Indices come off day's high; Indiamart jumps 14%

Key benchmark indices reversed early gains and slipped into negative terrain in morning trade. The Nifty fell below 12,150 level. At 10:23 IST, the S&P BSE Sensex, was down 76.81 points or 0.19% at 41,247. The Nifty 50 index was down 29.05 points or 0.24% at 12,140.80.

The broader market was mixed. The S&P BSE Mid-Cap index was down 0.26% while the S&P BSE Small-Cap index was up 0.11%.

The market breadth was positive. On the BSE, 940 shares rose and 865 shares fell. A total of 109 shares were unchanged. In Nifty 50 index, 20 stocks advanced while 30 stocks declined.

Q3 Earnings Today:

Among Nifty stocks, Larsen & Toubro (up 0.34%), Asian Paints (down 1.32%) and Axis Bank (down 0.34%) will announce their Q3 earnings today.

Raymond (up 2.62%), VST Industries (up 2.28%), Ujjivan Small Finance Bank (up 1.3%), Agro Tech Foods (up 1.02%), Syngene International (up 0.82%), SBI Life Insurance (up 0.48%), Alembic Pharmaceuticals (up 0.43%), CreditAccess Grameen (up 0.43%), Motilal Oswal Financial Services (up 0.34%), Tata Communications (up 0.22%), CEAT (down 0.03%),RBL Bank (down 0.06%), AU Small Finance Bank (down 0.25%) and IIFL Wealth Management (down 3.33%) are some of the companies that will announce their Q3 2019 earnings today.

Q3 Results:

Polycab India rose 3.74% to Rs 1122.95 after consolidated net profit jumped 13.16% to Rs 218.78 crore on 23.83% increase in net sales to Rs 2,507.31 crore in Q3 December 2019 over Q3 December 2018, driven by healthy growth across segments. Profit before tax (PBT) fell 0.13% to Rs 289.97 crore in Q3 December 2019 as compared to Rs 290.36 crore in Q3 December 2018. Total tax expense fell 29.13% to Rs 68.56 crore in Q3 December 2019 over Q3 December 2018. The result was unveiled after market hours yesterday, 21 January 2020.

Havells India declined 0.96% to Rs 611 after the company reported a 2.8% rise in net profit to Rs 201.22 crore in Q3 December 2019 as against Rs 195.72 crore in Q3 December 2018. Net sales tumbled 10% to Rs 2273.29 crore in Q3 December 2019 over Q3 December 2018. Profit before Tax (PBT) declined 20% to Rs 233.79 crore in Q3 December 2019 over Q3 December 2018.

IndiaMART InterMESH jumped 13.7% to Rs 2373.30 after consolidated net profit surged 123.82% to Rs 62 crore on 23.42% rise in net sales to Rs 164.90 crore in Q3 December 2019 over Q3 December 2018. Profit before tax (PBT) jumped 34% to Rs 53 crore year-on-year (YoY). EBITDA jumped 58% to Rs 44 crore in Q3 December 2019 (Q3FY20) over Q3 December 2018 (Q3FY19). EBITDA margin stood at 26% in Q3FY20 over Q3FY19 partly due to increase in revenues and adoption of IndAS 116. Total revenue from operations grew 23% YoY primarily due to increase in number of paying subscribers as well as higher realization from existing customers. Consolidated deferred revenue grew by 26% YoY to Rs 649 crore in Q3FY20 crore leading to much better visibility for revenues in future. The result was unveiled after market hours yesterday, 21 January 2020.

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