February 1, 2022:

Dalal Street Hails Budget 2022! 

• BSE Sensex rose 848.40 points, or 1.46% to close at 58,862.57.

• The NSE Nifty closed 237 points, or 1.37% higher at 17,576.85.

On the sectoral front, auto, PSU bank, and oil & gas indices bled red, while bank, capital goods, FMCG, pharma, IT, realty and metal indices rose 1-2.5 percent.

BSE midcap and smallcap indices rose 1 percent each.

Asian Markets:

Japan’s Nikkei 225 closed 76.50 points or 0.28% higher at 27,078.48.

Australia’s ASX 200 rose 0.49% to 7,006.00.

South Korea’s KOSPI was closed on account of the Korean New Year.

Hong Kong’s Hang Seng index, China’s SZSE Component Index and the Shanghai Composite were closed on account of the Chinese New Year.

Top Trending Stocks On Quantale Dashboard:

Earnings In Focus:

Tech Mahindra Q3 Profit Jumps To Rs 1,368.5 Cr; Beats Estimates

IT Firm Tech Mahindra posted a 2.2 percent QoQ jump in consolidated net profit at Rs 1,368.5 crore, slightly below the estimate of Rs 1,397.5 crore.

Further, it saw a 5.2 percent sequential growth in consolidated revenues of Rs 11,451 crore, which exceeded analysts expectations.

In Q3FY22, the company bagged new deals worth $704 million, matching analysts' expectations.

The consolidated operating profit rose 3.3 percent sequentially to Rs 2,060 crore, beating the Street projection of Rs 1,825 crore.

However, operating margins decreased 18 percent in Q3FY22 against 18.3 percent in Q2FY22 as the company shelled out more money to pay higher wages.

Tech Mahindra's attrition rate also rose 24 percent in Q3FY22 from 21 percent in Q2FY22 and 12 percent in Q3FY21.

UCO Bank Q3 Net Profit Rises To Rs 310.39 Cr 

UCO Bank reported a net profit of Rs 310.39 crore for the quarter ending December 31, 2021, as against Rs 35.44 crore, up 775.87%.

Operating profit came in at Rs 1340.30 crore in Q3FY22, as against Rs 1099.65 crore in Q3FY21, up 21.88%. 

Net Interest Income, the difference between interest revenues and interest expenses, in Q3FY22 stood at Rs 1762.61 crore as against Rs1407.15 crore in Q3FY21.

Gross NPA reduced to Rs 10042.41 crore in Q3FY22 against Rs 11440.47 crore in Q3FY22 and Rs 10909.79 crore in Q2FY22.

Net NPA came down to Rs 3333.59 crore in Q3FY22, up 3.37% from Rs 3854.33 crore sequentially. 

Sales Reports:

Tata Motors Sales Report January 2022:

• Tata Motors reported a 27 percent YoY jump in total vehicle sales, including in the international markets, at 76,210 units.

• Total domestic sales stood at 72,485 units, up 26% against 57,649 vehicles in Jan 2021.

• Total passenger vehicles sales climbed to 40,777 units versus 26,978 units in January 2021.

• Electric Vehicle sales surged 5X to 2,892 units against 514 units in Jan 2021.

• Total commercial vehicle sales stood at 35,268 vehicles, up 7 percent from 32,816 units clocked in Jan 2021. It consists of 31,798 units sold in the domestic market, which grew 3% from 30,671 units sold in January 2021

• Total MHCV sales, including M&HCV trucks, buses and international business, stood at 10,655 units versus 9,452 units in Jan2021.

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MG Motor Sales Report January 2022: 

• MG Motor India’s retail sales increased 20 percent YoY to 4,306 units as against 3,602 units in January 2021.

• "The supply remains affected due to the ongoing global semiconductor shortage, which has led to reduced production," MG Motor India said in a statement.

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Bajaj Sales January Report 2022;

• Bajaj Auto Ltd reported total sales at 3,63,443 units, down 15% YoY, from 4,25,199 units in Jan 2021.

• Total domestic sales declined 12% MoM at 1,49,656 units as against 1,70,757 units in December 2021.

• Total exports declined 16% YoY at 2,13,787 units versus 2,54,442 units in January 2021. 

• Bajaj Auto’s domestic two-wheeler sales declined 14 per cent to 1,35,496 units as against 1,57,404 units in January 2021. 

• Domestic sales of commercial vehicles jumped 6% to 14,160 units versus 13,353 units in January 2021.

• Exports of two-wheelers were 1,87,934 units versus 2,27,532 units in Jan 2021, down 17 per cent.

• Exports of commercial vehicles were 25,853 units versus 26,910 units in January 2021, down 4%. 

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Maruti Suzuki January 2022 Sales:

• Maruti Suzuki India (MSI) reported a 3.96% decline in total wholesales at 1,54,379 units against 1,60,752 units in January 2021.

• Domestic sales dipped 8% to 1,36,442 units as against 1,48,307 units in January 2021.

• Sales of mini cars, comprising Alto and S-Presso, were 18,634 units versus 25,153 in January 2021, down almost 30%.

• Sales in the compact segment decreased 7.1% to 71,472 units from 76,935 cars in January 2021.

• Sales of midsize sedan Ciaz increased to 1,666 units from 1,347 units in January 2021.

• Utility vehicle sales, including Vitara Brezza, S-Cross and Ertiga, jumped to 26,624 units from 23,887 vehicles in Jan 2021.

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Budget 2022: Key Highlights:

• Central Bank Digital Currency (CBDC): RBI to issue Digital Currency in FY 2022-2023, using blockchain technology.

• Cryptocurrencies & NFTS: Govt shall impose 30% on income from the transfer of any Virtual Digital Asset (VDA).

• TDS of 1% will be charged on the transfer of VDA.

• The gift of Virtual Digital Asset shall be taxed in the hand of the recipient.

• Income tax relief to cooperative societies: The surcharge rate slashed from 12% to 7% for income up to Rs10 crores.

• Surcharge on Long Term Capital Gains capped at 15%.

• The bracket of corporate and personal income tax rates shall remain the same.

• Taxpayers can file updated ITR within 2 years from the end of the relevant assessment year (AY).

• The Emergency Credit Line Guarantee Scheme (ECLGS) got an extension up to March 2023.

• Date to the avail tax incentive for startups extended to March 31, 2023.

• The public capital expenditure for FY 22-23 increased 35.4% to ₹ 7.50 lakh crore from ₹ 5.54 lakh crore in FY 21-22. 

• A 5G spectrum auction will be held in 2022 to allow private players to launch 5G telecom services in FY 2022-23.