Sensex ends 460 pts higher, Nifty50 reclaims 17,600 as market cheers RBI policy; Solara Active plunges
Mini
Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 extended gains to a third straight day on Thursday, after the RBI’s Monetary Policy Committee decided to keep the key interest rates on hold. Gains in financial, IT, metal and consumer goods shares pushed both indices higher, though losses in oil & gas stocks limited the upside. Broader markets eked out gains after the RBI announcements, with the Nifty Midcap 100 index finishing the day 0.3 percent higher. Its smallcap counterpart rose half a percent. The MPC voted unanimously to keep the repo rate unchanged at 4 percent and voted 5:1 to continue with an ‘accommodative’ stance for as long as necessary to revive growth on a sustainable basis.
Feb 10, 2022, 04:15 PM
Q3 Results | Amara Raja profit down 25% at Rs 145 crore, revenue up 21%
Amara Raja Batteries net profit down 25 percent on a year-on-year basis at Rs 145.3 crore for the December quarter. Its Q3 revenue up 20.7 percent at Rs 2,366 crore.
The company’s margin declines to 12 percent in Q3 from 15.7 percent in the year-ago period.
Amara Raja Batteries shares ende down 0.2 percent at Rs 620.7 ahead of the earnings announcement.
Feb 10, 2022, 03:49 PM
Closing Bell | Sensex up 460 points, Nifty reclaims 17,600
Both headline indices close with gains of 0.8 percent. The 30-scrip index rises 460.1 points to 58,926 and the broader Nifty50 settles at 17,605.9, up 142.1 points from its previous close.
Gains in financial, IT, metal and consumer goods shares pushed both indices higher, though losses in oil & gas stocks limited the upside. (Read more on the closing bell)
Feb 10, 2022, 05:53 PM
Thank you, readers! That’s all from CNBC-TV18.com’s live market coverage on February 10, 2022. Catch all RBI policy updates here
Stay tuned for other updates on our website: CNBCTV18.com.
You can follow us on Twitter: @CNBCTV18Live @CNBCTV18News
And on Facebook, LinkedIn, Instagram and Telegram
Download our mobile app for Android and iOS platforms
Feb 10, 2022, 05:19 PM
There will be several winners in API race: InCred PMS’s Aditya Khemka
Aditya Khemka, Fund Manager at InCred PMS, is of the view that there are going to be several winners in the API race. “You will be able to find the next Divi’s Laboratories, you just have to look harder and you have to wait for a longer period of time – one, two or six months just isn’t enough,” he says.
According to him, most API companies have two problems to deal with in Q4:
–High volume base of last year
–Regular pricing pressure
“Solara, like most other API companies, faced similar problems in the business, which is obviously reflecting in its results. For all these API companies, maybe excluding Solara, the pressure is very transitory, because as they pass on the price pressure or the raw material to share to their customers, the business will come back… In the next year, growth will also be normalised… In the PMS that I manage, we own Neuland Laboratories, Divi’s Laboratories, Sequent Scientific and Laurus Labs,” he adds.
Feb 10, 2022, 05:01 PM
Rupee ends lower at 74.94 vs US dollar
The rupee slips to 74.94 against the greenback at the close. On Wednesday, it had settled at 74.81.
Feb 10, 2022, 04:27 PM
Rakesh Jhunjhunwala, others to pick up stake in DB Realty
DB Realty said on Wednesday that it would allot five crore warrants to six non-promoter investors, including Rakesh Jhunjhunwala and his wife.
“The company proposes to allot 1 crore warrants each to Rekha Jhunjhunwala, Rakesh Jhunjhunwala’s RARE Investments, Abhay Chandak and Aditya Chandak. It will also allot 50 lakh warrants each to Lotus Family Trust and KIFS Dealers,” according to a regulatory filing. (Read more)
Feb 10, 2022, 04:08 PM
Market At Close | Sensex, Nifty50 rise after RBI’s dovish monetary policy
Here are some highlights:
–Nifty Bank gains 401 points to 39,011
–Midcap index up 86 points at 30,343
–Financial, metal stocks among top Nifty gainers
–Infosys, HDFC, HDFC Bank, Kotak Mahindra Bank Top Nifty contributors
–ONGC top Nifty gainer, up 3 percent as crude rises
–Midcap underperformance keeps market breadth in favour of declines
–Maruti slips from 52-week high, down 2 percent
–Page Industries, Bharat Forge fall 3 percent after Q3 earnings miss estimates
–Aurobindo Pharma among top midcap gainers following management commentary
–JSPL, GNFC, Firstsource, Vodafone Idea, LIC Housing, Laurus Labs top midcap gainers
–Housing finance stocks rise as RBI keeps rates unchanged
–Adani Wilmar gains for 3rd straight day, locked in upper circuit
–Solara Active locked in lower circuit after weak Q3 earnings
Feb 10, 2022, 03:11 PM
Q3 Results | Dr Lal Pathlabs net profit down 39%, revenue up 10%
Dr Lal Pathlabs’ Q3 net profit declines 39.3 percent on year to Rs 58.2 crore. The diagnostics company’s quarterly revenue up 9.8 percent on year at Rs 497 crore.
However, its margin down at 22 percent in Q3, as against 30.7 percent in the year-ago period.
The stock down 1.4 percent at Rs 2,918.9.
Feb 10, 2022, 03:49 PM
Closing Bell | Sensex up 460 points, Nifty reclaims 17,600
Both headline indices close with gains of 0.8 percent. The 30-scrip index rises 460.1 points to 58,926 and the broader Nifty50 settles at 17,605.9, up 142.1 points from its previous close.
Gains in financial, IT, metal and consumer goods shares pushed both indices higher, though losses in oil & gas stocks limited the upside. (Read more on the closing bell)
Feb 10, 2022, 03:21 PM
Infosys, HDFC twins, Kotak Mahindra Bank, SBI top index movers
Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Feb 10, 2022, 03:11 PM
Q3 Results | Dr Lal Pathlabs net profit down 39%, revenue up 10%
Dr Lal Pathlabs’ Q3 net profit declines 39.3 percent on year to Rs 58.2 crore. The diagnostics company’s quarterly revenue up 9.8 percent on year at Rs 497 crore.
However, its margin down at 22 percent in Q3, as against 30.7 percent in the year-ago period.
The stock down 1.4 percent at Rs 2,918.9.
Feb 10, 2022, 03:04 PM
Q3 Results | Dr Lal Pathlabs net profit down 39%, revenue up 10%
Dr Lal Pathlabs’ Q3 net profit declines 39.3 percent on year to Rs 58.2 crore. The diagnostics company’s quarterly revenue up 9.8 percent on year at Rs 497 crore.
However, its margin down at 22 percent in Q3, as against 30.7 percent in the year-ago period.
The stock down 1.4 percent at Rs 2,918.9.
Feb 10, 2022, 02:47 PM
Q3 Results | Net profit jumps nearly 4 times to Rs 337.3 crore, beats Street estimates
Bharat Forge net profit grows nearly four times on a year-on-year basis to Rs 337.3 crore for Q3. Its revenue increases 54.7 percent on year to Rs 1,602 crore.
Analysts in a CNBC-TV18 poll had estimated the company’s quarterly net profit at Rs 246 crore and revenue at RS 1,537 crore.
The company says a drop in export was caused by the shortage of Semiconductor chips. Supply chain issues persist, creating a hangover in the company’s export markets, it adds.
The stock down 2.8 percent at Rs 727.3 in late afternoon deals. (Read more on Bharat Forge)
Feb 10, 2022, 02:30 PM
Q3 Results | Hindalco aluminium, copper EBITDA beat Street estimates
The Aditya Birla group company’s aluminium EBITDA jumped 2.6 times to Rs 3,376 crore and copper EBITDA increased 93.1 percent to Rs 390 crore.
Analysts in a CNBC-TV18 had estimated the company’s aluminium EBITDA at Rs 3,103 crore and copper EBITDA at Rs 325 crore.
The stock rises as much as 1.7 percent to Rs 551.7 after the announcement.
Feb 10, 2022, 02:12 PM
Q3 Results | Bombay Dyeing net loss widens to Rs 217.3 crore, revenue up 36%
The stock up 1.2 percent at Rs 120.2 in afternoon deals.
Feb 10, 2022, 02:06 PM
Strides Pharma Q3 | Company says on track to achieve US FY23 growth outlook
The company says its growth momentum in other regulated markets will continue in the coming quarters.
The stock down 1.9 percent at Rs 387.5, having fallen as much as 3.4 percent earlier in the day.
Feb 10, 2022, 02:10 PM
Challenges in pharma in current quarter: Centrum Broking’s Nischal Maheshwari
Nischal Maheshwari, CEO-Institutional Equities and Advisory at Centrum Broking, believes there are challenges on the API front for Aurobindo Pharma and Solara Active. Centrum does not cover the companies.
He also says challenges persist for the pharma space in the current quarter.
“We are seeing this kind of issue in several of the companies. So wherever we are having large amounts of export revenues, we are seeing challenges out there especially on the raw material side… Also the API costs still seem to be high,” he adds.
Feb 10, 2022, 02:05 PM
Q3 Results | Strides Pharma net loss at Rs 127 crore, revenue down 4.5%
Strides Pharma reports a net loss of Rs 126.6 crore for Q3, as against a net profit of Rs 35.1 crore for the corresponding period a year ago. Its quarterly revenue down 4.5 percent on a year-on-year basis at Rs 794 crore.
The drug maker’s EBITDA slumps to Rs 1 crore in the December quarter, from Rs 160.6 crore in the year-ago period. Its margin down at 0.2 percent as against 19.3 percent in the year-ago period.
Strides Pharma’s board gave nod to the issuance of convertible warrants worth up to Rs 194 crore at Rs 485 apiece.
Feb 10, 2022, 01:50 PM
M&M revenue in line with expectation, order book strong: LKP Securities’ Ashwin Patil
Ashwin Patil of LKP Securities says M&M’s Q3 revenue is in line with expectations and order book quite strong. He points out three things that are hurting the company’s margins:
–Product mix not that great
–Cost pressures quite high
–Chip shortage
He, however, adds that even though M&M is taking price hikes, it is facing issues on the margin front because everything is not able to get passed on.
Feb 10, 2022, 01:27 PM
Q3 Results | M&M net profit up 27.5% at Rs 1,798 crore, beats Street estimates
Mahindra & Mahindra reports a net profit of Rs 1,798 crore for the December quarter, up 27.5 percent on a year-on-year basis. Its quarterly revenue rises 8.4 percent on year to Rs 15,239 crore.
Analysts in a CNBC-TV18 had estimated its net profit at Rs 1,136 crore and revenue at Rs 15,250 crore.
M&M shares up 1.4 percent at Rs 852.3 after the earnings announcement. (Read more on M&M)
Feb 10, 2022, 01:12 PM
Solara Active Pharma Sciences CEO says Q3 was a challenging quarter
The October-December period was a challenging quarter for Solara Active Pharma Sciences as it took a major decision to reset its commercial business strategy, said MD and CEO Rajender Rao Juvvadi. “Solara has pursued a change in the commercial model from distribution-led to direct sales to customers in the less regulated markets. While this decision had a one-time impact on the revenues and profitability, we are confident that the new model will deliver a significant long-term value for the Company and enables a higher focus on customercentricity,” he said.
He also said that besides this one-off impact, the company’s Q3 performance was muted mainly due to subdued regulated market demand and higher costs. “We believe that the situation has bottomed out on the demand side, and the business would start seeing normalcy from the Q4FY22,” he added.
Feb 10, 2022, 12:57 PM
Solara Active Pharma Sciences shares locked in 20% lower circuit
Solara Active Pharma Sciences shares locked in the lower 20 percent circuit at Rs 775.1.
After market hours on Wednesday, the company reported a net loss of Rs 139.8 crore for Q3, as against a net profit of Rs 65.8 crore for the corresponding period a year ago. Its quarterly revenue fell 87.8 percent to Rs 100.3 crore. (Read more on Solara Active shares)
Feb 10, 2022, 12:45 PM
Shaktikanta Das says RBI has turned to rebalancing liquidity on dynamic basis
RBI Governor Shaktikanta Das says the central bank has turned to rebalancing liquidity on a dynamic basis. Adequate liquidity has been ensured to support the central bank’s ‘accommodative’ stance of policy, he says.
The RBI has taken “quick and decisive” steps to ease liquidity contraints, restore market confidence and prevent contagion to other segments of the financial market, he says.
The RBI announces four steps:
–Variable rate repo (VRR) operations of varying tenors to be conducted when warranted
–VRRs, VRRRs of 14-day tenor to operate as main liquidity management tool
–These main operations to be supported by fine-tuning operations to tide over any unanticipated liquidity changes
–From March 1, fixed rate reverse repo, Marginal Standing Facility (MSF) operations to be available only between 5:30 pm and 11.59 pm on all days (instead of 9:00 am to 11:59 pm)
The RBI’s move was in tandem with its intent to a start to restore normal liquidity operations in a phased manner, after assuring bond markets of ample liquidity. (Read more on RBI’s liquidity announcements)
Catch all RBI policy updates here
Feb 10, 2022, 12:41 PM
Dr Reddy’s announces launch of authorised generic version of VASOSTRICT
Dr. Reddy’s Laboratories down 0.54 percent after the company announced the launch of its authorised generic version of vasopressin injection in the US Market approved by the USFDA.
Feb 10, 2022, 12:38 PM
Lupin signs distribution agreement with Medis for Orphan Drug NaMuscla
Lupin shares traded in the green after the company entered into a distribution agreement with Medis for Lupin’s orphan drug NaMuscla (mexiletine). Medis will commercialize NaMuscla for the symptomatic treatment of myotonia in adults with non-dystrophic myotonic (NDM) disorders in Central and Eastern European countries.
Feb 10, 2022, 12:30 PM
BSE Realty gains over 1%
BSE Realty Index added 1 percent supported by the Macrotech Developers up 2.5 percent, Indiabulls Real Estate up 2.4 percent, Sobha up 1.69 percent.
Feb 10, 2022, 12:21 PM
Q3 Results | Engineers India net profit dips to Rs 40.6 crore
Engineers India down close to 2 percent after the company reported lower profit at Rs 40.6 crore in Q3FY22 against Rs 88 crore in Q3FY21. Also, it revenue declined to Rs 692.1 crore from Rs 845.4 crore, YoY.
Feb 10, 2022, 12:19 PM
Q3 Results | MRF profit down 71% at Rs 149.3 crore, revenue up 6%
MRF reports net profit of Rs 149.3 crore for the December quarter, down 71 percent on a year-on-year basis. Its revenue increases six percent to Rs 4,920 crore.
The company’s margin more than halves to 10 percent in Q3 from 21 percent in the year-ago period.
MRF shares down 1.1 percent at Rs 69,632.7.
Feb 10, 2022, 12:12 PM
India 10-year bond yield down 1.1%
The 10 year bond yield is down 7 basis points at 6.72 percent.
Earlier this month, the bond market panicked after the government’s Budget for FY23 revealed plans to borrow Rs 14.95 lakh crore. The record amount is aimed largely at financing the government’s capex plan.
Feb 10, 2022, 11:58 AM
RBI policy to help industry grow, home loans believed to remain broadly same, says Keki Mistry
HDFC’s Keki Mistry tells CNBC-TV18 he doesn’t see an upward revision in the rates in the near future. The central bank’s projections on inflation have been fairly accurate but the big risk is global oil prices, he says.
Catch all RBI policy updates here
Feb 10, 2022, 11:28 AM
RBI Policy | Passive liquidity management worked well in pandemic, says Shaktikanta Das
RBI Governor Shaktikanta Das said the system liquidity remains in a large surplus, and passive liquidity management has worked well in the pandemic.
The rupee has shown resilience, and India has high forex reserves and a moderate current account deficit, he said.
Catch all RBI policy updates here
Feb 10, 2022, 11:44 AM
CNBC-TV18 Exclusive | LIC IPO proposal cleared by IRDAI, say sources
State-run insurer LIC is expected expected to file a draft red herring prospectus (DRHP) on February 11, sources tell CNBC-TV18. (Read more on the proposed LIC IPO)
Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 extended gains to a third straight day on Thursday, after the RBI’s Monetary Policy Committee decided to keep the key interest rates on hold. Gains in financial, IT, metal and consumer goods shares pushed both indices higher, though losses in oil & gas stocks limited the upside. Broader markets eked out gains after the RBI announcements, with the Nifty Midcap 100 index finishing the day 0.3 percent higher. Its smallcap counterpart rose half a percent. The MPC voted unanimously to keep the repo rate unchanged at 4 percent and voted 5:1 to continue with an ‘accommodative’ stance for as long as necessary to revive growth on a sustainable basis.
Catch highlights of the February 10 session, and more, here:
