Morning Update for 21 June 2021

Indices at previous closing

Nifty50: 15,683 ▼-8 (-0.0%)
Sensex: 52,344 ▲+21 (+0.0%)
Nifty Bank: 34,558 ▼-47.4 (-0.1%)

In the news

Tax write-back boosts NTPC’s Q4 profit

• State-owned power generation company NTPC reported a 185% year-on-year rise in its consolidated net profit for the March quarter at ₹4,649 crore. During the quarter, the company wrote back excess tax provisions worth ₹1,889 crore, which boosted profits even though revenue from operations remained nearly flat at ₹30,102 crore.
• In Q4FY21, the company recorded a 14% rise in gross power generation as compared to the same period last year. Meanwhile, the stock declined 3.1% on Friday, but the results were declared after market hours.

GMR Infra’s losses narrow

• GMR Infrastructure, which runs the Delhi and Hyderabad airports, narrowed its net loss to ₹725 crore in Q4. In comparison, it had suffered a loss of ₹1,127 crore in March 2020. 
• Meanwhile, its net revenue rose by 14% year-on-year to ₹2,071 crore. The management said that after the second wave dented its business, its airports are experiencing a turnaround in traffic since the last week of May and the recovery has continued in June. 

Alt Balaji’s subscription base grows

• Balaji Telefilms’ digital platform Alt Balaji reported a 42% growth in its subscription base in FY21. However, its consolidated loss widened to ₹39.8 crore in Q4 from ₹19.8 crore in March 2020.
• Meanwhile, its revenue dropped by 31% year-on-year, while the cost of production and marketing increased in the March quarter. Shares of Balaji Telefilms were up 0.3% on Friday.

Jio outperforms peers in March

• Reliance Jio added 7.3 million regular paying subscribers in March, according to the data released by TRAI. The company not only outperformed its peers but also snapped the two-month-long decline. 
• During the same period, Bharti Airtel added 4.8 million active users, while Vodafone Idea lost 0.4 million such subscribers. The shares of Bharti Airtel and Vodafone Idea were up 2.2% and 10.5% on Friday.    

Sectoral indices (18 June)

Global markets (at 8:00 am)

Fact of the day

North Korea and Cuba are the only two countries in the world where you can't buy Coca-Cola.

Source: BBC World

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