Sensex, Nifty Cap Weekly Gains Weighed By RIL, MPC Policy
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India’s stock benchmarks logged over 3% gains in the last 5 sessions to snap a two-week losing streak. It was a milestone week with both the S&P BSE Sensex and NSE Nifty hitting record highs as investors anticipated a status quo on rates by the Monetary policy Committee of the RBI. The gains, however, were capped after the benchmarks faced pressure on Friday as the MPC decision was not unanimous.
The Sensex shed 0.39% to 54,277.72. The Nifty 50 Index declined by similar magnitude to 16,238.20. Sensex index hit a new high of 54,717.24 mark and Nifty logged a record high of 16,349.45 during the week.
Index heavyweight Reliance Industries led the losses on Friday as it declined over 2% after the Supreme Court ruled in favour of Amazon against Future Retail and found the emergency arbitrator’s interim award to be valid.
The broader markets outperformed the larger peers with both the BSE MidCap and BSE SmallCap gaining over 0.2%. Eleven out of the 19 sectoral indices compiled by the BSE Ltd. declined with S&P BSE Energy shedding nearly 1.5%.
The market breadth was skewed in favour of bulls. About 1,821 stocks advanced, 1,392 declined and 116 remained unchanged on the BSE.
Hindalco Advances 3% After In-Line Q1
Shares of Hindalco Ltd. gained 2.88% to Rs 455.85 apiece after the company reported net sales in-line with average analyst estimate in the first quarter.
June Quarter (Consolidated)
Net income at Rs 2,787 crore vs Rs 1,928 crore QoQ
Revenue at Rs 41,358 crore vs estimate of Rs 41,433 crore
Ebitda at Rs 6,790 crore vs Rs 5,845 crore QoQ
Of the 27 analysts tracking the company, 26 maintained ‘buy’ and 1 analyst maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 8.2%.
Muthoot Finance Declines After Q1 Miss
Shares of Muthoot Finance Ltd. shed 5% to Rs 1,505 apiece after reporting net income that missed average analyst estimate in the June Quarter
First Quarter Results (Consolidated)
Net income at Rs 978.58 crore vs estimate of Rs 1,020 crore (Bloomberg Consensus)
Revenue at Rs 2,955.83 crore vs Rs 3,104.50 crore QoQ
Total costs at Rs 1,653.59 crore vs Rs 1,733.82 crore QoQ
Other income at Rs 7.59 crore vs Rs 14.48 crore QoQ
The company’s board also approved the appointment of K Hariharan as the chief risk officer.
Of the 18 analysts tracking the company, 13 maintained ‘buy’, 3 maintained ‘hold’ and 2 maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 4.4%.
Alkem Laboratories Climbs 4% Post June Quarter Beat
Shares of Alkem Laboratories Ltd. added 3.97% to Rs 3,534.70 apiece after reporting net income for the first quarter than beat the average analyst estimate.
June Quarter Results (Consolidated)
Net income at Rs 468.12 crore vs estimate of Rs 366 crore (Bloomberg Consensus)
Revenue at Rs 2,731.36 crore vs estimate of Rs 2,273 crore
Total expenses at Rs 2,221.89 crore vs Rs 1,980.28 crore QoQ
Other income at Rs 46.65 crore vs Rs 46.28 crore QoQ
Of the 23 analysts tracking the company, 18 maintained ‘buy’, 4 maintained ‘hold’ and 1 analyst maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg hinted at an upside of 1.6%.
Metropolis Healthcare Slips Post June Quarter
Shares of Metropolis Healthcare Ltd declined 4.75% to Rs 2.865 apiece after reporting net income for the first quarter that beat the average analyst estimate.
June Quarter Results (Consolidated)
Net income at Rs 74.89 crore vs estimate of Rs 64.45 crore (Bloomberg Consensus)
Revenue at Rs 326.76 crore vs estimate of Rs 303 crore
Total costs at Rs 243.34 crore vs Rs 212.14 crore QoQ
Other income at Rs 3.76 crore vs Rs 2.06 crore QoQ
Of the 13 analysts tracking the company, 8 maintained ‘buy’, 1 maintained ‘hold’ and 4 analysts maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 11.7%. Shares of Metropolis Healthcare added over 50% in 2021 so far as compared to 22% gains for S&P BSE Healthcare.