Bharti Airtel Q4 Performance, Spot Gold Exchange Framework, and Buzzing Stocks Today

Wed, 19 May Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices continued their positive momentum for the second consecutive day yesterday as India reported less than 3 lakh daily Covid-19 cases.

At the closing bell yesterday, the BSE Sensex stood higher by 613 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 185 points (up 1.2%).

Mahindra & Mahindra and Bajaj Auto were among the top gainers.

Bharti Airtel and ITC, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 2% and 1.3%, respectively.

Sectoral indices ended on a positive note with stocks in the auto sector, consumer durables sector and power sector witnessing most of the buying interest.

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

Gold prices for the latest contract on MCX were trading at Rs 48,344 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, in his latest video for Fast Profits Daily, Vijay Bhambwani talks about why he is bullish on PSU stocks.

Back in October 2020, Vijay had recorded a video on PSU stocks, saying they present very good trading opportunities and also investment opportunities.

Vijay is still bullish on these stocks and in the video below, he explains why you should be too.

Top 5 Factors Why Indian Share Markets Rallied Yesterday

Decline in Covid-19 Cases: India reported 2.6 lakh fresh cases yesterday, the lowest in 28 days, the health ministry's May 18 data showed.

The national recovery rate has improved to 84.8%. In Maharashtra, the worst-hit state reported the number of fresh cases at 26,616 remained below 30,000.

The market is discounting progressive lifting of widespread lockdowns starting in early June.

Better Earnings: The market rally was also supported by the better earning from India Inc. Pharma major Cipla, FMCG giant Colgate-Palmolive and private lender Federal Bank posted healthy numbers for the quarter ended March 2021.

Macro Data: Recent macroeconomic data was better than expected. Consumer Price Index (CPI)-based retail inflation came in at a three-month low of 4.3% in April versus 5.5% in March and 7.2% in April 2020.

Additionally, index of industrial production grew 22.4% in March supported by a low base.

Firm Global Cues: Asian stock markets ended on a strong note yesterday, shrugging off worries about an increase in regional coronavirus infections and a subdued session on Wall Street, while inflation jitters helped push gold prices to three-month highs.

Sectoral Performance: Gains were also seen as auto, consumer durables, and power sectors witnessed huge buying interest yesterday. The auto sector ended the day up by 3.4%, while the consumer durables sector and power sector ended their day higher by 2.7% and 2.3%, respectively.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned.

Top Stocks in Focus Today

Panacea Biotech will be among the top buzzing stocks today.

Serum Institute of India CEO Adar Poonawalla offloaded his entire stake in Panacea Biotech amounting to 5.15% shareholding of the firm for Rs 1.2 billion, through an open market transaction.

The shares were picked by Serum Institute of India (SII).

As per BSE block deal data, Poonawalla sold 31,57,034 scrips he held in the firm at a price of Rs 373.85 per share, taking the total deal value to Rs 1.2 billion.

The shares were picked by SII at the same price, through a separate transaction.

Gland Pharma shares will also be in focus as the company posted robust March quarter (Q4FY21) numbers.

Gland Pharma, a generic injectable focused pharmaceutical company, reported a 34% rise in its consolidated net profit to Rs 2.6 billion for the fourth quarter ended March 2021, on account of robust sales.

The company had posted a net profit of Rs 1.9 billion for the corresponding period of the previous fiscal year.

For the full fiscal year 2021, the company posted a net profit of Rs 10 billion as against Rs 7.7 billion in the previous year.

Bharti Airtel Reports 11% QoQ Fall in Net Profit in Q4

Telecom major Bharti Airtel reported a 11.1% quarter-on-quarter (QoQ) fall in its consolidated net profit to Rs 7.6 bn in the March quarter.

In the December quarter (Q3FY21), profit stood at Rs 8.5 bn.

Net profit fell sequentially despite the company reporting an exceptional gain of Rs 4.4 bn for the quarter and a near-doubling of other income to Rs 839 m.

Bharti Airtel's consolidated revenue from operations fell 3% sequentially to Rs 257.5 bn, which was also below estimates.

Revenue performance was dragged down by company's India mobile operations where sales declined 4.7% to Rs 140.8 bn in the reported quarter.

The company reported an average revenue per user (ARPU) of Rs 145 per user, a 13% sequential fall. It was Rs 166 in Q3FY21.

The company's India's revenues grew 17.5% YoY on a comparable basis and 9.6% YoY on a reported basis.

Commenting on the challenges posed by the second wave of coronavirus, Gopal Vittal, MD and CEO of Bharti Airtel said, "we recognize the criticality of our role as a telecom operator in keeping our customers and nation connected in such times. Our focus continues to be on delivering uninterrupted services and great end user experience while ensuring safety of our employees and partners."

Framework for Setting Up Spot Gold Exchange

The markets regulator proposed a framework for setting up a spot gold exchange.

This proposal was first announced by the finance minister in the Union Budget this year.

The watchdog has sought comments on allowing trading in quantities as low as 5 grams, permitting multiple spot exchanges, incentivising trading on the exchange platform, and having a single gold price across country with transportation cost adjusted as premium or discounted from traded price.

Multi Commodity Exchange (MCX), BSE and NSE are together setting up a spot exchange in the GIFT City.

In the discussion paper, the regulator has sought comments on whether the proposed gold spot exchange should be set up by the existing stock exchange either through a separate segment or as a new asset class in existing segment.

To simplify trading, it has proposed to convert physical gold into electronic gold receipt (EGR), which will be issued by regulated vault companies.

The regulator has also sought comments on the minimum quantity of gold tradable.

Post the Budget announcement, the regulator constituted two working groups to come up with the framework. The last date for submitting comments is June 18.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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