Among individual stocks, Bajaj Auto
hit a record high of Rs 4,031, surging 9 per cent on the National Stock Exchange (NSE), after the company reported an expansion in operating Ebitda (earnings before interest, taxes, depreciation, and amortization) margin to 19.8 per cent from 18.4 per cent in the year-ago quarter. The operating performance was driven by favorable mix, lower marketing spends, and operating leverage.
"Domestic two-wheelers (2Ws) sales were back to last year's levels. Base effect will drive growth, but on a like-to-like basis it would be in low single-digits. Domestic three wheelers (3Ws) would see a quarter on quarter (QoQ) recovery, but decline 50 per cent year on year (YoY). The growth momentum in exports would continue, with 12-15 per cent growth in most markets.
If ASEAN recovers, it would clock its best ever exports," brokerage Motilal Oswal Financial Services said in results update.
would benefit from premiumization trend and good growth opportunity in exports, it further said, adding that domestic 3W recovery might be delayed as it is vulnerable to a possible disruption from electrification.
Meanwhile, shares of JK Tyre & Industries hit a fresh 52-week high of Rs 133, soaring 15 per cent in intra-day trade on Friday, after the company reported highest-ever quarterly sales and net profit for Q3FY21. The stock of tyre & rubber products maker has surged 52 per cent in the past four trading days.
The company's consolidated sales grew 26 per cent YoY to Rs 2,776 crore, a best-ever for any quarter. Ebitda, meanwhile, doubled to Rs 507 crore and profit before tax (PBT) recorded a multifold increase to Rs 343 crore, compared with the corresponding quarter. Ebitda margins came at 18.1 per cent, up 250 basis points on a sequential basis.
The strong performance during the quarter was largely driven by the increased demand for passenger, commercial vehicle as well as farm tyres. The continued focus on improvement in operating efficiencies and reduction in interest costs contributed to improved profitability, the management said.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.