Sensex, Nifty Recover Aided By RIL; Adani Group Stocks Pare Loss After Clarification
Indian equity benchmarks recovered from their early losses in the second half of the session to close with small gains.
The S&P BSE Sensex climbed 0.1% to 52,551 while the NSE Nifty 50 was little changed at 15,811.85. Both the indices closed at a record high after falling over 1% in the first half of the session.
Eleven of the 19 sector sub-indices compiled by BSE Ltd. slipped, led by a gauge of power companies.
Coal India Q4 Net Profit Misses Estimates
Coal India reported net income for the fourth quarter that missed the average analyst estimate.
Net income Rs 4,590 crore, -1.1% YoY, estimate Rs 4,841 crore
Revenue Rs 26,700 crore, -3.2% YoY, estimate Rs 26,367 crore
Total costs Rs 21,570 crore, -3.6% YoY
Other income Rs 1,270 crore, -44% YoY
Dividend per share Rs 3.50
Adani Enterprises, Ports Say Demat Accounts of Funds Not Frozen
The Gautam Adani-led companies said the report on India’s National Securities Depository Ltd. freezing accounts of three overseas funds which own over Rs 43,500 crore ($6 billion) worth of shares in four Adani Group companies is “blatantly erroneous and is done to deliberately mislead the investing community,” according to a statement to exchanges.
- Have confirmation that the demat account in which the aforesaid funds hold the shares of the company are not frozen, Adani group companies say in the statement
- Adani Enterprises was down 6.2%, paring a decline of as much as 25%, while Adani Ports & Special Economic Zone trimmed losses to 8.1%
Kajaria Ceramics Q4 Net Profit Beats Estimates
Kajaria Ceramics reported net income for the fourth quarter that beat the average analyst estimate.
- Net income Rs 127 crore vs. Rs 49.59 crore YoY, estimate Rs 114 crore
- Revenue Rs 953 crore, +46% YoY, estimate Rs 877 crore
- Total costs Rs 791 crore, +34% YoY
- Ebitda Rs 191 crore vs. Rs 93.37 crore YoY, estimate Rs 181 crore
COMMENTARY AND CONTEXT
- Company approved expansion of manufacturing facility at Gailpur in Rajasthan state by 4.2 MSM of ceramic floor tiles a years through Rs 59.49 crore investment
- Approved increase in limits of investment in Kajaria Plywood to Rs 50 crore from Rs 35 crore in one or more tranches
- Board also considered plan to expand manufacturing facility of unit Kajaria Tiles Pvt. to 8.80 MSM of vitrified tiles a year and plan to expand manufacturing facility of unit Jaxx Vitrified to 12 MSM vitrified tiles per year
IOB Q4 Net Income Rs 350 Crore
IOB reported net income for the fourth quarter of Rs 350 crore vs. Rs144crore YoY.
- Gross non-performing assets 11.7% vs. 12.2% QoQ
- Provisions Rs 1,380 crore, -8.6% QoQ
- Interest income Rs 4,060 crore, -8.6% YoY
- Interest expense Rs 2,650 crore, -8.9% YoY
- Other income Rs 2,020 crore, +94% YoY
- Net interest margin 2.22%
Market Update: Sensex, Nifty Recover Early Losses
Indian equity benchmarks fluctuated between gains and losses after opening lower.
The S&P BSE Sensex was marginally up at 52,513.19, while NSE Nifty 50 Index is trading slightly lower at 15,796.25.
The larger market outperformed their smaller peers, though both remained in the red. The S&P BSE MidCap declined 0.9% and S&P BSE SmallCap fell 0.02%, while the S&P BSE LargeCap slid 0.03%. Eleven of the 19 sector sub-indices compiled by BSE Ltd. declined, led by power stocks. The S&P BSE Energy was the best performer, up 0.86%.
The market breadth was slightly skewed in favour of the bears. About 1,544 stocks gained, 1,680 declined and 166 remained unchanged.