“Going ahead, 17400 is a key support to watch out for below which the index can test 17200 in the short term. On the other hand, 17800 will act as the upper end of the short term consolidation range,” said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.
The Indian stock market rebounded on the Budget week with BSE Sensex adding 1,444.59 points (2.52 percent) to end at 58,644.82, while the Nifty50 rose 414.35 points (2.42 percent) to close at 17,516.3 levels. All the sectoral indices ended in the green with Nifty Metal index added 6.6 percent, Nifty Pharma index rose 4.6 percent and Nifty FMCG index added 3.6 percent. Broader indices also performed inline with main indices with BSE Midcap and Smallcap indices added over 2 percent each.
HPCL | The stock was down over 10 percent after the firm reported a consolidated net profit of Rs 1,353 crore for the quarter ended December 2021, down 43 percent against Rs 2,373.71 crore recorded in the corresponding period of the last fiscal. Consolidated revenue for the quarter at Rs 1,03,488.75 crore grew by 33.56 percent, compared to Rs 77,482.85 crore reported in the year-ago period.
Welspun India | The share fell over 9 percent as net profit of the company declined 26.76 percent to Rs 132.39 crore in the quarter ended December 2021 as against Rs 180.77 crore during the previous quarter ended December 2020. However, sales rose 19.18 percent to Rs 2418.17 crore in the quarter ended December 2021 as against Rs 2029.01 crore during the previous quarter ended December 2020.
Radico Khaitan | The stock price slipped over 8 percent in the week gone by. The liquor maker reported a decline of 5.88 percent in its consolidated net profit at Rs 79.13 crore for the third quarter ended December 2021. The company posted a consolidated net profit of Rs 84.08 crore in the October-December quarter a year ago. However, the company’s consolidated revenue from operations rose to Rs 3,306.67 crore during the quarter under review against Rs 3,037.90 crore in the corresponding period a year ago, reports said.
Godrej Properties | The scrip slipped over 7 percent last week. The realty developer reported a 171 percent YoY jump in consolidated net profit at Rs 39 crore for the quarter ended December. Total income for the quarter grew 30 percent from a year ago to Rs 399 crore. The company said its board has decided not to proceed with a previously announced plan to invest Rs 400 crore to acquire around 10 percent stake in DB Realty. The latest decision was taken after the board took into consideration the feedback from the stakeholders and minority investors, it said in a regulatory filing.
M&M Financial Services | The share price shed 5 percent after disappointing Q3 results. The NBFC firm reported a consolidated net profit of Rs 992 crore for the December 2021 quarter, which disappointed investors. It had reported a consolidated net loss of Rs 223 crore in the same quarter a year ago. However, CLSA has retained ‘outperform’ call on the stock with target at Rs 240 per share, an upside of around 50 percent from current level.
Deepak Fertilizers | The stock price jumped over 20 percent in the week gone by after the company posted a 103 percent jump in consolidated net profit to Rs 180.61 crore in Q3 FY22 from Rs 88.95 crore registered in Q3 FY21. Revenue from operations increased 35.1 percent YoY to Rs 1,955.7 crore in Q3 FY22 from Rs 1,447.1 crore posted in the same period last year.
TV18 Broadcast | The scrip added over 10 percent on buzz that US telecom conglomerate Comcast may join media titans James Murdoch and Uday Shankar in acquiring a stake in Viacom 18. The Times of India reported that Comcast may want to become a part of the deal as they are running out of opportunities to enter the Indian media market. Moneycontrol could not independently verify the news. In January, media reports said that Murdoch and Shankar, in partnership with Reliance Industries Ltd (RIL), are looking to infuse up to Rs 12,000 crore in Viacom 18, where TV18 Broadcast has a majority stake. Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
NMDC | The stock gained 11 percent last week. The state-owned firm said its iron ore production surged over 28 percent to 32.88 million tonnes (MT) in April-January 2021-22. The company’s iron ore output was 25.66 MT in the same period last fiscal, NMDC said in a regulatory filing. Its total sales of iron ore during the April-January period increased over 25 percent to 32.60 MT from 26.01 MT a year ago. Rohan Patil, Technical Analyst at Bonanza Portfolio has a buy on the stock with target of Rs 162.50 per share. “The stock has broken out of an Inverted Head & Shoulder at Rs 148 levels on February 2 and the prices have registered a decisive breakout that suggests a change in the trend from sideways to upside. The stock is trading above its 21, 50 & 100-day exponential moving averages on the daily time frame, which is positive for the prices in the near term,” he said.
TVS Motor | The share price was up over 8 percent last week. The company’s motorcycle sales increased marginally to 1,37,360 units last month compared with 1,36,790 units in the corresponding month a year ago. However, the firm reported a 13.14 percent decline in total sales to 2,66,788 units in January. The Chennai-based company had sold 3,07,149 units in the same month last year. Total two-wheeler sales for January 2022 declined 13.73 percent to 2,54,139 units as against 2,94,596 units in January 2021, TVS Motor Company said in a statement. TVS Motor said it has acquired 75 percent stake in the e-bike maker Swiss E-Mobility Group (SEMG) at a valuation of $ 100 million, with plans to buy out the remaining 25 percent stake next year, it said.
Tata Steel | The stock price rose over 8 percent after the steel maker reported a consolidated net profit of Rs 9,573 crore, for the third quarter ended December 2021, up 159 percent from Rs 3,697 crore reported a year ago. The company had recorded a post-tax profit of Rs 11,918 crore in the previous quarter. Consolidated revenues for the largest private-sector steelmaker in the country stood at Rs 60,783 crore, up 45 percent from Rs 41,935 crore reported in the same period a year ago. Revenues in the preceding quarter stood at Rs 60,387 crore. The operating EBITDA margins for the quarter came in at 26.1 percent which was 300 bps higher than 23 percent reported in the same quarter a year ago. EBITDA margins in the previous quarter were slightly better at 27.5 percent.
Sandip Das
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