Experts feel the volatility will continue in the coming truncated week as we are moving closer to Budget and expiry of January derivative contracts.
The BSE Sensex fell 156.13 points to 48,878.54 and the Nifty50 lost 61.80 points at 14,371.90, while the broader markets underperformed frontliners for the second consecutive week. Experts feel the volatility will continue in the coming truncated week as we are moving closer to Budget and expiry of January derivative contracts.
Bajaj Auto | The stock gained over 14 percent after the two-wheeler manufacturer, clocked its highest ever standalone profit at Rs 1,556.3 crore in December 2020, rising 23.4 percent compared to the year-ago period, driven by volume growth and operating performance. Its revenue increased by 16.6 percent year-on-year to Rs 8,910 crore, which was also the highest for a quarter. Volumes grew by 9 percent YoY, driven by a 26 percent growth in motorcycle exports and 8 percent increase in domestic volumes but the three-wheeler segment declined 36 percent year-on-year.
Havells India | The share price was up 41 percent after the electrical goods firm Havells posted a 74.5 percent year-on-year (YoY) growth in its Q3FY21 (December quarter) consolidated net profit at Rs 350.14 crore. This was on the back of a strong growth in its topline, lead by Lloyd, electrical consumer durables and switchgears business. Total income grew by 40 percent YoY in Q3 to Rs 3,214.24 crore. Meanwhile, Lloyd revenue grew by 70.2 percent YoY to Rs 511.56 crore in the third quarter.
Adani Green | The stock price added over 10 percent last week. French energy major Total SE announced acquisition of minority stake of 20 percent in Adani Group’s renewable energy arm, media reports said. As per the transaction, Total acquired the shares held by the Adani Promoter Group in AGEL. “The transaction marks the deepening partnership between the Adani Group India’s leading infrastructure platform and Total, in the transition and green energy fields in India,” a Total statement said. Adani Solar Energy Kutchh One Limited, a step-down subsidiary of Adani Green Energy Limited commissioned 150 MW solar power project. In a regulatory filing, Adani Green said that despite all the challenges of global pandemic COVID-19, unprecedented rain and flood in Kutchh, Gujarat, the company’s team of experts made it possible to commission the project three months prior to its scheduled commissioning date.
Reliance Industries | The share gained 5 percent after the Securities and Exchange Board of India (SEBI) granted approval to the deal between Kishore Biyani-led Future Group and Reliance Retail, an arm of the Mukesh Ambani-led Reliance Industries Limited (RIL) on January 20. “Company shall ensure that the shares of the transferee entity issued in lieu of the locked-in shares of the transferor entities is subjected to lock-in for the remaining period post scheme,” SEBI stated. “Company shall ensure that proceedings pending before SEBI against the entities part of the promoter/promoter group or are directors of the companies involved in the scheme, should be highlighted in the scheme document filed before National Company Law Tribunal (NCLT),” it further added. Disclaimer: Reliance Industries (RIL) which is the parent company of Reliance Retail, JioMart and Reliance Market is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments which publishes Moneycontrol.
Bandhan Bank | The stock was down over 14 percent after the bank reported 13.5 percent decline in net profit at Rs 632.6 crore for the third quarter ended December 31, 2020. The bank had posted a net profit of Rs 731 crore for the same period of the previous fiscal year. Total income during the period under review rose 38.3 per cent to Rs 2,625 crore from Rs 1,898 crore in the same period of 2019-20, Bandhan Bank said in a press release.
Biocon | The share shed over 13 percent after the pharma company reported 18 percent fall in consolidated net profit YoY at Rs 186.6 crore for the third quarter of FY21. Biocon’s consolidated revenue for Q3 of FY21 increased by 7.20 percent at Rs 1878.9 crore as against Rs 1752.6 crore for the said quarter last year. The generics business reported a 3 percent dip in the third quarter at Rs 561 crore, as against Rs 576 crore in the corresponding period last year.
L&T Finance | The share price slipped 12 percent after the firm reported a 51 percent decline in its consolidated net profit at Rs 287.75 crore for the quarter ended December 2020 against Rs 591.47 crore in the year-ago quarter.
Tata Communications | The stock was down over 5 percent after reports that government will sell its entire 26.12 percent stake in Tata Communications through an offer for sale and strategic sale route in the current fiscal. The government is expected to rake in Rs 8,400 crore from the stake sale. Net profit of the company rose to Rs 309.41 crore in Q3 compared to Rs 58.85 crore in the same period last year.
SBI Life Insurance | The share price was down 5 percent after the private life insurer posted a 40.2 percent year-on-year (YoY) decrease in its profit in the December quarter (Q3) at Rs 232.85 crore on rise in expenses and Coronavirus-linked provisions. The company has kept additional reserve of Rs 70.38 crore for the pandemic over and above the policy-level liabilities calculated based on prescribed IRDAI regulations.
Hathway Cable | The share shed over 9 percent last week. Net profit of the company fell 6.96 percent to Rs 62.56 crore in the quarter ended December 2020 as against Rs 67.24 crore during the previous quarter ended December 2019. Sales declined 1.9 percent to Rs 442.25 crore in the quarter ended December 2020 as against Rs 450.82 crore during the previous quarter ended December 2019.
Sandip Das
