Morning Update for 12 November 2021

Indices at previous closing

Nifty50: 17,873 ▼-143 (-0.8%)

Sensex: 59,919 ▼-433 (-0.7%)

Nifty Bank: 38,560 ▼-463 (-1.1%)

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Zee’s ad revenue recovers in Q2

The media conglomerate’s net profit surged 187% year-on-year to ₹270 crore in the September quarter. The sharp surge in the profit was aided by a 15% rise in the revenue to ₹1,978 crore. 

The increase in profitability was also supported by the recovery in ad revenue, which was up 20% year-on-year. The company also highlighted that a slate of movies across languages are being planned for release in the second half and with the opening up of cinemas the theatrical revenue will receive a boost. Meanwhile, shares of Zee Entertainment were down 0.8%.    

Tata Steel’s profit grows multifold

In the September quarter, the steel maker posted net profit of ₹12,548 crore, up 653% year-on-year. The sharp growth in the profit was supported by a 55% rise in the revenue to ₹60,282 crore. The management attributed this surge in profit to strong operating and market performance across geographies including Europe. 

It also added that the operating cash flows continue to be strong despite working capital pressure due the coal price increase. Meanwhile, shares of the company were up 0.1% but the results were announced after market hours.

Page reports high-ever quarterly profit

In Q2FY22, the apparel manufacturer’s net profit rose 45% year-on-year to ₹160 crore. In the same period, the revenue also increased by 46 % to ₹1,084 crore. The company reported its highest ever revenue and profit during the quarter. 

The company witnessed increased momentum in sales across all product categories. This was backed by expansion in portfolio and existing network. The management said it remains optimistic on delivering sustainable growth in the foreseeable future. Meanwhile, shares of Page industries were up by 0.8% yesterday.

Sectoral indices (November 11)

Global markets (at 8:30 am)

Fact of the day

Initially, Alibaba hired farmers for its sales force as they couldn't afford graduates from Chinese universities.

Source: CNN Money