Indian indices opened higher tracking other Asian markets and amid a steady drop in covid cases. Sensex scaled the 50,000 mark and Nifty topped the 15,100 level. Bank Nifty rose 1.5%. Tata Motors will be watched ahead of its earnings today
Gland Pharma up 7% after strong Q4
Gland Pharma Ltd, the specialized injectables manufacturer remains in limelight with covid vaccine Sputnik approval. It also posted a strong Q4 performance. The company’s revenue from operations during the quarter ended March 31, 2021, grew by 40% year-on-year. Sales from core markets grew a healthy 29% year-on-year in Q4.
BSE MidCap up 1.5%; MRPL, Adani Transmission top gainers
Orient Cement stock hits new high post strong Q4 earnings, debt cut
The Orient Cement Ltd stock hit a new 52-week high of Rs132 on the NSE in early morning trade on Tuesday. The Street is impressed by the company’s strong operational performance in the March quarter.
It’s Ebitda at Rs200 crore was highest-ever in a quarter and ahead of analysts’ estimates of Rs140 crore-Rs155 crore. Ebitda is short for earnings before interest tax depreciation and amortization. Tight cost control and volumes growth of 18% on a year-on-year basis, led to Ebitda out-performance. Ebitda/tonne improved from Rs792 to Rs1095 compared to the same quarter last year.
Ebitda margin rose by 530 basis points (bps) in Q4FY21 to 24.4% compared to the year ago period; sequentially, operating margin increased by around 175bps. One basis point is one hundereth of a percentage point.
HCL Technologies up 1.3% as co expanding in the UK
The IT services firm is expanding in the UK with the hiring of 1,000 technology professionals to support its clients in the UK and around the world. The company plans to hire these professionals in the fields of digital transformation, cloud, artificial intelligence and cyber security for its London, Greater London, and Manchester offices.
Bharti Airtel down 1.6% as Q4 numbers fail to cheer Street
Bharti Airtel Ltd on Monday reported a March quarter profit of ₹759 crore from a loss of ₹5,237 crore a year ago, as it clocked higher revenues and one-time gains.
Consolidated revenue rose 17.6% from a year ago to ₹25,747 crore, while India business revenue rose 17.5% to ₹18,338 crore. Both consolidated revenue and profit trailed Bloomberg analysts’ poll estimates of ₹26,164.80 crore and ₹958.80 crore, respectively.
The company’s average revenue per user (Arpu) fell to ₹145 in the March quarter from ₹166 in October-December as the interconnect usage charge regime, which contributes 7-8% to telecom industry revenues, ended on 1 January.
Indian rupee opens flat at 73.20 per US dollar
Nifty Bank gains 1.5%; Federal Bank surges 5%
Covid update: India reports highest ever deaths and recoveries in a day
India reported 4,329 Covid-related new deaths and 4,22,436 fresh recoveries during the 24-hour period. The country’s daily spike of coronavirus cases remained below the 3 lakh mark for the second time after nearly 26 days as only 2,63,533 fresh infections were recorded in the last 24 hours, according to the Union Health Ministry’s data on Tuesday.
The cumulative caseload stands at 2,52,28,996, including 2,15,96,512 recoveries, 33,53,765 active cases and 2,78,719 deaths.
Midcaps, smallcaps strong; VIX down 4%
Markets up 1.3%
Indian markets were 1.3% higher due to steady drop in covid cases and tracking Asian markets. “The market would continue to track domestic covid cases trend along with earnings season which has been healthy so far, for further cues. Even the news flows around vaccination front would drive the market. With more Pharma companies tying up for vaccine manufacturing, sentiments have got uplifted” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
“Thus, the rate of decline in COVID cases and the pace of vaccination would decide the trajectory of market going forward. However, growing inflationary pressure globally along with rise in covid cases in some Asian countries poses a risk,” Khemka added.
Nifty crosses 15,100 led by banks
Sensex zooms 607 points to 50,188; Bharti Airtel only laggard on index
Sensex tops 50K at open, Nifty above 15,000
Sensex, Nifty in the green at pre-open
Stocks to Watch: Tata Motors, Bharti Airtel, HCL Tech, Reliance, Union Bank
Bharti Airtel, HCL Tech, Reliance, Union Bank are some of the stocks that will be in focus today. Key companies that will announce March quarter results today are Tata Motors, Torrent Pharmaceuticals, GSK Pharma, Canara Bank, IIFL Wealth Management and Route Mobile.
Markets to stay firm
Markets are likely to stay higher on Tuesday while trends in SGX Nifty suggest a strong opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 49,580.73, up 848.18 points or 1.74%. The Nifty closed at 14,923.15, up 245.35 points or 1.67%.
Oil extends gains
Oil prices climbed on Tuesday, extending gains from the previous day, as optimism over the reopenings of the U.S. and European economies outweighed fears of slower fuel demand in Asia due to surging COVID-19 cases and a new wave of restrictions.
Brent crude oil futures were up 20 cents, or 0.3%, at $69.66 a barrel by 0231 GMT, while West Texas Intermediate (WTI) was up 19 cents, or 0.3%, at $66.46 a barrel.
Gold at 3-month high on virus worry, inflation
Gold rose to the highest in more than three months as concerns over the pace of a global recovery crept back in following a flare-up in coronavirus cases in parts of Asia.
Spot gold rose as much as 0.2% to $1,870.73 an ounce, the highest since 1 February, and was at $1,868.10 in Singapore. Silver, palladium and platinum all gained. The Bloomberg Dollar Spot Index was little changed.
Asian equities firm
Asian stocks rose Tuesday as investors weighed the pace of growth as nations vaccinate and economies reopen.
Japan’s Nikkei index rose 2%. Australia’s S&P/ASX 200 Index rose 0.6%
Kospi index climbed 1.1%, while Hang Seng Index rose 1%. Shanghai Composite Index was largely unchanged.
US stocks end lower on Monday
Wall Street stocks ended lower on Monday, weighed down by tech shares as signs of growing inflation worried investors about the potential for tighter monetary policy.
The Dow Jones Industrial Average fell 56.12 points, or 0.16%, the S&P 500 lost 10.42 points, or 0.25%, and the Nasdaq Composite dropped 50.93 points, or 0.38%.
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