Yes Bank Helps Sensex, Nifty Snap Two-Day Losing Streak
Closing Bell: Sensex Rises 87 Points, Nifty Reclaims 10,850
Indian equity benchmarks halted two-day losing streak paced by gains in Yes Bank.
The S&P BSE Sensex rose 0.24 percent or 87 points to 36,195 and the NSE Nifty 50 Index advanced 0.17 percent or 18 points to 10,850.
For most part of the day benchmarks traded on a subdued note in a narrow band. However, a late rally in Yes Bank after it named Ravneet Singh Gill as the new CEO helped benchmarks break out of range and move higher.
Ten of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Telecom Index's 1.97 percent decline. On the other hand, S&P BSE Realty Index was top gainer, up 2 percent.
Mid- and small-cap shares witnessed selling pressure as the S&P BSE MidCap Index fell 0.15 percent and the S&P BSE SmallCap Index declined 0.6 percent.
Yes Bank Surges After Naming Ravneet Gill As New CEO; Asset Quality Deteriorates In Q3
Shares of the Mumbai-based private sector lender rose as much as 11 percent, the most in over three months, to Rs 220 after it named Ravneet Gill as the new CEO despite its asset quality deteriorating in December quarter.
Key earnings highlights:
- Net interest income up 41 percent at Rs 2,666.41 crore versus 1,889 crore (YoY)
- Net profit declines 7 percent to Rs 1,002 crore versus Rs 1,077 crore (YoY)
- Gross non-performing assets as a percentage of total advances at 2.10 percent versus 1.60 percent (QoQ)
- Net non-performing assets as a percentage of total advances at 1.18 percent versus 0.84 percent (QoQ)
- Provisions for bad loans down 41 percent at Rs 550 crore versus Rs 940 crore (QoQ)
Colgate-Palmolive Rises After Profit Beats Estimates In Q3
Shares of the oral care products maker recovered from low levels and rose as much as 1.79 percent to Rs 1,330.65 after its profit surpassed Bloomberg consensus estimates in December quarter.
Key earnings highlights:
- Revenues up 6.5 percent at Rs 1,099 crore versus Rs 1,032 crore (YoY); Estimate of Rs 1,118 crore
- EBITDA up 11.6 percent at Rs 315 crore versus Rs 282 crore; Estimate of Rs 307 crore
- EBITDA margin at 28.6 percent versus 27.3 percent; Estimate of 27.5 percent
- Net profit down 12.3 percent at Rs 192 crore versus Rs 171 crore; Estimate of Rs 184 crore
- Volume growth at 7 percent
Care Ratings, Grindwell Norton Among Stocks Moving On Heavy Volumes
- Care Ratings: The Mumbai-based credit rating agency rose as much as 2.97 percent to Rs 1,014.40. Trading volume was more than 12 times its 20-day average.
- Syngene International: The Bengaluru-based healthcare services provider rose as much as 2.69 percent to Rs 595. Trading volume was nine times its 20-day average.
- Grindwell Norton: The Mumbai-based abrasive products maker rose as much as 1.11 percent to Rs 575. Trading volume was eight times its 20-day average.
- Ujjivan Financial Services: The Bengaluru-based non-banking finance company rose as much as 7.62 percent to Rs 305.95. Trading volume was more than seven times its 20-day average.
UltraTech Cement Extends Decline After Q3 Earnings
Shares of the Mumbai-based cement maker extended decline and fell as much as 1.88 percent to Rs 3,778.20 after its reported December quarter earnings.
Key earnings highlights (Standalone, YoY):
- Net profit up 6.5 percent at Rs 449 crore versus Rs 421 crore (YoY); Bloomberg estimate of Rs 501 crore
- Revenue up 18 percent at Rs 8,812.72 crore versus Rs 7,471 crore (YoY); Estimate of Rs 8,640 crore
- EBITDA up 9.6 percent at Rs 1,390 crore versus Rs 1,268.5 crore
- Margin at 15.8 percent versus 17 percent
- Other income at Rs 124 crore versus Rs 155.57 crore (YoY)