Morning update for 11 February 2021

Previous closing (10 February 2021)

Nifty50: 15,106 ▼ 2 (-0.0%)

Sensex: 51,309▼ 19 (-0.0%)

Nifty Bank: 35,783▼-273 (-0.7%)

In the news

Eicher Motors picks up pace in Q3

• The maker of Royal Enfield motorcycles reported a net profit of ₹532 crore in Q3, up 7% YoY. Meanwhile, revenues from operations grew 19% YoY to ₹2,828 crore. 
• The company sold 199,000 motorcycles in the quarter, up 5% YoY. Demand for both motorcycles and commercial vehicles is improving, which augurs well for Eicher. The share closed 1.8% lower yesterday but has risen about 5.7%, so far this month. 

Titan’s Q3 impacted by exceptional item

• The watch-to-jewellery maker reported a 11% YoY decline in Q3 profit to ₹419 crore. However, revenue from operations rose about 17% to ₹7,287 crore, supported by the festive demand witnessed by the jewellery business.
• Profit was impacted by a ₹137 crore impairment provision relating to its investment in Favre Leuba AG, the company's Swiss subsidiary. The results arrived after market hours yesterday when the stock closed with gains of 1.6%.

Gail rises on robust Q3 growth

• The natural gas major reported a 19% YoY growth in net profit to ₹1,487 crore and a 13% YoY rise in revenues to ₹15,456 crore. Both the numbers were above street estimates. 
• Its petrochemical plant operated at over 100% capacity. The petrochemical segment was a major profit driver, buoyed by better price realisation. The stock has gained over 6% this month. 

Spicejet makes softer landing in Q3

• The budget carrier fared well sequentially as it narrowed its losses to ₹57 crore in Q3 from ₹112 crore in Q2. Its revenues from operations increased to ₹1,686 crore from ₹1,055 crore.
• Limited flights and muted demand continue to hurt performance. However, its freight revenues have grown at a faster clip of 36% QoQ and contributed nearly 22% of the revenues versus less than 2% last year. Shares of Spicejet were up 1% yesterday.

Events of the week

• Thursday: Initial jobless claims (US)
• Friday: Consumer Inflation, IIP (India)

Sectoral indices (Previous closing)

Global markets (at 8:30 am today)

Fact of the day

Walmart employs 22 lakh people, that is 7 times more than the population of Iceland.
Source: Walmart

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