues to remain uneven across countries with economic activity in many countries still below pre-COVID-19 levels. Global Markets: Asian stocks were mixed on Monday as investors reacted to the release of Chinese economic data. China's industrial output grew 9.8% in April from a year ago, slower than the 14.1% surge in March, official data showed on Monday. Retail sales rose 17.7% year-on-year in April, down from the 34.2% jump seen in March. Wall Street closed higher on Friday in a broad rally as signs of a rebounding economy squared off against mounting inflation jitters. Powered by Capital Market - Live News
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