Live: Sensex, Nifty Decline; Avanti Feeds Up 10% Post Q4
Earnings Reaction: Avanti Feeds
The manufacturer and distributor of shrimp feed reported a 21% rise in its revenue for the fourth quarter, compared to the previous year.
Net profit rose 28% while ebitda margins expanded to 12% from 10.9%
The company's Shrimp Feed business revenue rose 14.7% from the previous year, while the processed Shrimp business revenue grew 38% from the previous year to Rs 270.64 crore.
It has also declared a final dividend of Rs 0.10 per share.
The stock gained as much as 10.2% - the most in over two months to Rs 520. The stock trades at a four-month high and is now the top gainer on the Nifty Smallcap Index.
F&O Snapshot: Active Options Contracts
- Nifty July futures add 8% and 9.32 lakh shares in Open Interest.
- Nifty Bank July futures add 27% and 3.2 lakh shares in Open Interest.
Nifty: July 2 Expiry
- 10,200 Put: Premium up 51.3% to Rs 123.8. The contract has added 2.9 lakh shares in Open Interest.
- 10,500 Call: Premium down 43.4% to Rs 35.1. The contract has added 4.6 lakh shares in Open Interest.
- 10,300 Call: Premium down 35.8% to Rs 97.1. The contract has added 11.6 lakh shares in Open Interest.
Nifty Bank: July 2 Expiry
- 22,000 Call: Premium down 53.1% to Rs 145.8. The contract has added 2.95 lakh shares in Open Interest.
- 20,500 Put: Premium up 51.2% to Rs 275.3. The contract has added 1.7 lakh shares in Open Interest.
- 20,000 Put: Premium up 42% to Rs 140.7. The contract has added 2.05 lakh shares in Open Interest.
Earnings Reaction: West Coast Paper
The paper company's net profit more than doubled to Rs 119.9 crore for the quarter ended March. The rise in profit was due to the tripling of the company's other income to Rs 10.91 crore and a tax credit of Rs 47.8 crore.
Revenue rose 28% from the previous year while Ebitda increased 18%.
Ebitda margins however, declined to 23.6% from 25.7% due to higher finance costs.
The company's paper and paper board business saw a rise of 38% in its revenue compared to the previous year.
Shares gained as much as 10.75% - the biggest single-day jump since March 2019 to Rs 198.9 - its highest level in nearly four months.
Markets At 10:10 A.M.
- Benchmark indices extend losses; trade at the day's low
- Nifty down 1.2% at 10,253
- Sensex down 1.2% at 34,741
- Nifty Bank down 2.5% at 21,085
- Nifty Midcap Index down 1.6%
- Nifty Smallcap Index down 1.8%
- India Volatility Index up 4.6% at 30.1
- Nifty FMCG (up 0.5%) and Nifty Pharma (up 0.1%) are the only sectoral gainers
- Nifty Media, Nifty Metal and Nifty PSU Bank down 3% each
- Nifty Auto, Nifty I.T. index down over 1.2% each
- ITC is the top Nifty gainer; up 1.5%
- Axis Bank is the top Nifty laggard; down 4.5%
- 43 out of the 50 Nifty constituents trade with losses
- 1,163 stocks on the NSE trade with gains while 540 decline
Money Market Update
The rupee opened little changed, despite weakness in the equity markets and strength seen in the U.S. Dollar
The currency opened at 75.61 against the greenback, as compared to Friday's close of 75.64. It was the second best performing currency in Asia last week.
Prospects of a rare current-account surplus, following robust foreign inflows and a collapse in global oil prices will aid the currency, according to Barclays and Scotiabank.
Sajal Gupta of Edelweiss expects the rupee to climb to as high as 72 against the U.S. Dollar by the end of the year.