7172In view of reduced inflation and expenses, will it be right to invest in IT stocks?
Nifty50 closed 3 points, or 0.02% lower at 15,106 levels.
Indian markets were volatile as bulls & bears scuffled on Wednesday. Late buying helped indices end flat. After swinging 666 points, the 30-share BSE Sensex settled 19 points or 0.04% lower at 51,309.
HDFC Bank, Bharti Airtel, Axis Bank, ONGC & Nestle were the top laggards on the Sensex. Gains in Bajaj Finserv, M&M, Bajaj Finance, TCS, Reliance Industries and Titan helped recoup the lost ground.
Nifty50 closed 3 points, or 0.02% lower at 15,106 levels. On the sectoral front, Nifty Realty index closed 1.6% while Nifty Pharma & Auto indices, up around 1% each. On the downside, the Nifty Bank and the Nifty Private Bank indices ended 0.7% down.
According to traders, investors used the higher levels as an opportunity to book profits through the day, keeping the benchmarks volatile.
Earnings impact:
Polyplex Corporation jumped 14.03% to Rs 858 after the company posted an 81.4% jump in consolidated net profit to Rs 224.73 crore on a 13.3% rise in net sales to Rs 1237.22 crore in Q3 FY21 over Q3 FY20. Further, the company’s board declared a special interim dividend of Rs 100 per share. Record date for the same has been fixed at 19 February 2021. The dividend yield stands at 13.28% on yesterday’s closing price of Rs 752.45.
Bank of India rose 1.69% to Rs 60.20 after the state-run lender reported 412.39% surge in net profit to Rs 541 crore in Q3 FY21 from Rs 106 crore in Q3 FY20. Net Interest Income (NII) declined by 9.19% to Rs 3,740 crore in the third quarter from Rs 4,118 crore in the same period last year. Net Interest Margin (NIM) was at 2.81% as on 31 December 2020 as against 3.45% as on 31 December 2019.
On the asset quality front, the ratio of gross NPAs (GNPA) to gross advances stood at 13.25% as on 31 December 2020 as against 13.79% as on 30 September 2020 and 16.30% as on 31 December 2019. The ratio of net NPAs (NNPA) to net advances stood at 2.46% as on 31 December 2020 as against 2.89% as on 30 September 2020 and 5.97% as on 31 December 2019.
TTK Prestige surged 14.87% to Rs 6800 after the company’s consolidated net profit increased by 37.2% to Rs 83.84 crore on a 23.6% rise in revenue from operations to Rs 725.63 crore in Q3 FY21 over Q3 FY20.
Eicher Motors on Wednesday posted a 6.79 per cent increase in its consolidated net profit after tax at Rs 532.59 crore for the third quarter ended December 31, 2020, on the back of steady growth across business verticals. The company had reported Rs 498.70 crore during the October-December period of 2019-20 fiscal. Total consolidated revenue from operations rose to Rs 2,828.26 crore as compared with Rs 2,371.01 crore in the year-ago period.
Global cues
Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with gains.
Stock exchanges in Europe were also trading on a positive note in early deals.
Meanwhile, the global oil benchmark Brent crude was trading 0.23% higher at $61.36/barrel.