17,000 new credit cards issued by ICICI linked to wrong users

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Domestic equity benchmarks reversed early gains and hit the day’s low in morning trade. Investors locked profits after a recent steep surge. At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 218.32 points or 0.43% to 51,110.76. The Nifty 50 index lost 76.20 points or 0.50% at 15,033.10.

In the broader market, the S&P BSE Midcap index slipped 0.14% while the S&P BSE Smallcap index shed 0.19%.

The market breadth was negative. On the BSE, 1,127 shares rose and 1,363 shares fell. A total of 129 shares were unchanged.

Covid-19 update:

Total COVID-19 confirmed cases worldwide stood at 106,902,907 with 2,340,407 deaths. India reported 141,511 active cases of COVID-19 infection and 155,252 deaths while 104,96,308 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Bank index shed 0.74% to 35,790.35 on profit booking. The index surged 19.1% in the past nine sessions.

Bandhan Bank (down 1.61%), IndusInd Bank (down 1.58%), Axis Bank (down 1.47%), IDFC First Bank (down 0.6%), SBI (down 0.49%), HDFC Bank (down 0.47%), RBL Bank (down 0.47%), Bank of Baroda (down 0.44%), Federal Bank (down 0.3%), Kotak Mahindra Bank (down 0.28%) and ICICI Bank (down 0.2%) declined while Punjab National Bank advanced 0.51%.

Earnings Today:

Eicher Motors (down 0.13%), GAIL (India) (up 1.30%), Hindalco (down 0.61%) and Titan (down 1.26%) will announce q3 earnings today.

ABB India (up 1.30%), Aurobindo Pharma (up 0.27%), Bank of India (up 1.86%), Bata India (down 0.84%), BEML (up 0.48%), GSPL (up 1.42%), Happiest Minds Technologies (up 0.74%), Indraprastha Gas (down 0.18%), NBCC (down 1.07%), Page Industries (down 0.12%), Procter & Gamble Health (up 0.20%), RITES (down 0.31%), SpiceJet (up 2.48%) and TTK Prestige (down 0.57%)will also announce their quarterly earnings today.

Earnings Impact:

Tata Steel slipped 1.04% to Rs 692.25. On a consolidated basis, the steel major reported net profit at Rs 4,010.94 crore in Q3 December 2020 compared with net loss of Rs 1,228.53 crore in Q3 December 2019. Net sales jumped 11.6% to Rs 38,805.91 crore in Q3 FY21 over Q3 FY20. EBITDA improved 53% QoQ and 161% YoY to Rs 9,540 crore, with improved realization across key entities. The company generated free cash flow of Rs 12,078 crore in Q3FY21, driven by strong operating performance and better working capital management.

Mahanagar Gas lost 2.20% to Rs 1114.30. The city gas distributor’s net profit increased 16.7% to Rs 217.21 crore on 10.5% decline in net sales to Rs 666.40 crore in Q3 FY21 over Q3 FY20. CNG sales volumes jumped 47.58% to 173.26 million SCM (standard cubic metre) and total PNG sales volumes rose 11.29% to 81.61 million SCM in Q3 FY21 over Q2 FY21. Total volumes jumped 33.63% quarter-on-quarter to 254.88 million SCM in Q3 FY21.

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