Benchmarks trade in narrow range

Key equity indices were hovering near the day's high in mid-afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, advanced 148.49 points or 0.27% at 55,585.06. The Nifty 50 index rose 36.31 points or 0.22% at 16,566.40.

The S&P BSE Sensex hit a record high of 55,680.75 while the Nifty index hit an all-time high of 16,585.45 in mid-morning trade.

The broader indices were trading lower. The S&P BSE Mid-Cap index fell 0.28% while the S&P BSE Small-Cap index shed 0.52%.

Sellers outnumbered buyers. On the BSE, 1,114 shares rose and 2,124 shares fell. A total of 139 shares were unchanged.

 

Earnings Impact:

Info Edge (India) fell 0.13%. The company reported 21.3% rise in standalone net profit to Rs 100.96 crore on 14.1% increase in net sales to Rs 319.72 crore in Q1 FY22 over Q1 FY21. Info Edge recorded billing of Rs 314.20 crore in Q1 June 2021 compared with Rs 188.60 crore in Q1 June 2020, up by 66.6%. The deferred sales revenue (amount collected in advance) as at 30 June 2021 is Rs 506.1 crore, up by 36.2% over the balance as at 30 June 2020. Operating EBITDA has decreased by 4.7% from Rs 104.6 crore in Q1 FY21 to Rs 99.7 crore in Q1 FY22. Profit before tax in Q1 FY22 stood at Rs 129.02 crore, up by 15% from Rs 112.17 crore in Q1 FY21.

eClerx Services hit an upper circuit limit of 5% at Rs 2281 after the company reported strong Q1 results and the board approved share buyback plan worth upto Rs 303 crore. The board of eClerx has approved a proposal to buyback upto 9,46,875 equity shares of the company at a price not exceeding Rs 3,200 each, aggregating to Rs 303 crore. The buyback price of Rs 3,200 each is at a premium of 47.30% compared with the scrip's closing price of Rs 2,172.40 per share recorded on Friday. The company reported a consolidated net profit of Rs 91.3 crore in Q1 FY22 as against a net profit of Rs 51.8 crore in Q1 FY21, an increase of 76.4% YoY. Operating revenue for the quarter ended 30 June 2021 was Rs 486.3 crore as compared with Rs 336.6 crore in the corresponding period last year, YoY increase of 44.5%. In USD terms, operating revenue increased by 44.3% to $64.7 million as compared to $44.8 million in the corresponding period last year.

Buzzing Index:

The Nifty Auto index lost 0.9% to 10,086.95 and declined for second trading session. The auto index has now fallen nearly 1% in two days.

TVS Motor Company (down 3.35%), Bajaj Auto (down 2.03%), Maruti Suzuki India (down 2.02%), Ashok Leyland (down 1.73%) and Eicher Motors (down 1.49%), Bosch (down 1.45%), Balkrishna Industries (down 1.09%), Motherson Sumi Systems (down 1.06%), Tata Motors (down 1.01%) and Hero MotoCorp (down 0.95%) declined.

Numbers to Track:

MCX Gold futures for 5 October 2021 settlement fell 0.12% to Rs 46,886.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 92.558.

In the commodities market, Brent crude for October 2021 settlement fell $1.05 or 1.49% to $69.54 a barrel.

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