As per the provisional closing data, the S&P BSE Sensex, declined 1158.63 points or 1.89% to 59,984.70. The Nifty 50 index fell 353.70 points or 1.94% to 17,857.25.
The broader market also witnessed sell off. The S&P BSE Mid-Cap index fell 1.38% while the S&P BSE Small-Cap index declined 1.56%.
The market breadth was weak. On the BSE, 985 shares rose and 2295 shares fell. A total of 125 shares were unchanged.
Primary Market:
The initial public offering (IPO) of Nykaa, with a price band of Rs 1,085-1,125 per share, opened for public subscription on today, 28 October 2021 and will conclude on Monday, 1 November 2021. Ahead of its IPO, Nykaa on Wednesday said it has raised Rs 2,396 crore from anchor investors.
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As of 15:26 IST, Nykaa IPO was subscribed 1.03 times with the retail portion fully booked with 3.02 times, NSE data showed. The portion reserved for employees has been subscribed 0.47 times and non-institutional investors (NIIs) 0.45 times.
Earnings Impact:
Bajaj Finserv was down 0.2%. The company reported 13.8% rise in consolidated net profit to Rs 1,122.13 crore on a 19.6% increase in total income to Rs 18,008.22 crore in Q2 FY22 as compared with Q2 FY21. Profit before tax in Q2 FY22 stood at Rs 2,792.28 crore, up by 29.5% from Rs 2,156.60 crore in Q2 FY21. Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. BFS participates in the financing business through its 52.65% holding in Bajaj Finance (BFL) and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC). Bajaj Housing Finance (BHFL), which does mortgage business and Bajaj Financial Securities (BFinsec), which does broking business, are wholly-owned subsidiaries of Bajaj Finance.
Bajaj Auto slipped 1.83%. The automobile manufacturer's standalone net profit grew 12% to Rs 1,275 crore on a 22% increase in revenue from operations to Rs 8,762 crore in Q2 FY22 over Q2 FY21. Turnover soared 22% to Rs 9,081 crore in Q2 FY22 from Rs 7,442 crore in Q2 FY21. EBITDA jumped 10% to Rs 1,434 crore in Q2 FY22 as against Rs 1,300 crore in Q2 FY21. EBITDA margin stood at 16.4% in Q2 FY22 as compared to 18.2% in Q2 FY21. Operating profit spurted 11% to Rs 1,367 crore in Q2 FY22 over Rs 1,233 crore in Q2 FY21.
ITC dropped 5.58%. ITC reported 13.7% rise in standalone net profit to Rs 3,697 crore on a 11.2% increase in net revenue to Rs 12,543 crore in Q2 FY22 as compared with Q2 FY21. EBITDA improved by 12.9% to Rs 4,615 crore in Q2 FY22 from Rs 4,088 crore in Q2 FY21. Profit before tax in the second quarter stood at Rs 4,880 crore, up by 13.5% from Rs 4,301 crore reported in the same period last year. Total FMCG segment revenue increased by 7% YoY to Rs 9,678 crore during the period under review. In the FMCG segment, cigarettes revenue rose by 10.2% YoY to Rs 5,642 crore while the revenue from other FMCG segment improved by 2.9% Y-o-Y to Rs 4,036 crore during the quarter.
Gujarat Gas fell 0.74%. The company reported a 47.5% fall in standalone net profit to Rs 249.05 crore on a 43.8% rise in revenue from operations to Rs 3,685.90 crore in Q2 FY22 over Q2 FY21. Profit before tax in Q2 FY22 stood at Rs 334.25 crore, down by 47.3% from Rs 634.28 crore posted in Q2 FY21. The company's total gas sales volumes for the quarter ended on 30 September 2021 was at 11.41 million standard cubic meters per day (mmscmd) as against 9.85 mmscmd in the quarter ended on 30 September 2020, up 15.85% on a YoY basis. Of total gas sales volumes, Industrial sales volume was 8.69 mmscmd (up 10.6% YoY), CNG sales volume was 1.96 mmscmd (up 53.1% YoY), PNG - Domestic sales volume was 0.64 mmscmd (flat YoY) and PNG - Commercial sales volume was 0.12 mmscmd (up 71.4% YoY) during the period under review.
KEC International tumbled 8.56% to Rs 474.15 after the company reported 44% drop in consolidated net profit to Rs 80 crore on a 10% rise in revenue to Rs 3,587 crore in Q2 FY22 over Q2 FY21. EBITDA fell by 14% to Rs 253 crore in Q2 FY22 from Rs 293 crore in Q2 FY21. EBITDA margin was at 7.1% as on 30 September 2021 as against 9% as on 30 September 2020. Profit before tax in Q2 FY22 stood at Rs 101 crore, down by 48% from Rs 195 crore in Q2 FY21.
Punjab National Bank slumped 10.58%. The PSU bank reported 78% rise in standalone net profit to Rs 1105.15 crore in Q2 FY22 from Rs 620.81 crore in Q2 FY21. Total income during the quarter declined by 8.7% YoY to Rs 21,262.32 crore. The bank's net interest income (NII) fell 24.9% Rs 6,352.81 crore during the period under review. It was Rs 8,454.97 crore in the same period last year.The public sector bank wrote back tax provisions aggregating to Rs 345.40 crore in the second quarter. It had made a provision of Rs 357.95 crore for taxes in the corresponding period last fiscal.
Happiest Minds Technologies was down 0.68%. The IT company's net profit jumped 30.4% to Rs 44.44 crore on 44.68% increase in revenue from operations to Rs 264.53 crore in Q2 FY22 over Q2 FY21. Profit before tax rose 39.09% to Rs 59.35 crore in Q2 FY22 over Q2 FY21. The net profit rose 24.38% and revenue from operations rose 8.14% in Q2 FY22 over Q1 FY22. EBITDA rose 6% QoQ and 42% YoY to Rs 70.12 crore in Q2 FY22. EBITDA margin stood at 25.6% in Q2 FY22 lower than 26.1% in Q1 FY22 and 26.3% in Q2 FY21. Operating revenues in US$ terms stood at $35.8 million (growth of 8.0% q-o-q and 44.9% y-o-y). The company reported free cash flows of Rs 67.43 crore in Q2 FY22.
Adani Enterprises (AEL) dropped 10.82% after the company's consolidated net profit tumbled 55.35% to Rs 194.54 crore on a 44.83% surge in revenue from operations to Rs 13,218.02 crore in Q2 FY22 over Q2 FY21. Consolidated total income jumped 46% to Rs 13,597 crore due to significant increase in index prices in IRM segment. Consolidated EBIDTA rose 33% to Rs 1,262 crore due to increase in revenue and better margins in Integrated Resources Management (IRM) business.
Lupin fell 6.18% after the drug maker reported a consolidated net loss of Rs 2098.04 crore in Q2 FY22 as against net profit of Rs 211.02 crore in Q2 FY21. Consolidated net sales rose 5.86% to Rs 4,003.42 crore in Q2 FY22 over Q2 FY21. Pre-tax loss stood at Rs 2204.78 crore in Q2 FY22 as against pre-tax profit of Rs 360.21 crore in Q2 FY21. EBITDA rose 3.7% to Rs 628.50 crore in Q2 FY22 over Q2 FY21. EBITDA margin stood at 15.7% in Q2 FY22 lower than 16% in Q2 FY21. EBITDA for Q2 FY2022 includes an adverse impact of about 80 bps for one-time costs related to US specialty restructuring.
Deepak Nitrite fell 7.23%. The company posted a 49.4% increase in consolidated net profit to Rs 254.34 crore in Q2 FY22 as compared to Rs 170.19 crore posted in Q2 FY21. Revenue from operations rose a 70.3% increase in net sales to Rs 1,681.35 crore in Q2 FY22 over Q2 FY21. EBITDA stood at Rs 395 crore in Q2 FY22 compared to Rs 280 crore in Q2 FY21, higher by 41% on year-on-year basis. EBITDA Margin declined to 23% in Q2 FY22 from 28% in the same quarter of corresponding year due to combination of higher input prices as well as increased cost of power and logistics. The company assured that it worked to maintain margins wherever possible while keeping or growing its market share across businesses.
Global Markets:
Shares in Europe and Asia declined on Thursday, as investors digested corporate earnings and looked ahead to a new rate decision by the European Central Bank.
Global investors are awaiting the US GDP data releasing later in the day along with the outcome of the Fed meeting scheduled for next week.
Investors are also awaited the Bank of Japan's latest monetary policy announcement on Thursday. The central bank is expected to hold steady on policy, as per reports.
Japan's retail sales fell for a second month in September as consumers limited spending amid concerns over the coronavirus pandemic. Retail sales in September slipped 0.6% from the same month a year earlier, government data showed on Thursday. It followed a 3.2% dip in August that marked the first year-on-year decline in six months.
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