Sensex, Nifty End At One-Week Low As Metal Rally Cools
India equity benchmarks fell for a second straight session, in line with most Asian markets, amid continued concerns over the impact of faster inflation on dollar flows into emerging markets.
The S&P BSE Sensex lost 1% to 48,690.80 while the NSE Nifty 50 Index declined 1% to 14,696.50. Except for the S&P BSE Auto Index, all other 18 sector-indices compiled by BSE Ltd. declined, led by a gauge of metal companies.
UPL Q4 Earnings Meet Estimates
UPL reported net income for the fourth quarter that missed the average analyst estimate.
- Net income Rs 1,060 crore, +72% YoY, estimate Rs 1078 crore
- Revenue Rs 12,800 crore, +15% YoY, estimate Rs 12,016 crore
- Total costs Rs 11,140 crore, +11% YoY
- Other income Rs 49 lakh vs. Rs 21 lakh YoY
- Dividend per share Rs 10
Asian Paints Q4 Net Income Beats Estimates
Asian Paints reported net income for the fourth quarter that beat the average analyst estimate.
- Net income Rs 852 crore, +84% YoY, estimate Rs 826 crore
- Revenue Rs 6,650 crore, +43% YoY, estimate Rs 6,008 crore
- Total costs Rs 5,580 crore, +40% YoY
- Other income Rs 75.41 lakh, +35% YoY
- Raw material costs Rs 3,440 crore, +42% YoY
- Dividend per share Rs 14.50
COMMENTARY AND CONTEXT
- Domestic Decorative business delivered registered 48% volume growth in the quarter
- Says huge inflationary trend in raw material prices worrying; impact on co.'s profitability negated with some work on sourcing and cost optimization
- Q4 profit before depreciation, interest, tax and other income increased 53.4% to Rs 1,318 crore
Price Hikes, Better Demand Aid Consumer Goods Makers In Q4
IEA Says Oil Glut Gone Even as It Cuts Demand Forecast on India
The International Energy Agency said the supply glut created by the global pandemic has cleared, even as demand suffers a blow from a resurgence of the virus in India.
Surplus oil inventories in developed nations are now just a small fraction of the levels seen when demand collapsed last year, with output cuts by OPEC and its allies draining the excess, the IEA said on Wednesday. Still, the agency sees a temporary setback for global consumption as infections rock India, before the recovery resumes later in the year.
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