Nifty hovers at 17,100; media stocks tumble

Benchmark indices traded in a narrow range with decent gains in morning trade. The Nifty hovered at the 17,100 level. FMCG, pharma and oil & gas stocks were in demand while media shares corrected.

At 10:33 IST, the S&P BSE Sensex rose 223.45 points or 0.39% to 57,043.13. The Nifty 50 index gained 62.55 points or 0.37% to 17,101.25.

The broader market traded near the flat line. The S&P BSE Mid-Cap index rose 0.1% while the S&P BSE Small-Cap index fell 0.1%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1614 shares rose while 1462 shares fell. A total of 142 shares were unchanged.

Results Today

Axis Bank (up 0.4%), Bajaj Finserv (down 0.66%) and SBI Life Insurance Company (up 1.44%) are three Nifty 50 companies that will announce their quarterly results today.

Biocon, Coromandel International, IIFL Finance, IndiaMART InterMESH, Laurus Labs, Motilal Oswal Financial Services, Mphasis, Procter & Gamble Hygiene & Health Care, PNB Housing Finance, Shoppers Stop, Shriram Transport Finance Company, Sterlite Technologies, Varun Beverages and Vedanta will also announce their financial results today.

Buzzing Index:

The Nifty Media index lost 2.97% to 2,217.35, snapping its two day winning run. The index saw profit taking after rising nearly 2% in two days.

Network 18 Media & Investments (down 11.43%), TV18 Broadcast (down 10.58%), Hathway Cable & Datacom (down 3.32%), Saregama India (down 2.67%) and Nazara Technologies (down 1.54%) were the top losers. Among the other losers were Dish TV India (down 1.51%), Zee Entertainment Enterprises (down 1.46%), Sun TV Network (down 0.76%) and PVR (down 0.58%).

Reliance Industries (RIL) and Viacom18 have announced a strategic partnership with Bodhi Tree Systems to form one of the largest TV and digital streaming companies in India. Bodhi Tree Systems is leading a fund raise with a consortium of investors to invest Rs 13,500 crore in Viacom18, to jointly build India`s leading entertainment platform and pioneer the Indian media landscape`s transformation to a �streaming-first� approach. Viacom18 owns and operates the suite of Colors TV channels and OTT platform, VOOT. It is amongst the leading players in the core linear television business with 38 channels across nine languages and a pan India presence.

Reliance Projects & Property Management Services, a wholly-owned subsidiary of Reliance Industries which has significant presence in television, OTT, distribution, content creation, and production services, will invest Rs 1,645 crore. In addition, the popular JioCinema OTT app will be transferred to Viacom18.

Earnings Impact:

Trent rose 0.87%. The Tata Group company reported a consolidated net loss of Rs 20.87 crore in Q4 FY22 as against a net profit of Rs 17.44 crore in Q4 FY21. Net sales during the quarter rose by 46.7% YoY to Rs 1,328.86 crore. Total expenditure rose by 50.3% YoY to Rs 1,203.84 crore in Q4 FY22 from Rs 800.98 crore in Q4 FY21. Interest costs were Rs 81.43 crore (up 26.6% YoY) and depreciation charges were Rs 88.98 crore (up 31.2% YoY) in the fourth quarter.

Chennai Petroleum Corporation (CCPL) hit a 10% upper circuit at Rs 263.35 after the refinery company posted net profit surged 329% to Rs 994.42 crore on a 87.9% increase in net sales to Rs 16,413.57 crore in in Q4 FY22 over Q4 FY21. Operating margin declined to 5.15% in Q4 FY22 as against 6.84% in Q4 FY21. Crude throughput in Q4 FY22 stood at 2.906 MMT, up by 10.12% from 2.639 MMT recorded in Q4 FY21. Crude throughput for 9M FY22 was 9.040 MMT, up 9.67% YoY. Average gross refining margin (GRM) for Q4 FY22 stood at $14.18 per barrel as against $ 6.40 per barrel during the period under review, registering a growth of 121.56% on YoY basis.

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