Passenger Vehicle Sales in January, Top Q3FY21 Results, and Buzzing Stocks Today

Thu, 11 Feb Pre-Open

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Indian stock markets ended on a flat note yesterday.

At the closing bell yesterday, the BSE Sensex stood lower by 19 points. Meanwhile, the NSE Nifty ended down by 2 points.

Cipla was among the top gainers.

Eicher Motors, on the other hand, was among the top losers.

The BSE Mid Cap index ended up by 0.7%. The BSE Small Cap index ended up by 0.4%.

Sectoral indices ended on a mixed note with stocks in the auto sector, realty sector and consumer durables sector witnessing buying interest.

Telecom stocks, on the other hand, witnessed selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 47,932 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Page Industries will be among the top buzzing stocks today.

Page Industries share price jumped to the highest in more than two years yesterday after the maker of Jockey underwear and Speedo swimwear reported record profit in the third quarter.

The company's net profit rose 77% year-on-year (YoY) to Rs 1.5 billion in the October-December period (Q3FY21). Its revenue increased 17% YoY to Rs 9.2 billion, while the operating profit jumped 63% YoY to Rs 2.6 billion.

The company, according to the filing, has repaid all outstanding debt during the quarter and is now debt-free.

Burger King share price will also be in focus today. In its first quarterly earnings announcement post a stellar listing on the bourses in December, Burger King India reported a net loss of Rs 290.2 million for the quarter ended December as against a net loss of Rs 217.2 million in the year-ago quarter.

The company's revenues in the quarter declined 28.4% YoY to Rs 1,631.9 million. However, on a sequential basis, the company's topline showed growth of 69%.

Passenger Vehicle Sales Fall 4.5% in January

Retail sales of passenger vehicles fell 4.5% to 281,666 units in January from the year ago period after growing for two months in a row, showed data released by the Federation of Automobile Dealers Associations (FADA) on Tuesday.

The decline in sales was primarily because of a high base in January 2020, when automakers increased discounts to liquidate stocks of BS-IV vehicles before transitioning to the new emission regime. Price hikes by automakers were another factor.

However, showroom sales increased on a month-on-month basis from 271,249 units in December, when automakers and dealers offered more discounts to reduce inventory before the end of the calendar year.

The data also indicates better-than-expected recovery in retail sales on a sequential basis because of increased demand in rural and semi-urban markets, recovery in metro cities, and a shift in customer preference towards personal transport amid the Covid-19 pandemic.

Wholesales of Maruti Suzuki, India's largest carmaker, decreased by 0.2% while that of Hyundai Motor India jumped by 23.8% to 52,005 units. Tata Motors reported a 94% jump in dispatches to 26,978 units.

Reports state that the anomaly could be attributed to carmakers increasing wholesales to build inventory at dealerships after seeing a sharp recovery in retail sales during the October to December period, which left dealer stocks depleted.

Showroom sales of motorcycles and scooters fell 8.8% to just over 1.1 million units, because of a softening of demand for entry-level motorcycles in rural areas and resumption of public transport everywhere. Retail sales also declined.

Two-wheeler manufacturers resorted to significant reduction in production as demand contracted after the festive season. The Covid-19 pandemic and revised freight loading norms meant retails of commercial vehicles also declined 25% to just 55,835 units January compared to last year.

Q3FY21 Results: Berger Paints and Tata Steel See Jump in Net Profits

Berger Paints reported a 51.2% jump in consolidated net profit to Rs 2.7 billion for the quarter ended December 2020. It had posted a net profit of Rs 1.8 billion in the October-December quarter a year ago.

Revenue from operations of the company stood at Rs 21.1 billion, up 25%, during the quarter under review as against Rs 16.9 billion in the corresponding period of the last fiscal.

Tata Steel's profit for the quarter ended December rose, aided by higher prices, a better product mix and initiatives to improve operating efficiency.

The steelmaker reported a net profit of Rs 39.8 billion in the quarter ended December against a loss of Rs 11.6 billion in the corresponding quarter a year ago, according to its exchange filing.

Revenue of the company rose to a seven-quarter high of Rs 395 billion even as domestic sales fell 4% over the preceding year as prices of hot-rolled coil steel rose. The company's top line grew 11.5% year-on-year (YoY).

The company's merger with Bhushan Steel is progressing and following the termination of the discussions with SSAB on Tata Steel Netherlands, the company will focus on performance and cash flows in the immediate term.

We will keep you posted for more updates from this space. Stay tuned.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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