Nifty slips below 17,200; Bajaj twins in demand

Equity indices traded with losses in early afternoon trade. The Nifty fell below the 17,200 mark. Pharma and healthcare stocks bucked the broader selling pressure.

At 13:26 IST, the barometer index, the S&P BSE Sensex, declined 140.36 points or 0.24% at 57,480.39. The Nifty 50 index fell 41.25 points or 0.24% at 17,172.15.

In the broader market, the S&P BSE Mid-Cap index lost 0.59% while the S&P BSE Small-Cap index declined 1.38%.

The market breadth was weak. On the BSE, 963 shares rose and 2,303 shares fell. A total of 85 shares were unchanged.

COVID-19 Update:

India added 67,597 new cases in the last 24 hours. The daily positivity rate stood at 5.02%. The country's active caseload currently was at 9,94,891.

Economy:

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) will meet on 8-10 February 2022. The RBI's MPC will announce its interest rate decision on 10 February 2022.

Gainers & Losers:

Bajaj Finance (up 1.82%), Bajaj Finserv (up 1.42%), Divi's Laboratories (up 1.34%), Cipla (up 1.25%) and RIL (up 0.99%) were top gainers in Nifty 50 index.

SBI Life Insurance Company (down 1.93%), PowerGrid Corp of India (down 1.85%), ONGC (down 1.8%) and Indian Oil Corporation (down 1.59%) were top losers in Nifty 50 index.

New Listing:

Shares of Adani Wilmar were currently trading at Rs 265 on the BSE, a premium of 15.22% as against the issue price of Rs 230. The scrip was listed at Rs 221, representing a discount of 3.91% to the initial public offer (IPO) price. So far, the scrip has hit a high of Rs 265.20 and a low of Rs 221. Over 65.46 lakh shares of the company have changed hands in the counter till now. The initial public offer (IPO) of Adani Wilmar was subscribed 17.37 times. The issue opened for bidding on 27 January 2022 and it closed on 31 January 2022. The price band of the IPO was fixed at Rs 218-230.

Stocks in Spotlight:

TVS Motor Company gained 1.11% after the company posted an 8.5% increase in standalone net profit to Rs 288.31 crore on a 5.8% rise in net sales to Rs 5,706.43 crore in Q3 FY22 over Q3 FY21. Profit before tax stood at Rs 391.45 crore in Q3 FY22, 8.3% higher than Rs 361.5 crore reported in the same period last year. Total expenses spiked by 5.3% to Rs 5,138 crore in Q3 FY22 over Q3 FY21. The company said it reported its highest ever revenue, EBITDA and profit for the quarter. The two-wheeler maker posted a 11.15% jump in EBITDA to Rs 568 crore in Q3 FY22 from Rs 511 crore recorded during the third quarter of last year. The rise in EBITDA was despite various challenges in terms of increase in commodity costs and shortage in semiconductors. EBITDA margin for Q3 FY22 stood at 10% as against 9.5% during the corresponding period last year.

PB Fintech fell 1.99% to Rs 878.10 after the company reported consolidated net loss of Rs 298.02 crore in Q3 FY22, higher than net loss of Rs 19.59 crore in Q3 FY21. Net sales rose 73.19% to Rs 367.28 crore in Q3 FY22 over Q3 FY21. Pre-tax loss stood at Rs 298 crore in Q3 FY22, higher than pre-tax loss of Rs 18.01 crore in Q3 FY21. During the period under review, the company's employee expenses surged 211.59% to Rs 394.79 crore while advertising and promotions expense surged 199.86% to Rs 236.02 crore. Adjusted EBITDA (non GAAP) was a loss of Rs 92 crore, reflecting investment in new initiatives and brand advertising.

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