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Barometers extend losses; PSU banks slide for the 9th day

Published on May 12, 2022 10:30

The key equity indices extended losses, trading near day`s low during morning trade. The Nifty traded tad below the 15,900 level. Domestic sentiment was dented amid negative global cues. Barring IT index, all the sectoral indices on the NSE were currently trading in red.

At 10:25 IST, the barometer index, S&P BSE Sensex was down 872.96 points or 1.61% to 53,215.43. The Nifty 50 index lost 268.65 points or 1.66% to 15,898.45.

In the broader market, the S&P BSE Mid-Cap index fell 1.70% while the S&P BSE Small-Cap index declined 1.31%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 675 shares rose while 2,352 shares fell. A total of 95 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,609.35 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,181.20 crore in the Indian equity market on 11 May 2022, provisional data showed.

Results Today:

Larsen & Toubro (L&T) (down 1.65%), Tata Motors (down 3.62%), Siemens (down 1.97%), Honeywell Automation India (down 0.96%), Tube Investment of India (down 0.52%), Aditya Birla Capital (down 2.24%), Poonawalla Fincorp (down 1.96%), Sheela Foam (down 2.57%), Gujarat State Petronet (down 4.60%), CreditAccess Grameen (down 3.98%), Apollo Tyres (down 2.05%), Brigade Enterprises (down 2.23%), Anupam Rasayan (down 1.01%) and RBL Bank (down 2.86%) will announce their earnings today.

Buzzing Index:

The Nifty PSU Bank index declined 3.71% to 2,446.05. The PSU Bank index lost 12.81%, extending its losing streak for the ninth consecutive session.

Among the components of the Nifty PSU Bank index, Punjab National Bank (down 9.06%), Punjab & Sind Bank (down 4.98%), Canara Bank (down 2.82%), Indian Overseas Bank (down 2.74%) and Central Bank of India (down 2.62%) were the top losers.

Among the other losers were State Bank of India (SBI) (down 2.49%), Bank of India (down 2.05%), Indian Bank (down 2.01%), Union Bank of India (down 2%) and Bank of Baroda (down 1.98%).

Punjab National Bank tumbled 9.06%. The PSU bank`s net profit declined 65.6%to Rs 202 crore on 1.4% fall in total income to Rs 21,095 crore in Q4 March 2022 over Q4 March 2021. Net interest income (NII) improved by 5% to Rs 7,304 crore in Q4 FY22 from Rs 6,957 crore in Q4 FY21. Operating profit increased to Rs 5265 crore during Q4 FY22, with YoY growth of 17.30%. The bank`s profit before tax (PBT) shrunk by 56.4% to Rs 413 crore in Q4 March 2022 over Q4 March 2021.

Stocks in Spotlight:

Adani Enterprises fell 2.81%. The company has incorporated a wholly owned subsidiary, Kutch Fertilizers, on 10th May 2022, with an initial authorized and paid-up share capital of Rs 10 lakh each. Kutch Fertilizers will carry out business of manufacturing and trading of fertilizers of all kinds and other allied items required for agricultural. It will commence its business operations in due course.

Shares of Relaxo Footwears lost 6.22%. The footwear maker posted a 38.4% decline in net profit to Rs 62.93 crore in Q4 FY22 from Rs 102.17 crore recorded in Q4 FY21. Revenue from operations fell nearly 7% year on year to Rs 698 crore in Q4 FY22 from Rs 748 crore reported in the same period last year. Profit before tax declined by 38.6% to Rs 84.44 crore in Q4 FY22 over Q4 FY21. EBITDA was down by 32% to Rs 111 crore in the quarter ended 31 March 2022 from Rs 163 crore in the same quarter last year. Meanwhile, EBITDA margin slumped by 586 basis points to 15.9% in Q4 FY22 from 21.8% in Q4 FY21.

Mangalore Refinery & Petrochemicals (MRPL) jumped 5.35%. The company posted a net profit of Rs 3,008 crore in Q4 FY22, steeply higher than net profit of Rs 268 crore in Q4 FY21. Net sales rose 35.76% year-on-year to Rs 28,228 crore in Q4 FY22 over Q4 FY21. The company reported pre-tax profit of Rs 2,323 crore in Q4 FY22, up 442.76% as against pre-tax profit of Rs 428 crore in Q4 FY21. EBITDA jumped 215.47% to Rs 2,937 crore in Q4 FY22 as against EBITDA of Rs 931 crore in Q4 FY21.

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