Morning update for 18 January 2021

Indices at 10:00 am

           Nifty50 14,338 ▼ 95 (-0.6%)

               Sensex 48,725 ▼ 309 (-0.6%)

       Nifty Bank 32,265 ▲ 19.1 (+0.0%)

In the news

HDFC Bank Q3 beats street expectations

• India's largest private lender reported a 15% YoY growth in net interest income to ₹16,317 crore. Its net profit was up 18% YoY to ₹8,758 crore beating street expectation of ₹7,641 crore. 
• Its pro forma gross NPA (before considering Supreme Court’s order on NPA classification) stood steady at 1.38% versus 1.37% in September 2020. Investors gave a thumbs up to the results and the shares of HDFC Bank gained 1.9% today in an otherwise weak market. 

Dr Reddy’s to start Sputnik V Phase 3 trials

• The Drugs Controller General of India (DCGI) has given a go-ahead to Dr Reddy’s Labs to conduct  Phase 3 trials of the Sputnik V vaccine for Covid-19. 
• The Russian vaccine will be tried on 1,500 subjects. So far, two vaccines—Covaxin and Covishield—have been cleared for the vaccination drive that kicked off on 16 January. Dr Reddy's shares were down 2.2% today.

Metropolis Healthcare to acquire Hitech diagnostics

• In a bid to consolidate its network in south India, the Mumbai-based diagnostics chain is set to acquire the Chennai-based Hitech Diagnostics in a cash-and-stock deal.
• The deal will give Metropolis access to 31 labs and 68 collection centres of Hitech. The shares of Metropolis rose 1.7% today and have gained over 12% in January so far. 

JBM Auto rides high on large bus order

• JBM Auto has received orders to supply 700 BS-VI CNG low-floor buses to the Delhi Transport Corporation. While the company hasn't disclosed the size of the order, it is expected to execute the order in the coming months. 
• Shares of JBM Auto (5.5%) saw strong buying interest today and have risen nearly 22% so far in this month.

Sectoral indices

Fact of the day

Freelancers originally referred to self-employed, sword-wielding mercenaries: literally “free lancers.”
Source: Freelancer.in

Tweet this!

Yay ? or  ? Nay?
We'd love your thoughts on this morning update.

If you haven't already, open your Upstox account to get IPO-ready today! Click here to sign up.

Disclosures and Disclaimer

Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.