Sensex, Nifty Gain For A Second Day As Rally In Metal Stocks Continues
Stocks climbed yesterday after the Reserve Bank of India provided additional liquidity to banks for lending to vaccine makers, hospitals and providers of health services, as well as easing rules for small businesses to restructure loans.
Adani Power reported net income for the fourth quarter of Rs 13.13 crore vs. loss Rs 1,310 crore year-on-year.
- Revenue Rs 6,370 crore, +3.2% YoY
- Total costs Rs 6,670 crore, -16% YoY
- Other income Rs 528 crore vs. Rs 155 crore YoY
- Ebitda Rs 2,140 crore vs. Rs 360 crore YoY
COMMENTARY AND CONTEXT
- Q4 average plant load factor 59.6% vs 65.6% y/y; aggregate sales 14.8 billion units vs 16.5 billion units
- Says Ebitda growth aided by prior period income recognition, lower cost of domestic alternate coal, favourable currency movement, lower provisioning of one-time expenses, and lower revenue reversal
- The company said operating performance affected due to lower merchant sales and grid back down in various plants, as well as reserve shutdown at Udupi due to higher penetration of renewables
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Happiest Minds Technologies Ltd. rose 9.2%. Trading volume was triple the average for this time of day. The stock was the best performer among its peers.
- Trading volume was 7.58 million shares, triple the 20-day average of 3 million shares for this time of day.
- The relative strength index on the stock was above 70, indicating it may be overbought.
- Analysts have two buy, no hold, and no sell recommendations on the stock
- The price target of Rs 565 represents a 31% decrease from the last price
- The company is scheduled to report earnings on May 12.
- Tata Steel options volume 2.3x the 20-day average, with 100,540 calls changing hands vs 62,550 puts
- Stock up 2.8%, volume 1.4x the 20-day average for this time of day
- Hero MotoCorp options volume 2x the average, with 15,432 calls vs 5,769 puts
- Stock up 3.7%, volume 2.1x the average
- Cipla options volume 1.8x the average, with 34,468 calls vs 7,627 puts
- Stock down 0.4%, volume 1.4x the average
- Bajaj Auto options volume 1.5x the average, with 8,646 calls vs 2,283 puts
- Stock up 2.9%, volume 1x the average
- India VIX Index down 1.2%
A gradual exit from the loose monetary policy will now be delayed from mid-2021 (envisaged at the start of the year) to end-2021, but not fully ignored.HSBC
Analysts Remain Bullish On Tata Steel Citing Deleveraging, Expansion Plan
IDBI Bank Ltd. rose 10% after a plan to privatize the lender was approved.
The government plans to sell all or part of its 45.5% stake in the lender, as well a state-owned Life Insurance Corp. of India’s 49.2% ownership, according to a government statement on Wednesday. The sale envisages ceding management control, according to the statement.
The strategic buyer is expected to infuse funds and generate more business “without any dependence on LIC and government assistance,” according to the statement.
- The stock was the best performer among its peers.
- Trading volume was 9.5 million shares, 68 times the 20-day average of 139,696 shares for this time of day.
- The shares are up 19% in the past 5 days and rose 11% in the past 30 days.
- Analysts have one buy, no hold, and no sell recommendations on the stock.
- The price target of Rs 54.60 represents a 30% increase from the last price
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India’s Stock Market Lives on Another Planet
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