MONEY

Stock markets extend gain as investors continue to cheer Budget 2021-22

The Indian market extended gains to end over 2% higher on Tuesday, as investors continue to cheer Budget announcements amid positive global cues. Broader markets supported the rally. Among sectors, Nifty Auto rallied the most, over 4% followed by Nifty PSU Bank, Nifty Realty and Nifty Financial Services gained over 3% each. Tata Motors, Shree Cements, UltraTech Cement, SBI and Hindalco were among major gainers on the Nifty, while HDFC Life, Bajaj Finserv, Hero MotoCorp, Titan Company and HUL were the top losers.

Global stock markets gained for a second day on Tuesday, spurred by increased optimism about economic stimulus and global recovery, while retail investors retreated from GameStop and their new-found interest in silver. Positive momentum from Asia carried through to Europe, with the pan-European STOXX 600 edging up 0.90%.

Sector & Economic Update: Non-performing assets (NPAs) or bad loans of the banking sector came down from a high of Rs 10.36 lakh crore at the end of March 2018 to Rs 8.08 lakh crore at the end of September 2020 due to various initiatives undertaken by the government. Government's strategy of recognition, resolution, recapitalisation and reforms have resulted in decline of NPAs by Rs 2,27,388 crore to Rs 8,08,799 crore as on September 30, 2020.

Corporate Update

  1. HDFC reported Net Interest Income (NII) of Rs 4068 crore, a sharp uptick of 23.40%; however profit declined 65.10% to Rs 2925.80 crore
  2. Dixon Technologies announced a whopping rise of 119.64% in revenues to Rs 2182.78 crore while profit also showcased phenomenal rise of 134.18% to Rs 61.59 crore.
  3. Vinati Organics revenues declined 6.30% to Rs 223.47 crore and profits too dipped 4% to Rs 64.13 crore.
  4. Escorts revenues surged 23.50% to Rs 2017.43 crore while profit skyrocketed to Rs 280.65 crore as compared to Rs 153.05 crore.
  5. Carborundum Universal reported 13% rise in revenues to Rs 733.60 crore and profit soared 39.50% to Rs 87.70 crore.
  6. NOCIL revenues seen appreciation of 41.30% to Rs 274.57 crore while profits just rose 6.30% to Rs 22.31 crore.
  7. Century Enka revenues gone up by 7.80% to Rs 398.30 crore while profit almost quadrupled to Rs 32.47 crore.
  8. Cera Sanitaryware revenues came in flat at Rs 315.77 crore and profit grew just 5.5% to Rs 29.92 crore.
  9. Lincoln Pharma revenue jumped 16.50% to Rs 114.74 crore; profit saw a rise of 23.06% to Rs 13.48 crore.
  10. Dhanuka Agritech revenues grew 8.90% to Rs 295.70 crore however profit surged invariably by 44.60% to Rs 40 crore.
  11. BEL releases Q3FY21 update with company receiving orders of Rs 4899 crore. Holistic Order book now stands at Rs 54791 crore.
  12. Saregama, has announced a music licensing deal with made-in- India, short-video app, Josh by VerSe Innovation.


(With inputs from AUM Capital Market Private Limited)



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