Nifty above 17,150; Tatva Chintan down 7%

Benchmark indices traded with strong gains in morning trade amid firmness in index pivotals. The Nifty traded above the 17,150 level. All the sectoral indices on the NSE traded in the green with auto, FMCG and realty shares gaining the most.

At 10:28 IST, the barometer index, S&P BSE Sensex rallied 643.1 points or 1.14% at 57,223.13. The Nifty 50 index added 203.65 points or 1.2% at 17,157.

The broader market traded with gains. The S&P BSE Mid-Cap index rallied 1.38% while the S&P BSE Small-Cap index surged 1.09%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2274 shares rose while 840 shares fell. A total of 122 shares were unchanged.

Results Today:

Bajaj Finance (up 2.22%) and HDFC Life Insurance Company (up 0.88%) are two Nifty 50 companies that will announce their quarterly results today.

Aditya Birla Sun Life AMC, Atul, AU Small Finance Bank, Gateway Distriparks, IIFL Securities, KPIT Technolgies, Macrotech Developers, Mahindra Logistics, Aurobindo, Nippon Life India Asset Management, Nelco, Sanofi India, Schaeffler India, Tata Coffee, Tata Teleservices (Maharashtra), United Breweries, UTI Asset Management Company and VST Industries will also announce their financial results today.

Buzzing Index:

The Nifty Auto index rose 2.15% to 11,151.45, snapping its two day losing run. The index lost nearly 2% in two days.

Ashok Leyland (up 3.9%), Bharat Forge (up 3.44%), Mahindra & Mahindra (up 3.42%), Bajaj Auto (up 3.02%) and Hero MotoCorp (up 2.68%) were the top gainers. Among the other gainers were TVS Motor Company (up 2.53%), Tata Motors (up 2.36%), Bosch (up 1.88%), Sona BLW Precision Forgings (up 1.82%) and Eicher Motors (up 1.53%).

Earnings Impact:

Tatva Chintan Pharma Chem fell 7.82% to Rs 2303 after the company's consolidated net profit declined 17.09% to Rs 17.51 crore on 9.33% decline in net sales to Rs 98.53 crore in Q4 March 2022 over Q4 March 2021. EBITDA declined 18% to Rs 22.3 crore in Q4 March 2022 over Q4 March 2021. EBIDTA margin for the quarter was at 23% in Q4 FY22 as against 25% in Q4 FY21. Profit before tax (PBT) fell 22% year-on-year to Rs 18.98 crore during the quarter.

Eveready Industries India rose 0.33%. The company eported a standalone net loss of Rs 38.40 crore in Q4 FY22 as against a net loss of Rs 441.20 crore in Q4 FY22 over Q4 FY21. Operating income during the quarter declined by 12% YoY to Rs 241.24 crore. The company reported a negative operating EBIDTA of Rs 35.61 crore in Q4 FY22. It had recorded an operating EBIDTA of Rs 40.99 crore in Q4 FY21. Pre-tax loss in the fourth quarter was Rs 52.17 crore as against a loss of Rs 636.70 crore reported in the same period last year.

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