The Fall
Overview
The markets extended last week’s fall and dropped sharply today.
The cues from the international indices were also negative.
The lack of positive near-term triggers and continuous selling pressure from foreign investors weighed on the markets.
Last-hour buying does create a hope for some bounce, going ahead. However, traders will adopt a cautious approach.
All the Nifty sectoral indices closed in the red with Realty (-5.9%) and Metal (-5.2%) being the top losers
Bandhan Bank’s profit soars
BANDHANBNK (NSE): ₹306.5 ▲11.0 (+3.7%)
The Kolkata-based lender posted a net profit of ₹859 crore, up 35% year-on-year. It’s net interest income grew 3% year-on-year to ₹2,125 crore. Its CASA ratio improved to 45.6% in Q3FY22 from 42.9% in Q3FY21.
Meanwhile, the bank’s gross NPAs increased to 10.8% in Q3FY22 from 1.1% in Q3FY21 driven by a sharp rise in bad loans in the emerging entrepreneur’s business segment.
Vodafone-Idea loss widens
IDEA (NSE): ₹10.9 ▼ 0.9 (-7.5%)
The debt-ridden telecom player’s loss widened to ₹7,230 crore, 60% higher on a year-on-year basis. Higher marketing expenses and finance costs impacted the performance. Its revenues stood at ₹9,717 crore, down 11% year-on-year.
While its average revenue per user (ARPU) rose 5% sequentially to ₹115, it continues to lose subscribers to the rivals. Meanwhile, the company’s net debt stood close to ₹2 lakh crore.
JSWSTEEL (NSE): ₹620.1 ▼ 46.1 (-6.9%)
The leading steel maker reported a 74% year-on-year growth in its consolidated revenue to ₹38,071 crore, driven by demand in the automotive, solar and appliance sectors. Meanwhile, high coking coal prices and power cost kept the pressure on the company’s margins. It’s net profit grew 69% year-on-year to ₹4,516 crore.
Going forward, the company expects the manufacturing activity to remain robust and revive strongly once the current wave subsides.
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