Equity

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 219.73 points or 0.36% to 61,186.85. The Nifty 50 index rose 80.4 points or 0.44% to 18,205.35.

The broader indices ended their five-day losing streak. The S&P BSE Mid-Cap index gained 1.37% while the S&P BSE Small-Cap index added 1.71%. Both indices fell nearly 4% in the past five trading sessions.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,125 shares rose and 822 shares fell. A total of 146 shares were unchanged.

Results Today:

Axis Bank (down 0.6%), Bajaj Finance (up 2.83%), Kotak Mahindra Bank (down 0.51%) and Cipla (up 0.06%) will announce their quarterly results today.

Ambuja Cement (up 0.15%), Canara Bank (up 1.58%), Dr. Lal Pathlabs (down 0.75%), Mahanagar Gas (up 1.16%), Nippon Life India Asset Management (up 0.95%), Persistent Systems (up 1.99%), PI Industries (down 0.77%), Torrent Pharmaceuticals (down 2.92%), Central Bank Of India (up 2.44%), Birlasoft (up 1.59%), Jindal Stainless (up 3.65%), IRB Infrastructure (down 0.34%), Symphony (up 0.7%) and Sanofi India (down 0.97%) will also announce their quarterly results today.

Buzzing Index:

The Nifty Metal index added 1.38% to 5,759.75, ending its five day losing run. The index saw bargain hunting after slipping 9.1% in five days.

Tata Steel (up 2.37%), APL Apollo Tubes (up 2.31%), Steel Authority of India (up 2.21%), Hindalco Industries (up 1.48%), Jindal Steel & Power (up 1.42%), JSW Steel (up 1.31%), Hindustan Zinc (up 1.04%) and Vedanta (up 0.91%) were top gainers in metal space.

Earnings Impact:

Ceat tumbled 4.70% to Rs 1232.65 after the company reported 77% drop in consolidated net profit to Rs 42.3 crore on a 24% rise in net revenue from operations to Rs 2,451.8 crore in Q2 FY22 as compared with Q2 FY21. Raw material costs jumped by 46% YoY to Rs 1,547 crore during the quarter. EBITDA declined by 26% to Rs 225.5 crore in Q2 FY22 from Rs 305.8 crore in Q2 FY21. EBITDA margin was at 9.2% as on 30 September 2021 as against 15.5% on 30 September 2020. Profit before tax in Q2 FY22 stood at Rs 57.6 crore, down by 68% from Rs 180.7 crore in Q2 FY21.

Jagran Prakashan rose 12.35% to Rs 69.15 after the company's consolidated net profit surged 378.93% to Rs 61.83 crore on 39.23% increase in net sales to Rs 402.53 crore in Q2 FY22 over Q2 FY21. On a consolidated basis, profit before tax (PBT) surged 520.68% to Rs 81.62 crore in Q2 FY22 over Q2 FY21. Operating profit was at Rs 101.37 crore, up by 236.9% from Rs 42.79 crore last year.

HDFC Asset Management Company fell 1.34%. The asset management company reported a 2% rise in net profit to Rs 344.5 crore on a 19% increase in revenue from operations to Rs 542.3 crore in Q2 FY22 over Q2 FY21. Total expenses rose by 37% YoY to Rs 146.9 crore in the second quarter, due to sharp increases in employee benefit expenses (up 49% YoY) and other expenses (up 39% YoY). The company said that in Q2 FY22, employee benefit expenses includes non-cash charge of Rs 16.673 crore towards amortised cost of outstanding employee stock options. The increase in other expenses is mainly on account of increase in new fund offer expense, business promotion expense and CSR expense. The company reported a pre-tax profit of Rs 461.5 crore in Q2 FY22 as against a pre-tax profit of Rs 462.8 crore in Q2 FY21.

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