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Sensex up 859 pts; Nifty above 17,350

Published on Jan 31, 2022 13:40

The benchmark indices were trading near the day`s high in afternoon trade. Barring the Nifty Private Bank index, all the sectoral indices on the NSE were in the green. The Nifty hovered above 17,350 mark.

At 13:30 IST, the barometer index, the S&P BSE Sensex, surged 858.88 points or 1.50% at 58,059.11. The Nifty 50 index soared 248.30 points or 1.45% at 17,350.25.

Reliance Industries (RIL) (up 2.51%), Infosys (up 3.05%) and HDFC Bank (up 1%) boosted the index.

The broader market traded almost at par with the benchmarks. The S&P BSE Mid-Cap index rose 1.72%. The S&P BSE Small-Cap index added 1.04%.

Buyers outnumbered sellers. On the BSE, 1,907 shares rose and 1,533 shares fell. A total of 168 shares were unchanged.

Tata Motors (up 2.29%), Bharat Petroleum Corporation (BPCL) (up 4.43%), Indian Oil Corporation (IOCL) (up 1.85%) and Sun Pharmaceutical Industries (up 0.41%) will announce quarterly results today.


Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-22 in the Lok Sabha. The Survey forecasts FY23 real GDP growth at 8-8.5%. FY22 GDP growth is seen at 9.2%.

Growth will be supported by "widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending," the Economic Survey said. "The projection is based on the assumption that there will be no further debilitating pandemic related economic disruption.

Lok Sabha is adjourned for the day. Sitharaman will present the Union Budget for the year 2022-2023 tomorrow (1 February 2022) in the Lok Sabha and its copy will be laid on the Table of the Rajya Sabha soon thereafter. This year it will be a paperless budget and the Session will be held amidst Covid protocol.

With a view to ensure Covid safety protocol, both the Houses of Parliament will function in shifts from Wednesday (2 February 2022). The Rajya Sabha proceedings will be held from 10 AM to 3 PM and Lok Sabha from 4 PM to 9 PM. The first part of the Budget Session will continue till 11th of February and it will have 10 sittings. This time in the Rajya Sabha, the Zero Hour, which usually runs for one hour, has been reduced to 30 minutes. After a month-long recess, the second part of the session will begin from 14th of March and conclude on 8th of April this year in which there will be 19 sittings.

On the political front, developments in the upcoming assembly polls in Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur will be closely watched. Polls in all the five states will be held between 10 February 2022 and 7 March 2022 in seven phases. The counting of votes and the result will be declared on 10 March 2022.

Gainers & Losers:

Tech Mahindra (up 4.56%), Bharat Petroleum Corporation (BPCL) (up 4.43%), Wipro (up 3.25%), Dr Reddy`s Laboratories (up 3.23%) and Bajaj Finserv (up 3.23%) were major gainers in Nifty 50 index.

IndusInd Bank (down 2.92%), Kotak Mahindra Bank (down 1.57%), UPL (down 0.79%) and Hindustan Unilever (HUL) (down 0.11%) were major losers in Nifty 50 index.

UPL slipped 0.79%. The company`s consolidated net profit soared 24.89% to Rs 1,179 crore on a 23.78% increase in revenue from operations to Rs 11,297 crore in Q3 FY22 over Q3 FY21. The Q3 FY22 revenue witnessed a robust growth of 24% Y-o-Y (year-on-year) led by healthy growth in volumes (up 11%) and better product realizations (up 13%). Consolidated profit before tax (PBT) jumped 27.82% to Rs 1,346 crore in Q3 FY22 from Rs 1,053 crore in Q3 FY21.

EBITDA grew 21% to Rs 2,666 crore in Q3 FY22 over Rs 2,209 crore in Q3 FY21. The Q3 FY22 EBITDA grew 21% Y-o-Y after in-house manufacturing with backward integration linkages was supported by effective raw material sourcing and overall cost management - keeping the EBITDA margins largely intact, despite the higher input costs and a sharp rise in freight charges. EBITDA margin fell 61 bps to 23.6% in Q3 FY22 as against 24.2% in Q3 FY21.

Stocks in Spotlight:

Bajaj Healthcare declined 2.43%. The company`s standalone net profit dropped 34% to Rs 17.45 crore on a 6% decline in net sales to Rs 167.57 crore in Q3 FY22 over Q3 FY21. Revenues from operations slipped on account of a drop in the sales volume of ascorbic acid (Vitamin C) & CH base.

SJVN gained 1.66%. The company said that it has emerged as the lowest bidder for 200 megawatt (MW) grid-connected solar project in the state of Bihar. Bihar Renewable Energy Development Agency (BREDA) has accepted the bid submitted by the company and issued a letter of intent (LoI) for supply of 200 MW power at the fixed quoted tariff of Rs 3.11 per Kilowatt-hour (kWh) for sale of solar power. These projects will assist SJVN in achieving its ambitious shared vision of 5000 MW by 2023, 25000 MW by 2030 and 50000 MW by 2040 and simultaneously contribute towards RE capacity addition target of 500 GW by 2030 set by Government of India.

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