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10 feb (3)

Benchmarks pare early losses; most Asian stocks advance.

Key indices sharply pared losses and traded with minor cuts in mid-morning trade. Investors locked profits after a recent steep surge. The barometer index, the S&P BSE Sensex, was down 86.11 points or 0.17% to 51,242.97. The Nifty 50 index lost 38.60 points or 0.26% to 15,070.70.

The broader market recovered. The S&P BSE Mid-Cap index added 0.26% while the S&P BSE Small-Cap index rose 0.23%.

The market breadth was still negative. On the BSE, 1246 shares rose and 1397 shares fell. A total of 157 shares were unchanged.

Buzzing Index:

The Nifty Realty index rose 1.24% to 350.10. The index had declined 0.67% in the previous session.

Godrej Properties (up 2.34%), DLF (up 2.25%), Oberoi Realty (up 1.68%), Prestige Estates (up 1.33%) and Sunteck Realty (up 1.08%) advanced while Brigade Enterprises (down 2.18%), Sobha Developers (down 0.86%), Omaxe (down 0.85%) and Indiabulls Real Estate (down 0.81%) declined.

Earnings Impact:

Raymond fell 1.83% to Rs 335 after the company’s consolidated net profit dropped 88.9% to Rs 21.69 crore on 34.1% decline in net sales to Rs 1243.44 crore in Q3 FY21 over Q3 FY20. EBITDA margin improved to 12.2% in Q3 FY21 from 11.8% in Q3 FY20. Net Debt reduced to Rs 1,583 crore in December 2020 from Rs 1,817 crore in September 2020 and Rs 1,859 crore in March 2020.

Torrent Power rose 0.43% to Rs 327.20. On a consolidated basis, Torrent Power’s net profit dropped 23.5% to Rs 321.73 crore on a 4.1% decrease in net sales at Rs 2,952.75 crore in Q3 December 2020 over Q3 December 2019.

Burger King fell 0.45% to Rs 153.25 after the company posted a net loss of Rs 29.03 crore in Q3 FY21, higher than net loss of Rs 21.73 crore in Q3 FY20. Net sales dropped 28.4% to Rs 163.19 crore in Q3 FY21 as against Rs 227.92 crore in Q3 FY20.

The company opened 9 new stores in Q3 FY21 while the total store count as of 31 December 2020 stood at 270 stores. Same store sales growth (SSG) stood at -34.8% in Q3 FY21 as against -0.2% in Q3 FY20. It expects SSSG growth at 5%-7% FY22 onwards and expects number of stores at 470 in FY24.

Global Markets:

Most Asian stocks advanced on Wednesday as investors weighed the potential for a stimulus-fuelled economic rebound against the chances of destabilizing inflation.

The advancement in COVID-19 vaccination efforts and a slowdown in new coronavirus cases across the globe lifted the investor sentiment. However, rising global inflationary expectations rekindled concerns over the possibility of a reflation trade in bonds, which could dampen the sentiment for global equities.

China’s consumer inflation declined in January, according to the country’s National Bureau of Statistics which reported the consumer price index slipped 0.3% from a year ago. The NBS also reported the producer price index rose 0.3% year over year in January.

In US, Nasdaq extended their runs to fresh highs on Tuesday, as strong earnings and economic recovery prospects buoyed investor sentiment. The S&P 500 and Dow ended slightly lower, however, breaking their six-day streak of gains, as investors rotated out of large-cap tech names into other sectors.

Lawmakers in Washington appear to be moving closer to another economic relief bill. House Democrats unveiled the details of a relief proposal that included $1,400 direct checks with faster phase-outs than previous bills.

President Joe Biden on Tuesday met with Treasury Secretary Janet Yellen and the chief executives of some of the country’s largest businesses in the Oval Office to discuss his $1.9 trillion stimulus plan and the outlook for the economy.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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