As per the provisional closing data, the S&P BSE Sensex, declined 202.22 points or 0.42% at 47,878.07. The Nifty 50 index declined 64.80 points or 0.45% at 14,341.65.
The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.16% while the S&P BSE Small-Cap index added 0.51%.
Buyers outnumbered sellers. On the BSE, 1,588 shares rose and 1,388 shares fell. A total of 173 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 14,47,67,231 with 30,72,522 deaths. India reported 24,28,616 active cases of COVID-19 infection and 1,86,920 deaths while 1,36,48,159 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
India Ratings and Research (Ind-Ra) on Friday revised down India's FY22 real GDP growth forecast to 10.1%, from earlier projection of 10.4%, citing the second wave of COVID-19 infections and slower pace of vaccination. Ind-Ra said the impact of the second wave will not be as disruptive as the first one, despite the daily case load touching three times of the first wave's peak, as lockdowns are set to be localised ones.
Results Today:
HCL Technologies was down 0.56% ahead of quarterly result today.
Earnings Impact:
Tata Elxsi jumped 5.74% after the company's net profit increased by 9.5% to Rs 115.2 crore on a 8.7% rise in net sales to Rs 518.40 crore in Q4 FY21 over Q3 FY21. The company's net profit has risen by 40.3% while its net sales have increased by 18.1% as compared to Q4 FY20. EBITDA margin was at 32.4% as on 31 March 2021 as compared to 30.1% as on 31 December 2020. The growth was led by America and India with both reporting 21.1% QoQ growth while Europe grew by 1.6% QoQ, the Tata Group company said in a statement. The company's board has recommended a final dividend of Rs 24 per share for FY21 and a one-time special dividend of Rs 24 per share.
Rallis India declined 3.21%. The company posted a consolidated net profit of Rs 8.12 crore in Q4 March 2021. Net sales surged 36.1% to Rs 471.26 crore in Q4 FY21 over Q4 FY20. Meanwhile, the board has recommended a dividend of Rs 3 per share for the financial year 2020-21.
Cyient fell 0.43%. On a consolidated basis, Cyient's net profit rose 8.07% to Rs 103.10 crore on 4.67% rise in net sales to Rs 1,093.10 crore in Q4 FY21 over Q3 FY21. The group revenue stood at $149.9 million in Q4 FY21, growing of 6% Q-o-Q (quarter-on-quarter) (4.7% in CC) from Q3 FY21 and 0.4% Y-o-Y (year-on-year) in Q4 FY20. Services revenue was at $119.60 milion in Q4 FY21, rising 3.7% Q-o-Q (2.2% in CC) from Q3 FY21. DLM revenue during the quarter stood at $30.3 million, jumping 16.4% Q-o-Q, while recording a growth of 78.6% Y-o-Y. The board has recommended final dividend of Rs 17 per share for the FY 2020-2021.
Indus Towers lost 3.26%. The company reported 38% jump in consolidated net profit to Rs 1,364 crore on 3% rise in revenue to Rs 6,492 crore in Q4 FY21 over Q4 FY20. EBITDA increased by 17% to Rs 3,413 crore in Q4 March 2021 as against Rs 2,906 crore in Q4 March 2020. The operating free cash flow rose 2% to Rs. 1,494 crore in Q4 FY21 over Q4 FY20. Indus Towers added net 3,715 towers across 22 telecom circles in India during the fourth quarter compared with the third quarter of the financial year 2020-21.
Stocks in Spotlight:
Alembic Pharma fell 0.47%. The drug maker has received final approval from the US drug regulator for its Abbreviated New Drug Application (ANDA) doxepin hydrochloride capsules USP, 10 mg, 25 mg, 50 mg, 75 mg and 100 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Sinequan capsules of Pfizer Inc. The drug is is used to treat mental/mood problems such as depression and anxiety. The capsules have an estimated market size of $41 million for twelve months ending December 2020 according to IQVIA.
LT Foods fell 1.47% after the company announced the expansion of its premium rice-based snacks brand "Kari Kari" to Australia and UAE. The company said that its joint venture company with Kameda Seika, Japan's largest Rice Crackers Company, has started exporting Kari Kari in the markets of Australia & UAE.
Torrent Power advanced 2.75% after the company said it secured a long-term power purchase arrangement (PPA) for 300 MW capacity of solar power generation. The project will be set up in Gujarat at an estimated cost of Rs 1,250 crore. It is expected to be commissioned within 18 months from the PPA date. The PPA term is 25 years from the scheduled commercial operation date.
HDFC rose 0.74%. The housing finance major concluded the sale of 47,75,241 equity shares of Re 1 each, representing 24.48% stake of Good Host Spaces to Baskin Lake Investments, an affiliate of global private equity Warburg Pincus, at Rs 452.71 per equity share, aggregating to a total consideration of Rs 216.18 crore.
Global Markets:
European shares declined while Asian stocks closed on a mixed note on Friday. US markets ended lower amid reports that the US government will propose a hike in capital gains tax rate on wealthy individuals.
US President Joe Biden is planning a capital gains tax hike to as high as 43.4% for wealthy Americans. The proposal would hike the capital gains rate to 39.6% for those earning $1 million or more, up from 20% currently, as per reports.
On the economic front, the number of Americans applying for unemployment aid fell last week to 547,000, a new low since the pandemic struck and a further encouraging sign that layoffs are slowing on the strength of an improving job market. The Labor Department said on Thursday that applications declined 39,000 from a revised 586,000 a week earlier.
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