Equity indices traded in a range bound manner with losses in afternoon trade. The Nifty slipped below the 17,650 level. Barring auto and FMCG stocks, selling pressure was seen across the board.
At 13:22 IST, the barometer index, the S&P BSE Sensex, dropped 249.89 points or 0.42% at 59,214.19. The Nifty 50 index fell 83.25 points or 0.47% at 17,673.75.
In the broader market, the S&P BSE Mid-Cap index lost 0.72% while the S&P BSE Small-Cap index fell 0.56%.
The market breadth was weak. On the BSE, 1,313 shares rose and 1,983 shares fell. A total of 108 shares were unchanged.
COVID-19 Update:
In last 24 hours, India registered 3,47,254 new COVID-19 infections in a day, according to the Union Health Ministry data on Friday. The country reported 703 new deaths taking the death toll to 4,88,396. The country recorded 2,51,777 recoveries, taking the total number of recoveries to 3,60,58,806.
The active cases comprise 5.23% of the total infections, while the national COVID-19 recovery rate has decreased to 93.50%, the ministry said.
Results Today:
India's largest conglomerate, Reliance Industries (up 0.29%) will announce its quarterly results today.
JSW Steel (down 1.19%), HDFC Life Insurance Company (down 1.47%), SBI Life Insurance Company (down 1.86%), Bandhan Bank (down 0.57%), Gland Pharma (down 1.5%) and Vodafone Idea (up 1.24%) will also announce their quarterly results today.
Gainers & Losers:
Bajaj Auto (up 4.31%), Hero MotoCorp (up 2.35%), Tata Consumer Products (up 2.17%), Maruti Suzuki India (up 2.09%) and Hindalco Industries (up 1.64%) were top gainers in Nifty 50 index.
Shree Cement (down 4%), Bajaj Finserv (down 3.64%), Coal India (down 3.39%), Divi's Laboratories (down 3%) and Tech Mahindra (down 3%) were top losers in Nifty 50 index.
Earnings Impact:
Persistent Systems rose 1.67% after the company's consolidated net profit rose 9.1% to Rs 176.39 crore on 10.4% increase in revenue from operations to Rs 1491.71 crore in Q3 FY22 over Q2 FY21. EBITDA stood at Rs 251.08 crore in Q3 FY22, a growth of 11.9% QoQ and a rise of 37.6% YoY. EBITDA margin stood at 16.8% in Q3 FY22. In dollar terms, revenue was reported at $199.12 million last quarter, up 9.2% and up 36.2% YoY. The order booking for the quarter ended on 31 December 2021 was at $334.3 million in Total Contract Value (TCV) and at $291.3 million in Annual Contract Value (ACV).
Sasken Technologies slumped 9.67% to Rs 1138.70 after the company's consolidated net profit fell 19.33% to Rs 30.08 crore 2.19% increase in revenue from operations to Rs 106.27 crore in Q3 FY22 over Q2 FY22. EBIT for Q3 FY22 stood at Rs 29.85 crore, down 8.6% sequentially and down 8.7% YoY. EBIT margins for the quarter stood at 28%.
Shoppers Stop surged 10.26% to Rs 398.55 after the company reported consolidated net profit of Rs 77.32 crore in Q3 FY22 as against net loss of Rs 25.11 crore in Q3 FY21. Net sales rose 33.82% to Rs 958.11 crore in Q3 FY22 over Q3 FY21. Pre-tax profit stood at Rs 94.44 crore in Q3 FY22 as against pre-tax loss of Rs 32.33 crore in Q3 FY21.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU