Fertiliser Subsidy Hike, Indiabulls Housing Finance Q4 Performance, and Buzzing Stocks Today

Fri, 21 May Pre-Open

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Indian share markets witnessed volatile trading activity throughout the day yesterday and ended lower.

Benchmark indices continued to fluctuate between gains and losses and witnessed selling in the last hour of trade amid mixed cues from global peers.

At the closing bell yesterday, the BSE Sensex stood lower by 338 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 124 points (down 0.8%).

Mahindra & Mahindra and Cipla were among the top gainers.

Tata Steel and Hindalco, on the other hand, were among the top losers.

The BSE Mid Cap index ended the day on a flat note and the BSE Small Cap index ended up by 0.3%.

Sectoral indices ended on a mixed note with stocks in the metal sector, oil & gas sector and banking sector witnessing most of the selling pressure.

Realty stocks, on the other hand, witnessed buying interest.

Gold prices for the latest contract on MCX were trading down by 0.7% at Rs 48,340 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

JK Tyre will be among the top buzzing stocks today.

Shares of one of the country's leading tyre maker JK Tyre and Industries rose on the BSE yesterday, a day after it reported March quarter earnings. The stock of the auto tyres and rubber products maker has rallied 161.3% over the last one year.

JK Tyre and Industries on Wednesday reported a consolidated profit after tax of Rs 1.9 billion for the March quarter of the previous fiscal against a consolidated net loss of Rs 472 million in the year-ago period.

For FY21, the tyre maker's net profit spurted 134% to Rs 3.3 billion, compared to Rs 1.4 billion recorded in the previous fiscal year.

The company posted a pre-tax profit of Rs 2.8 billion in Q4FY21 compared with pre-tax loss of Rs 824 million in Q4 FY20.

Cloud communications firm Tanla Platforms will also be in focus today as the company reported a consolidated net profit of Rs 1 bn for the quarter ended March (Q4FY21). The company had posted a consolidated net loss of Rs 891 m in the year-ago period.

The company's total income increased by 23.6% year-on-year (YoY) during the quarter to Rs 6.5 bn as against Rs 5.3 bn in the corresponding quarter last year, the company said in a statement.

For the year FY21, Tanla Platforms posted a profit of Rs 3.6 bn. The company had registered a loss of Rs 2.1 bn in FY20. The annual income of the company improved by around 21% to Rs 23.6 bn in FY21 compared to Rs 19.6 bn in FY20.

Tanla and its subsidiaries also added a total of 259 customers during the year that enhanced the company's revenues by Rs 950 m

Indiabulls Housing Finance Q4 Results: Profit Jumps Two-Fold to Rs 2.8 bn

Mortgage financier Indiabulls Housing Finance reported a two-fold jump in its net profit to Rs 2.8 bn for the quarter ended March, helped by stable asset quality.

The company had reported a net profit of Rs 1.4 bn in the corresponding quarter last year.

"The quarter was very good. We have been focussing on asset quality, which is very robust. Overall, there has been above 100% increase in our profit from Rs 1.4 bn in Q4FY20 to Rs 2.8 bn this year (Q4 FY21)," the company's Vice Chairman, Managing Director and CEO Gagan Banga said.

The lender's net non-performing assets (NPAs) were stable at 1.59% while the provisions to loan book stood at 3.7%.

Cost to income ratio declined to 12.8% in FY21 from 16.2% for FY20 on the back of measures taken to improve cost efficiency.

The lender said that its funding costs have moderated with incremental funds being raised at sub 8% per annum levels. This has helped bring down the cost of funds on books to 8.5%. Its spread on the book has expanded to 2.7%.

Overall, in FY21, it raised over Rs 340 bn through equity, bank lines, bonds and loan sell downs. As a result, its capital adequacy ratio (CAR) stood healthy at 30.7% with Tier 1 Capital at 24%.

The company has entered into a strategic co-lending partnership with HDFC to offer housing loans to homebuyers at competitive rates. It will originate retail home loans as per jointly drawn up credit policy and retain 20% of the loan on its books and 80% will be on HDFC's books.

"In FY22, with our co-lending partnerships in place, especially the one with HDFC, we are now set to grow the retail loan book and grow profitability through our technology-leveraged, retail focused asset-light business model," Banga said.

How the company performs in the next quarter remains to be seen. Meanwhile, stay tuned for more updates from this space.

Fertilizer Stocks Rally After Centre Hikes Fertilizer Subsidy for FY22

Fertiliser stocks gained ground at the bourses yesterday after the centre increased its share of subsidy for di-ammonia phosphate (DAP) by 140%, translating into reduction of market price of DAP from Rs 2,400 per bag to Rs 1,200 per bag.

The union government has decided to increase the fertilizer subsidy outlay for the year by Rs 147.8 billion, after a meeting chaired by Prime Minister Narendra Modi on the prices of fertilizers.

This will take the fertilizer subsidy outlay for 2021-22 to Rs 943.1 billion from a budgeted outlay of Rs 795.3 billion.

In a statement released by centre, said, "It was discussed that the price of fertilisers is undergoing an increase due to the rising prices of phosphoric acid, ammonia etc. internationally. PM stressed that farmers should get fertilisers at old rates despite the international rise in prices".

It added that a decision was taken to increase the subsidy for diammonium phosphate (DAP) fertilizer from Rs 500 to Rs 1200 per bag, an increase of 140%.

"Thus, despite the rise in international market prices of DAP, it has been decided to continue selling it at the older price of Rs 1200 and the central government has decided to bear all the burden of price hike," it said.

Earlier this month, the central government had asked the fertiliser industry to maintain retail prices of fertilizers at 'reasonable' levels, as the cost of their raw materials and imports surged due to an uptick in global commodity prices.

Note that this is the government's second big decision in favour of farmers, following the direct transfer of Rs 206.7 billion to farmers' accounts under PM-KISAN scheme on Akshay Tritiya day.

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

Deepak Fertilisers, Chambal Fertilisers and Rashtriya Chemicals & Fertilizers are some of the stocks that will be in focus today on the back of above development.

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