Morning update for 5 February 2021

Indices at 10:30 am

        Nifty50 14,921 ▲ 25 (+0.1%)

          Sensex 50,776 ▲ 162 (+0.3%)

          Nifty Bank 36,159 ▲ 814 (+2.3%)

In the news

Hero Moto announces dividend after bumper Q3

• The country’s largest two-wheeler maker posted profit growth of 23% YoY to ₹1,084 crore for Q3. The earnings beat estimates of ₹900 crore. 
• Rising 40% YoY, revenue at ₹9,778 crore beat the company’s quarterly records and also forecasts of ₹9,509 crore, buoyed by festive demand. 
• The company has recommended an interim dividend of ₹65 per share, and an additional special dividend of ₹5 for touching the 100 million units sales milestone. Its shares traded 0.8%% lower today.   

Adani Group bags 5-solar projects

• Adani Renewable Energy Holding Twelve Limited, a subsidiary of Adani Green, has bagged five solar power projects—with a total capacity of 3,000 megawatts—in Andhra Pradesh, reports suggest. 
• There are a total of 10 such projects totalling to 6,400 megawatts, that the state has planned to exclusively meet the demands of the agricultural sector. Meanwhile, shares of Adani Green traded 0.7% higher today.

Jindal Stainless posts strong jump in profit

• The steel major’s Q3 consolidated profits grew 229% YoY ₹170 crore, whereas revenues rose 9% YoY to ₹3585 crore. The growth was supported by demand in the automotive, power & transmission and hollowares (tabletop utensils) sectors.
• The management highlighted that the trade-related Union Budget announcements will allow the free flow of subsidized stainless steel products in the Indian market and pose a setback for the domestic industry. The stock, along with the Nifty Metal index, was down 0.3% today. 

HPCL Q3 profits witness 3x growth

• The state-owned petroleum company reported an impressive three-fold rise in Q3 profits to ₹2,355 crore. Revenues rose 4% YoY to ₹77,113 crore.  
• The surge in profits comes on account of inventory gains owing to the rise in crude oil price. Further, a stronger rupee boosted overall profits. The stock traded nearly flat today, having gained nearly 5% this week. 

Sectoral indices

Fact of the day

Larry Page and Sergey Brin originally planned to call their search engine 'Backrub' before they decided on the name 'Google'.
Source: Business Insider 

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