Sensex, Nifty hit lowest closing level in more than two weeks
A disappointment from the Japanese central bank, which held off from expanding monetary stimulus, pulled global stocks lower, with Indian stocks witnessing a sharp slide. The barometer index, the S&P BSE Sensex, slumped 461.02 points or 1.77% to settle at 25,603.10. The decline for the Nifty 50 index was lower than the Sensex's fall in percentage terms. The Nifty shed 132.65 points or 1.66% to settle at 7,847.25. The Sensex fell below the psychologically important 26,000 mark. The Sensex and the Nifty, both, hit their lowest closing level in more than two weeks. World stocks fell after the Bank of Japan left its main policies unchanged after the conclusion of a two-day monetary policy meeting, disappointing market expectations the central bank would take further extraordinary steps to stimulate Japan's economy.
Stocks of public sector firms, metal and auto companies and index heavyweights Infosys, ITC, HDFC, Reliance Industries, HDFC Bank led losses for key benchmark indices. The Sensex and the Nifty snapped a two-day winning streak.
Car major Maruti Suzuki India dropped as the Japanese yen strengthened against the dollar after the Bank of Japan surprised financial markets by keeping its main policies unchanged after the conclusion of a two-day monetary policy meeting. HCL Technologies edged lower after the financial results for the quarter ended 31 March 2016 fell below market expectations. Yes Bank moved higher on reports that a total of four foreign brokerages have raised their target price on the Yes Bank stock in the wake of the bank's impressive Q4 March 2016 earnings.
The broad market depicted weakness. More than two stocks fell for each stock that rose on BSE. 1,697 shares fell and 832 shares rose. A total of 167 shares were unchanged. The BSE Mid-Cap index fell 0.78%. The BSE Small-Cap index fell 1.05%. The decline in both these indices was lower than the Sensex's decline in percentage terms. Among the sectoral indices on BSE, barring the S&P BSE Realty index, all other sectoral indices on BSE registered losses.
In overseas stock markets, Asian and European stocks edged lower after the Bank of Japan unexpectedly held off from expanding monetary stimulus. Japanese stocks led losses for Asian equities. The Nikkei 225 Average ended 3.61% lower. The Bank of Japan (BOJ) voted to keep its current level of asset purchases unchanged and rates on hold while announcing a ¥300 billion ($2.69 billion) lending program to support banks in the region hit by this month's Kyushu earthquake. Speculation was rise that the Japanese the central bank would announce a further easing of the monetary policy to stimulate Japan's economy.
Trading in US index futures indicated that the Dow Jones Industrial Average could fall 148 points at the opening bell today, 28 April 2016. US stocks closed mostly higher yesterday, 27 April 2016, but the gains were checked by weakness in the technology sector. Meanwhile, the Federal Reserve left interest rates unchanged after the conclusion of a two-day monetary policy meeting yesterday, 27 April 2016. The Fed's signal that it was in no rush to raise rates relieved investors. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2% inflation, according to the Fed in its monetary policy statement. The US central bank's mandate centers on maximizing employment and keeping inflation at a 2% target level, which is considered a healthy level of price increases.
The Sensex slumped 461.02 points or 1.77% to settle at 25,603.10, its lowest closing level since 12 April 2016. The Sensex fell 502.95 points, or 1.93% at the day's low of 25,561.17. The barometer index rose 36.42 points, or 0.14% at the day's high of 26,100.54.
The Nifty shed 132.65 points or 1.66% to settle at 7,847.25, its lowest closing level since 12 April 2016. The Nifty fell 145.45 points, or 1.82% at the day's low of 7,834.45. The index rose 12.10 points, or 0.15% at the day's high of 7,992.
The total turnover on BSE amounted to Rs 2856 crore, higher than turnover of Rs 2500.07 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (down 2.18%), the S&P BSE Metal index (down 2.16%), the S&P BSE Energy index (down 2.11%), the S&P BSE Power index (down 2.01%), the S&P BSE Auto index (down 1.99%), the S&P BSE Utilities index (down 1.96%), the S&P BSE FMCG index (down 1.95%) underperformed the Sensex. The S&P BSE Industrials index (down 1.58%), the S&P BSE Capital Goods index (down 1.49%), the S&P BSE IT index (down 1.42%), the S&P BSE Consumer Discretionary Goods & Services index (down 1.35%), the S&P BSE Finance index (down 1.31%), the S&P BSE Basic Materials index (down 1.28%), the S&P BSE Teck index (down 1.23%), the S&P BSE Bankex (down 0.89%), the S&P BSE Healthcare index (down 0.76%), the S&P BSE Consumer Durables index (down 0.55%), the S&P BSE Telecom index (down 0.46%) and the S&P BSE Realty index (up 1.68%) outperformed the Sensex.
Index heavyweight and cigarette major ITC lost 2.81% to Rs 323.95. The stock hit a high of Rs 331 and low of Rs 321.50 in intraday trade.
Index heavyweight Reliance Industries (RIL) lost 2.52% to Rs 994. The stock hit a high of Rs 1,019.70 and low of Rs 992 in intraday trade.
Auto stocks declined. Mahindra & Mahindra (M&M) (down 2.87%), Tata Motors (down 2.14%), Ashok Leyland (down 2.22%), Bajaj Auto (down 2.44%), Hero MotoCorp (down 1.93%) and TVS Motor Company (down 2.42%) declined. Eicher Motors rose 0.56%.
Car major Maruti Suzuki India fell 3.21% to Rs 3,738 as the Japanese yen strengthened against the dollar after the Bank of Japan surprised financial markets by keeping its main policies unchanged after the conclusion of a two-day monetary policy meeting. A strong yen adversely impacts Maruti Suzuki India's (Maruti) operating profit margin. Maruti pays royalty to its Japanese parent Suzuki Motor Corporation in yen terms for some of its earlier models. As per recent media reports, Maruti will start paying royalty to its Japanese parent in rupee term on all new models from the current financial year, which began on 1 April 2016. Maruti also has an exposure to the yen to the extent it imports raw materials from Japan.
Pharma major Lupin rose 0.62%. Lupin and its US subsidiary, Lupin Pharmaceuticals, Inc. have announced the re-introduction of Methergine (methylergonovine maleate) Oral Tablets 0.2mg in the US for the prevention and management of postpartum hemorrhage (PPH). Methergine is the only FDA-approved oral uterotonic and is a preferred oral agent in the management of PPH, according to guidelines issued by the American Congress of Obstetricians and Gynecologists (ACOG). Lupin made the announcement at fag end of the trading session.
Bank stocks declined. Among private bank stocks, HDFC Bank (down 1.28%), Kotak Mahindra Bank (down 1.22%), ICICI Bank (down 1.96%), IndusInd Bank (down 0.82%) declined. Axis Bank rose 0.11%.
Yes Bank rose 3.42% to Rs 946.90 on reports that a total of four foreign brokerages have raised their target price on the Yes Bank stock in the wake of the bank's impressive Q4 March 2016 earnings. The stock had risen 0.55% to settle at Rs 915.60 to yesterday, 27 April 2016. The results hit the market during trading hours yesterday, 27 April 2016. Yes Bank's net profit rose 27.42% to Rs 702.11 crore on 17.73% rise in total income to Rs 4331.11 crore in Q4 March 2016 over Q4 March 2015.
Among PSU bank stocks, State Bank of India (SBI) (down 2.29%), Punjab National Bank (down 2.11%), Bank of Baroda (down 0.84%), Canara Bank (down 0.97%), IDBI Bank (down 1.62%), Bank of India (down 1.03%) and Union Bank of India (down 2.2%) dropped.
Index heavyweight and housing finance major HDFC declined 3.12% to Rs 1,088. The stock hit high of Rs 1,125.10 and low of Rs 1,083 in intraday trade.
Stocks of public sector firms dropped. Bharat Heavy Electricals (Bhel) (down 1.95%), Coal India (down 1.77%), GAIL (India) (down 2.53%), NTPC (down 2.45%), Power Grid Corporation of India (down 1.01%), Bharat Electronics (down 2.07%) declined.
Metal shares edged lower. Hindalco Industries (down 4.96%), NMDC (down 3.8%), Jindal Steel & Power (down 2.86%), National Aluminium Company (down 2.85%), Tata Steel (down 2.24%), Hindustan Copper (down 1.88%), Bhushan Steel (down 0.84%) and Hindustan Zinc (down 0.55%), edged lower. JSW Steel (up 0.56%) and Steel Authority of India (up 2.18%), edged higher.
Copper prices edged lower in the global commodities markets. High Grade Copper for July 2016 delivery was currently down 0.54% at $2.2125 per pound on the COMEX.
Vedanta lost 4.1%. On a consolidated basis, the company posted net loss of Rs 11181 crore in Q4 March 2016, lower than net loss of Rs 19228 crore in Q4 March 2015. Net sales fell 11% to Rs 15829 crore in Q4 March 2016 over Q4 March 2015. Net profit before exceptional items surged 89% to Rs 955 crore in Q4 March 2016 over Q4 March 2015. Non-operational income or the so-called other income surged 3485.68% to Rs 1289 crore in Q4 March 2016 over Q4 March 2015. Vedanta said that the non-operational income income was significantly higher in Q4 March 2016 largely due to timing differences wherein income earned on certain investments are recognized at maturity. During the quarter, a substantial portion of investments were liquidated at Hindustan Zinc on account of an announcement of special dividend and at Cairn India.
Earnings before interest, tax, depreciation and amortization (EBITDA) dropped 13% to Rs 3508 crore in Q4 March 2016 over Q4 March 2015. Exceptional items in Q4 March 2016 totalled Rs 12312 crore, of which Rs 12304 crore pertained to impairment. The impairment was triggered by the continued fall in oil prices during the year. Further, in light of the declining iron ore prices, both the acquisition goodwill and carrying value of the exploratory assets in West Africa (Western Cluster, Liberia) have also been impaired to the extent of Rs 1490 crore. Additionally, certain unused fixed assets and goodwill at copper mines of Tasmania and Bellary, Karnataka (Iron Ore) incurred an impairment charge of Rs 456 crore. Vedanta announced the fourth quarter results after trading hours.
Cement major ACC rose 1.3% to Rs 1,448. The company's consolidated net profit dropped 4.05% to Rs 226.95 crore on 1.45% rise in net sales to Rs 2927.38 crore in Q1 March 2016 over Q1 March 2015. Operating earnings before interest, tax, depreciation and amortization (EBITDA) dropped 28.85% to Rs 433.59 crore in Q1 March 2016 over Q1 March 2015. EBITDA dropped in Q1 March 2016 due to higher operating EBITDA in Q1 March 2015 as it included an accrual of Rs 139.74 crore pursuant to a favourable order from the Jharkhand High Court pertaining to sales tax incentives for earlier years. ACC's other operating income declined 67.52% to Rs 63.22 crore in Q1 March 2016 over Q1 March 2015. Other operating income in Q1 March 2015 includes Rs 139.74 crore being accrual of sales tax incentives pertaining to the period August 2005 to March 2015.
Bharti Airtel fell 0.51% to Rs 371.25. The company's consolidated net profit rose 2.78% to Rs 1290.30 crore on 8.43% rise in total income to Rs 24983.10 crore in Q4 March 2016 over Q4 March 2015. The result as per the International Financial Reporting Standards (IFRS) was announced after market hours yesterday, 27 April 2016.
Bharti Airtel's consolidated earnings before interest, tax, depreciation and amortization (EBITDA) rose 14.1% to Rs 9188 crore in Q4 March 2016 over Q4 March 2015. The EBITDA margin increased to 36.8% in Q4 March 2016 from 35% in Q4 March 2015. Stable currencies in most of the geographies resulted in lower forex and derivative losses of Rs 190 crore in Q4 March 2016 compared to Rs 1081 crore in Q4 March 2015. Bharti Airtel's bottom line during the quarter was impacted due to higher exceptional expenses. There were exceptional expenses of Rs 300 crore in Q4 March 2016, higher than exceptional expense of Rs 146.90 crore in Q4 March 2015.
Exceptional items during Q4 March 2016 comprises of charge of Rs 10.70 crore pertaining to the divestment of telecom tower assets, charge of Rs 100.30 crore towards operating costs on network refarming and upgradation program. There was a charge of Rs 76.60 crore towards restructuring activities in a few countries and other regulatory costs. A charge of Rs 112.40 crore was incurred on account of termination of a long-term contract.
Bharti Airtel's board of directors approved the proposal to buyback the shares on a proportionate basis through a tender offer. The buy back shall be up to an aggregate amount not exceeding Rs 1434 crore at a price of Rs 400 per share translating into approximately 3.58 crore shares, representing 0.9% of the total paid up equity share capital of the company.
HCL Technologies lost 4.38% to Rs 801 after the financial results for the quarter ended 31 March 2016 fell below market expectations. Consolidated net profit rose 0.3% to Rs 1926 crore on 3.4% growth in revenue to Rs 10698 crore in the quarter ended 31 March 2016 over the quarter ended 31 December 2015. The result was announced before market hours today, 28 April 2016. HCL Technologies' (HCL Tech) revenue in constant currency terms rose 1.7% on sequential basis in the quarter ended 31 March 2016. In dollar terms, HCL Tech's net profit declined 2% to $285 million on 1.3% growth in revenue to $1,587 million in the quarter ended 31 March 2016 over the quarter ended 31 December 2015. HCL Tech has changed its accounting year to the period from 1 April to 31 March from earlier 1 July to 30 June.
The Sensex and the Nifty snapped a two-day winning streak. The Sensex had gained 385.19 points or 1.5% in the preceding two trading sessions to settle at 26,064.12 yesterday, 27 April 2016, from its close of 25,678.93 on 25 April 2016. The Sensex has risen 261.24 points or 1.09% in this month so far (till 28 April 2016). The Sensex has fallen 514.44 points or 1.96% in calendar year 2016 so far (till 28 April 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 3,108.49 points or 13.81%. The Sensex is off 2,975.23 points or 10.41% from a 52-week high of 28,578.33 hit on 23 July 2015. The Sensex is off 4,421.64 points or 14.72% from a record high of 30,024.74 hit on 4 March 2015.
Stocks of public sector firms, metal and auto companies and index heavyweights Infosys, ITC, HDFC, Reliance Industries, HDFC Bank led losses for key benchmark indices. The Sensex and the Nifty snapped a two-day winning streak.
Car major Maruti Suzuki India dropped as the Japanese yen strengthened against the dollar after the Bank of Japan surprised financial markets by keeping its main policies unchanged after the conclusion of a two-day monetary policy meeting. HCL Technologies edged lower after the financial results for the quarter ended 31 March 2016 fell below market expectations. Yes Bank moved higher on reports that a total of four foreign brokerages have raised their target price on the Yes Bank stock in the wake of the bank's impressive Q4 March 2016 earnings.
The broad market depicted weakness. More than two stocks fell for each stock that rose on BSE. 1,697 shares fell and 832 shares rose. A total of 167 shares were unchanged. The BSE Mid-Cap index fell 0.78%. The BSE Small-Cap index fell 1.05%. The decline in both these indices was lower than the Sensex's decline in percentage terms. Among the sectoral indices on BSE, barring the S&P BSE Realty index, all other sectoral indices on BSE registered losses.
In overseas stock markets, Asian and European stocks edged lower after the Bank of Japan unexpectedly held off from expanding monetary stimulus. Japanese stocks led losses for Asian equities. The Nikkei 225 Average ended 3.61% lower. The Bank of Japan (BOJ) voted to keep its current level of asset purchases unchanged and rates on hold while announcing a ¥300 billion ($2.69 billion) lending program to support banks in the region hit by this month's Kyushu earthquake. Speculation was rise that the Japanese the central bank would announce a further easing of the monetary policy to stimulate Japan's economy.
Trading in US index futures indicated that the Dow Jones Industrial Average could fall 148 points at the opening bell today, 28 April 2016. US stocks closed mostly higher yesterday, 27 April 2016, but the gains were checked by weakness in the technology sector. Meanwhile, the Federal Reserve left interest rates unchanged after the conclusion of a two-day monetary policy meeting yesterday, 27 April 2016. The Fed's signal that it was in no rush to raise rates relieved investors. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2% inflation, according to the Fed in its monetary policy statement. The US central bank's mandate centers on maximizing employment and keeping inflation at a 2% target level, which is considered a healthy level of price increases.
The Sensex slumped 461.02 points or 1.77% to settle at 25,603.10, its lowest closing level since 12 April 2016. The Sensex fell 502.95 points, or 1.93% at the day's low of 25,561.17. The barometer index rose 36.42 points, or 0.14% at the day's high of 26,100.54.
The Nifty shed 132.65 points or 1.66% to settle at 7,847.25, its lowest closing level since 12 April 2016. The Nifty fell 145.45 points, or 1.82% at the day's low of 7,834.45. The index rose 12.10 points, or 0.15% at the day's high of 7,992.
The total turnover on BSE amounted to Rs 2856 crore, higher than turnover of Rs 2500.07 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (down 2.18%), the S&P BSE Metal index (down 2.16%), the S&P BSE Energy index (down 2.11%), the S&P BSE Power index (down 2.01%), the S&P BSE Auto index (down 1.99%), the S&P BSE Utilities index (down 1.96%), the S&P BSE FMCG index (down 1.95%) underperformed the Sensex. The S&P BSE Industrials index (down 1.58%), the S&P BSE Capital Goods index (down 1.49%), the S&P BSE IT index (down 1.42%), the S&P BSE Consumer Discretionary Goods & Services index (down 1.35%), the S&P BSE Finance index (down 1.31%), the S&P BSE Basic Materials index (down 1.28%), the S&P BSE Teck index (down 1.23%), the S&P BSE Bankex (down 0.89%), the S&P BSE Healthcare index (down 0.76%), the S&P BSE Consumer Durables index (down 0.55%), the S&P BSE Telecom index (down 0.46%) and the S&P BSE Realty index (up 1.68%) outperformed the Sensex.
Index heavyweight and cigarette major ITC lost 2.81% to Rs 323.95. The stock hit a high of Rs 331 and low of Rs 321.50 in intraday trade.
Index heavyweight Reliance Industries (RIL) lost 2.52% to Rs 994. The stock hit a high of Rs 1,019.70 and low of Rs 992 in intraday trade.
Auto stocks declined. Mahindra & Mahindra (M&M) (down 2.87%), Tata Motors (down 2.14%), Ashok Leyland (down 2.22%), Bajaj Auto (down 2.44%), Hero MotoCorp (down 1.93%) and TVS Motor Company (down 2.42%) declined. Eicher Motors rose 0.56%.
Car major Maruti Suzuki India fell 3.21% to Rs 3,738 as the Japanese yen strengthened against the dollar after the Bank of Japan surprised financial markets by keeping its main policies unchanged after the conclusion of a two-day monetary policy meeting. A strong yen adversely impacts Maruti Suzuki India's (Maruti) operating profit margin. Maruti pays royalty to its Japanese parent Suzuki Motor Corporation in yen terms for some of its earlier models. As per recent media reports, Maruti will start paying royalty to its Japanese parent in rupee term on all new models from the current financial year, which began on 1 April 2016. Maruti also has an exposure to the yen to the extent it imports raw materials from Japan.
Pharma major Lupin rose 0.62%. Lupin and its US subsidiary, Lupin Pharmaceuticals, Inc. have announced the re-introduction of Methergine (methylergonovine maleate) Oral Tablets 0.2mg in the US for the prevention and management of postpartum hemorrhage (PPH). Methergine is the only FDA-approved oral uterotonic and is a preferred oral agent in the management of PPH, according to guidelines issued by the American Congress of Obstetricians and Gynecologists (ACOG). Lupin made the announcement at fag end of the trading session.
Bank stocks declined. Among private bank stocks, HDFC Bank (down 1.28%), Kotak Mahindra Bank (down 1.22%), ICICI Bank (down 1.96%), IndusInd Bank (down 0.82%) declined. Axis Bank rose 0.11%.
Yes Bank rose 3.42% to Rs 946.90 on reports that a total of four foreign brokerages have raised their target price on the Yes Bank stock in the wake of the bank's impressive Q4 March 2016 earnings. The stock had risen 0.55% to settle at Rs 915.60 to yesterday, 27 April 2016. The results hit the market during trading hours yesterday, 27 April 2016. Yes Bank's net profit rose 27.42% to Rs 702.11 crore on 17.73% rise in total income to Rs 4331.11 crore in Q4 March 2016 over Q4 March 2015.
Among PSU bank stocks, State Bank of India (SBI) (down 2.29%), Punjab National Bank (down 2.11%), Bank of Baroda (down 0.84%), Canara Bank (down 0.97%), IDBI Bank (down 1.62%), Bank of India (down 1.03%) and Union Bank of India (down 2.2%) dropped.
Index heavyweight and housing finance major HDFC declined 3.12% to Rs 1,088. The stock hit high of Rs 1,125.10 and low of Rs 1,083 in intraday trade.
Stocks of public sector firms dropped. Bharat Heavy Electricals (Bhel) (down 1.95%), Coal India (down 1.77%), GAIL (India) (down 2.53%), NTPC (down 2.45%), Power Grid Corporation of India (down 1.01%), Bharat Electronics (down 2.07%) declined.
Metal shares edged lower. Hindalco Industries (down 4.96%), NMDC (down 3.8%), Jindal Steel & Power (down 2.86%), National Aluminium Company (down 2.85%), Tata Steel (down 2.24%), Hindustan Copper (down 1.88%), Bhushan Steel (down 0.84%) and Hindustan Zinc (down 0.55%), edged lower. JSW Steel (up 0.56%) and Steel Authority of India (up 2.18%), edged higher.
Copper prices edged lower in the global commodities markets. High Grade Copper for July 2016 delivery was currently down 0.54% at $2.2125 per pound on the COMEX.
Vedanta lost 4.1%. On a consolidated basis, the company posted net loss of Rs 11181 crore in Q4 March 2016, lower than net loss of Rs 19228 crore in Q4 March 2015. Net sales fell 11% to Rs 15829 crore in Q4 March 2016 over Q4 March 2015. Net profit before exceptional items surged 89% to Rs 955 crore in Q4 March 2016 over Q4 March 2015. Non-operational income or the so-called other income surged 3485.68% to Rs 1289 crore in Q4 March 2016 over Q4 March 2015. Vedanta said that the non-operational income income was significantly higher in Q4 March 2016 largely due to timing differences wherein income earned on certain investments are recognized at maturity. During the quarter, a substantial portion of investments were liquidated at Hindustan Zinc on account of an announcement of special dividend and at Cairn India.
Earnings before interest, tax, depreciation and amortization (EBITDA) dropped 13% to Rs 3508 crore in Q4 March 2016 over Q4 March 2015. Exceptional items in Q4 March 2016 totalled Rs 12312 crore, of which Rs 12304 crore pertained to impairment. The impairment was triggered by the continued fall in oil prices during the year. Further, in light of the declining iron ore prices, both the acquisition goodwill and carrying value of the exploratory assets in West Africa (Western Cluster, Liberia) have also been impaired to the extent of Rs 1490 crore. Additionally, certain unused fixed assets and goodwill at copper mines of Tasmania and Bellary, Karnataka (Iron Ore) incurred an impairment charge of Rs 456 crore. Vedanta announced the fourth quarter results after trading hours.
Cement major ACC rose 1.3% to Rs 1,448. The company's consolidated net profit dropped 4.05% to Rs 226.95 crore on 1.45% rise in net sales to Rs 2927.38 crore in Q1 March 2016 over Q1 March 2015. Operating earnings before interest, tax, depreciation and amortization (EBITDA) dropped 28.85% to Rs 433.59 crore in Q1 March 2016 over Q1 March 2015. EBITDA dropped in Q1 March 2016 due to higher operating EBITDA in Q1 March 2015 as it included an accrual of Rs 139.74 crore pursuant to a favourable order from the Jharkhand High Court pertaining to sales tax incentives for earlier years. ACC's other operating income declined 67.52% to Rs 63.22 crore in Q1 March 2016 over Q1 March 2015. Other operating income in Q1 March 2015 includes Rs 139.74 crore being accrual of sales tax incentives pertaining to the period August 2005 to March 2015.
Bharti Airtel fell 0.51% to Rs 371.25. The company's consolidated net profit rose 2.78% to Rs 1290.30 crore on 8.43% rise in total income to Rs 24983.10 crore in Q4 March 2016 over Q4 March 2015. The result as per the International Financial Reporting Standards (IFRS) was announced after market hours yesterday, 27 April 2016.
Bharti Airtel's consolidated earnings before interest, tax, depreciation and amortization (EBITDA) rose 14.1% to Rs 9188 crore in Q4 March 2016 over Q4 March 2015. The EBITDA margin increased to 36.8% in Q4 March 2016 from 35% in Q4 March 2015. Stable currencies in most of the geographies resulted in lower forex and derivative losses of Rs 190 crore in Q4 March 2016 compared to Rs 1081 crore in Q4 March 2015. Bharti Airtel's bottom line during the quarter was impacted due to higher exceptional expenses. There were exceptional expenses of Rs 300 crore in Q4 March 2016, higher than exceptional expense of Rs 146.90 crore in Q4 March 2015.
Exceptional items during Q4 March 2016 comprises of charge of Rs 10.70 crore pertaining to the divestment of telecom tower assets, charge of Rs 100.30 crore towards operating costs on network refarming and upgradation program. There was a charge of Rs 76.60 crore towards restructuring activities in a few countries and other regulatory costs. A charge of Rs 112.40 crore was incurred on account of termination of a long-term contract.
Bharti Airtel's board of directors approved the proposal to buyback the shares on a proportionate basis through a tender offer. The buy back shall be up to an aggregate amount not exceeding Rs 1434 crore at a price of Rs 400 per share translating into approximately 3.58 crore shares, representing 0.9% of the total paid up equity share capital of the company.
HCL Technologies lost 4.38% to Rs 801 after the financial results for the quarter ended 31 March 2016 fell below market expectations. Consolidated net profit rose 0.3% to Rs 1926 crore on 3.4% growth in revenue to Rs 10698 crore in the quarter ended 31 March 2016 over the quarter ended 31 December 2015. The result was announced before market hours today, 28 April 2016. HCL Technologies' (HCL Tech) revenue in constant currency terms rose 1.7% on sequential basis in the quarter ended 31 March 2016. In dollar terms, HCL Tech's net profit declined 2% to $285 million on 1.3% growth in revenue to $1,587 million in the quarter ended 31 March 2016 over the quarter ended 31 December 2015. HCL Tech has changed its accounting year to the period from 1 April to 31 March from earlier 1 July to 30 June.
The Sensex and the Nifty snapped a two-day winning streak. The Sensex had gained 385.19 points or 1.5% in the preceding two trading sessions to settle at 26,064.12 yesterday, 27 April 2016, from its close of 25,678.93 on 25 April 2016. The Sensex has risen 261.24 points or 1.09% in this month so far (till 28 April 2016). The Sensex has fallen 514.44 points or 1.96% in calendar year 2016 so far (till 28 April 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 3,108.49 points or 13.81%. The Sensex is off 2,975.23 points or 10.41% from a 52-week high of 28,578.33 hit on 23 July 2015. The Sensex is off 4,421.64 points or 14.72% from a record high of 30,024.74 hit on 4 March 2015.
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