Today’s Market Up & Down in Nifty and Sensex
Nifty50 13,845 ▼ 121 (-0.8%)
Sensex 47,057 ▼ 352 (-0.7%)
Nifty Bank 29,942 ▼ 342 (-1.1%)
Axis Bank’s earnings miss estimates
- The private lender reported a 36% YoY decline in profit to ₹1,117 crores, significantly missing the street’s estimate of ₹2,356.4 crores. Its stock has been in correction mode since last week, but saw fresh buying today and was up 0.9%.
- The drop in performance was the effect of higher provisions of around ₹1,050 crores. Meanwhile, its net interest income grew 14% YoY to ₹7,373 crores. The bank has seen a sharp improvement in the net NPA, which stood at 0.74% versus 2.09% last year.
Hero Moto to enter the Mexican market
- Two-wheeler major Hero MotoCorp has entered into a distribution agreement with Grupo Salinas in Mexico to commence operations in the Mexican market.
- In the first phase, Hero will launch nine products, including motorcycles and scooters. The company targets rapid expansion in the country over the next three years. Shares of Hero MotoCorp we’re trading 1.2% higher today.
Bank of Baroda improves asset quality
- India’s second-largest public sector lender reported a consolidated net profit of ₹1,159 crores in Q3 versus a loss of ₹1,219 crores in the same period last year. Its net interest income rose nearly 11% YoY to ₹8,508 crores.
- Its net NPA stood at 2.39% in Q3 versus 4.05% last year, indicating an improvement in asset quality. While the results are encouraging, the stock witnessed selling pressure and was down 6.1% today. It has gained close to 50% in Q3 and is up about 15% in January, so far.
HUL’s Q3 profit falls short of expectations
- FMCG major Hindustan Unilever reported a 20% YoY growth in Q3 sales to ₹11,682 crores and a 19% growth in net profit to ₹1,921 crores. The profit was lower than street expectations of ₹2,052 crores.
- The growth was driven by a 19% rise in the foods and refreshment business, which accounts for nearly one-third of the total sales. The in-home consumption trend helped push up the sales. The stock ended almost flat with a 0.1% rise.
PVR to raise ₹800 cr via QIP
- Shares of multiplex major PVR (+1.8%) were upbeat today after it announced plans to raise funds from institutional investors via QIP. Reports suggest that it plans to raise ₹800 crores. The floor price of ₹1,495.93 per share is a 0.7% premium to Wednesday’s closing price.
- While the going is tough for multiplexes, PVR has shown resilience with its second capital-raise in the last six months. It raised ₹300 crores via the rights issue in July 2020.
Events this week
- Thursday: January derivative expiry (India), Fed interest rate decision, initial jobless claims (US)
- Friday: GDP growth, fiscal deficit (India), pending home sales (US)
|Top gainers||Top losers|
|Nifty PSU Bank|
|Global markets||Today’s movement|
|Nikkei 225 (Japan)||▼ 1.6%|
|Hang Seng (Hong Kong)||▼ 1.9%|
|SSE Composite (China)||▼ 1.4%|
|Dow Jones (US)||▼ 2.0%|