Thursday Stock Market Update: Indices fall around 0.5%, IT stocks gain marginally

Share Markets at a Glance:

Indian stock markets continued their losing streak on 2^nd day in a row, with Nifty falling by 58.8 point to settle below 11700 and Sensex plunged by 172.61 points to close at 39749.85. All sectoral indices except Nifty IT were trading in red. Auto, FMCG, Media and Pharma stocks were under selling pressure.

India VIX also surged by 3.57% to close at 24.11 level.

Top Gainers/Losers in today’s Share Market:

Asian Paints, Tech Mahindra, Ultra Tech Cement, Shree Cement and HCL Tech were among the top performers in today’s session. On the other hand, L&T, Titan, Adani Ports, ONGC and Axis Bank were top losers today.

Today’s DII/FII Data :

Both DII and FII divested from Indian share markets by taking away Rs.253.41 crore and Rs.420.95 crore respectively.

Maruti Suzuki reports Q2 net profit of Rs.1371.6 crore:

Carmaker Maruti Suzuki today reported a net profit of Rs.1371.6 crore in its Q2 results. Profit rose by just 0.95% this year as compared to corresponding quarter of last year. Revenue of the company increased by 10.35% YoY to Rs.18744 crore.

Company sold total 393130 vehicles during the quarter under review, which is 16.2% high as compared to last year’s Q2. Operating profit also surged by 71.7% to Rs.1167.7 crore. Post Q2 earnings announcement, its share price closed 1.18% down at Rs.7101.05.

InterGlobe Aviation Q2 Results: Net loss widens to Rs.1194.8 crore

India’s largest airline operator, InterGlobe Aviation (IndiGo) posted a net loss of Rs.1194.8 crore, compared with last year’s loss of Rs.1062 crore. Company’s revenue also declines by 64.5% to Rs.3029.2 crore, due to pandemic situation. Ahead of Q2 results which declared aftermarket hours, company’s shares were traded 2.3% higher at Rs.1323.45

Hero Motors Q2 profit surge by 9%, revenue also soars by 24%:

Largest 2-Wheeler maker, Hero Motocorp posted standalone net profit of Rs.953.45 crore, which is 9% up from last year Q2’s net profit of Rs.874.8 crore. The auto major’s total revenue from operations climbed by 23.73% to Rs.9367.34 crore, from Rs. 7570.70 crore a year ago.

Hero sold 18.22 lakh units in the September quarter, against 16.91 lakh units sold in the year-ago period. During the quarter, company has launched Hero Xtreme  160 R and also made additional investment of Rs.84 crore in e-scooter maker Ather Energy. Company’s share market price plunged by 1.78% over the results to close at Rs.2893.6.

L&T share price tumble by 5% over weak Q2 performance:

Larsen & Toubro ltd share price fell almost 5% to Rs.934 in today’s session, as company reported 45% decline in its consolidated net profit on YoY basis. Company’s announcement of special dividend of Rs.18 per share also failed to change investor sentiment, thus making stock top loser in today’s market.

On brighter side, company won a largest EPC (Engineering, Procurement and construction) contract of Rs.7000 crore from Government for its ambitious Mumbai-Ahmedabad bullet train project.

Quick Bytes of Stock Market:

• IDBI Bank approves raising Rs.6000 crore via Qualified Institutional Placement of shares.
• US Stock market was down by more than 3% in overnight session.
• C K Birla group firm, Orient Electric’s Q2 net profit is up by more than 600%, share price closed 1.3% higher at Rs.206.2
• RBI imposes penalty on DCB and Jio Payments bank for non-compliance and rule violation.
• Tech Mahindra bags ERP contract of Rs.400 from HAL. Share price of TechM soar by 2.2%.
• Pidilite to acquire Huntsman group’s India subsidiary at Rs.2100, share price surge by 5%.
• Ajanta Pharma’s board considering buyback of equity shares, stock price up by 3%.
• Havells India net profit zoom over by 81% YoY, share price drop by 1%.
• Q2 Results today: Maruti Suzuki, BPCL, Bank of Baroda, Canara Bank, Havells India, Vodafone Idea, InterGlobe Aviation, Tata Chemicals, TVS Motor Company, AAVAS Financiers, Aegis Logistics, Apollo Pipes, Arvind, Astec Lifesciences, Bajaj Healthcare, Blue Dart Express

Read our Wednesday’s market analysis here.