Cloud nine

Nifty50: 18,212▲156 (+0.8%) 

Sensex: 61,150 ▲533 (+0.8%)

• The markets rose from the start of the day and closed higher for the fourth day in a row. 
• Institutional flows (FII and DII) have been positive so far this month and continue to provide support. 
• Meanwhile, international equity indices were trading up today shrugging off concerns from rapidly rising new cases. 
• Among the Nifty sectoral indices, Realty (+1.9%) and Auto (+1.4%) were the top gainers, whereas Pharma (-0.1%) was the top loser.

For more updates on F&O, click here.

Here are the top stories of the day.

Wipro’s revenue rises, so does attrition

Wipro’s December quarter revenues rose 3% sequentially to ₹20,313 crore, meeting street estimates. Its operating margin dipped marginally and net profit rose by a muted 1.3% on QoQ basis.  

Its employee attrition rate stood at 22.7%. It was 20.5% in the September quarter and at 12.1% in FY21. The IT major has guided for a 2-4% sequential revenue growth for the March quarter. 

Tata Tele too gives stake to govt

The Indian government will take a 9.5% stake in Tata Teleservices Maharashtra in return for the interest on adjusted gross revenue (AGR) dues. Voda-Idea too took that route recently. 

The present value of this deferred interest payment is about ₹850 crore. The government will receive equity shares for this amount at ₹41.50 per piece, as compared to current share price of around ₹276. 

Delta Corp rakes in profits

The casino and hotel operator reported a consolidated net profit of ₹70 crore in the December quarter compared to a loss of ₹22 crore in the previous quarter. The company's revenue saw a three-fold jump to ₹247 crore, mainly supported by spurt in the casino business. 

Interestingly, the company is considering listing its online gaming business. This segment generated revenues of ₹35 crore in the December quarter. Further, the company stated that it is now debt-free.

IPO corner 

As per reports, the Life Insurance Corporation of India could file its prospectus in the final week of January ‘22. The final listing could be towards the end of March this year. According to street estimates, the government could sell 5-10% stake in the insurer, which would reportedly fetch nearly ₹1 lakh crore.

Good to know

What is pre-money valuation?

Pre-money valuation is the value of the company before it receives any external financing or goes public. This can be helpful for potential investors to know how much the business is worth before they decide their investment amount and ownership stake. Pre-money valuation can be based on a company's financials, deal interest, comparable businesses or even on the founders’ expertise.

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