Morning Update for 18 February 2021

Previous closing (17 February 2021)

Nifty50: 15,208 ▼ 104 (-0.6%)

Sensex: 51,703 ▼ 400 (-0.7%)

Nifty Bank: 36,910 ▼ 187 (-0.5%)

In the news

Schaeffler India posts robust quarter

• The Indian subsidiary of the German auto component manufacturer reported a 23% YoY rise in revenue from operations to ₹1,274 crore. Profits grew by 67.5% YoY to ₹142 crore. 
• The strong performance came on account of demand revival in its automotive and industrial businesses, successful realisation of new projects and better capacity utilisation. The stock closed 1.9% higher on Wednesday and has gained about 20% so far this month. 

JSW Energy set for renewables push

• JSW Energy plans to invest ₹9,500-11,000 crore to set up 1,800 MW of renewable energy capacity in the next two years. It targets to increase its capacity to 10 GW over the medium term from 4.5 GW at present.  
• To make leeway for expansion, the company has reduced its net debt by about ₹6,700 crore. It now aims to raise fresh debt to push for growth in the renewable energy segment. The stock closed flat yesterday and has risen about 4% this month.

Amara Raja plans ₹500 crore capex

• The battery major is planning a capex of ₹500 crore to set up a greenfield lead recycling unit and a solar plant. It aims to meet a large part of its power requirement through renewable energy sources.
• It already operates a battery pack assembly unit and has developed a wide range of battery packs for e-mobility and energy storage applications. The stock fell 0.6% yesterday amid a weak market.

Events of the week

• Thursday: Crude oil inventories, Initial jobless claims (US)

Sectoral indices (Previous closing)

Global markets (at 8:30 am today)

Fact of the day
T-shirt was invented in 1904 and marketed to bachelors who couldn't sew or replace buttons
Source: New York Times

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