Sensex, Nifty End Marginally Higher Led By Banks, OMCs
Indian equity benchmarks rose as the slowing pace of new coronavirus cases supported the assumption of a gradual resumption of business activities that have been curtailed by localised lockdowns.
The S&P BSE Sensex gained 0.22% to 50,651.90. The NSE Nifty 50 Index advanced 0.15% to 15,197.50. Eleven out of the 19 sector sub-indexes compiled by BSE Ltd. climbed, led by a gauge of power companies.
The nation added 222,315 new coronavirus case in the last 24 hours, compared with more than 400,000 fresh daily infections at the beginning of the month.
“Investors will continue to focus on the trajectory of daily caseloads and the vaccination ramp up in the country in the near term,” said Binod Modi, head of strategy at Mumbai-based Reliance Securities Ltd.. “Possible withdrawal of restrictions in a phased manner by states from next week should boost confidence.”
In earnings so far, 22 of the 37 Nifty 50 companies that have posted quarterly results have missed analysts’ estimates, while 14 have beaten or met, according to data compiled by Bloomberg. Grasim Industries Ltd., due to report later today, fell as much as 1%.
Pidilite Industries Up Most In About 5 Months
Pidilite Industries Ltd. rose 4.8%. Trading in the company's call options was quadruple the average. Trading volume was quadruple the average for this time of day.
- The stock was the best performer among its peers.
- Trading volume was 2.15 million shares, quadruple the 20-day average of 528,340 shares for this time of day.
- Trading in the company's put options totalled 2,638 contracts, compared with the average of 647 over the past 20 days. Trading in the company's call options totalled 13,202 contracts, compared with the average of 3,331 over the same period.
- The shares are up 9.6% in the past 5 days and rose 16% in the past 30 days.
- The relative strength index on the stock was above 70, indicating it may be overbought.
- Analysts have five buy, eight hold, and eight sell recommendations on the stock.
- The price target of Rs 1,749.42 represents a 16% decrease from the last price
Ramco Cements Q4 Net Profit Misses Estimates
Ramco Cements reported net income for the fourth quarter that missed the average analyst estimate.
- Net income Rs 214 crore, +47% YoY, estimate Rs 244 crore (Bloomberg Consensus)
- Revenue Rs 1,620 crore, +17% YoY, estimate Rs 1,660 crore
- Total costs Rs 1,290 crore, +5.7% YoY
- Other income Rs 9.88 crore, -13% YoY
Container Corp To Sign New Lease Pact With Railways
Shares of Container Corporation of India Ltd. climb after the state-run cargo operator says it plans to sign a 35-year contract to use Indian Railways’ land and will raise as much as Rs 3,500 crore to fund the proposal.
- Shares rise as much as 10% to the highest level since Oct. 2019, with trading volume 5.3x 3-month, full-day avg
- “We intend to sign a long-term lease agreement for 24 terminals,” Chairman V. Kalyana Rama says on an earnings conference call
- The 35-year contract will give clarity to land license fees, he says
- The company presently pays railways a fee based on 6% of the value of land that it uses for containers
India Cements Q4 Net Profit Beats Estimates
India Cements reported net income for the fourth quarter that beat the average analyst estimate.
- Net income Rs 71.6 lakh, estimate Rs 64.40 lakh (Bloomberg Consensus)
- Revenue Rs 1,450 crore, +26% YoY, estimate Rs 1,360 crore
- Total costs Rs 1,360 crore, +9.7% YoY
- Other income Rs 11.82 lakh, -34% YoY
- Dividend per share Re 1
- To reappoint Srinivasan as MD for 5 years