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Market Live Updates: Sensex flat, Nifty holds 15,300; IT, auto stocks gain
Stock Market Live Updates: Indian indices were trading flat in a volatile session on Thursday as gains in auto and IT stocks were capped by losses in banking, financial and pharma stocks. BPCL rose nearly 2 percent after the company reported strong March quarter earnings while Burger King lost over 4 percent after it reported a loss in the quarter under review.
Jeff Bezos, the richest man on earth and the Chief Executive Officer of Amazon will step down and pass over the baton to Andy Jassy on July 5. Bezos announced the date at Amazon’s annual shareholder meeting that was being held virtually. “We chose that date because it’s sentimental for me, the day Amazon was incorporated in 1994, exactly 27 years ago,” Bezos said in the meeting. The e-commerce giant had announced that Bezos would be stepping down from the top post in February after serving the company for 30 years. Bezos would be taking the role of the executive chairman on the Amazon board as he begins to focus his other projects as well. These include Bezos Earth Fund, his Blue Origin spaceship company, The Washington Post and the Amazon Day 1 Fund
Oil marketing companies (OMCs) do offer value, they are quite attractive on valuations. Our houseview is positive. BPCL is our top pick within the OMCs. However, in our model portfolio, we are more tilted towards gas stocks and we have GAIL and Gujarat Gas as our top positions there.
Opening Bell: Sensex, Nifty open flat; BPCL top gainer post earnings
Indian indices opened flat on Thursday as gains in energy, IT and auto stocks were capped by losses in heavyweights HDFC twins, HUL and Asian Paints. At 9:18 am, the Sensex was up 2 points at 51,020 while the Nifty rose 9 points at 15,311. On the Nifty50 index, BPCL, Tata Motors, Tech Mahindra, UPL, and JSW Steel were the top gainers while IndusInd Bank, Asian Paints, HUL, Bajaj Finserv and Powergrid led the losses. Broader markets were also flat in early deals with the midcap index and smallcap index up 0.2 percent and 0.3 percent, respectively.
GST compensation shortfall estimated at Rs 2.69 lakh cr for FY22
The shortfall in GST compensation payable to states in the current fiscal is estimated at Rs 2.69 lakh crore, of which Rs 1.58 lakh crore would have to be borrowed this year. The Centre expects to collect over Rs 1.11 lakh crore through cess on luxury, demerit and sin goods which will be given to the states to compensate them for the shortfall in revenue arising out of GST implementation. The remaining Rs 1.58 lakh crore would have to be borrowed to meet the promised compensation to states under the Goods and Services Tax (GST) regime. As per the agenda note shared with states ahead of the GST Council meeting on Friday, the Centre estimates that although the GST revenues may see a recovery in the current financial year, there will still be a gap between the compensation need and amount raised through cess. More here
Manappuram Finance Q4 results: Profit rises 17% YoY to Rs 468 crore
Non-banking finance company Manappuram Finance on Wednesday reported a 17.6 percent rise in its consolidated net profit at Rs 468.35 crore in the three months ended March 2021. The company had posted a net profit of Rs 398.20 crore for the corresponding period of the previous fiscal, Manappuram Finance said in a filing to BSE. However, the net profit in the fourth quarter of the last fiscal was lower compared to Rs 483.19 crore recorded in the 2020 December quarter. During the latest March quarter, total consolidated income increased to Rs 1,630.25 crore from Rs 1,618.15 crore in the same period a year ago
Fugitive diamantaire Mehul Choksi captured in Dominica
Fugitive diamantaire Mehul Choksi, who had recently fled from Antigua and Barbuda, was captured in neighbouring Dominica after an Interpol Yellow Notice was issued against him, the local media reported on Wednesday. Choksi had been living in Antigua and Barbuda since 2018 after taking the citizenship, Antigua News Room reported. The Yellow Notice is issued by the Interpol to track missing persons. The efforts are on to hand him over to the Royal Police Force of Antigua and Barbuda, the local media reports stated. Choksi, who is wanted in a Rs 13,500 crore loan fraud in Punjab National Bank, was last seen going for dinner in his car in Antigua and Barbuda on Sunday.
BPCL Q4 net profit at Rs 11,940 crore, beats estimates; declares dividend of Rs 58/share
Privatisation-bound Bharat Petroleum Corporation (BPCL) on Wednesday reported a net profit of Rs 11,940 crore for the quarter ended March 31, 2021, and declared a record Rs 12,581 crore dividend, more than half of which will go to the government. In the corresponding quarter last year, the company posted a net loss of Rs 2,958 crore. CNBC-TV18 Poll had predicted a profit of Rs 1,730 crore for the quarter under review. Its revenue from operations during January-March 2021 jumped 21.5 percent to Rs 98,755.6 crore, compared with Rs 81,296 crore in the year-ago period. The Board of Directors has recommended a final dividend of Rs 58/- per equity share (including a one-time special dividend of Rs 35 per equity share of Rs IO each) for the financial year ended March 31, 2021, subject to the approval of the shareholders at the ensuing Annual General Meeting
Recap
: Indian shares ended near-record closing high on Wednesday boosted by IT and financial stocks as gains in Asian peers and continued decline in domestic COVID-19 cases also lifted the sentiment.
The Sensex ended 380 points higher at 51,017 while the Nifty rose 93 points to settle at 15,301. Heavyweights Infosys, HDFC, TCS, and Bajaj finance contributed the most to the indices.
“Domestic markets started cautiously positive and witnessed a strong rebound as it gained momentum from expectations of another set of relief measures. The new stimulus package is expected to focus on boosting the worst-hit sectors like tourism, aviation and hospitality along with MSMEs. Value buying was seen in the IT sector while Metals stocks remained in the correction phase due to muted international commodity prices,”
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