Bulls back in control

Nifty50: 17,822 ▲+276 (+1.5%)
Sensex: 59,885 ▲+958 (+1.6%)

After a strong opening, the markets continued to climb upward. The market breadth was positive with 40 of the Nifty50 stocks ending in the green. 

Among Nifty sectoral indices, only Nifty Media (-1.7%) ended lower. Whereas, Realty (+8.6%) and Financial Services (+2.2%) were the top gainers.

For more updates on F&O, click here.

Here are the top stories of the day.

Jio outpaces rivals in July

As per the telecom authority TRAI, in July, Reliance Jio trounced its competitors, adding 65.1 lakh subscribers in July. Bharti Airtel also added 19.4 lakh customers in the same period. But Vodafone Idea’s customer base continues to shrink with the company losing 14.3 lakh customers.  

Meanwhile, shares of Jio’s parent Reliance Industries (3.0%) and Vodafone Idea (1.4%) posted gains. Whereas, Bharti Airtel’s shares were flat today.

Tejas Networks bags Airtel deal

The Bengaluru-based networking products company  has been selected by Bharti Airtel to enhance the telecom service provider’s optical network capacity. This expansion is a part of the telecom player’s 5G readiness. 

Tejas Networks will provide multi-terabit products to enhance Airtel’s metro network capacity. Against this backdrop, the shares of Tejas Network rose around 5% today.    

JBM Auto soars on new orders 

Shares of the Gurgaon-based company rose 12.7% today as the company bagged orders to supply 500 CNG and electric buses for various state governments and corporate clients. The company said that the orders will be executed in the current financial year.   

It is important to note here from being a sheet metal supplier to the auto industry, the company is gradually evolving into an electric vehicle manufacturer.

Closing bell

The markets witnessed a broad-based rally today and reached newer heights. The rise was supported by a bounce back in the US and European markets. Meanwhile, global IT major Accenture has reported strong quarterly results with a 24% year-on-year rise in revenue. Further, it expects 12-15% revenue growth for FY22. (it follows September-August for its fiscal). The street believes that Accenture’s strong performance and upbeat outlook is a positive sign for the Indian IT sector as well.

Good to know

What is the price-to-earnings ratio? 

The price to earnings (PE) ratio is a metric used by investors to value a company. It is also known as the price multiple or earnings multiple. It is calculated by dividing the current share price of a company by earnings per share. It is useful in understanding whether a company is overvalued or undervalued relative to its peers. A PE ratio can be forward-looking which is based on estimates and it can also be on a trailing basis which is based on the previous earnings of a company.

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