Short Covering
Indian markets bounced back in line with the reversal seen in the US markets yesterday.
The volatility could continue in this holiday-shortened week with the derivative expiry on Thursday and the Union Budget next week.
Among the Nifty sectoral indices, PSU Bank (+4.2%) and Auto (+2.3%) were the top gainers while IT (-0.3%) was the only loser.
Gainer Loser
STOCK TODAY'S CHANGE STOCK TODAY'S CHANGE
Maruti Suzuki ▲ 7.4% Wipro ▼ 1.6%
Axis Bank ▲ 6.5% Bajaj FinServ ▼ 1.4%
SBIN ▲ 3.8% Titan ▼ 1.1%
Maruti
MARUTI (NSE): ₹8,650.1 ▲597.8 (+7.4%)
Shares of India’s largest car maker topped the Nifty50 pack as it showed a marked improvement in its performance, sequentially. While its sales rose 15% quarter-on-quarter, its operating EBIT margins sharply improved from 0.5% to 4.1%.
The improvement in margins was led by the increase in selling price, higher capacity utilisation and lower sales promotion expenses. Its profit more than doubled sequentially to ₹1,011 crore. The company has a strong pipeline of pending orders of 2.4 lakh vehicles, which is about two months of sales volumes.
Shriram Transport
SRTRANSFIN (NSE): ₹1,174.9 ▲20.3 (+1.7%)
The commercial vehicle financing company posted a net profit of ₹681 crore, down 6% year-on-year. Meanwhile, its net interest income grew 11% year-on-year to ₹2,388 crore.
The dip in the net profit was mainly on account of a 45% increase in loan losses and provisions. The company has changed its NPA classification process. According to the company, as per the previous method its profit before tax would be higher by ₹355 crore.
Burger King
BURGERKING (NSE): ₹133.4 ▲0.4 (+0.3%)
The fast-food chain posted revenue of ₹280 crore, up 72% year-on-year in the December quarter. The strong rise in sales helped it to narrow losses to ₹15 crore from ₹29 crore in the same quarter last year.
Compared to last year, it saw the highest sales recovery in Western India whereas average daily sales in North India were still below FY20 levels. Meanwhile, the company added 20 restaurants in the December quarter, taking its total restaurant count to 294.
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