Morning Update for 30 April 2021

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Indices at previous closing

Nifty50: 14,894 30 (+0.2%)
Sensex: 49,765 32 (+0.0%)
Nifty Bank: 33,714 8 (-0.0%)


In the news

Titan rides on jewellery business in Q4

  • The watch and jewellery retailer’s consolidated revenue from operations rose 59% YoY to ₹7,494 crore. Meanwhile, profit rose by 66% to ₹568 crore, beating the street expectation of ₹549 crore. 
  • The strong performance was driven mainly by a 71% growth from its jewellery business, which generated ₹6,678 crore in revenue. Meanwhile, the company’s eyewear vertical grew by over 17%, while growth in its watch business remained flat. The stock was down 0.3% yesterday. The results came after market hours.

Bajaj Auto declares dividend after Q4 results

  • The Pune-based two-wheeler company reported a 26% YoY improvement in its Q4 revenue from operations, which stood at ₹8,596 crore. The revenue growth was supported by an 18% increase in sales volumes. 
  • Its EBITDA margins dropped by 90bps to 18.1% due to a sharp increase in input costs, which it expects to remain high in Q1FY22. Its profit after tax was up marginally 1% to ₹1,332 crore. Nevertheless, it declared a final dividend of ₹140 per share, implying a dividend yield of 3.7% on Thursday’s closing price. The stock was down 1.8% yesterday.

Ambuja Cement Q4 beats Covid blues

  • The cement major reported 30% YoY growth in revenues to ₹3,579 crore, supported by a nearly 25% growth in sales volumes. Its plants ran at 96% capacity during the quarter. 
  • Despite rising input costs, the company was able to bring in cost efficiencies, improve margins and post a net profit of ₹665 crore, up 66% YoY. The company said that it is cautiously optimistic for FY22, in light of the rural demand and the government’s accommodative monetary and fiscal policies.

Maha Bank’s asset quality improves

  • The state-owned lender Bank of Maharashtra’s Q4 profit zoomed 187% YoY to ₹165 crore supported by a 35% rise in net interest income. Its net interest margins expanded to 3.11%, as against 2.41% last year. 
  • The bank saw a marked improvement in its asset quality as its net NPA declined to 2.48% from 4.77% in Q4 last year. Its shares rose 2.7% yesterday and have gained nearly 90% so far in 2021.

Sectoral indices (29 April)

Top gainers Top losers
Nifty Metal
4.5%
Nifty PSU Bank
1.1%
Nifty Pharma
0.3%
Nifty Auto
0.9%

Global markets (at 8:15 am)

Indices Today's movement
Nikkei 225 (Japan) 0.5%
Hang Seng (Hong Kong) 1.5%
SSE Composite (China) 0.6%
Dow Jones (US)
(29 April)
0.7%

Fact of the day

The World Wide Web, developed by the US Department of Defense in the ’60s, was made available to the public on 30 April 1993 (exactly 28 years ago).
Source: History Channel

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Disclosures and Disclaimer

Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.

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