Stock Markets Live: Sensex, Nifty Drop After Modi Loses Key Polls; Varun Beverages Jumps Over 6% On Q4 Beat

Shares of Varun Beverages jumped as much as 6.3% after it reported net income for the first quarter that beat the average analyst estimate.

• Net income Rs 129 crore vs. Rs 54.92 crore y/y, Bloomberg estimate Rs 119 crore
• Revenue Rs 2,270 crore, +34% YoY, Bloomberg estimate Rs 2,121 crore
• Total costs Rs 2,080 crore, +26% y/y
• Approves free share issue
• Approves one free share for 2 held

A gauge of activity across India’s manufacturing sector remained steady despite mounting cases of Covid-19 amid the second wave.

The IHS Markit India Manufacturing Purchasing Managers’ Index stood at 55.5 in April compared with 55.4 in March 2021, according to a media statement. That’s the eighth straight month of the index remaining in the expansion zone.

A reading above 50 indicates economic expansion.

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Shares of the lender fell as much as 8.2%, making it a third straight session of losses. Trading in the company's put options was triple the average while trading volume was five times the average for this time of day.

AU Small Finance reported net income for the fourth quarter that missed the average analyst estimate.

• Net income Rs 169 crore, +39% y/y, estimate Rs 214 crore (Bloomberg consensus)
• Gross non-performing assets 4.25% vs. 0.99% QoQ
• Net interest income Rs 656 crore, +18% YoY
• Provisions Rs 178 crore, -37% QoQ

Spark Capital Advisors analyst Abhinesh Vijayaraj cut the recommendation to sell from reduce.

• Price target set to Rs 850, implies an 8.6% decrease from the last price. AU Small Finance average price target is Rs 1,094.65.

Nirmal Bang Institutional Equities analyst Sonal Gandhi cut the recommendation to accumulate from buy.

• Price target set to Rs 990, implies a 6.8% increase from last price. AU Small Finance average Price target is Rs 1,070.28.

Coal India reported sales for April of 54.1 million tonnes, 38.4% higher YoY.

• April shipments were, however, 9.4% lower than March
• April production 41.9 million tonnes, +3.7% y/y, -48.4% MoM