RBI Monetary Policy Highlights, Top Q3FY21 Results, and Buzzing Stocks Today

Mon, 8 Feb Pre-Open

   Momentum Moves   

   SGX Nifty   

   09:30 am   

   12:30 pm   

   Closing   

Indian share markets witnessed volatile trading activity throughout the day on Friday and ended marginally higher.

Stellar December quarter results by State Bank of India (SBI) and a status-quo stance in policy rates by the Reserve Bank of India (RBI) improved investor sentiment even as mild profit-booking amid heightened volatility trimmed gains at higher levels.

At the closing bell on Friday, the BSE Sensex stood higher by 117 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 29 points (up 0.2%).

In the intraday trade on Friday, the BSE Sensex hit 51,000, gaining over 400 points, while the NSE Nifty crossed the crucial 15,000-mark.

SBI, Kotak Mahindra Bank and Dr Reddy's Lab were among the top gainers.

Bharti Airtel and Axis Bank were among the top losers.

The BSE Mid Cap index ended down by 0.9%. The BSE Small Cap index ended down by 0.3%.

Sectoral indices ended on a mixed note. Gains were largely seen in the banking sector, healthcare sector and realty sector.

Telecom stocks and oil & gas stocks, on the other hand, witnessed selling pressure.

Gold prices for the latest contract on MCX were trading up by 1% at Rs 47,157 per 10 grams at the time of closing stock market hours on Friday.

Speaking of stock markets, in his latest video for Fast Profits Daily, Vijay Bhambwani lists the sectors he is most bullish on after the budget.

Tune in to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Hero MotoCorp.

Hero MotoCorp said it has set up a separate vertical to drive its new business of Harley-Davidson products and merchandise distribution in the country.

The country's largest two-wheeler maker also said it has appointed Ravi Avalur as the business unit head of the new vertical. He will report to Hero MotoCorp Chairman and CEO Pawan Munjal.

The company has commenced wholesale dispatches of Harley-Davidson products to dealers from January 18, 2021. The company further said that it has on-boarded 11 existing Harley-Davidson dealers in key geographies across the country.

ITC share price will also be in focus today as shares of the company extended their rally to the fifth straight day on Friday, gaining as much as 4% to hit a fresh 52-week high of Rs 239 on the BSE in intra-day trade.

In the past five trading sessions, shares of ITC have surged 18% as there was no material announcement in the Budget that would significantly impact any of the consumer stocks.

ITC on Friday also informed stock exchanges that the board of directors of the company will consider a declaration of interim dividend for the financial year 2020-21 in the forthcoming meeting.

The company is scheduled to announce its October-December quarter (Q3FY21) results on Thursday, February 11, 2021.

RBI Monetary Policy Highlights: Repo Rate Unchanged at 4%; GDP to Rise 10.5% in FY22

The Reserve Bank of India (RBI) kept its policy repo rate unchanged at 4% and reverse repo rate at 3.35%, and promised an accommodative stance as long as necessary to revive growth and come out of the Covid-19 induced stress.

The central bank said it will restore the cash-reserve ratio (CRR) to its normal levels in two phases, 3.5% (from 3% now) effective March 27, and then at 4% from May. This would mean banks will again have to set aside money with the central bank.

Rate sensitive stocks in the realty sector, banking sector and automobile sector ended higher on Friday as the six-member monetary policy committee (MPC) of the RBI maintained status quo stance on the policy rates in its last bi-monthly meeting of the current financial year.

This is the fourth time in a row that the MPC has decided to keep the policy rate unchanged. The RBI had last revised its policy rate on May 22, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.

The RBI governor said the gross domestic product (GDP) will rise 10.5% in 2021-22. He said that inflation should be at 5.2% for the current quarter, and 5.2-5% for the first half of the next fiscal and that this would be within the limit of RBI's policy mandate of keeping the consumer price index (CPI) inflation within 2-6%.

This was the first meeting of the panel after the Budget 2021-22 earlier last week projected a nominal GDP growth rate of 14.5% and fiscal deficit of 6.8% for the financial year beginning April 1, 2021.

In a major reform that will have a huge ramification in the coming days for India's bond market, retail investors can now open gilt accounts with the RBI and trade in government bonds. The retail investors can take positions both in primary and secondary markets, RBI governor Shaktikanta Das said in his speech.

Reports state that this is a game changer as far as retail participation in the bond market is concerned. Major efforts in the past failed to persuade retail investors to take positions in the government debt papers. They could do it via banks, and mutual funds, or through various indices.

However, if the gilt accounts are opened with the RBI and positions are taken directly in the market, retail investors will flock to the route, something that bond market experts have been suggesting for a long time.

We will keep you updated on the latest developments from this space. Stay tuned.

Hero MotoCorp Q3FY21 Results: 23.2% YoY Jump in Net Profits

Hero MotoCorp reported 23.2% jump in its December quarter net profit at Rs 10.8 billion on the back of strong revenue growth. The company had reported a profit of Rs 8.8 billion in the same quarter last fiscal.

Revenue of the company increased by 39.7% at Rs 97.8 billion against Rs 70 billion.

EBITDA was up 36.1% at Rs 14.1 billion against Rs 10.4 billion, while margin was at 14.5% versus 14.8%.

The board of directors declared an interim dividend at 3,250% i.e. Rs 65 per equity share (face value of Rs 2 per equity share) for the financial year 2020-21.

Further, the board declared a special interim dividend of Rs 1 billion at 250% i.e. Rs 5 per equity share, to mark the achievement of historic milestone of achieving 100 million cumulative production of two-wheelers, taking the aggregate interim dividend declared to 3,500% i.e. Rs 70 per equity share.

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