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🔰Market Wrap Up🔰
✳️Largecap and midcap gainers today include Zee Entertainment Enterprises Ltd. (288.80, 7.72%), Maruti Suzuki India Ltd. (8,602.60, 6.83%) and Axis Bank Ltd. (752.20, 6.76%).
✳️Largecap and midcap losers today include Deepak Nitrite Ltd. (2,216.00, -6.25%), The Ramco Cements Ltd. (860.80, -4.02%) and Supreme Industries Ltd. (2,047.85, -3.86%).
✳️Top high volume gainers on BSE included Triveni Turbine Ltd. (214.30, 14.42%), Axis Bank Ltd. (752.20, 6.76%) and SBI Cards and Payment Services Ltd. (850.00, 4.31%).
✳️Top high volume losers on BSE were Lux Industries Ltd. (2,813.70, -20.00%), IndiaMART InterMESH Ltd. (5,005.00, -14.27%) and Deepak Nitrite Ltd. (2,216.00, -6.25%).
✳️Star Cement Ltd. (95.40, 2.14%) was trading at 11.9 times of weekly average. The Ramco Cements Ltd. (860.80, -4.02%) and Supreme Industries Ltd. (2,047.85, -3.86%) were trading with volumes 8.1 and 4.7 times weekly average respectively on BSE at the time of posting this article.
✳️Federal Bank’s Q3FY22 net profit rises 29% YoY to Rs 522 crore as net interest income rises 7.1% YoY to Rs 1,539 crore. Net interest margin increases marginally by 7 bps to 3.27%. The bank’s asset quality improves on a QoQ basis as gross NPAs fall 18 bps QoQ to 3.06% and net NPA by 7 bps to 1.05%. Total advances increase by 12% YoY to Rs 1.4 lakh crore with agriculture advances recording the highest growth of 17.9% YoY to Rs 18,431 crore.
✳️Deepak Nitrite’s Q3FY22 net profit rises 12% YoY to Rs 242 crore because of a 57% reduction in finance costs. The company’s revenue from operations is up 41% YoY to Rs 1,748 crore. Growth in revenue is because of an increase in demand for phenolics and basic chemicals. EBITDA margins fell 500 bps YoY to 22% on rising raw material and utility costs.
✳️Ramco Cement's Q3FY22 net profit falls 63.4% YoY to Rs 75.6 crore even though revenues rise 15.5% YoY to Rs 1,558.7 crore. Weak sales realizations in the key regions of east and south India, as well as higher fuel costs, led to a drop in profits in Q3.
✳️Bharti Airtel's board to meet on Friday to consider and evaluate the proposal for issuance of preferential share to investors other than its promoter group.
✳️IndiaMART InterMESH to invest Rs 61.55 crore in Simply Vyapar Apps and shall hold 27% stake. The company will also acquire 100% paid up capital of Busy Infotech for up to Rs 500 crore, and its arm Tradezeal Online will invest Rs 7.5 crore in Legistify Services through compulsorily convertible debentures.
✳️Hero MotoCorp’s board approves a Rs 700 crore investment in NBFC Hero FinCorp. Hero FinCorp primarily deals in two-wheeler financing, terms loans, capital loans, etc. This is part of Hero FinCorp's fundraising of Rs 2,000 crore for its business purposes.
✳️Indian Energy Exchange's Q3FY22 net profit rises 39% YoY to Rs 80.7 crore and its revenues rise 38% YoY to Rs 130.8 crore. Trading volumes rose over 35% YoY buoyed by higher electricity consumption which boosted Q3 profits. The company announces an interim dividend of Rs 1 per share.
✳️Axis Bank’s Q3FY22 net profits surge 3.2X to Rs 3,614 crore as net interest income (NII) rises and provisions fall. NII increases by 17% YoY to Rs 8,653 crore and net interest margins improve by 2 bps YoY to 3.53%. Provisions are down by 64% YoY to Rs 1,337 crore. The bank’s asset quality improves as gross NPA falls 27 bps YoY to 3.17% and net NPA is down 17 bps YoY to 0.91% in Q3FY22.
✳️Largecap and midcap gainers today include Zee Entertainment Enterprises Ltd. (288.80, 7.72%), Maruti Suzuki India Ltd. (8,602.60, 6.83%) and Axis Bank Ltd. (752.20, 6.76%).
✳️Largecap and midcap losers today include Deepak Nitrite Ltd. (2,216.00, -6.25%), The Ramco Cements Ltd. (860.80, -4.02%) and Supreme Industries Ltd. (2,047.85, -3.86%).
✳️Top high volume gainers on BSE included Triveni Turbine Ltd. (214.30, 14.42%), Axis Bank Ltd. (752.20, 6.76%) and SBI Cards and Payment Services Ltd. (850.00, 4.31%).
✳️Top high volume losers on BSE were Lux Industries Ltd. (2,813.70, -20.00%), IndiaMART InterMESH Ltd. (5,005.00, -14.27%) and Deepak Nitrite Ltd. (2,216.00, -6.25%).
✳️Star Cement Ltd. (95.40, 2.14%) was trading at 11.9 times of weekly average. The Ramco Cements Ltd. (860.80, -4.02%) and Supreme Industries Ltd. (2,047.85, -3.86%) were trading with volumes 8.1 and 4.7 times weekly average respectively on BSE at the time of posting this article.
✳️Federal Bank’s Q3FY22 net profit rises 29% YoY to Rs 522 crore as net interest income rises 7.1% YoY to Rs 1,539 crore. Net interest margin increases marginally by 7 bps to 3.27%. The bank’s asset quality improves on a QoQ basis as gross NPAs fall 18 bps QoQ to 3.06% and net NPA by 7 bps to 1.05%. Total advances increase by 12% YoY to Rs 1.4 lakh crore with agriculture advances recording the highest growth of 17.9% YoY to Rs 18,431 crore.
✳️Deepak Nitrite’s Q3FY22 net profit rises 12% YoY to Rs 242 crore because of a 57% reduction in finance costs. The company’s revenue from operations is up 41% YoY to Rs 1,748 crore. Growth in revenue is because of an increase in demand for phenolics and basic chemicals. EBITDA margins fell 500 bps YoY to 22% on rising raw material and utility costs.
✳️Ramco Cement's Q3FY22 net profit falls 63.4% YoY to Rs 75.6 crore even though revenues rise 15.5% YoY to Rs 1,558.7 crore. Weak sales realizations in the key regions of east and south India, as well as higher fuel costs, led to a drop in profits in Q3.
✳️Bharti Airtel's board to meet on Friday to consider and evaluate the proposal for issuance of preferential share to investors other than its promoter group.
✳️IndiaMART InterMESH to invest Rs 61.55 crore in Simply Vyapar Apps and shall hold 27% stake. The company will also acquire 100% paid up capital of Busy Infotech for up to Rs 500 crore, and its arm Tradezeal Online will invest Rs 7.5 crore in Legistify Services through compulsorily convertible debentures.
✳️Hero MotoCorp’s board approves a Rs 700 crore investment in NBFC Hero FinCorp. Hero FinCorp primarily deals in two-wheeler financing, terms loans, capital loans, etc. This is part of Hero FinCorp's fundraising of Rs 2,000 crore for its business purposes.
✳️Indian Energy Exchange's Q3FY22 net profit rises 39% YoY to Rs 80.7 crore and its revenues rise 38% YoY to Rs 130.8 crore. Trading volumes rose over 35% YoY buoyed by higher electricity consumption which boosted Q3 profits. The company announces an interim dividend of Rs 1 per share.
✳️Axis Bank’s Q3FY22 net profits surge 3.2X to Rs 3,614 crore as net interest income (NII) rises and provisions fall. NII increases by 17% YoY to Rs 8,653 crore and net interest margins improve by 2 bps YoY to 3.53%. Provisions are down by 64% YoY to Rs 1,337 crore. The bank’s asset quality improves as gross NPA falls 27 bps YoY to 3.17% and net NPA is down 17 bps YoY to 0.91% in Q3FY22.