Among sectors, BSE Capital Goods index shed 3.8 percent, Realty index fell 2.7 percent and FMCG index slipped 2.2 percent. However, Metal index added 3.8 percent. Broader indices underperformed main indices with BSE Midcap index shedding 2 percent and Smallcap index falling 3.4 percent.
Indian benchmark indices lost nearly 1 percent in the highly volatile week ended February 11 that saw RBI policy announcement, relentless FII selling and possibility of a faster than expected Fed rate hike amid rising US inflation.
Interglobe Aviation | The stock jumped over 14 percent after the firm reported a surprise profit for the December quarter. The company reported a profit of Rs 129.79 crore in the December quarter for the first time after posting losses for seven consecutive quarters. IndiGo had reported a loss of Rs 621.80 crore in the corresponding quarter of the previous fiscal. Net revenue increased 89 percent to Rs 9,294.77 crore from Rs 4,909.98 crore a year ago. Its passenger ticket revenues came in at Rs 8,073.10 crore, up 98.4 percent, while ancillary revenue stood at Rs 1141.70 crore, an increase of 41.3 percent compared to the year-ago quarter. Kotak Institutional Equities has kept its rating ‘neutral’ on the stock and increased target price to Rs 3,000 a share.
Tata Steel | The scrip gained over 6 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 in the year-ago period. The company’s post-tax profit in the previous quarter was at Rs 11,918 crore. 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. CLSA has a “buy” call on the stock with the target at Rs 1,820 a share while JP Morgan has an “overweight” call on the stock with the target at Rs 1,850 a share.
Policy Baazar | The share was down over 17 percent after reports of stake sale by the founder. Shares PB Fintech Ltd went into a tailspin after the huge block deal, which saw around 64.7 lakh shares changing hands in bunched trade, CNBC TV reported. Details of buyers and sellers were not available. The block deal involved around 1.4 percent stake worth Rs 534 crore at average Rs 822 a share, CNBC-TV18 said.
FSN E-Comm (Nykaa) | The scrip fell over12 percent following weak earnings for the quarter ended December. Nykaa’s consolidated net profit for the reported quarter tanked 59.5 percent on-year to Rs 27.9 crore, however, consolidated revenue jumped 36 percent on-year to Rs 1,098 crore. The company’s margin performance was disappointing, as it shrank 6.3 percent from 13.2 percent a year ago as marketing expenses skyrocketed. Brokerages Goldman Sachs and Morgan Stanley India, however, remain optimistic on FSN E-Commerce Ventures despite the weak earnings. Morgan Stanley reportedly said the December quarter earnings were ahead of its estimates for topline and margins.
Birla Corp | The stock was down over 11 percent after the firm reported a decline of 59.27 percent in its consolidated net profit at Rs 60.45 crore in the third quarter ended December 2021 due to contraction in cement demand and rise in input costs. It had posted a net profit of Rs 148.42 crore in the October-December quarter a year ago, Birla Corporation said in a BSE filing. Its revenue from operation was down 1.49 percent to Rs 1,750.06 crore during the quarter under review as against Rs 1,776.62 crore. Its EBITDA per tonne for the cement division was down 36 percent from the year earlier, from Rs 992 to Rs 638. Its total expenses were at Rs 1,689.14 crore, up 4.87 percent in Q3/FY22 as against Rs 1,610.59 crore.
Welspun India | The share price slipped over 9 percent after the home textiles major reported a 25 percent decline in consolidated net profit at Rs 131.06 crore for the third quarter ended December 2021. The company had posted a consolidated net profit of Rs 174.8 crore in the same quarter last fiscal, Welspun India said in a regulatory filing. Consolidated total income in the third quarter stood at Rs 2,437.92 crore, as compared to Rs 2,049.71 crore in the same period last fiscal, it added. Total expenses were higher at Rs 2,234.95 crore as against Rs 1,800.83 crore in the year-ago quarter.
Indiabulls Housing Finance | The stock shed over 7 percent after the firm’s profit after tax (PAT) dropped by 8 percent to Rs 303 crore in the quarter ended in December due to slower loan growth. It reported a PAT of Rs 329 crore in the year-ago period. Gross NPAs were at 3.18 percent as against 2.44 percent in Q3FY22. Net NPAs stood at 1.80 percent compared to 1.46 percent while provisions stood at 4.5 percent of the loan book.
India Cements | The scrip slipped over 7 percent after teh company reported a profit slump in the third quarter of the financial year, dragged down by galloping coal prices and a pandemic-and rain-induced decline in demand for the building material. Profit fell sharply to Rs. 3.30 crore in the quarter ended December 31 from Rs. 62.02 crore in the corresponding quarter the previous year. Revenue was little changed at Rs. 1,114.22 crore, compared to Rs. 1,162.91 crore in the year-ago period. Total expenses rose to Rs 1,109.05 crore from Rs 1,074.06 crore.
Zomato | The share shed 5 percent in theweek gone by despite the company minimising its losses for the quarter ended December 2021. Zomato on February 10 posted a consolidated loss of Rs 63.2 crore for the quarter ended December (Q3FY22). It had reported a loss of Rs 352.6 crore in the year-ago period. Revenue from the operations came in at Rs 1,112 crore, up 82.7 percent against Rs 609.4 crore logged in a year back. Morgan Stanley has kept the ‘overweight’ rating on the stock with a target price at Rs 150 while BofAML has kept the ‘buy’ call on benign regulation and strong revenue growth rate, but cut the target to Rs 115.
Motherson Sumi Systems | The stock was down 5 percent last week. The firm reported a 69.3 percent year-on-year decline in consolidated net profit to Rs 245.1 crore, which was above analysts’ expectations of Rs 191 crore. The auto ancillary company reported a 5.7 percent on-year decline in consolidated total revenue from operations to Rs 16,117.5 crore, which was above Street’s estimate of Rs 14,794 crore. The firm’s debt profit deteriorated in the reported quarter as net debt-to-operating profit ratio rose to 1.4 from 1.3 in the previous quarter. The company’s net debt in the quarter was at Rs 7,255 crore as against Rs 4,807 crore in the March quarter of 2020-21.
Sandip Das
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