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RBI may continue to keep some state-run banks in PCA framework: Report

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The Centre said in March it would infuse Rs 14,500 crore in four public sector banks through zero-coupon bonds.

Reserve Bank of India (Image: Shutterstock)

The Reserve Bank of India (RBI) may delay taking some state-run lenders out of the prompt corrective action (PCA) framework, due to concerns over capital adequacy.

The banking regulator has questioned the government's capital infusion into the banks through non-interest-bearing or zero-coupon bonds, The Economic Times reported.

The central bank is of the view that capital infusion through these bonds cannot be taken at face value, which means that banks may still be short of regulatory capital, the report said.

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The RBI had not yet responded when contacted by The Economic Times.

The Centre said in March it would infuse Rs 14,500 crore in four public sector banks through zero-coupon bonds - Central Bank of India (Rs 4,800 crore), Indian Overseas Bank (Rs 4,100 crore), Bank of India (Rs 3,000 crore) and UCO Bank (Rs 2,600 crore).

In December 2020, the government has issued Rs 5,500 crore in zero-coupon bonds to recapitalise Punjab and Sind Bank.

The Ministry of Finance and the RBI have differences on capital issuance through zero-coupon bonds and their calculation in capital adequacy ratio, The Economic Times reported

"The government went ahead despite RBI's initial reservations and now the regulator has expressed serious concerns. RBI may not allow banks to treat infusion through such bonds at par value," an official told the publication.

Since the entire fund infusion through such bonds will not count toward regulatory capital, the RBI will keep the banks under the PCA framework.

"RBI is not inclined to pull these lenders out of PCA framework based on such capital infusion," another official said.

"It may further direct lenders to recalculate their capital adequacy ratio based on the actual value of the bonds."


When to choose Vertical Spread as an options trading strategy: Shubham Agarwal

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The vertical spread family can consist of multiple strategies, but the most popular ones are Bull Call Spreads and Bear Put Spreads. Read on to know what all parameters you need to keep in mind while adopting these strategies

A bull call spread is a strategy where one buys a Call option and sells a higher strike call option. The net premium outflow reduces to the extent of sold options premium and yet the risk reduces as you have less to lose.

One of the key benefits of trading options is that instead of a straight-line Profit & Loss curve that Futures offer, options can be customized to fit the reward and risk of a trader.

Over millions of options strategy combinations can be achieved from the options chain and one of them is vertical spread. The vertical spread family can consist of multiple strategies, but the most popular ones are Bull Call Spreads & Bear Put Spreads.

At the same time, the trade-off is that a bull call spread offers a limited upside versus a simple long call. How much risk is one willing to take and how much reward one expects varies from trader to trader but in this article, we’ll learn that being an opportunist when should one prefer a bull call spread over a long call. Similarly, the concept could be applied for a Bear Put Spread versus a Long put.

A key input for choosing an options strategy revolves around time. If the time frame for a forecast is extremely short term i.e. 3-4 days then in most cases Long call will be a preferred strategy but, the moment the forecast is for a long time period then getting compensated for the time with a vertical spread is a good idea.

Vertical spread can improve the pay-off in terms of the reward to risk when the time frame is more positional (generally more than 4 days) and the strategy can also be carried till expiry.

Momentum

Consider a market that is oscillating within a few hundred points, it becomes a challenging task to identify stocks that may witness a directional move, in these cases, a lot of Theta is lost in expectations of breakouts which lacks due to the overall market structure.

In a market where momentum is lacking, vertical spreads can be a better bet than buying a single option.

Expiry Placement

Expiry placement or days to expiry is an important input when deciding on an options strategy and where are you placed in the expiry affects the decision. From mid expiry when the options theta starts to decay faster, it is generally a better idea to resort to vertical spread over single options contract.

Most importantly, in the expiry week when options are decaying very fast, it might always be a good idea to resort to a vertical spread for any trades being carried for more than a day.

Risk Aversion

Many investors look forward to options to build their portfolio and to make returns from medium-term moves. Since deploying a vertical spread is far cheaper than trading futures, it naturally restricts the risk.

A vertical spread with one OTM as buying and a few OTMs as sell strike typically offers a 3:1 reward to risk. It means that if you succeed you make 3 times more profit than the risk you take and for strategies with a medium-term approach, this helps in reducing risk yet providing a handsome profit potential.

Strategic Forecasts

In many cases, traders do forecast probable targets of underlying equity and trades for them. Vertical spreads are a good way to trade if you are confident that the target will act as a resistance. If your forecast suggests that the underlying equity may not move above those levels, then in those cases you may not want to pay a high premium that a single option brings to the table. Instead, selling the strike of the target reduces your premium outflow and optimizes your trade to customize to your forecast.

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Credit Suisse cuts India's FY22 GDP forecast to 8.5-9%

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The Swiss brokerage has also warned that it will delay the economy from reaching a potential growth rate by an additional two-three years beyond 2022-23.

GDP

GDP

Credit Suisse has sharply lowered its real GDP growth forecast for this fiscal year to around 8.5-9 percent, citing economic disruptions in the country due to the raging second wave that is likely to shave 100-150 bps growth off the economy.

The Swiss brokerage has also warned that it will delay the economy from reaching a potential growth rate by an additional two-three years beyond 2022-23.

The consensus forecast for FY22 growth is between 10 and 11 percent by most analysts, including international raters like S&P, Fitch, and Moody's, and so is their domestic counterparts, with the lowest among them being nine percent by Brickwork Ratings.

Similarly, the consensus potential annual growth rate is 6.5 percent for many years from 2022-23, which many had predicted after the first wave and the sharper-than-expected recovery the economy had logged in last year.

Analysts were also expecting a rapid turnaround for the economy this fiscal following at least an 8 percent contraction in 2020-21 after being ravaged by the pandemic-induced nationwide lockdown last year.

Given the impact of the raging second wave, Credit Suisse expects a GDP impact of 100-150 basis points, even though considers the second wave is much more intense than the first in terms of daily cases and deaths, yet the economic impact is lower.

The country recorded coronavirus infections of over 4.12 lakh in the last 24 hours.

"We may revise downwards the FY22 real GDP growth forecast by 100-150 bps from our earlier forecast of 7 percent over 2019-20. Yet, our forecast is meaningfully higher than the consensus forecast, as it was before the second wave.

"We now expect 2021-22 real GDP to be 5 percent more than 2019-20 (when it stood at a 4 percent)," Neelkanth Mishra, co-head of equity strategy for the Asia Pacific and India equity strategist at Credit Suisse, told PTI in an interaction.

He expects that economic activity restrictions this time should last a few weeks and not months as in the case of last year, and are also less intense than last year, and more localized.

On the long-term impact of the second wave on growth, Mishra feels the economy may not reach the pre-pandemic projected levels for at least two-three years after 2022-23.

A year before the pandemic scuppered every plan, the government had set its eyes on an ambitious USD 5-trillion GDP target by FY25, becoming the fourth largest after the US, China, and Japan and the third-largest by 2029-30. On growth normalization, Mishra said it would depend on how soon the peak of the infection, how long the second wave lasts, and the intensity of activity restrictions by governments.

As of now, it looks like the case and death numbers should start to ease by mid-May as our current expectation is that lockdowns are likely to be localized and not very intense and will mostly be short-lived, he said.

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Share Market Closing Note

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The benchmark indices closed on a strong note on Thursday with the Nifty50 scaling above 14,700 levels.


The BSE Sensex rallied 272.21 points to close at 48,949.76, and the Nifty50 was up 106.90 points at 14,724.80. The broader markets also traded in line with frontliners as the Nifty Midcap 100 and Smallcap 100 indices gained 0.94 percent and 0.7 percent respectively.


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Topic :- Time:1.10 PM


Nifty is showing a good recovery. Nifty spot if manages to trade and sustain above 14720 levels then expect some further upmove and if it breaks and trade below 14680 levels then some decline can be seen in the market.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 766.50. If it manages to trade and sustain above 767 level then expect some upmove and if it breaks and trades below 766.00 level then some decline can be seen in this base metal.

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Topic :- Time:12.10 PM

Just In:

Bitcoin rises 6.8% to $56,852.03.

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Topic :- Time:12.00 PM

Consolidation is going on. Nifty spot if manages to trade and sustain above 14700 levels then some upmove can be seen in the market and if it breaks and trade below 14640 levels then some decline can be seen in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex, Nifty volatile; metals, auto stocks up, PSU banks drag

2. BoB sanctions Rs 500 cr to Serum after RBI liquidity tap for healthcare firms

3. Coronavirus: India records 412262 new cases; 3,982 deaths

4. China halting flights to India could hurt pharma supplies, say companies

5. IDBI Bank shares zoom 15% as Cabinet gives in-principle nod to divestment

6. Tata Steel gains 6%, hits new high on strong March quarter results

7. Indian Energy Exchange gains 5% on a strong business update for April

8. US-listed Emerging Markets ETFs see 26th straight week of inflows

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Topic :- Time:11.00 AM


Right now nifty is trading in a range. Nifty spot if manages to trade and sustain above 14680 levels then expect some further upmove and if it breaks and trade below 14640 levels then some decline can follow in the market.

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Topic :- Time:10.20 AM


After a positive opening nifty is still trading in the green zone. Nifty spot if manages to trade and sustain above 14640 levels then expect some further upmove and if it breaks and trade below 14600 levels then some decline can follow in the market.

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Topic:- Stocks under F&O ban on NSE


1. SUNTV

2. TATA CHEM

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Topic:- Stocks in News

Tata Steel: The company posted a consolidated profit of Rs 6,644.1 crore for Q4FY21 against a loss of Rs 1,481.3 crore in the year-ago period. Consolidated revenue increased to Rs 49,977.4 crore from Rs 36,009.4 crore in Q4FY20.

Maharashtra Seamless: ONGC has issued the letter of award to Jindal Drilling & Industries for the deployment of Jack-up drilling rig Jindal Explorer owned by Maharashtra Seamless on charter hire contract for a period of 3 years.

Praj Industries: HDFC Mutual Fund sold 4,34,583 equity shares (0.24 percent) in Praj Industries via an open market transaction on May 3, reducing shareholding to 6.51 percent from 6.75 percent earlier.

IDBI Bank: Cabinet Committee on Economic Affairs has given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank. LIC may reduce its shareholding in IDBI Bank through divesting its stake along with strategic stake sales envisaged by the government, said the bank.

Adani Green Energy: The company reported a consolidated profit of Rs 104 crore for Q4FY21 against Rs 56 crore reported in Q4FY20, revenue rose to Rs 986 crore from Rs 696 crore in the year-ago period.

Wipro: The company partnered with Transcell Oncologics to transform vaccine safety assessment using augmented intelligence.

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Topic:- Results on May 6

Hero MotoCorp, Adani Power, Adani Transmission, Apcotex Industries, Blue Star, Caplin Point Laboratories, Century Textiles & Industries, Coforge, CreditAccess Grameen, Hindoostan Mills, ICRA, IIFL Finance, Josts Engineering, Ludlow Jute & Specialities, Procter & Gamble Health, Praj Industries, Raymond, Solara Active Pharma Sciences, Sundram Fasteners, Tata Consumer Products, Five X Tradecom, Foseco India, Hikal, Ashika Credit Capital and Bombay Burmah Trading Corporation will release quarterly earnings on May 6.

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Topic:- Nifty Opening Note


Indian Stock Market Trading View For 6 May 2021:

Yet another volatile session is expected. Global cues to be a critical factor.

Nifty spot if manages to trade and sustain above 14660 levels then expect some up move in the market and if it breaks and trade below 14560 levels then some decline can be seen in the market. Please note this is just an opening view and should not be considered as the view for the whole day.

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Experts see these 9 stocks to benefit the most from RBI measures to support economy

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Overall, they feel the steps taken by the central bank will be a relief to the financial system.

Policy measures announced by the Reserve Bank of India (RBI) on Wednesday will be a shot in the arm for the economy as well as companies in the Micro, Medium, and Small Enterprises (MSMEs), financial, and healthcare space.

RBI Governor Shaktikanta Das announced a set of fiscal measures to tide over the second wave of COVID-19 cases.

The market reversed losses and closed with handsome gains, despite a rise in COVID cases across the country. RBI’s relief measures came well in time when the second wave of COVID-19 is gripping the country.

Experts spoke to are of the view that stocks from small finance banks (SFBs), housing finance banks (HFCs), medical equipment manufacturers, healthcare, banks, NBFCs, and hospital sectors are likely to benefit the most from the measures announced.

Das announced the second tranche of buying of government securities (G-Secs) under the Government Securities Acquisition Programme (G-SAP) 1.0 to be conducted on May 20, 2021.

“The announcement of the second tranche of bond buying to the tune of Rs 350 billion is likely to further soften bond yields. Overall, the RBI measures certainly bode well for banks and NBFCs,”

On-tap liquidity of Rs 50,000 crore at repo rate is being opened till March 31, 2022. This will bode well for the health infrastructure space.

Das opened an on-tap liquidity window of Rs 50,000 crore with a tenor of up to three years at a repo rate.

“The inclusion of Micro Finance Institutions (MFIs), with an asset base of up to Rs 500 crore in SFBs’ lending radar with new funds will help the weaker sections of the industry to cope up with COVID resurgence,” Mohit Nigam, Head, PMS, Hem Securities, told 

“These measures will somehow provide a cushion for the financial system, which lends to small hands, and, hence, restrict any severe impact to the system. SFBs, HFBs, medical equipment manufacturers, healthcare, and hospitals are some of the sectors which shall benefit the most out of today's relief measures,” he said.

The restructuring resolution for borrowers for up to Rs 25 crore received a thumbs up.

The RBI announced fresh restructuring resolutions for individuals, small businesses, and MSME borrowers who have an aggregate exposure of up to Rs 25 crore.

“RBI has largely addressed the need of small borrowers, individuals as well as businesses, and MSMEs that have been among the worst affected in the second resurgence of

COVID,” Naveen Kulkarni, Chief Investment Officer, Axis Securities, Besides liquidity measures, easing lending to the above strata by extension of restructuring resolutions, and boosting medical infrastructure through PSL recognition will help bring in relief in the financial ecosystem,” he said.

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COVID-19 Second Wave impact: Hiring activity declines 15%, says Naukri JobSpeak

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The current impact on the job market is, however, less severe than what was witnessed in April 2020; hospitality and travel worst hit

Representative Image

The Second Wave of COVID-19 and allied lockdown-like restrictions have impacted employment across the country. According to the Naukri JobSpeak Index, there was a 15 percent dip in hiring activity sequentially for April 2021.

The report, however, said that the current impact on the job market is less severe than what was seen in April 2020.

Among sectors, the report said that retail saw a sequential decline of 33 percent in April 2021 due to restricted operating hours or closure owing to lockdowns in many parts of the country.

Sectors such as hospitality and travel (-36 percent), banking/finance (-26 percent) and teaching/education (-24 percent) remained highly impacted in hiring activity in April 2021.

Said Pawan Goyal, Chief Business Officer, Naukri: "The disruption caused by the Second Wave of COVID-19 has impacted hiring activity. However, the current impact on the job market is less severe than what we saw in April 2020 where the Naukri JobSpeak index declined by 51 percent sequentially."

Sectors like pharmaceuticals/biotech (decline of 9 percent) and medical/healthcare (decline of 10 percent) were less impacted by the restrictions imposed.

City-wise decline

The jobs market across metro and non-metro cities saw a downfall, barring Kolkata that remained flat.

The aggressive surge of cases in Maharashtra directly impacted hiring trends in Mumbai, which saw a sequential decline of 20 percent in April 2021.

While Delhi/National Capital Region (NCR) (-18 percent) also remained impacted sequentially, Bangalore (-10 percent), Chennai (-10 percent), and Hyderabad (-4 percent) were less impacted in April 2021.

The Naukri JobSpeak is a monthly Index that calculates and records hiring activity based on the job listings on the Naukri.com website month-on-month (m-o-m).

The job speaks index includes employment that might be for replacement hiring. July 2008 is taken as the base with an index value of 1,000 and the subsequent monthly index is compared with the data for July 2008.

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TV prices set to rise again as govt considering customs duty hike on open-cell panels

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The government wants to incentivize local manufacturing by increasing customs duty. The plan is to increase the duty by up to 12 percent in three years from the current 5 percent. In Sept 2019, the CBIC had said there will be no hike in customs duty if manufacturers develop domestic capacity

Open-cell panels are used in manufacturing television screens and are imported from China. The plan is to increase the import duty gradually to 10-12 percent over the next three years, The customs duty currently is 5 percent.

In September 2019, after requests from television makers, the Central Board of Indirect Taxes and Customs (CBIC) announced that there would not be any customs duty on open-cell panels, provided manufacturers develop domestic manufacturing capacities in a year’s time.

TV manufacturers have been unable to set up local manufacturing capacities for panels so far. The Coronavirus outbreak and subsequent lockdown also hampered their plans.

“It will be a gradual increase every year. The idea is to nudge TV brands to manufacture these components locally. They have been given time since 2019 to build local capacities," said an official.

This will be the third time in a row in 2021 that the prices of TV sets will go up. Considering the increase in panel prices, TV prices went up in January and April.

 had reported earlier about the rise in prices of television sets by 10-30 percent from April 1 as all the Chinese panel manufacturers hiked their rates.

"We had requested the government to have zero duty for open-cell panels but their mandate is that the ‘make-in-India’ initiative must get a fillip. This sentiment is valid but there should also be financial incentives provided," said the vice president-India at a global white goods firm.

Over and above the customs duty, there is the Goods and Services Tax (GST). TV sets up to 32 inches are levied 18 percent GST while those above 32 inches attract the maximum of 28 percent.

Prices of TV sets most volatile

Since the Coronavirus outbreak, prices have seen an increase almost every quarter. Initially, the price rise was on account of a manufacturing shutdown in China, but it continued even after the demand-supply situation stabilized.

All TV makers in India import open-cell panels from markets like China. Despite requests from manufacturers to extend a zero-customs-duty regime, the government decided to impose a 5 percent customs duty.

Large television brands in India include Samsung, LG, Sony, Thomson, Kodak, Vu, Mi, and OnePlus.

When the COVID-19 outbreak was first reported in Wuhan, China, in the last week of December 2019, TV makers were the most worried. Since China supplies panels which are the key components to manufacture televisions, there were fears of raw material shortage.

Their worst fears came true in January 2020, when production came to a standstill across manufacturing hubs in China. This led to an acute shortage of components like panels, leading to a price increase of 10 percent in February 2020 itself.

“The last two years (2020 and 2021) have been the worst for the TV industry in India. There should be temporary relief at least till the COVID-19 situation normalizes," said Akhilesh Tripathy, a Mumbai-based electronics dealer Vipul Electronics.

The industry has sought either an immediate slashing of GST rate or removal of duties on open-cell panels for the next two years.

As the year progressed, India also imposed a lockdown from March 25, halting production activity across the country. On the one hand, there was a component shortage, while, on the other, there was a scarcity of TV sets as well.

Amidst manufacturing slowly crawling back to normal from June onwards, a July 30 notification by the Directorate General of Foreign Trade (DGFT) placed the import of color television sets of all sizes in the restricted category. High-end TV sets that are 80 inches and above are typically imported from other markets.

During the same time, anti-China sentiments stayed strong with the India-China clash in Galway Valley leading to the death of 20 Indian soldiers. Components and finished goods from China were under thorough scrutiny since then, leading to production delays in India. Another shocker came in September in the form of rising in TV panel prices, ahead of the Diwali sales season. This led to an almost 25 percent price increase.

This was quickly followed by the re-imposition of the 5 percent customs duty on open cells from October 1 onwards. Meanwhile, the rise in panel prices continued and prices of TV sets also continued moving northward.

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What should investors do with RIL post Q4 earnings; buy, sell or hold?

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RIL reported a consolidated net profit of Rs 13,227 crore for the quarter ended March 2021, up 108.4 percent from the year-ago period amid significant growth in Jio and recovery in retail segments. The company has also announced a dividend of Rs 7 per share.


 Reliance Industries (RIL) share price fell more than 2 percent in the early trade on May 3 even after the oil-to-telecom major on April 30 reported a consolidated net profit of Rs 13,227 crore for the quarter ended March 2021 (Q4FY21), up 108.4 percent year-on-year amid significant growth in Jio and recovery in retail segments.

Consolidated revenue from operations stood at Rs 1,54,896 crore, up 11 percent YoY, while the sequential increase in topline was at 24.9 percent.

The oil-to-chemical (O2C) business revenue grew by 20.6 percent sequentially to Rs 1,01,080 crore.

Jio Platforms recorded a 47.5 percent year-on-year (half a percent QoQ) growth in consolidated profit at Rs 3,508 crore and Reliance Retail's net profit for the quarter was Rs 2,247 crore, up 45 percent YoY and 23 percent QoQ.

The company also announced a dividend of Rs 7 per share.

Also Read:- M-cap of seven of top-10 most-valued companies jumps a whopping over Rs 1.62 lakh crore

Here is what brokerages have to say about the stock and company after the March earnings:

Sharekhan | Rating: Buy | Target: Rs 2,400

We maintain our FY2022-FY2023 earnings estimates as we expect strong earnings recovery led by higher downstream margins (especially petrochemical side) and sustained strong performance by consumer-centric business (retail and Jio led by the ramp-up of new revenue streams - home and enterprise broadband, and expansion of new commerce initiative).

Overall, we expect RIL’s PAT to clock a strong 30 percent CAGR over FY2021-FY2023E. Potential carving out of the O2C segment as a separate wholly-owned subsidiary (NCLT approval expected by Q2FY2022) is a key near-term catalyst for RIL. The move will facilitate strategic partnership with global players and drive value unlocking for RIL.

Prabhudas Lilladher | Rating: Buy | Target: Rs 2,256

We increase our FY22/23E EBIDTA estimates by around 3 percent to factor in faster E&P volume ramp up but higher depreciation and other minor changes lead to EPS cut of 2 percent and 6 percent, respectively. Recovering global economy aided by expanding vaccination coverage will help drive demand (albeit near-term challenges in domestic market) and augur well for RIL’s all business segments.

With stated intention to monetise and forge global partnership across businesses, RIL is well positioned to incubate new business and pursue inorganic opportunities, given its liquid balance sheet. We believe positive news flow on global partnerships or stake sale will likely keep valuations at an elevated level.

Motilal Oswal | Rating: Buy | Target: Rs 2,195

Using SOTP, we value the O2C business at FY23E EV/EBITDA of 7.5x, arriving at a valuation of Rs 713 a share for the standalone business and add Rs 61 for the E&P assets.

We ascribe an equity valuation of a) Rs 755 a share to RJio on FY23E 18x EV/EBITDA and b) Rs 670 a share to Reliance Retail on FY23E 31x EV/EBITDA, factoring in the recent stake sale.

Morgan Stanley | Rating: Overweight | Target: Rs 2,262

The multi-year upcycle in refining and petrochemicals will raise investor confidence. The recovery in telecom nets adds and a rise in gas production will raise investor confidence.

The FY20-23 earnings CAGR seen at 23 percent, while asset monetization and e-commerce ramp-up should also drive outperformance.

Credit Suisse | Rating: Neutral | Target: Rs 1,930

There was a strong rebound in retail, O2C, and Jio EBITDA now fully reflects price increase benefit outlook. However, weak retail in Q1FY22 as footfalls are 35 percent of pre-COVID.

Jio EBITDA growth will depend on subscriber addition till further price hikes. Lift FY22/FY23 EPS estimate by 3 percent to build in strong O2C spread.

Nomura | Rating: Buy | Target: Rs 2,400

The Q4 was good operationally, with the key beat on retail. On the energy front, the O2C earnings recover further, while Jio was largely in line, with higher net adds offsetting lower ARPU. However, there was a better-than-expected recovery in retail.

Jefferies | Rating: Buy | Target: Rs 2,580

The Q4 EBITDA rose 7 percent YoY, driven by Jio and retail. Jio's 3x sequential jump in net subscriber additions and positive FY21 were the key highlights.

The net debt was flat QoQ and Jio turning FCF positive lowers our FY22 net debt estimate. Cut FY22 EPS estimate by 2 percent but kept FY23 broadly unchanged.

Macquarie | Rating: Underperform | Target: Rs 1,350

O2C margin and Jio subs additions were the better things from the results, while Jio ARPU compression was a miss. The consensus now estimates core EPS to rise 50 percent by FY23 versus our forecast of 10 percent.

At 0920 hours, Reliance Industries was quoting at Rs 1,957.20, down Rs 37.25, or 1.87 percent, on the BSE. The share touched a 52-week high of Rs 2,368.80 on September 16, 2020, and a 52-week low of Rs 1,393.65 on May 20, 2020. It is trading 17.38 percent below its 52-week high and 40.44 percent above its 52-week low.

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M-cap of seven of top-10 most-valued companies jumps a whopping over Rs 1.62 lakh crore

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While Reliance Industries, Infosys, Hindustan Unilever Limited, ICICI Bank, Kotak Mahindra Bank, Bajaj Finance, and State Bank of India emerged as gainers, Tata Consultancy Services, HDFC Bank, and HDFC took losses in their market capitalization (m-cap).

Seven of the top-10 most-valued companies together added a whopping Rs 1,62,774.49 crore in market valuation last week, with major contributions coming in from Reliance Industries Ltd and Bajaj Finance.

Last week, the 30-share BSE benchmark gained 903.91 points or 1.88 percent.

While Reliance Industries, Infosys, Hindustan Unilever Limited, ICICI Bank, Kotak Mahindra Bank, Bajaj Finance, and State Bank of India emerged as gainers, Tata Consultancy Services, HDFC Bank, and HDFC took losses in their market capitalization (m-cap).

The valuation of RIL jumped Rs 57,086.67 crore to reach Rs 12,64,369.99 crore.

Bajaj Finance''s market capitalisation zoomed Rs 47,526.08 crore to Rs 3,28,639.08 crore.

ICICI Bank added Rs 21,033.34 crore taking its valuation to Rs 4,15,348.35 crore and State Bank of India witnessed a rally of Rs 15,171.83 crore to reach the market capitalization of Rs 3,15,440.39 crore.

The market capitalization of Hindustan Unilever gained Rs 10,761.02 crore to Rs 5,53,053.02 crore and that of Infosys went higher by Rs 8,559.71 crore to Rs 5,76,867.96 crore.

Kotak Mahindra Bank added Rs 2,635.84 crore to Rs 3,46,543.78 crore in its valuation.

In contrast, the valuation of Tata Consultancy Services declined by Rs 26,411.23 crore to Rs 11,23,919.77 crore.

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HDFC''s valuation dipped Rs 13,917.44 crore to Rs 4,36,582.10 crore and that of HDFC Bank eroded by Rs 821.01 crore to Rs 7,78,850.97 crore.

The top-10 most-valued companies'' list had Reliance Industries at the lead followed by Tata Consultancy Services, HDFC Bank, Infosys, Hindustan Unilever Limited, HDFC, ICICI Bank, Kotak Mahindra Bank, Bajaj Finance Limited, and State Bank of India.

Movers & Shakers | Top 10 stocks that moved the most last week

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On the sectoral front, the Nifty metal index rose 9 percent, the Nifty PSU bank index rose 4.5 percent and the Nifty infra index added 3 percent. The Sensex and the Nifty ended the week 2 percent higher.

Indian benchmark indices ended with 2 percent gain in the week ended April 30 especially on the back decent earnings performance from the Indian Inc. Last week, BSE Sensex added 903.91 points, or 1.88 percent, to close at 48,782.36 and while the Nifty50 rose 289.75 points, or 2 percent, to end at 14,631.1 levels.

Benchmark indices ended 2 percent higher in the week ended April 30 on the back of decent earnings performance from the Indian Inc. The BSE Sensex added 903.91 points, or 1.88 percent, to close at 48,782.36 and while the Nifty50 rose 289.75 points, or 2 percent, to end at 14,631.1 levels.

Britannia Industries | Britannia Industries' share price shed more than 5 percent as the company reported a 3.3 percent fall in the consolidated profit at Rs 360.1 crore compared to Rs 372.3 crore. Consolidated revenue from operations grew by 9.2 percent year-on-year to Rs 3,130.7 crore in Q4FY21.

HDFC Life Insurance Company | The share price fell 3 percent despite the company posting a 2.3 percent year-on-year (YoY) rise in its March quarter consolidated net profit at Rs 319.06 crore. During the quarter, the life insurer collected new premiums of Rs 434.47 crore as against Rs 298.40 crore in the year-ago period. HDFC Life sold about 9.8 lakh new individual policies in the quarter, registering a YoY growth of 10 percent in FY21.

Bajaj Finance | The share rose 17 percent after the company reported a 42 percent YoY increase in the March quarter profit at Rs 1,347 crore versus Rs 948.1 crore. Gross NPA declined to 1.79 percent and net NPA also dropped to 0.75 percent. The board has recommended a dividend of Rs 10 per equity share of the face value of Rs 2 for FY21.

Bajaj Finserv | Bajaj Finserv share price added 11 percent after it reported a five-fold jump in the March quarter consolidated profit at Rs 979 crore against Rs 194 crore in the same quarter last year. The company reported a 15.7 percent growth in the topline at Rs 15,387 crore.

IndusInd Bank | The share price rose 9 percent as the private lender reported a 190.2 percent year-on-year (YoY) spike in its standalone net profit at Rs 875.95 crore for the quarter ended March 2021. Net interest income (NII) grew by 9.4 percent to Rs 3,534.61 crore for the quarter against Rs 3,231.19 crore.

Axis Bank | The share price rose 6 percent after the private sector lender posted a net profit of Rs 2,677 crore for the quarter ended March 2021 against a loss of Rs 1,387.8 crore in the year-ago period. Net interest income grew 11 percent to Rs 7,555 crore in Q4FY21 compared to Rs 6,807.7 crore in Q4FY20. Its deposits grew by 10 percent. The gross non-performing assets increased to 3.70 percent and net NPA climbed to 1.05 percent.

ICICI Bank | ICICI Bank share price added 5 percent as private sector lender clocked a 260.5 percent year-on-year (YoY) growth in standalone profit at Rs 4,402.61 crore for the quarter ended March 2021. Net interest income grew by 16.9 percent to Rs 10,431.13 crore in Q4FY21 compared to Rs 8,926.9 crore in the year-ago period.

TVS Motor Company | The share price surged 18 percent after the company reported around a four-fold jump in its consolidated net profit at Rs 319.19 crore for the fourth quarter ended March 31, 2021. Revenue from operations rose to Rs 6,131.90 crore from Rs 4,104.71 crore.

Mastek | The share price jumped 19 percent after the company posted a 94.4 percent YoY jump in its fourth-quarter net profit at Rs 75.7 crore against Rs 38.9 crore, while revenue rose 43.5 percent at Rs 483.2 crore against Rs 336.7 crore.

Snowman Logistics | The share price shed 8 percent after the company posted a loss of Rs 0.42 crore in Q4 against a profit of Rs 1.42 crore, while revenue was up at Rs 64.11 crore as against Rs 60.17 crores, QoQ.

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