Morning Update for 5 August 2021

Indices at previous closing

Nifty50: 16,258 ▲+128 (+0.7%)
Sensex: 54,369 ▲+546 (+1.0%)
Nifty Bank: 36,028 ▲ +820 (+2.3%)

In the news

Titan’s Q1 beats estimates

The jewellery and watchmaker posted a standalone net profit of ₹61 crore as against a net loss of ₹270 crore in the same period last fiscal, beating estimates of a ₹10 crore loss. The turnaround was driven by a 74.5% jump in operating revenue to ₹3,249 crore, owing to the weak base of last year.

All segments witnessed strong growth, with jewellery (85% of revenues) growing by 109% and watches (10% of revenue) reporting 291% growth. The company said that the jewellery segment is gaining good traction in new customers and its mix in total buyers has reached pre-pandemic levels. Shares of Titan fell 2.2% yesterday, but the results were declared after market hours.

Blue Star posts profitable Q1

The air conditioner and refrigerator maker reported a net profit of ₹12 crore in the June quarter compared to a loss of ₹19 crore in the same period last year. The profit was driven by a 68% YoY rise in the revenue to ₹1,052 crore. 

The management said that the second wave dented the revenue from the unitary segment (room air conditioners) during its peak selling season. However, it also said that consumer spending has resumed and it expects healthy growth in demand. Shares of the company closed flat yesterday. 

Chambal Fertilisers Q1 profit boosts 

Chambal Fertilisers & chemicals posted a consolidated net profit of 28% year-on-year to ₹381 crore in the June quarter. The company’s revenue too jumped 10% to ₹3,539 crore during the said period. 

The revenues were driven by sales of non-urea products which rose by 17%. Meanwhile, their sales volumes were lower due to erratic monsoon. Yesterday, shares of Chambal Fertilizers were down by 1.1%.

Sectoral indices (August 4)

Global markets (at 8:00 am)

Fact of the day

In Florida, there is a board game-themed 15-bedroom house with escape rooms and movie theatre, which can be rented on Airbnb. 

Source: Business Insider

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