The domestic equity benchmarks ended near the day's high on Thursday, led by strength in banks and financial shares. Trading was volatile due to expiry of weekly index options on the NSE. Metal shares advanced while FMCG, IT and pharma shares corrected.

The barometer index, the S&P BSE Sensex, rose 374.87 points or 0.79% to 48,080.67. The Nifty 50 index added 109.75 points or 0.77% to 14,406.15. Both these indices fell over 2.2% in the past two sessions.

The broader market lagged the benchmarks. The BSE Mid-Cap index rose 0.28% and the BSE Small-Cap index gained 0.59%.

The market breadth was strong. On the BSE, 1765 shares rose and 1154 shares fell. A total of 165 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 14,38,63,870 with 30,58,640 deaths. India reported 22,91,428 active cases of COVID-19 infection and 1,84,657 deaths while 1,34,54,880 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

The Maharashtra government on Wednesday imposed additional restrictions on travel within the state and the city, and a further reduction in attendance in government offices and such private offices that fall under the essential or exempted category. These curbs will kick in at 8 PM Thursday and be in force till 7 AM on 1 May 2021.

In its second-highest single-day jump thus far, Maharashtra reported 67,468 new coronavirus cases on Wednesday, taking its tally beyond the 40-lakh mark. Maharashtra also recorded an all-time high of 568 deaths. The toll rose to 61,911.

Finance Minister Nirmala Sitharaman has urged the industry to wait and watch for next few days to assess the situation amid the second wave of COVID-19 pandemic and assured them of full government support. She was addressing the FICCI National Executive Committee Members through virtual mode.

Economy:

With economic activities getting affected across the country due to curbs imposed by states amid surge in COVID-19 cases, Care Ratings has revised down its forecast for GDP growth to 10.2% in 2021-22 from earlier projection of 10.7-10.9%. This is the third revision by the rating agency in the last one month.

Domestic rating agency ICRA on Tuesday cut its 2021-22 growth estimate by 0.5% on the upper end, as a newer spate of lockdowns and restrictions get imposed in pockets to arrest the rising COVID-19 cases. The agency now expects the economy to grow 10-10.5% in 2021-22, against the 10-11% estimated earlier.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.054% as compared with 6.074% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.94, compared with its close of 74.88 during the previous trading session.

MCX Gold futures for 4 June 2021 settlement fell 0.73% to Rs 47,875.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.11% to 91.06.

In the commodities market, Brent crude for June 2021 settlement fell 37 cents at $64.95 a barrel. The contract fell $1.25, or 1.88% to settle at $65.32 a barrel in the previous trading session.

Foreign Markets:

European shares rose across the board while most Asian stocks advanced on Thursday following an overnight bounce on Wall Street.

The European Central Bank is scheduled to deliver its latest monetary policy announcement today, although no major shifts are expected.

In US, Wall Street rebounded on Wednesday after a two-day decline in a broad rally as a tilt toward stocks poised to benefit from a recovering economy offset Netflix Inc's sell-off after its disappointing results a day earlier. Both the S&P 500 and Dow hit all-time highs.

Buzzing Indian Segment:

The Nifty Bank index rose 2.15% to 31,782.60. The index fell 3.11% in the past three sessions.

AU Small Finance Bank, ICICI Bank, Kotak Mahindra Bank, HDFC Bank, RBL Bank, IDFC First Bank, Axis Bank, PNB and Bandhan Bank rose by between 0.1% to 4.68%.

State Bank of India (SBI) advanced 2.05%. The insurance regulator IRDAI has imposed a penalty of Rs 25 lakh on SBI General lnsurance Company, an unlisted subsidiary of SBI. The penalty has been imposed for non-compliance with minimum obligations under Motor Third-Party Business as specified in IRDA regulation 2015.

Earning Impact:

Network18 Media & Investments rallied 11.95%. The company's consolidated net profit surged 241.91% to Rs 205.80 crore on 3.40% decline in revenue from operations to Rs 1,414.70 crore in Q4 FY21 over Q4 FY20.

TV18 Broadcast spurted 19.60. On a consolidated basis, the company's net profit surged 77.02% to Rs 251.08 crore on 5.40% decline in revenue from operations to Rs 1,347.94 crore in Q4 FY21 over Q4 FY20. The group debt sharply reduced to Rs 893 crore in March 2021, from Rs 1,775 crore in March 2020.

Tata Steel BSL jumped 4.43% after the company's consolidated net profit surged to Rs 1913.35 crore in Q4 FY21 from Rs 5.93 crore in Q4 FY20. Net sales during the quarter increased by 66.6% year-on-year (YoY) to Rs 6773.81 crore.

Nestle India fell 1.80%. On a standalone basis, the company's net profit jumped 14.6% to Rs 602.25 crore on 8.9% increase in net sales to Rs 3,600.20 crore in Q1 FY21 over Q1 FY20. During the quarter ended, domestic sales soared 10.2% year-on-year (Y-o-Y) driven by volume & mix and was broad based. Export sales tumbled 12.9% Y-o-Y due to lower exports to affiliates. Demand in out of home channel further improved in the quarter but continued to be impacted by COVID-19, the company said.

While the Nestlé India family has learnt to cope with the operating volatility in the pandemic, recent sharp escalations in key raw material prices poses challenges that we will resolutely respond to, while maintaining the integrity of our business model, Suresh Narayanan, the chairman and managing director (MD) of Nestle India said.

ICICI Securities soared 6.87%. The company's consolidated profit after tax (PAT) for Q4FY21 stood at Rs 329 crore as against Rs 156 crore in Q4FY20, up 111%, on account of growth in revenue and improvement in margins. Consolidated revenue of Rs 739 crore in Q4FY21 as compared to Rs 482 crore in Q4FY20, up 53%, aided by strong all-round performance in equities & allied business, distribution business, distribution business, private wealth management business, as well as investment banking business.

In Q4FY21, equities and allied business revenue rose 46% year-on-year to Rs 482 crore. Distribution revenue stood at Rs 141 crore in Q4FY21 up 22% against Q4FY20. I-Sec's Private Wealth Management (PWM) business reported Rs 158 crore of revenue in Q4FY21 up 82% on-year. The company's Issuer Services and Advisory business revenue stood at Rs 53 crore in Q4FY21, up 441% on-year.

Tejas Networks hit an upper circuit of 5% at Rs 176.05 after the company reported a consolidated net profit of Rs 33.55 crore in Q4 FY21 compared with net loss of Rs 126.53 crore in Q4 FY20. Revenue from operations increased by 269.34% year-on-year (YoY) to Rs 201.55 crore.

Sanjay Nayak, managing director and CEO of Tejas Networks said, We are seeing positive tailwinds for our business in India due to increased demand for high-speed broadband connections and Government policy for promoting domestic telecom equipment. We continued to see strong order inflows as well as new customer wins, resulting in a VoY booking growth of 54% and we ended the year with an order book of Rs 679 crore.

Stocks in Spotlight:

Indiabulls Housing Finance jumped 7.33%. The company entered into a strategic co-lending partnership with HDFC to offer housing loans to homebuyers at competitive rates. Indiabulls Housing Finance will originate retail home loans as per jointly drawn up credit policy and retain 20% of the loan in it's books and 80% will be on HDFC books. The arrangement is part of Indiabulls Housing Finance's balance sheet light growth model.

Caplin Point Laboratories rose 2.86% after the company said its subsidiary received a final approval from the US drug regulator for its Abbreviated New Drug Application, neostigmine methylsulfate injection. The injection is indicated for the reversal of the effects of non-depolarizing neuromuscular blocking agents (NMBAs) after surgery. According to IQVIA (IMS Health), neostigmine methylsulfate injection had US sales data of approximately $20 million for the 12-month period ending December 2020.

Cholamandalam Investment and Finance Company gained 2.23%. The company's board said that it will consider issuing non‐convertible debentures (NCDs) in its meeting on 7 May 2021. The company's board will consider issuing non‐convertible debentures (secured debentures and unsecured debentures in the nature of subordinated debt and perpetual debt) in FY2021‐22. The board will also consider final dividend for the financial year ended 31 March 2021.

The domestic equity barometers ended with modest losses after a volatile trade on Tuesday. A record surge in Covid-19 cases and FII outflows from the capital market dented investors sentiment. IT shares saw major selling while banks shares extended recent losses. Auto and pharma stocks bucked the trend.

The barometer index, the S&P BSE Sensex, fell 243.62 points or 0.51% to 47,705.80. The Nifty 50 index lost 63.05 points or 0.44% to 14,296.40. Both these indices have fallen over 2.2% in two straight sessions.

HCL Technologies (down 3.56%), HDFC (down 3.16%), HDFC Bank (down 1.50%) and Infosys (down 0.87%) were major drags.

The broader market settled with gains. The BSE Mid-Cap index and the BSE Small-Cap index rose by 0.49% each.

The market breadth was positive. On the BSE, 1654 shares rose and 1228 shares fell. A total of 167 shares were unchanged.

The domestic equity market will remain shut on Wednesday (21 April 2021) on account of Ram Navami.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 14,21,12,632 with 30,30,299 deaths. India reported 20,31,977 active cases of COVID-19 infection and 1,80,530 deaths while 1,31,08,582 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

PM Narendra Modi announced an important decision of allowing vaccination to everyone above the age of 18 from 1 May 2021. Phase-I of the National COVID-19 vaccination was launched on 16 January 2021, prioritizing protection for Health Care Workers (HCWs) and front line workers (FLWs). Phase-II was initiated from 1 March 2021 and 1 April 2021, focusing on protecting all people above 45 years of age, accounting for more than 80% COVID-19 mortality in the country.

Economy:

The Reserve Bank of India on 19 April said it has decided against activating the countercyclical capital buffer (CCyB) framework as the current situation does not warrant such an action.

The RBI had in February 2005 put in place CCyB guidelines with the overall objective of strengthening the banking sector. It was envisaged that the CCyB would be activated as and when the circumstances warranted.

Based on the review and empirical testing of CCyB indicators, it has been decided that it is not necessary to activate CCyB at this point in time, the RBI said in a release.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.075% as compared with 6.081% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.88, compared with its close of 74.87 during the previous trading session.

MCX Gold futures for 4 June 2021 settlement fell 0.07% to Rs 47,360.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.01% to 91.06.

In the commodities market, Brent crude for June 2021 settlement rose 70 cents at $67.75 a barrel. The contract rose 28 cents, or 0.42% to settle at $67.05 a barrel in the previous trading session.

Foreign Markets:

European shares declined while most Asian stocks traded higher on Tuesday. China kept its benchmark lending rate unchanged. On the economic data front, China kept its benchmark lending rate for corporate and household loans steady for the 12th straight month at its April fixing on Tuesday, matching market expectations. The one-year loan prime rate (LPR) was kept at 3.85%. The five-year LPR remained at 4.65%.

U.S. stocks slipped from record levels to start the week on Monday as weakness in the technology sector weighed on the broader market.

On the coronavirus front, White House chief medical advisor Dr. Anthony Fauci said he expects the U.S. will resume administration of the Johnson & Johnson vaccine. The Food and Drug Administration asked states last week to temporarily halt using the single dose vaccine “out of an abundance of caution” after six women developed a rare blood-clotting disorder.

Buzzing Indian Segment:

The Nifty Pharma index rose 1.29% to 13,426.90. The index has risen 4.84% in four sessions.

Cadila Healthcare (up 5.34%), Dr. Reddy's Laboratories (up 3.56%), Lupin (up 2.26%), Aurobindo Pharma (up 1.66%), Torrent Pharmaceuticals (up 0.57%), Cipla (up 0.5%) and Sun Pharmaceutical Industries (up 0.37%) advanced.

Morepen Laboratories surged 16.67% to Rs 43.40.

Stocks in Spotlight:

Nestle India fell 0.02% to Rs 17,086.25. On a standalone basis, the FMCG major's net profit jumped 14.62% to Rs 602.25 crore on 8.58% increase in revenue from operations to Rs 3,610.82 crore in Q1 FY21 over Q1 FY20.

During the quarter ended, total sales increased by 8.9% while domestic sales soared 10.2% year-on-year (Y-o-Y) driven by volume & mix and was broad based. Export sales tumbled 12.9% Y-o-Y due to lower exports to affiliates. Demand in out of home channel further improved in the quarter but continuef to be impacted by COVID-19, the company said.

E‐Commerce channel grew 66% Y-o-Y and contributed 3.8% of domestic sales. However, the company witnessed headwinds in commodity and packaging materials.

The board has declared an interim dividend for FY2021 of Rs 25 per equity share.

ICICI Bank shed 0.11%. The bank said that the board of the bank at its meeting scheduled on 24 April 2021 will consider fund raising by way of issuance of debt securities in single/multiple tranches in any currency through public/private placement. The board will also consider the financial results for the quarter and the year ended 31 March 2021 on the same day.

CRISIL fell 1.82%. On a consolidated basis, CRISIL's net profit fell 5.22% to Rs 83.5 crore on 15.8% rise in income from operations to Rs 495.20 crore in Q1 March 2021 over Q4 March 2021. Foreign exchange loss for Q1 March 2021 was Rs 4.7 crore compared with a gain of Rs 16.6 crore in the corresponding quarter of the previous year.

ACC slipped 2.79%. The cement major's consolidated net profit surged 74.2% to Rs 563 crore on 22.7% increase in net sales to Rs 4,213 crore in Q1 FY21 over Q1 FY20. Cement sales volume jumped 21.49% to 7.97 million tonnes in Q1 FY21 as against 6.56 million tonnes in Q1 FY20. Sale of ready mix concrete dropped 10.75% to 0.83 million cubic metres in Q1 FY21 compared with 0.93 million cubic metres in Q1 FY20.

EBITDA margin improved to 20.4% in Q1 FY21 as compared to 17.1% in Q1 FY20. Operating EBIT margin expansion of 450 basis points to 17% in Q4 FY21 compared with 12.5%, driven by capex led strong cost actions and higher growth in premium products.

In its outlook, ACC said it believes that the government is taking all possible steps to intensify the vaccination program and control the spread of COVID-19. With government's increased spending and its strong focus on infrastructure development, ACC maintains a cautious yet positive outlook for overall cement demand in the coming months.

ICICI Prudential Life Insurance Company jumped 5.76%. On a standalone basis, the company's net profit tumbled 64.5% to Rs 63.78 crore on 364.5% surge in total income to Rs 19,897.44 crore in Q4 FY21 over Q4 FY20. Net premium income increased by 13.40% to Rs 11,879.28 crore in Q4 FY21 over Rs 10,475.12 crore in Q3 FY20.

New business Annualised Premium Equivalent (APE) grew 27% Y-o-Y (year-on-year) in Q4 FY2021 to Rs 2,509 crore, on the back of 108% Y-o-Y growth in March 2021 to Rs 1,101 crore. The Value of New Business (VNB) for the quarter surged 26% Y-o-Y to Rs 591 crore. VNB margin was at 23.6% in Q4 FY21 as against 23.8% in Q4 FY20.

The solvency ratio stood at 217% on 31 March 2021, well above the regulatory requirement of 150%. Assets under Management (AUM) stood at Rs 2,14,218 crore at 31 March 2021, registering a growth of 40% Y-o-Y over 31 March 2020.

The key equity indices ended with significant losses on Monday. Shares fell across the board with banks and financials correcting the most. The Nifty closed above the 14,350 level.

The barometer index, the S&P BSE Sensex, dropped 882.61 points or 1.81% to 47,949.42. The Nifty 50 index tumbled 258.40 points or 1.77% to 14,359.45.

A spike in domestic coronavirus cases and localized lockdown being announced by various state governments dented investors sentiment.

In the broader market, the BSE Mid-Cap index fell 1.93% and the BSE Small-Cap index lost 1.64%.

Sellers outnumbered buyers. On the BSE, 773 shares rose and 2199 shares fell. A total of 200 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 14,14,14,180 with 30,19,660 deaths. India reported 19,29,329 active cases of COVID-19 infection and 1,78,769 deaths while 1,29,53,821 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Several states like Maharashtra, Rajasthan, Uttar Pradesh, Kerala, Karnataka etc. continued to witness a record surge on Sunday. In view of the unprecedented surge, governments have imposed weekend lockdowns, night curfews etc. in their respective states. The state of Rajasthan, for example, began a self-discipline fortnight on Monday which will be in effect till 5 AM on 3 May 2021.

Chief Minister Arvind Kejriwal announced a six-day lockdown in Delhi from 10 pm tonight to 5 am next Monday, amid rising COVID-19 cases.

Economy:

According to the Reserve Bank of India's (RBI) weekly statistical supplement, India's foreign exchange reserves rose $4.344 billion to stand at $581.213 billion during the week ended 9 April 2021 from $576.869 billion reported for the week ended 2 April 2021.

Similarly, the value of the country's gold reserves rose $1.297 billion to $35.320 billion. The SDR value climbed $6 million to $1.492 billion. The country's reserve position with the IMF inched higher by $24 million to $4.946 billion during the same tenure.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.082% as compared with 6.088% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 74.87, compared with its close of 74.35 during the previous trading session.

MCX Gold futures for 4 June 2021 settlement rose 0.94% to Rs 47,796.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.49% to 91.11.

In the commodities market, Brent crude for June 2021 settlement fell 4 cents at $66.73 a barrel. The contract fell 17 cents, or 0.25% to settle at $66.77 a barrel in the previous trading session.

Foreign Markets:

Shares in Europe and Asia advanced on Monday as the global economic recovery and corporate earnings prospects bolstered sentiment despite rising COVID-19 infections. Chinese stocks outperformed amid easing concerns about the health of state enterprise China Huarong Asset Management Co., a bad-debt manager.

China's financial regulator on Friday reportedly said Huarong had ample liquidity, the first official comments since the company missed a deadline to report earnings. That was enough to cement a rally in Huarong bonds and ease contagion fears.

Japan's exports posted their strongest growth in more than three years in March. Ministry of Finance data showed on Monday exports surged 16.1% in March from a year earlier, marking the steepest rise since November 2017. That was followed by a 4.5% contraction in February.

U.S. stocks rose again on Friday as the market's rally to records carried on amid strong earnings from blue-chip companies as well as solid data signaling a snapback in the economy. Federal Reserve Governor Christopher Waller said Friday the U.S. economy is set to take off, but there's still no reason to start tightening policy.

The University of Michigan said Friday its preliminary consumer sentiment index rose to a one-year high of 86.5 in the first half of this month from 84.9 in March.

New Listing:

Shares of Macrotech Developers closed at 463.15 on the BSE, at a discount of 4.70% over the initial public offer (IPO) price of Rs 486.

The stock was listed at Rs 439, a discount of 9.67% to the IPO price. The stock hit a high of Rs 477.90 and low of Rs 421.15. On the BSE, 3.33 lakh shares were traded on the counter.

The IPO of Macrotech Developers was subscribed 1.36 times. The issue opened for bidding on 7 April 2021 and closed on 9 April 2021. The price band for the IPO

Buzzing Segment:

The Nifty Bank index fell 2.40% to 31,208.40. The index has lost 2.82% in two sessions.

RBL Bank (down 6.63%), Federal Bank (down 5.89%), AU Small Finance Bank (down 5.85%), Bandhan Bank (down 5.47%), IDFC First Bank (down 5.22%), PNB (down 5.03%), Indusind Bank (down 3.63%), Kotak Mahindra Bank (down 3.52%), Axis Bank (down 3.17%), SBI (down 2.78%) and ICICI Bank (down 1.16%) declined.

HDFC Bank skid 1.12%. The private lender reported 18.2% rise in net profit to Rs 8,186.51 crore in Q4 FY21 compared with Rs 6,927.69 crore in Q4 FY20. Total income of the bank rose 5.8% year-on-year (Y-o-Y) to Rs 38,017.50 crore during the quarter. Net interest income for the quarter ended 31 March 2021 grew by 12.6% to Rs 17,120.20 crore from Rs 15,204.10 crore for the quarter ended 31 March 2020, driven by advances growth of 14%, and a core net interest margin of 4.2%. Other income stood at Rs 7,593.90 crore in Q4 FY21, up by 25.9% from Rs 6,032.60 crore in Q4 FY20.

The bank continues to hold provisions as on 31 March 2021 against the potential impact of COVID-19 based on the information available at this point in time and the same are in excess of the RBI prescribed norms. The bank held floating provisions of Rs 1,451 crore and contingent provisions of Rs 5,861 crore as on 31 March 2021. Total provisions (comprising specific, floating, contingent and general provisions) were 153% of the gross non-performing loans as on 31 March 2021.

Given that the current second wave has significantly increased the number of COVID-19 cases in India and uncertainty remains, the board of directors of the bank, at its meeting held on 17 April 2021, has considered it prudent to currently not propose dividend for the financial year ended 31 March 2021, the private lender said in a statement.

Stocks in Spotlight:

ACC fell 0.26% to Rs 1876.85 after consolidated net profit surged 74.2% to Rs 563 crore on 22.7% increase in net sales to Rs 4213 crore in Q1 FY21 over Q1 FY20. Consolidated EBITDA jumped 46.8% to Rs 860 crore in Q1 FY21 as against Rs 586 crore in Q1 FY20. EBITDA margin improved to 20.4% in Q1 FY21 compared with 17.1% in Q1 FY20. Operating EBIT soared 67.13% to Rs 717 crore in Q1 FY21 from Rs 429 crore in Q1 FY20.

ACC's cement sales volume jumped 21.49% to 7.97 million tonnes in Q1 FY21 over Q1 FY20. Sale of ready mix concrete dropped 10.75% to 0.83 million cubic metres in Q1 FY21 over Q1 FY20.

Bharti Airtel lost 2.61%. The government of Ghana, Bharti Airtel and Millicom International Cellular S.A. on Friday announced execution of the definitive agreement for transfer of 'AirtelTigo' to Government of Ghana, on a going concern basis.

ICICI Lombard General Insurance Company declined 3.74%. Its net profit jumped 22.6% to Rs 345.68 crore on a 22.2% surge in net sales to Rs 3,628.23 crore in Q4 FY21 over Q4 FY20. Gross Direct Premium Income (GDPI) of the company stood at Rs 3,478 crore in Q4 FY2021 compared to Rs 3,181 crore in Q4 FY2020, registering a growth of 9.4% Y-o-Y (year-on-year). The industry growth for Q4 FY2021 was at 14%.

Jubilant Pharmova surged 6.44%. The company's subsidiary, Jubilant Pharma announced the development of a novel oral formulation of Remdesivir with successful completion of safety and pharmacokinetic/absorption studies in animals and healthy human volunteers. Jubilant has sought authorization for additional studies for this novel oral formulation from the Drug Controller General of India (DCGI).

Caplin Point Laboratories jumped 5.44%. Caplin Steriles, a subsidiary company of Caplin Point Labs, has been granted final approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application (ANDA) Milrinone Lactate Injection. It is indicated for the short-term intravenous treatment of patients with acute decompensated heart failure.

Kolte-Patil Developers dropped 7.41%. The company's volume jumped 27.1% to 0.85 million square feet (sq. ft.) in Q4 FY21 over 0.67 million sq. ft. in Q4 FY20. Strong sales momentum sustained in Q4 FY21 across regions, projects and product categories.

Sale value surged 42.7% to Rs 510.90 crore in Q4 FY21 as against Rs 358.10 crore in Q4 FY20. Sales realization soared 12.3% to Rs 5,988 per sq. ft. in Q4 FY21 from Rs 5,333 per sq. ft. in Q4 FY20. Collections spurted 16.8% to Rs 441.50 crore in Q4 FY21 as compared to Rs 378.10 crore in Q4 FY20.

There has been a further reduction in net debt during Q4 FY21. Hence, strong collections and low debt have resulted in healthy OCF in FY21, despite being a year impacted by COVID-related disruptions. The company signed three new projects with a combined saleable area of 2.2 msf in Pune under capital light models.

The equity indices ended with minor gains amid a volatile session on Friday. Pharma and IT shares were in demand while banks and financial shares witnessed selling. Positive global cue offset concerns about rising COVID-19 cases.

The barometer index, the S&P BSE Sensex, added 28.35 points or 0.06% to 48,832.03. The Nifty 50 index advanced 36.40 points or 0.25% to 14,617.85.

HDFC (up 1.04%) and Asian Paints (up 3.07%) were major market movers. ICICI Bank (down 1.55%) and Infosys (down 0.66%) were major drags.

The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index added 1.17% while the S&P BSE Small-Cap index added 1.05%.

Buyers outnumbered sellers. On the BSE, 1663 shares rose and 1239 shares fell. A total of 158 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 13,91,09,041 with 29,86,608 deaths. India reported 15,69,743 active cases of COVID-19 infection and 1,74,308 deaths while 1,25,47,866 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India crossed the grim milestone of over 2 lakh COVID-19 cases being reported in a day. Tough restrictions are in place in major cities like Delhi and Mumbai with weekend curfews and weekday restrictions being imposed by the administration, to check the spread of the virus.

Economy:

India's merchandise exports rose 60.3% at $34.50 billion in March as compared to the same month last year, while country's imports jumped 54% to $48.40 billion, Ministry of Commerce & Industry data showed.

During the 2020-21 financial year, India's overall Merchandise and Services exports dipped 6.6% to $493.20 billion over the same period last year. Overall imports in April-March 2020-21 declined 16.5% to $505.90 billion.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 74.35 compared with its previous closing of 74.93.

The yield on 10-year benchmark federal paper rose to 6.077% as compared to its previous close of 6.126%.

MCX Gold futures for 4 June 2021 settlement fell 0.02% to Rs 47,165.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, shed 0.12% to 91.58.

In the commodities market, Brent crude for June 2021 settlement rose 19 cents to $67.13 a barrel. The contract increased 0.54% to settle at $66.94 in the previous trading session.

Global Markets:

Shares in Europe and Asia advanced on Friday as investors reacted to the release of Chinese economic data. China's gross domestic product surged 18.3% in the first three months of the year from a year ago, the country's National Bureau of Statistics said Friday. The surge in growth comes off a contraction in the first quarter of last year, when the economy shrank by 6.8% during the height of the domestic outbreak of COVID-19.

Meanwhile, China's retail sales jumped 34.2% and industrial production rose 14.1% in March.

In the US, the S&P 500 and Dow Jones indexes hit record highs on Thursday, as upbeat earnings reports from companies including Bank of America and BlackRock as well as a strong rebound in March retail sales bolstered hopes of a broader economic rebound.

US retail sales surged 9.8% in March as additional stimulus sent consumer spending soaring, the Commerce Department reported Thursday. A separate report on Thursday showed that first-time filings for unemployment insurance dropped to the lowest level since March 2020. The Labor Department reported 5,76,000 new jobless claims for the week ended April 10.

Buzzing Indian Segment:

The Nifty Bank index fell 0.42% to 31,977.45. The index jumped 4.29% in the past two sessions.

Bandhan Bank (down 1.59%), RBL Bank (down 1.32%), SBI (down 0.92%), Kotak Mahindra Bank (down 0.57%), Axis Bank (down 0.16%) and PNB (down 0.14%) were major losers.

Earnings Impact:

Wipro climbed 8.87% after the IT major's consolidated net profit grew 27.78% to Rs 2,972.30 crore while revenue increased 3.4% to Rs 16245.40 crore in Q4 FY21 over Q4 FY20. The IT major's consolidated net profit rose 0.14% and its revenue climbed 3.67% in Q4 FY21 over Q3 FY21. Profit before tax (PBT) declined by 2.6% on quarter-on-quarter basis and it rose by 26.44% on year-on-year basis to Rs 3749.90 crore in Q4 FY21. Wipro expects revenue from its IT services business to be in the range of $2,195 million to $2,238 million for the quarter ending 30 June 2021. This translates to a sequential growth of 2% to 4%. The company added 52 new customers in the quarter ending 31 March 2021. The IT major's attrition rate (on TTM basis) stood at 12.1% in Q4 FY21 as against 11% in Q3 FY21 and 14.7% in Q4 FY20.

GTPL Hathway jumped 4.37% after the company reported a consolidated net profit of Rs 56.89 crore in Q4 FY21 compared with net loss of Rs 13.62 crore in Q4 FY20. Net sales during the quarter increased by 17.82% year-on-year (YoY) to Rs 748.72 crore in Q4 FY21. The company posted a pre-tax profit of Rs 85.67 crore in Q4 March 2021 as against a pre-tax loss of Rs 18.40 crore in Q4 March 2020.

Stocks in Spotlight:

Larsen & Toubro (L&T) fell 1.09%. The construction arm of Larsen & Toubro (L&T) secured significant orders from clients for its various businesses. According to L&T's classification, the value of the said orders lies between Rs 1,000 crore to Rs 2,500 crore. The company's power transmission and distribution business won orders to design and construct two 132/11 kV substations in Dubai, UAE. The factories business also secured an order from a leading cement manufacturer to construct a 3.5 million tonnes per annum (MTPA) brownfield cement plant in Nimbahera, Rajasthan. The scope includes civil, mechanical and equipment erection works. The railways strategic business unit that resides within the transportation infrastructure business has won an order from the Central Organisation for Railway Electrification (CORE).

Antony Waste Handling Cell rose 2.74% after the economic activity in the regions serviced by the firm has seen a sequential improvement for the third consecutive quarter. The company's total operating revenue (tipping revenue from C&T and waste processing) has shown a growth of approximately 4.4% for Q4 FY21 as compared to Q3 FY21. Total tonnage handled by the collection & transportation (C&T) business (excluding those projects with fixed shifts/trips) in Q4 FY21 has reported approximately 2.1% growth over Q3 FY21. Additionally, total waste processed by the company, during Q4 FY21, has improved by approximately 2.9% as compared to Q3 FY21. Total compost sales during Q4 FY21 stood at 4,834 tons as compared to 2,291 tons in Q3 FY21.

National Aluminium Company (NALCO) rose 1.64% after the company said it has been granted the mining lease of Utkal-E coal block in Odisha. The lease has been granted by the Department of Steel & Mines, Government of Odisha, through a notification issued on April 12. As per the notification, the mining lease of Utkal-E coal block is over an area of 523.73 hecatres in villages Nandichhod, Gopinathpur Jungle, Kundajhari Jungle, Kosala & Korada under Chendipada Tahasil of Angul District.

National Fertilizers advanced 0.73%. The Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India has intimated regarding issue of RFP for engagement of Legal Advisors, Merchant Bankers and Selling Brokers for the Disinvestment of 20% paid up equity capital in the company out of Government of India's shareholding through the Offer for Sale by promoters through the Stock Exchanges method in the domestic market.

Ashoka Buildcon jumped 2.53% after the company received a Letter of Award (LOA) from Gujarat Rail Infrastructure Development Corporation. The received LOA is for gauge conversion of Bechraji to Ranuj section to broad gauge with 25 KV AC electrification in Ahmedabad Division of Western Railway. The company announced that the accepted project cost is Rs 333.625 crore and has a total length of 38.153 kilometer.

Quess Corp fell 1.28%. The company announced the acquisition of 30% stake in Conneqt Business Solutions Ltd. (Conneqt) pursuant to the Put Option notice by Tata Sons. With this transaction, Conneqt will become a wholly owned subsidiary of Quess. Conneqt is India's second largest domestic CLM and BPM player delivering unparalleled customer experience to 120+ clients in India, US, UK and Middle East. Quess had acquired 51% of Conneqt in November 2017 and further increased its stake in Conneqt from 51% to 70% in May 2019 via infusion of primary capital, which was used to fund the acquisition of Allsec Technologies (Allsec), a listed CLM and HRO services provider.

Key equity barometers reversed intraday losses and ended with decent gains on Thursday. Trading was volatile as rising COVID-19 cases continue to spook investors. The Nifty managed to close near the 14,600 mark. Metal and pharma shares advanced while PSU banks and auto shares tumbled.

The barometer index, the S&P BSE Sensex, gained 259.62 points or 0.53% to 48,803.68. The Nifty 50 index added 76.65 points or 0.53% to close at 14,581.45.

TCS (up 3.67%), ICICI Bank (up 2.69%), HDFC Bank (up 2.13%) and HDFC (up 1.22%) supported the indices.

In the broader market, the BSE Mid-Cap index fell 0.10% and the BSE Small-Cap index lost 0.03%. Both these indices underperformed the benchmarks.

The market breadth was negative. On the BSE, 1247 shares rose and 1649 shares fell. A total of 161 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 13,80,56,297 with 29,71,539 deaths.

India reported 14,71,877 active cases of COVID-19 infection and 173,123 deaths while 1,24,29,564 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India on Wednesday reported 2,00,739 new COVID-19 cases and 1,038 deaths in last 24 hours, according to data from the Union Health Ministry.

The total COVID-19 vaccinations have crossed the 11.43 crore mark with more than 31.39 lakh vaccine doses were administered till 8 pm yesterday. A total of 69,974 COVID Vaccination Centres (CVCs) were operational, marking a rise of an average of 24,000 operational Vaccination Centres (45,000 CVCs on an average are functional on any given day). Workplace vaccinations have also enabled a high turnout of beneficiaries.

Economy:

India's wholesale price-based inflation shot up to over 8-year high of 7.39% in March on rising crude oil and metal prices. This is the third straight month of up-tick seen in the wholesale price index (WPI) based inflation. The WPI inflation was 4.17% in February and 0.42% in March 2020.

The prices of crude oil, petroleum products and basic metal substantially increased in March 2021 compared with the corresponding month of last year. Also, due to nationwide lockdown, the WPI index for the month of March 2020 (120.4) was computed with relatively low response rate.

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 6.128% as compared with 6.011% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 74.93, compared with its close of 75.0550 during the previous trading session.

MCX Gold futures for 4 June 2021 settlement rose 0.53% to Rs 46,856.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.03% to 91.67.

In the commodities market, Brent crude for June 2021 settlement fell 27 cents at $66.31 a barrel. The contract rose $2.91, or 4.57% to settle at $66.58 a barrel in the previous trading session.

Foreign Markets:

European shares were trading higher while Asian market closed on a mixed note on Thursday. In the US, Wall Street indexes closed mixed on Wednesday, with the Nasdaq Composite and S&P 500 falling despite another record intraday high for the latter and big banks' stellar results on the first day of earnings season.

Shares of Goldman Sachs Group Inc and Wells Fargo & Co rose on bumper first-quarter profits. Goldman capitalized on record levels of global deal making activity, and Wells reduced bad loan provisions and got a grip on costs tied to its sales practices scandal.

The Federal Reserve will continue to support the recovery, and will start tapering asset purchases well before policy makers consider raising interest rates, Chairman Jerome Powell told the Economic Club of Washington Wednesday.

In coronavirus developments, a U.S. Centers for Disease Control and Prevention panel decided Wednesday to postpone a decision on Johnson and Johnson's Covid-19 vaccine following the development of a rare but potentially life-threatening blood-clotting disorder in six women. On Tuesday, the U.S. Food and Drug Administration asked states to temporarily halt using J&J's COVID-19 vaccine out of an abundance of caution.

Earnings Impact:

Wipro rose 2.95% at Rs 431. The IT major's consolidated net profit grew 27.78% to Rs 2,972.30 crore while revenue increased 3.4% to Rs 16245.40 crore in Q4 FY21 over Q4 FY20.

The IT major's consolidated net profit rose 0.14% and its revenue climbed 3.67% in Q4 FY21 over Q3 FY21. Profit before tax (PBT) declined by 2.6% on quarter-on-quarter basis and it rose by 26.44% on year-on-year basis to Rs 3749.90 crore in Q4 FY21.

Wipro's IT services segment revenue stood at $2,152.4 million in Q4 FY21, an increase of 3.9% QoQ and 3.8% YoY. The company's non-GAAP constant currency IT services segment revenue increased by 3% QoQ and 0.5% YoY. The company said its IT services operating margin grew by 344 basis points year on year to 21% in Q4 FY21.

Wipro expects revenue from its IT services business to be in the range of $2,195 million to $2,238 million for the quarter ending 30 June 2021. This translates to a sequential growth of 2% to 4%.

Infosys dropped 2.65%. On a consolidated basis, Infosys reported 2.3% decline in net profit to Rs 5,076 crore on 1.5% increase in revenues to Rs 26,311 crore in Q4 March 2021 over Q3 December 2020. The company's consolidated net profit rose 17.5% and revenues rose 13.1% in Q4 March 2021 over Q4 March 2020. In its outlook for FY22, Infosys has guided for 12% to 14% sales growth in constant currency terms in 2021-22 and an operating margin band of 22% to 24%.

Tata Metaliks fell 3.68% after the company posted a 2.7% decline in net profit to Rs 74.99 crore in Q4 March 2021 from Rs 77 crore posted in Q4 March 2020. Net sales rose 26.7% to Rs 660.87 crore in Q4 March 2021 from Rs 521.60 crore registered in Q4 March 2020. Profit before tax increased by 28.5% year on year to Rs 123.73 crore in Q4 March 2021 over Q4 March 2020.

Stocks in Spotlight:

Tata Motors rose 0.26%. The Tata Motors Group global wholesales in Q4 FY21, including Jaguar Land Rover (JLR), stood at 3,30,125 units, higher by 43%, compared with Q4 FY20. Global wholesales of Tata Motors' commercial vehicles and Tata Daewoo range in Q4 FY21 were at 1,09,428, higher by 55% over Q4 FY20. Global wholesales of all passenger vehicles in Q4 FY21 stood at 2,20,697 as against Q4 FY20, registering a growth of 39% year-on-year (Y-o-Y).

L&T rose 0.08%. The heavy engineering arm of Larsen & Toubro (L&T) won significant contracts for its various business segments in Q4 of FY21. According to L&T's classification, the value of the said orders lie between Rs 1,000 crore to Rs 2,500 crore.

NMDC added 2.32%. The PSU miner hiked prices of iron ore with effect from Wednesday, 14 April 2021. The prices of lump ore rose 18.80% to Rs 6,950 per ton and the prices of iron ore fines jumped 10.96% to Rs 5,060 per ton. The prices are effective as on 14 April 2021.

UPL rose 0.47%. The Queensland Supreme Court has ruled in favour of Advanta Seeds, a subsidiary of UPL. The company, in a regulatory filing, said that: We are pleased that the Supreme Court of Queensland in Australia has dismissed a class action litigation against Advanta Seeds Pty Ltd, Company's subsidiary in Australia. This class action, funded by a UK based litigation funder, alleged that seeds sold by Advanta in 2010/2011 to certain growers in Queensland and News South Wales region of Australia, were contaminated.

Larsen & Toubro Infotech (L&T Infotech) dropped 1.62%. The board approved the appointment of Anil Rander as the chief financial officer and key managerial personnel of the company.

Key equity indices ended with strong gains on Tuesday, recovering from yesterday's steep selloff. The Nifty managed to close near the day's high above the 14,500 mark. Barring IT and pharma, all the sectoral indices on the NSE ended in the green.

The barometer index, the S&P BSE Sensex, rose 660.68 points or 1.38% at 48,544.06. The Nifty 50 index gained 194 points or 1.36% at 14,504.80. Both these indices tumbled over 3.7% in the past two sessions.

ICICI Bank (up 4.10%), Axis Bank (up 4.08%), HDFC (up 3.78%) and HDFC Bank (up 2.47%) boosted the indices.

In the broader market, the BSE Mid-Cap index rose 1.46% and the BSE Small-Cap index added 1.21%.

Buyers outpaced sellers. On the BSE, 1936 shares rose and 928 shares fell. A total of 182 shares were unchanged.

The domestic equity market will remain shut on Wednesday (14 April 2021) on account of Dr. Baba Saheb Ambedkar Jayanti.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 13,66,76,442 with 29,46,124 deaths.

A total of 1,61,736 new Covid-19 cases have been reported on Tuesday, pushing India's tally of cases to 1,36,89,453, according to data updated by the Health Ministry. With 879 fatalities in the last 24 hours, the death toll increased to 1,71,058. The number of active cases continued to increase for the 34th day in a row to touch 12,64,698 and account for 9.24% of the total infections.

Economy:

India's indirect tax collection rose in the fiscal ended March 2021. The provisional figures for indirect tax collections (GST & non-GST) for the financial year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore compared with 9.54 lakh crore for the financial year 2019-20, thereby registering a growth of 12.3%.

Net tax collections on account of GST of centre (CGST+IGST+ Compensation Cess) during financial year 2020-21 is Rs 5.48 lakh crore, lower than Rs 5.99 lakh crore in the previous financial year.

The GST collections were severely affected in the first half of the financial year on account of Covid. However, in the second half, the GST collections registered a good growth and collections exceeded Rs 1 lakh crore in each of the last six months. March saw an all-time high of GST collection at Rs 1.24 lakh crore after very good figures in the month of January and February. Several measures taken by the Central Government helped in improving compliance in GST.

Net tax collections on account of Central Excise and Service Tax (Arrears) during financial year 2020-21 stood at Rs 3.91 lakh crore as compared to Rs 2.45 lakh crore in the previous financial year, thereby registering a growth of more than 59%.

Meanwhile, the Index of Industrial Production (IIP) showed industrial output in India once again shrink in February, going down by 3.6%. IIP had contracted by an updated 0.9% in January after rising by 1.6% in December.

The all-India general CPI inflation rose to 5.52% in March 2021 (new base 2012=100), compared with 5.03% in February 2021. The corresponding provisional inflation rate for rural area was 4.61% and urban area 6.52% in March 2021 as against 4.19% and 5.96% in February 2021.

Monsoon Update:

Private forecaster Skymet Weather has predicted Monsoon rains at 103% of the Long Period Average rains for India, ranging between normal and above normal, with a model error of 5%. This is the third year in succession that India may see above normal rains during the season. The last time it happened was in 1996, 1997, and 1998, Skymet said.

Numbers to Watch:

MCX Gold futures for 4 June 2021 settlement rose 0.17% to Rs 46,498.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.12% to 92.25.

In the commodities market, Brent crude for June 2021 settlement rose 62 cents at $63.90 a barrel. The contract rose 33 cents, or 0.52% to settle at $63.28 a barrel in the previous trading session.

Foreign Markets:

Most European shares traded higher while Asian stocks ended on a mixed note on Tuesday, following a muted finish overnight on the Wall Street.

China's exports in dollar terms rose by 30.6% in March from one year earlier while imports jumped 38.1% compared to the same time last year.

US stocks settled near their record levels on Monday as dull trading resumed before the release of widely-watched inflation data and the start of first-quarter corporate earnings.

Fed Chairman Jerome Powell on Sunday reiterated that the Fed wants to see inflation rise above its 2% for an extended period before officials move to raise interest rates. He added that amid an accelerated COVID-19 vaccine rollout and strong fiscal support, the U.S. economy appears to be at a turning point.

Buzzing Indian Segment:

The Nifty Auto index rose 4.28% to 9,818.30. The index fell 5.46% in the past two sessions.

M&M (up 7.78%), Maruti Suzuki India (up 4.67%), Hero Motocorp (up 2.94%), Eicher Motors (up 2.88%), Ashok Leyland (up 2.54%), TVS Motor (up 1.86%) and Bajaj Auto (up 1.81%) advanced.

Tata Motors rose 5.39% after the company announced that Jaguar Land Rover achieved retail sales of 123,483 vehicles in Q4 March 2021, 12.4% higher than the same quarter last year. While sales of Jaguar declined by 17.1% to 23,463 units, Land Rover sales jumped 22.6% to 100,020 units in Q4 March 2021 over Q4 March 2020. China sales were up 127% compared to a year ago when that market was heavily impacted by COVID-19. Sales in North America were also up year-on-year (up 10.4%), while other regions remain lower than pre-COVID levels, including Overseas markets (down 10%), the UK (down 6.8%) and Europe (down 4.9%).

Stocks in Spotlight:

TCS tanked 4.21%. The IT major reported a 6.3% growth in consolidated net profit to Rs 9,246 crore in Q4 March 2021 over Q3 December 2020. Consolidated revenue grew by 4% to Rs 43,705 crore in Q4 March 2021 over Q3 December 2020. On a year-on-year (YoY) basis, TCS' net profit rose 14.87% and revenues rose 9.41% in Q4 March 2021. In constant currency terms, the company's revenues grew 4.2% on a quarter-on-quarter (QoQ) basis and 5.9% on a YoY basis during the March quarter. The IT major's operating margin expanded 0.2% QoQ and 1.7% YoY to 26.8% in Q4 March 2021. TCS' order book at $9.2 billion in Q4 March 2021, was the highest ever total contract value (TCV) in a quarter, taking the total yearly order book at $31.6 billion, a 17.1% growth compared to previous financial year.

All verticals showed good sequential growth, but a couple continue to lag prior year level - BFSI (+7% QoQ, +13.3% YoY), Retail and CPG (+4% QoQ, -0.9% YoY), Life Sciences and Healthcare (+3.8% QoQ, +19.3% YoY), Manufacturing (+3.9% QoQ, +1.3% YoY), Technology & Services (+2.8% QoQ, +3.9% YoY) and Communications & Media (+1.8% QoQ, -4% YoY). The company's board has proposed a final dividend of Rs 15 per share.

Adani Ports and Special Economic Zone (APSEZ) fell 1.80% after the S&P Dow Jones Indices announced the removal of the stock from the Dow Jones Sustainability Indices. APSEZ will be removed from the Dow Jones Sustainability Indices following a media & stakeholder analysis triggered by recent news events pointing to heightened risks to the company regarding their commercial relationship with Myanmar's military, who are alleged to have committed serious human rights abuses under international law, S&P Dow Jones Indices said.

Dr. Reddy's Laboratories slipped 4.18%. The drug major received the permission from the Drug Controller General of India to import the Sputnik V vaccine into India for restricted use in emergency situations as per the provisions of the New Drug and Clincial Trials rules, 2019. In September 2020, Dr Reddy's Laboratories had partnered with the Russian Direct Investment Fund (RDIF) to conduct the clinical trials of Sputnik V and distribute the vaccine in India. In addition to the trials conducted in Russia by RDIF. Phase II / III clinical trials of the vaccine were carried out by Dr Reddy's Laboratories in India.

Bandhan Bank gained 1.34% after the bank's total deposits jumped 37% to Rs 77,972 crore at the end of 31 March 2021 as against Rs 57,082 crore on 31 March 2020. The bank's loans & advances at the end of the March 2021 stood at Rs 87,054 crore, up by 21% from Rs 71,846 crore in the same period last year. The loan book of the private lender has increased by 8% sequentially compared with Rs 80,255 crore at the end of the 31 December 2020. Retail to Total Deposits ratio was at 79% as on 31 March 2021 as against 81% as on 31 December 2020 and 78% as on 31 March 2020.

Yes Bank rose 1.73%. Market regulator Sebi vide its order dated 12 April 2021 has imposed a penalty of Rs 25 crore against Yes Bank under Section 15 HA of SEBI Act, 1992 for the alleged mis-selling of AT-1 Bonds in the secondary market. The bank shall be preferring an appeal before the Securities Appellate Tribunal, it said.

Satin Creditcare Network fell 3.31%. The company said its asset under management (AUM) stood at Rs 7,274 crore as on 31 March 2021, recording a growth of 5.3% Q-o-Q (quarter-on-quarter). For FY21, Satin Creditcare Network maintained sufficient liquidity of Rs 1,469 crore. During FY21, the company raised Rs 4,312 crore including direct assignment transactions of Rs 743 crore.

Muthoot Finance gained 0.91% after the NBFC's board approved payment of an interim dividend of Rs 20 per equity share. The company has fixed 23 April 2021 as the record date for the purpose of payment of interim dividend.

NBCC (India) advanced 4.36% after the company said it has been engaged as project management consultant for the construction of FCIL office building at Noida (Uttar Pradesh) on 9 April 2021. NBCC (India) is the project management consultant (PMC) for a project worth Rs 65.10 crore charging a PMC fee of 7%.

Domestic equity indices ended with sharp losses on Monday, as surging COVID-19 cases in the country triggered fears of fresh lockdowns. The Nifty managed to close above the 14,300 mark after hitting the day's low of 14,248.70 in late trade. All the sectoral indices on NSE ended in the red. Pharma stocks bucked weak market trend while banks and metal shares tumbled.

The barometer index, the S&P BSE Sensex, slumped 1,707.94 points or 3.44% at 47,883.38. The Nifty 50 index tanked 524.05 points or 3.53% at 14,310.80.

Bajaj Finance (down 7.39%), ICICI Bank (down 4.95%), HDFC (down 3.72%), HDFC Bank (down 3.87%) and Reliance Industries (down 3.60%) were major drags.

In the broader market, the BSE Mid-Cap index slumped 5.32% and the BSE Small-Cap index tumbled 4.81%. Both these indices underperformed the Sensex.

Sellers outnumbered buyers. On the BSE, 509 shares rose and 2,478 shares fell. A total of 174 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, soared 16.22% to 23.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 13,60,56,956 with 29,36,768 deaths.

India reported 12,01,009 active cases of COVID-19 infection and 1,70,179 deaths while 1,21,56,529 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India on Monday reported 1,68,912 new COVID-19 cases and 904 deaths in last 24 hours, according to data from the Union Health Ministry.

The media reported that a total lockdown may be impending in Maharashtra. With rising COVID cases, a total lockdown is mulled by state government officials. State health minister Rajesh Tope said that a decision could happen after it is discussed during Wednesday's cabinet meeting.

Economy:

India's foreign exchange reserves declined $2.415 billion to stand at $576.869 billion in the week ended 2 April 2021, RBI data showed on Friday. The reserves had touched a record high of $590.185 billion in the week ended 29 January 2021.

The gold reserves dropped by $884 million to $34.023 billion in the reporting week, as per the central bank data. The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $4 million to $1.486 billion.

Meanwhile, commercial banks in India gave almost one fourth of loans (about Rs 1.55 trillion) in the last fortnight of the financial year. The total lending was Rs 5.80 trillion in FY21 lower than about Rs 6 trillion in FY20. The outstanding credit stood at Rs 109.51 trillion as of 26 March 2021, according to Reserve Bank of India data. On a year-on-year (Y-o-Y) basis, the lending by commercial banks rose by 5.6% in the financial year (FY21), a period marked by economic contraction due to COVID-19 pandemic as against 6.1% in FY20.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.008% as compared with 6.017% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 75.0550, compared with its close of 74.73 during the previous trading session.

MCX Gold futures for 4 June 2021 settlement rose 0.30% to Rs 46,733.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.07% to 92.10.

In the commodities market, Brent crude for June 2021 settlement rose 71 cents at $63.66 a barrel. The contract fell 25 cents, or 0.40% to settle at $62.95 a barrel in the previous trading session.

Foreign Markets:

Shares in Europe and Asia saw a mixed trend on Monday as global stocks continue to search for direction after record highs in several regions last week.

The U.K. government is relaxing lockdown measures in England on Monday, with outdoor dining and hospitality venues, hairdressers, gyms, shops and outdoor attractions allowed to reopen.

In the US, the Dow Jones Industrial Average and S&P 500 index closed at record highs Friday as investors remain cautiously optimistic about economic growth and progress against the pandemic. Stocks linked to the recovering economy led the gains again amid the accelerating vaccine rollout.

On the data front, the U.S. producer-price index rose 1% in March, the U.S. Labor Department said Friday. The rate of wholesale inflation over the past 12 months climbed to 4.2% in March. That's the highest level since September 2011.

Buzzing Indian Segment:

The Nifty PSU Bank index slumped 9.26% to 1,988.30. The index rose 2.09% in the previous session.

Indian Bank (down 11.14%), Canara Bank (down 10.52%), PNB (down 10.17%), Bank of India (down 10.07%), Punjab & Sind Bank (down 9.87%), Bank of Baroda (down 9.59%), Indian Overseas Bank (down 9.5%), Union Bank of India (down 9.23%), Jammu and Kashmir Bank (down 8.16%), UCO Bank (down 6.69%), Central Bank of India (down 6.34%), SBI (down 6.32%) and Bank of Maharashtra (down 6.26%) slumped.

Stocks in Spotlight:

IT bellwether TCS fell 2.43% to end at Rs 3241.45 ahead of its Q4 earnings today, 12 April 2021.

Infosys fell 1.04%. The IT major said its board will consider a share buyback proposal on Wednesday, 14 April 2021. On the same day, the company will announce its audited consolidated financial results for the quarter and year ending 31 March 2021. The board will also recommend a final dividend for the financial year ending 31 March 2021.

Dr Reddy's Laboratories shares jumped 4.83% after the media reported that India approved the use of Russia's Sputnik V COVID-19 vaccine. Sputnik V is being marketed in India by Dr. Reddy's Laboratories .

Dr Lal Path Labs soared 6.36% to Rs 3338.70, rising for the third straight session. The stock has risen 11.77% in three sessions from its recent closing low of Rs 2,987.25 on 7 April 2021. The stock hit a record high of Rs 3,398.95 in the intraday today.

Biocon fell 3.85%. Biocon Pharma, a wholly-owned subsidiary of Biocon, received a certificate of Good Manufacturing Practice (GMP) compliance from the Medicines & Healthcare products Regulatory Agency (MHRA), the United Kingdom (UK), for its manufacturing facility at Biocon Park in Bengaluru (Karnataka). The certificate, which includes manufacturing and packaging of tablets and capsules in the non-potent and potent blocks of the facility, was issued based on a remote inspection in the week of 22 March 2021, in the wake of travel restrictions amidst COVID-19.

Ratnamani Metals & Tubes fell 2% after the company received a domestic order of Rs 594 crore for coated carbon steel pipes from oil and gas sector. The said order is to be executed between September 2021 and July 2022.

Anupam Rasayan India fell 0.23%. The company has re-paid certain identified borrowings aggregating to Rs 470.73 crore as on 31 March 2021 of its total outstanding debt from the net proceeds of its recently completed initial public offering. The repayment of debt will result in significant savings in the finance cost. The company's total debt as on 31 December 2020 stood at Rs 841.975 crore.

The domestic equity benchmarks ended with small losses after a volatile session on Friday. Pharma, IT, FMCG and PSU banks shares advanced. The barometer index, the S&P BSE Sensex, declined 154.89 points or 0.31% to 49,591.32. The Nifty 50 index lost 38.95 points or 0.26% to 14,834.85.

Bajaj Finance (down 3.12%), ICICI Bank (down 1.79%), Reliance Industries (down 1.11%) and HDFC Bank (down 0.83%) were major drags.

In the broader market, the S&P BSE Mid-Cap index slipped 0.08% while the S&P BSE Small-Cap index added 0.69%.

Buyers outnumbered sellers. On the BSE, 1,656 shares rose and 1,249 shares fell. A total of 173 shares were unchanged.

Investors locked profits after a three-day streak. The Sensex rose 1.19% and the Nifty climbed 1.61% in the past three sessions. Rising Covid-19 cases in India also worried investors.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 13,39,71,287 with 29,02,493 deaths. India reported 9,79,608 active cases of COVID-19 infection and 1,67,642 deaths while 1,19,13,292 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Ten states including Maharashtra, Chhattisgarh, Karnataka, Uttar Pradesh, Delhi, Madhya Pradesh, Tamil Nadu, Gujarat, Kerala and Punjab have shown a steep rise in the daily COVID-19 cases, accounting for 84.21% of the 1,26,789 new infections, the health ministry said on Thursday. The national weekly COVID-19 positivity rate has increased by 6.21% from 2.19% to 8.40% in the first seven days of March and April, the ministry said.

Numbers To Track:

In the foreign exchange market, the partially convertible rupee fell to 74.73 compared with its previous closing of 74.5875.

The yield on 10-year benchmark federal paper fell to 6.024% as compared to its previous close of 6.031%.

MCX Gold futures for 4 June 2021 settlement shed 0.45% to Rs 46,629.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.24% to 92.28.

In the commodities market, Brent crude for June 2021 settlement added 1 cent to $63.21 a barrel. The contract gained 0.06% or 4 cents to settle at $63.20 in the previous trading session.

Global Markets:

Most European shares advanced while most Asian stocks declined on Friday. In the US, the S&P 500 rose to another record high on Thursday amid a strong rally in major technology stocks.

Federal Reverse chairman Jerome Powell signaled on Thursday that the economic rebound from the pandemic still has room to go as the recovery thus far hasn't been well-rounded. Powell also repeated that inflation is not expected to be serious even though near-term price pressures are likely.

Data showed an unexpected rise in the number of Americans filing new claims for unemployment benefits. A total of 744,000 Americans filed for unemployment benefits for the first time during the week ended April 3, the Labor Department said Thursday.

Buzzing Indian Segment:

The Nifty Pharma index rose 3.04% to 12,995.35. The index has risen 5.89% so far in April.

Cadila Healthcare (up 10%), Cipla (up 5.34%), Aurobindo Pharma (up 4.47%), Sun Pharmaceutical Industries (up 3.54%), Lupin (up 2.93%), Biocon (up 2%), Dr Reddy's Laboratories (up 1.62%), Torrent Pharmaceuticals (up 1.2%) and Divi's Laboratories (up 0.96%) advanced.

Alkem Laboratories jumped 4.66%. The company's board has approved approved the commencement of commercial production/operations at the Chakan manufacturing facility of Enzene Biosciences, subsidiary of the company, located at Pune, Maharashtra, from 9 April 2021.

Stocks in Spotlight:

IRCTC rose 0.28%. Life Insurance Corporation (LIC) acquired 1.12% in the company in Q4 March 2021. Meanwhile, Indian Railways board chairman Suneet Sharma reportedly said that there are no plans to stop or curtail train services in the country. There is no shortage of trains for those who want to travel, he reportedly said.

Zensar Technologies rose 1.91%. The IT company has entered into a global strategic partnership with US-based Claimatic. The partnership combines industry-leading, decisioning software of Claimatic with Zensar's strategic consulting, enterprise delivery, and implementation services. Zensar said that the new, innovative partnership will leverage the respective strengths of Claimatic and Zensar to create compelling value for both companies and their mutual clients.

Thyrocare Technologies added 3.10%. The company said that Arindam Haldar, who had joined the company as a chief executive officer (CEO) in September 2020, expressed his intention of resigning from his current post for personal reasons.

Larsen & Toubro (L&T) fell 1.06%. The renewables arm of Larsen & Toubro's power transmission & distribution business has secured a turnkey EPC contract, from the consortium of ACWA Power and the Water and Electricity Holding Company (a subsidiary of the Public Investments Fund of Saudi Arabia), for Sudair Solar PV Project of 1.5 GW capacity. According to L&T's classification, the value of the said orders lies between Rs 5,000 crore to Rs 7,000 crore.

Primary Market:

The initial public offer (IPO) of Macrotech Developers received bids for 4.94 crore shares as against 3.64 crore shares on offer, according to the stock exchange data at 17:00 IST on Friday (9 April 2021). The issue was subscribed 1.36 times.

The issue opened for bidding on Wednesday, 7 April 2021, and it will close on Friday, 9 April 2021. The price band for the IPO is set at Rs 483-486 per share.

The domestic equity benchmarks ended with minor gains on Thursday, rising for the third straight session. Metal stocks surged while banks and financials corrected. The Nifty closed below the 14,900 mark.

The barometer index, the S&P BSE Sensex, gained 84.45 points or 0.17% to 49,746.21. The Nifty 50 index rallied 54.75 points or 0.37% to 14,873.80.

The Sensex rose 1.19% and the Nifty climbed 1.61% in three consecutive sessions.

The broader market outperformed the benchmarks on Thursday. The BSE Mid-Cap index rose 0.60% and the BSE Small-Cap index added 0.73%.

The market breadth was strong. On the BSE, 1,857 shares rose and 1,061 shares fell. A total of 167 shares were unchanged.

Investors risk appetite improved after the minutes of last month's meeting of the U.S. Federal Reserve suggested that Fed officials were united on the need to see more progress on economic recovery before scaling back their bond-buying program.

Domestic sentiment also received a boost after the Reserve Bank of India (RBI) on Wednesday kept its monetary policy accommodative to support economic growth.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 13,31,31,285 with 28,87,888 deaths. India reported 9,10,319 active cases of COVID-19 infection and 1,66,862 deaths while 1,18,51,393 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India detected 1,26,789 new cases of the novel coronavirus in the last 24 hours, the highest so far. Of the total, Maharashtra recorded a new high of 59,907 cases, while Chhattisgarh's count went past the 10,000-mark for the first time. Karnataka and Uttar Pradesh, too, reported more than 6,000 cases. The country also recorded 685 related deaths.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.034% as compared with 6.082% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.5875, compared with its close of 74.4775 during the previous trading session.

MCX Gold futures for 4 June 2021 settlement rose 0.48% to Rs 46,585.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.08% to 92.38.

In the commodities market, Brent crude for June 2021 settlement fell 35 cents at $62.81 a barrel. The contract rose 42 cents, or 0.67% to settle at $63.16 a barrel in the previous trading session.

Foreign Markets:

Shares in Europe and Asia advanced on Thursday. Meanwhile, shares in Japan declined amid concerns that Tokyo is reportedly planning stricter steps to curb rising virus infections.

In the US, the S&P 500 gained to hit a record high on Wednesday. The U.S. Federal Reserve released minutes from its March 16-17 meeting during which it kept its accommodative policy in place. The meeting summary indicated that while officials saw the economy was gaining considerably, they see much more progress needed before ultra-easy policy changes.

President Joe Biden recently unveiled details of his $2 trillion infrastructure plan that includes a corporate tax rate hike to 28%. He said Wednesday that he is willing to negotiate on the proposed tax increase.

Buzzing Segment:

The Nifty Metal index jumped 3.92% to 4,494.95, extending gains for ninth day. The index has added 20.91% in nine sessions.

Vedanta, Ratnamani Metals & Tubes, MOIL, APL Apollo Tubes, NALCO, Hindustan Zinc, NMDC, Welspun Corp, Hindalco, Tata Steel, SAIL and JSPL were up 0.19% to 7.37%.

JSW Steel rallied 9.25%. The steel major's crude steel production jumped 6% to 4.19 million tonnes (MT) in Q4 FY21 from 3.97 million tonnes (MT) in Q4 FY20. The company's average capacity utilisation improved to 93% for Q4 FY21 from 91% of Q3 FY21. However, the capacity utilisation during the month of March 2021 stood at 96%.

Stocks in Spotlight:

Kalyan Jewellers India jumped 4.58%. The jewellery maker witnessed a robust increase in consumer demand in Q4 FY 2021, resulting in a revenue growth of approximately 60% for India operations, as compared to the same quarter in the prior year. The company believes a significant driver of recent revenue growth momentum in India has been a meaningful shift in consumer demand from the unorganized to the organized segment, which has been evident in the increase in footfalls seen across the company's store network.

Cadila Healthcare added 2.05%. The pharma company announced that it has received final approval from the USFDA to market macitentan tablets, 10 mg. The drug is used to manage the symptoms of pulmonary arterial hypertension.

Ashok Leyland jumped 5.18%. The commercial vehicles maker's subsidiary Switch Mobility, the U.K. based EV producer of buses and vans, announced its global expansion plans into India and its plan to create two subsidiary companies. The first, Switch Mobility Automotive, is being formed to carry on the EV strategy in India, which forms part of its global entity. The second is OHM Global Mobility, which will focus on providing mobility as a Service offering.

Minda Corporation rose 1.24%. the company announced its partnership with Israel-based Ride Vision, a leading ADAS (rider assistance systems) solutions company, to bring its range of artificial intelligence-enabled collision avoidance technology products for the Indian two-wheeler market.

Hester Biosciences jumped 10.12%. The company announced signing of agreement with ICAR-IVRI (Indian Council of Agri Research - Indian Veterinary Research Institute) for acquiring technologies for the production and commercialisation of classical swine fever vaccine & sheep pox vaccine.

Muthoot Finance rose 2.78%. The NBFC announced its 25th series of public issue of secured redeemable non-convertible debentures (NCDs) of face value of Rs 1,000 each. The issue is with a base issue size of Rs 100 crore with an option to retain oversubscription up to Rs 1600 crore aggregating up to tranche limit of Rs 1700 crore. The funds raised through this issue will be utilized primarily for lending activities of the company. The issue opens on 08th April, 2021 and closes on 29th April, 2021 with an option to close on such earlier date or extended date as may be decided by the board of directors or NCD committee, the non-banking finance company said in a statement.

Primary Market:

The initial public offer (IPO) of Macrotech Developers received bids for 1.26 crore shares as against 3.64 crore shares on offer, according to the stock exchange data at 16:50 IST on Thursday (8 April 2021). The issue was subscribed 0.35 times.

The issue opened for bidding on Wednesday, 7 April 2021, and it will close on Friday, 9 April 2021. The price band for the IPO is set at Rs 483-486 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

The domestic equity benchmarks ended with strong gains on Wednesday, led by banks shares. The Nifty ended above the 14,800 mark. Shares climbed after the RBI kept policy rates unchanged but committed to a massive government bond purchase programme. All the sectoral indices on the NSE ended in the green.

The barometer index, the S&P BSE Sensex, advanced 460.37 points or 0.94% to 49,661.76. The Nifty 50 index added 135.55 points or 0.92% to 14,819.05.

In the broader market, the BSE Mid-Cap index rose 0.82% and the BSE Small-Cap index gained 1.30%.

The market breadth was strong. On the BSE, 1,837 shares rose and 1,111 shares fell. A total of 184 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 13,24,47,475 with 28,73,334 deaths. India reported 8,43,473 active cases of COVID-19 infection and 1,66,177 deaths while 1,17,92,135 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India detected 115,736 new cases of the novel coronavirus on Tuesday, the highest daily increase so far. Nearly 55,000 cases were detected in Maharashtra, while Chhattisgarh scaled a new peak of 9,921 cases. Karnataka, Uttar Pradesh and Delhi reported more than 5,000 cases each.

RBI Policy Outcome:

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), announcing its first bi-monthly monetary policy of the 2021-22 fiscal today, voted to leave policy repo rate unchanged at 4%. MPC maintained accommodative stance in unanimous vote.

RBI Governor Shaktikanta Das said that the CPI inflation trajectory is likely to be subject to both upside and downside pressures. The central banker added that the projection for CPI inflation has been revised to 5% in Q4 of financial year 2020-21, 5% in Q1 FY22, 5.2% in Q2, 4.4% in Q3 and 5.1% in Q4 with risks broadly balanced.

While the RBI maintained its FY22 real GDP growth projection at 10.5%, the RBI Governor said that the recent surge in COVID-19 infections has given greater uncertainty on growth outlook.

In an endeavour to sustain congenial financing conditions, the RBI has decided to put in place a secondary market G-sec acquisition programme (G-SAP). The central bank has decided to announce a G-SAP of Rs 1 lakh crore in Q1FY22.

The RBI also extended the deadline for TLTRO on-tap liquidity scheme to 30 September 2021 from 31 March 2021. It has also decided to conduct such auctions of longer tenors, following the success of variable reverse repo rate auctions. The amount and the tenor of these auction will be announced later by the RBI.

The central bank will provide liquidity support of Rs 50,000 crore to all-India financial institutions and it has also proposed to constitute a committee to comprehensively review the functioning of asset reconstruction companies.

The RBI has decided to accept the recommendations of an advisory committee that reviewed ways and means advance limits to states and union territories. The aggregate ways and means advance limit of all states and UTs will be enhanced to Rs 47,010 crore, an increase of 46%.

Economy:

The International Monetary Fund (IMF) has upgraded its growth projection for India to 12.5% for the Financial Year 2021-22. In its latest World Economic Outlook report, the IMF has pegged India's GDP to grow 1% higher than its previous report published in January this year.

The Washington based International Financial Institution has projected a contraction of 8% in the growth in the last fiscal while it has forecasted a growth of 6.9% in the next financial year beginning in 2022. The IMF has also said that inflation will taper down to 4.9% in the current financial year.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.083% as compared with 6.122% at close in the previous trading session.

In the foreign exchange market, the rupee tumbled against the dollar. The partially convertible rupee was hovering at 74.4775, compared with its close of 73.42 during the previous trading session.

MCX Gold futures for 4 June 2021 settlement rose 0.83% to Rs 46,300.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.10% to 92.25.

In the commodities market, Brent crude for June 2021 settlement rose 59 cents at $63.33 a barrel. The contract rose 59 cents, or 0.95% to settle at $62.74 a barrel in the previous trading session.

Foreign Markets:

Most shares in Europe and Asia advanced on Wednesday. US stocks fell from record levels on Tuesday as the recent rally driven by signs of strong economic rebound took a pause.

On Tuesday, California Governor Gavin Newsom said that the state will reopen its economy by June 15 provided that coronavirus vaccine and hospitalization cases remain stable.

The IMF on Tuesday projected an impressive 12.5% growth rate for India in 2021, stronger than that of China, the only major economy to have a positive growth rate last year during the COVID-19 pandemic. The Indian economy is expected to grow by 6.9% in 2022.

The IMF revised up its forecast for the world economy. On Tuesday, the organization said it expects growth at 6% in 2021, up from a January prediction of 5.5%, and Chief Economist Gita Gopinath said that despite lingering uncertainties around the pandemic, a way out of this health and economic crisis is increasingly visible.

Buzzing Segment:

The Nifty Bank index rose 1.51% to 32,991.20. The index fell 4.01% in the past two sessions.

Bandhan Bank, Federal Bank, SBI, Indusind Bank, ICICI Bank, RBL Bank, PNB, Axis Bank, Kotak Mahindra Bank, AU Small Finance Bank and HDFC Bank rose by 0.49% to 3.35%.

IDFC First Bank rose 4.16% after the bank successfully raised about Rs 3000 crore through qualified institutional placement (QIP) route. The capital raising committee of board of directors of the bank, at their meeting held on Tuesday (6 April 2021) approved allotment of 52.31 crore shares to eligible qualified institutional buyers at the issue price of Rs 57.35 per equity share. The QIP issue opened on 30 March 2021 and closed on 6 April 2021.

Separately, the IDFC First Bank informed that the bank's total customer deposits increased 43.15% to Rs 82,628 crore as on 31 March 2021 as against Rs 57,719 crore as on 31 March 2020. CASA deposits of the bank improved 122.74% to Rs 46,022 crore at the end of 31 March 2021 from Rs 20,661 crore on 31 March 2020. CASA ratio improved to 51.95% on 31 March 2021 from 48.31% in 31 December 2020 and 31.87% as on 31 March 2020.

Stocks in Spotlight:

Titan Company shed 0.78%. The company said it recorded very strong revenues in Q4 March 2021. The company recorded a revenue growth of 60% for the overall Q4 due to low base of March 2020, with revenue growth of over 36% in the comparable January & February months. Q4 reported revenue growth was further aided by a large B2B gold coin order that contributed about 8% of the growth.

Cholamandalam Investment and Finance Company jumped 7.14%. The company announced that it is one of the companies participating in a consortium of Vishwakarma Payments, that has applied for a new umbrella entity license for retail payments with RBI.

Dixon Technologies (India) rose 4.20%. The company and Bharti Enterprises have signed MoU to form a joint venture (JV) company to apply for Government of India's production linked incentive (PLI) scheme for manufacturing telecom & networking products.

Tata Steel gained 1.38% after the steel major reported its highest ever annual deliveries despite COVID-19 driven disruption. Tata Steel India achieved highest ever quarterly crude steel production of 4.75 million tons with a 3% quarter on quarter growth for Q4 FY21 over Q3 FY21. The crude steel production rose 0.42% year on year from 4.73 million tonnes posted in Q4 FY20. During the quarter, steel production at Tata Steel Europe increased to 2.65 million tons. Steel sales volume rose by 18% quarter on quarter and 4% year on year.

Equitas Small Finance Bank fell 2.64%. The bank's total deposits jumped 52% year-on-year (YoY) to Rs 16,391 crore while its gross advances grew by 16% YoY to Rs 17,896 crore in the quarter ended on 31 March 2021 compared with the same period last year.

RailTel Corporation of India added 0.77%. The company bagged an order worth to Rs 22.38 crore from Controller General of Defence Accounts for setting up network operation centre. It also received order amounting to Rs 11.99 crore from Axom Sabra Siksha Abhiyan Mission for deployment of artificial intelligence-based identification system for capturing attendance and management of SDMIS.

GRM Overseas hit an upper circuit of 5% at Rs 1950.90 after the company said its subsidiary, GRM Foodkraft, has entered into an agreement with Walmart to place its products in Walmart stores.

New Listing:

Shares of Barbeque-Nation Hospitality settled at Rs 590.40 on the BSE, a premium of 18.08% over the initial public offer (IPO) price of Rs 500.

The stock was listed at Rs 492, a discount of 1.6% to the IPO price. The stock hit a high of Rs 590.40 and low of Rs 481.35. On the BSE, 8.98 lakh shares were traded on the counter.

The initial public offer (IPO) of Barbeque Nation Hospitality was subscribed 5.98 times. The issue opened for bidding on 24 March 2021, and closed on 26 March 2021. The price band for the IPO was set at Rs 498-500 per share.