Market closes higher, Nykaa's Q3FY22 net profit falls over 55% YoY

Trendlyne Analysis

Nifty 50 closed in the green amid low volatility as The Reserve Bank of India's Monetary Policy Committee maintained an accommodative stance while holding the repo rate at 4% and reverse repo rate at 3.35%. Nifty Metal traded in the green throughout the day and closed higher than Wednesday’s level. Nifty Metal, Nifty IT, and Nifty Media extended gains and traded in the green to outperform the benchmark index. Nifty PSU Bank index witnessed a volatile trading session and finally closed at Wednesday’s closing level. Investors will be waiting on the US inflation data to be released later tonight.

The Nifty 50 closed at 17,605.85 (142.1, 0.8%) , BSE Sensex closed at 58,926.03 (460.1, 0.8%) while the broader Nifty 500 closed at 15,112.20 (95.9, 0.6%)

Market breadth is in the red. Of the 1,850 stocks traded today, 855 were in the positive territory and 964 were negative.

Bayer Cropscience, TeamLease Services, Aavas Financiers, and Orient Electric are trading with higher volumes as compared to Tuesday.
Stride Pharma Science is falling as it reports a loss of Rs 87 crore in Q3FY22 against a profit of Rs 75.8 crore in Q3FY21 with its revenues falling 4.9% YoY to Rs 797 crore
Edelweiss maintains a ‘BUY’ rating on Balaji Amines with a target price of Rs 4,150 per share. This indicates an upside of 29%. The brokerage is positive on the company as its revenue grew by 44% YoY to Rs 565 crore and net profit grew 19% YoY to Rs 90 crore. It expects a better performance in Q4FY22 owing to better availability of raw materials and an increase in production.
Mahindra & Mahindra's Q3FY22 net profit rises 155% YoY to Rs 1,353 crore due to continued growth from auto exports and farm equipment sector. The company's total revenue rises 8% YoY to Rs 15,239 crore.
Power Grid Corp's Q3FY22 net profit slips 2.2% YoY to Rs 3,293 crore despite revenues rising marginally by 3% YoY to Rs 10,723.6 crore. The company also approves an interim dividend of Rs 5.50 per share.
Quess Corp is trading with more than eight times its weekly average trading volume. Zydus Wellness, Aurobindo Pharma and Mahindra CIE Automotive are trading at more than five times their weekly average trading volumes
Media stocks like Network 18 Media & Investments, TV18 Broadcast, Saregama India and Inox Leisure are rising. The broader sectoral index i.e. Nifty Media is also trading up today
Nykaa's Q3FY22 net profit slumps 58% YoY to Rs 29 crore despite revenues rising 36% YoY to Rs 1,098.4 crore. Beauty and personal care segment clocks over 30% YoY growth in GMV while the fashion segment sees over 2X rise in its GMV driving the overall revenue growth. However, Marketing and advertising expenses jump 155% YoY which leads to the profit fall in Q3.
ACC's Q3FY22 net profit slumps 40.6% YoY to Rs 280.8 crore despite revenues rising marginally by 2% YoY to Rs 4,279.6 crore. Lower sales volumes owing to weak cement demand and an over 25% YoY rise in power and fuel costs lead to the fall in profits.
Tata Power's Q3FY22 net profit rises 71% YoY to Rs 426 crore on a 44% rise in revenues to Rs 10,913 crore. The strong performance is on the back of expanded operations in the Odisha discoms, higher project execution by Tata Power Solar Systems, and strong performance of all other businesses.
Solara Active Pharma Sciences touches the 20% lower circuit and hits a 52-week low on weak Q3FY22 results. The company reports an operating loss of Rs 81.7 crore in Q3FY22 against a profit of Rs 88.5 crore in Q3FY21. Also, Managing Director & CEO Bharath and Chief Operating Officer Rajesh Salwan resign on Wednesday. Rajesh Salwan’s resignation is effective from March 31, 2022. The company is finalizing a transition plan for Sesha’s exit.
Aurobindo Pharma’s Q3FY22 net profit falls 22.3% YoY to Rs 604.3 crore. Revenues decline marginally by 1% to Rs 6,002 crore as its US formulations revenue falls 13.4% to Rs 2,745 crore due to high input and freight costs.
Steel Authority of India's (SAIL) Q3FY22 net profit rises 12.5% YoY to Rs 1,443 crore as revenues are up 27% to Rs 25,246 crore. SAIL’s cost of materials more than doubled to Rs 13,284 crore because of an increase in the price of both imported and local coking coal.

Riding High:

Largecap and midcap gainers today include Adani Power Ltd. (122.75, 14.08%), Jindal Steel & Power Ltd. (440.90, 5.86%) and Max Healthcare Institute Ltd. (384.35, 5.40%).

Downers:

Largecap and midcap losers today include Varun Beverages Ltd. (891.35, -3.87%), Page Industries Ltd. (40,953.50, -3.45%) and Bharat Forge Ltd. (729.90, -2.41%).

Movers and Shakers

27 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Mahindra Lifespace Developers Ltd. (320.80, 19.72%), Adani Power Ltd. (122.75, 14.08%) and Redington (India) Ltd. (173.65, 6.66%).

Top high volume losers on BSE were Quess Corp Ltd. (659.60, -9.66%), FDC Ltd. (300.15, -4.21%) and Zydus Wellness Ltd. (1,567.90, -3.37%).

Mahindra CIE Automotive Ltd. (208.05, 0.90%) was trading at 9.2 times of weekly average. Aurobindo Pharma Ltd. (684.40, 4.32%) and General Insurance Corporation of India (140.00, 1.93%) were trading with volumes 7.4 and 6.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

8 stocks made 52-week highs, while 7 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Cholamandalam Investment & Finance Company Ltd. (690.75, 1.14%), Hindalco Industries Ltd. (547.25, 0.91%) and Lakshmi Machine Works Ltd. (11,177.85, -4.40%).

Stocks making new 52 weeks lows included - Bajaj Consumer Care Ltd. (174.95, -2.24%) and Kansai Nerolac Paints Ltd. (509.05, -0.21%).

16 stocks climbed above their 200 day SMA including Infibeam Avenues Ltd. (44.30, 6.11%) and Radico Khaitan Ltd. (958.15, 5.36%). 9 stocks slipped below their 200 SMA including Bharat Forge Ltd. (729.90, -2.41%) and Ambuja Cements Ltd. (374.85, -2.08%).