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Sensex Opens Marginally Higher; Infosys Dips 4% Post Q4 Results
Thu, 15 Apr 09:30 am | Yash Vora, TM Team

Asian share markets are trading on a negative note today following mixed cues from Wall Street.

The Nikkei is trading lower by 0.1% while the Hang Seng is trading down by 1%. The Shanghai Composite is down 1.2%.

In US stock markets, Wall Street indices ended mixed amid concerns about excessive equity valuations, with tech sector being the biggest underperformer after Coinbase was sold off on its listing day, dragging the Nasdaq lower.

Coinbase's listing coincided with a record price for Bitcoin, which rose to just under US$ 65,000 but the euphoria proved to be short-lived as the stock fell nearly 20% from its opening level to trade at US$ 328.

The Dow Jones Industrial Average gained 0.2% while the Nasdaq Composite sank 1%.

Back home, Indian share markets have opened on a positive note.

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Market participants are tracking Wipro share price as the company is scheduled to announce its quarterly results today.

The BSE Sensex is trading up by 121 points. Meanwhile, the NSE Nifty is trading higher by 45 points.

ONGC is among the top gainers today. Infosys, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened up by 0.3%.

Sectoral indices are trading on a mixed note with stocks in the metal sector and telecom sector witnessing buying interest.

IT stocks and realty stocks, on the other hand, are trading in red.

Shares of Dabur and JSW Steel hit their 52-week highs today.

The rupee is trading at 75.26 against the US$.

Gold prices are trading up by 0.4% at Rs 46,781 per 10 grams. Meanwhile, silver prices are trading up by 0.3% at Rs 67,816 per kg.

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In news from the IT sector, Infosys is among the top buzzing stocks today.

Infosys, India's second largest information technology company, reported a 17.1% year-on-year (YoY) rise in net profit at Rs 50.8 billion for the quarter ended in March on Wednesday. It had posted Rs 43.2 billion net profit in the same quarter last year.

Revenue for the March quarter grew 13.1% YoY to Rs 263.1 billion. Revenues in constant currency terms grew by 9.6% YoY.

The company reported consolidated operating margin of 24.5%. Total operating expenses for the company dropped 4.6% YoY in March quarter to Rs 27.1 billion.

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Infosys also guided for 12-14% sales growth in constant currency terms in 2021-22 and an operating margin band of 22-24%. "A strong momentum exiting FY21, alongside a focused strategy to accelerate client digital journeys, gives us confidence for a stronger FY22," Infosys' CEO Salil Parekh said.

The Bengaluru-based company also announced a share buyback of up to Rs 92 billion at a maximum price of Rs 1,750 per share, a premium of 25% to Tuesday's closing price.

Note that this would be the be the third buyback by the IT major in the last five years. Infosys completed its first buyback of Rs 130 billion in December 2017, comprising 113 million equity shares at a price of Rs 1,150 per share.

In August 2019, it had bought back 110.5 million shares under its Rs 82.6 billion buyback offer, at an average price of Rs 747.38 per equity share.

The company also announced a final dividend of Rs 15 per share.

Infosys share price has opened the day down by 4%.

Moving on to news from the pharma sector, pharma major Dr Reddy's Laboratories is ramping up production of Remdesivir, which is being used in Covid-19 treatment.

The company will also be bringing out a liquid product in view of scarcity of the drug in the country.

"We are making every effort to ensure that Dr. Reddy's Remdesivir, sold under the brand name Redyx, reaches as many patients in India, as possible. We are ramping up production and are also bringing to market a liquid product that is faster to make and supply,'' the company said in a statement.

The company has also reduced the MRP by 50% so that price is not a barrier to access, and a much larger number of patients can access it.

"To ensure that patients and healthcare professionals have full visibility on the availability of Redyx in their city, we have built a dedicated website, updated in real-time with city-wise availability of Redyx at stockists and hospitals,'' the company said.

The government yesterday said it has given approval for stepping up the manufacturing capacity of Remdesivir that would enhance the production to around 78 lakh vials per month.

The current total installed capacity of the seven manufacturers of remdesivir is 38.80 lakh vials per month, the Ministry of Chemicals and Fertilizers said in a statement.

Manufacturers of Remdesivir have volunteered to reduce the price to less than Rs 3,500 per vial by the end of this week, to support the efforts of Prime Minister Narendra Modi, to fight against Covid-19.

Dr Reddy's Lab share price has opened the day up by 0.6%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

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

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Read the latest Market Commentary

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Stock Market Updates

BLISS GVS PHARMA Share Price Up by 6%; BSE HEALTHCARE Index Up 0.4% (Today's Market)

May 18, 2021 09:48 AM

BLISS GVS PHARMA share price is trading up by 6% and its current market price is Rs 115. The BSE HEALTHCARE is up by 0.4%. The top gainers in the BSE HEALTHCARE Index are BLISS GVS PHARMA (up 6.2%) and SHILPA MEDICARE (up 7.3%). The top losers are APOLLO HOSPITALS and ABBOTT INDIA (down 0.1%).

FEDERAL BANK Share Price Up by 5%; BSE BANKEX Index Up 1.6% (Today's Market)

May 18, 2021 09:40 AM

FEDERAL BANK share price is trading up by 5% and its current market price is Rs 86. The BSE BANKEX is up by 1.6%. The top gainers in the BSE BANKEX Index is FEDERAL BANK (up 5.3%).

HINDUSTAN COPPER Share Price Up by 5%; BSE METAL Index Up 2.7% (Today's Market)

May 18, 2021 09:38 AM

HINDUSTAN COPPER share price is trading up by 5% and its current market price is Rs 179. The BSE METAL is up by 2.7%. The top gainers in the BSE METAL Index is HINDUSTAN COPPER (up 5.2%).

ADANI TRANSMISSION at All Time High; BSE POWER Index Up 2.0% (Today's Market)

May 18, 2021 09:34 AM

ADANI TRANSMISSION share price has hit an all time high at Rs 1,245 (up 3.5%). The BSE POWER Index is up by 2.0%. Among the top gainers in the BSE POWER Index today are ADANI TRANSMISSION (up 3.5%) and SIEMENS (up 0.2%). The top losers include KALPATARU POWER (down 0.2%) and RELIANCE INFRA (down 1.1%).

GUJARAT PIPAVAV PORT Share Price Up by 5%; BSE REALTY Index Up 1.2% (Today's Market)

May 18, 2021 09:24 AM

GUJARAT PIPAVAV PORT share price is trading up by 5% and its current market price is Rs 103. The BSE REALTY is up by 1.2%. The top gainers in the BSE REALTY Index is GUJARAT PIPAVAV PORT (up 5.0%).

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May 18, 2021 09:45 AM