To the moon

Nifty50: 18,003▲190 (+1.0%)
Sensex: 60,395 ▲650 (+1.0%)

• After a gap-up opening, the markets continued to move higher, brushing off weak global cues 
• 35 of Nifty’s 50 stocks closed in the green. 
• Expect volatility to remain high this week on the back of IT majors’ results and inflation data release. 
• All Nifty sectoral indices closed in the green with maximum gains seen in PSU Bank (+3.2%) and Media (+2.2%).

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Here are the top stories of the day.

A deja-vu for restaurants

The onset of the third wave has put the capacity expansion plans of restaurants on a standstill. Industry experts say that restaurants have moved from revival mode to survival mode. 

Restaurants have seen a steady decline in footfalls after the new year as several state governments in India have implemented fresh curbs on movements and businesses.  

KEC jumps on order win

The engineering, procurement and construction major bagged new orders worth ₹1,025 crore for projects in India and Middle East. The orders include overhead electrification projects from railways and related work for speed upgrade in India.

With these orders, KEC’s order book, in this fiscal, is above the ₹13,000 crore-mark, a 2x growth compared to last year.

Indigo flying through turbulence

The low-cost carrier is reportedly set to cancel 20% of the scheduled flights in the wake of rising cases and expectation of a fall in air traffic. 

In general, the airline industry saw a steady improvement in business in the second half of 2022. However, rising new cases coupled with higher oil prices continue to be an overhang on the sector in the near-term.

IPO corner 

Course5 Intelligence, a data analytics and insights company, has filed initial documents with the markets regulator SEBI for a ₹600 crore IPO. Of that, ₹300 crore will be used by the company for inorganic growth initiatives, working capital requirements, supporting product and expansion of geographical footprint. The remaining ₹300 crore would be the offer for sale.

Good to know

What is the churn rate?

The churn rate is the rate at which the customers stop doing business with a company. It is expressed as a percentage of subscribers who discontinue their subscriptions in a given time period. For a company to grow, its growth rate (new customer additions) must exceed the churn rate. For example if a startup acquired 100 subscribers in the first three months of its operations and it lost 15 subscribers during the same period then the churn rate would be 15%.

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