The benchmarks indices extended gains and hit fresh intraday high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, jumped 183.30 points or 0.35% at 53,020.51. The Nifty 50 index surged 47.60 points or 0.30% at 15,871.65.
ICICI Bank (up 2.44%), Axis Bank (up 2.05%) and ITC (up 1.86%) boosted the indices.
The broader indices underperformed the benchmark indices. The S&P BSE Mid-Cap index gained 0.05%. The S&P BSE Small-Cap index rose 0.19%.
Buyers outpaced sellers. On the BSE, 1,582 shares rose and 1,577 shares fell. A total of 114 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 247.59 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 942.55 crore in the Indian equity market on 22 July 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 19,25,78,206 with 41,35,859 deaths. India reported 4,05,513 active cases of COVID-19 infection and 4,19,470 deaths while 3,04,68,079 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India continues to report nearly 40,000 daily cases as states gear up to fight a possible third wave of the coronavirus infection in the country.
Buzzing Segment:
The Supreme Court on Friday dismissed a plea of telecom companies for correction of alleged errors in adjusted gross revenue (AGR) calculation. The top court had in September last year granted telecom companies a period of 10 years to clear their pending AGR dues to the central government with 10 per cent payment every year. The deadline given to the company for first instalment was 31 March 2021.
The Supreme Court on Tuesday granted telecom companies 10 years to clear AGR (adjusted gross revenue) dues of around Rs 1.43 lakh crore to the Centre, providing much needed relief to some of the telcos which could have faced the prospect of winding up their operations for being unable to pay the entire amount at one go.
The matter came back to the court after the telcos didn't submit the amount disputing the calculation done by the department of telecom (DoT) and claiming that they have already submitted more than 10% of the amount.
The total liability on Vodafone-Idea is Rs 58,254 crore, while Bharti Airtel has to pay Rs 43,980 crore and Tata Teleservices owes Rs 16,798 crore to the government.
Bharti Airtel (up 1.09%), Vodafone Idea (down 7.24%) and Tata Teleservices (Maharashtra) (down 5%).
Gainers & Losers:
ICICI Bank (up 2.44%), SBI Life Insurance Company (up 2.23%), Wipro (up 2.19%), Axis Bank (up 2.05%) and ITC (up 1.86%) were major gainers in Nifty 50 index.
Tata Motors (down 2.31%), Adani Ports & Special Economic Zones (APSEZ) (down 1.50%), UPL (down 1.27%), Larsen & Toubro (L&T) (down 1.11%) and IndusInd Bank (down 1.03%) were major losers in Nifty 50 index.
Nifty Result Today:
Index major Reliance Industries (up 0.06%) will announce its quarterly result today.
Earnings Impact:
Indian Energy Exchange (IEX) slipped 1.54%. The company recorded a 49.3% rise in consolidated net profit to Rs 62.82 crore on a 34.1% rise in net sales to Rs 91.03 crore in Q1 FY22 over Q1 FY21. On a sequential basis, net profit increased by 2.11% while net sales declined nearly 3% in Q1 FY22 over Q4 FY21. The company's profit before tax rose by 2.53% quarter on quarter and 45.3% year on year to Rs 81.89 crore in Q1 FY22. Consolidated EBITDA increased 3.25% quarter on quarter and 41.3% year on year to Rs 86.7 crore in Q1 FY22.
IndiaMART InterMESH advanced 2.06% after the B2B company's consolidated net profit jumped 18.62% to Rs 87.90 crore on a 18.61% increase in revenue from operations to Rs 181.60 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21). Total revenue grew due to improvement in realization from existing customers and increase in number of paying subscription suppliers. The consolidated deferred revenue increased to Rs 715 crore in Q1 FY22 from Rs 628 crore in Q1 FY21.
Consolidated profit before tax surged 11.45% to Rs 111.90 crore in Q1 FY22 as against Rs 100.40 crore in Q1 FY21. Consolidated EBITDA grew 21% to Rs 89 crore in Q1 FY22 as against Rs 73 crore in Q1 FY21. EBITDA margin improved to 49% during the quarter as compared to 48% during Q1 June 2020. Profit margin stood at 42% in Q1 June 2021 over 40% in Q1 June 2020.
Stocks in Spotlight:
PSP Projects gained 1.63% after the company said that it has secured new work orders worth Rs 82.79 crore till date in the financial year 2021-22 for institutional and industrial projects from various clients.
Hero MotoCorp lost 0.25%. The two-wheel manufacturer announced that the new Maestro Edge 125 is priced at Rs 72,250 (drum variant), Rs 76,500 (disc variant) and Rs 79,750 (connected variant). The new Maestro Edge 125 offers a high-value and premium experience with the first-in-segment projector LED Headlamp, fully digital speedometer, Bluetooth connectivity with call alerts and turn-by-turn navigation, Hero Connect and new sharper design features.
Global Markets:
European shares rose across the board while Asian stocks were mixed on Friday, 23 July 2021. as investors monitored Chinese tech stocks in Hong Kong after regulatory concerns resurfaced. Markets in Japan were closed on Friday for a holiday.
As per reports, Beijing is considering harsh penalties on ride-hailing giant Didi. The penalties being planned range from a fine likely bigger than the record $2.8 billion Alibaba paid earlier this year to even a forced delisting after Didi's IPO last month.
Tech shares led U.S. stocks higher Thursday, despite an unexpected jump in jobless claims that resurfaced some concerns about the economy and sent bond yields lower. Investors jumped back into their favorite tech stocks as optimism about the sector grows ahead of big earnings reports next week for some of the largest names in the space.
Jobless claims in the US unexpectedly rose to 419,000, more than the upwardly revised 368,000 from the previous period.
Meanwhile, the European Central Bank on Thursday said interest rates would stay at their current record low levels until it sees inflation "durably" reaching the bank's new target of 2%. The 25-member governing council "expects the key ECB interest rates to remain at their present or lower levels until it sees inflation reaching 2% well ahead of the end of its projection horizon and durably for the rest of the projection horizon," the bank said in a statement, adding that "this may also imply a transitory period in which inflation is moderately above target".
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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