Morning Update for 20 January 2022

Indices at previous closing

Nifty50: 17,938 ▼174 (-0.9%)

Sensex: 60,098 ▼656 (-1.0%)

Nifty Bank: 38,041 ▼168 (-0.4%)

For more updates on F&O, click here.

RK Forge expects strong outlook

The management of auto ancillary player Ramkrishna Forgings has said that it expects growth of 15% to 20% in FY23, according to the reports. It also reportedly said that the semiconductor shortage situation is likely to improve from mid-February. 

Hence, in a much better environment, it expects good production starting from the first quarter of the next financial year. Further, it expects to become net debt free in the next three years. Meanwhile, its shares were up 2.5% after posting strong Q3 results yesterday.

JSW Energy posts robust Q3 profit  

In the December quarter, the power producer’s net profit soared by 161% year-on-year to ₹324 crore. In the same period, the company’s revenue also rose 20% to ₹1,984 crore on the account of increase in short-term sales and realisation. 

The management attributed strong profitability to stable cash flow from long-term portfolio and superior operations and maintenance practices. In addition, the company’s finance cost also decreased 10% to ₹171 crore. Meanwhile, shares of JSW Energy were up 2.7% on Wednesday.

RBL plans to seek PE funding 

The private bank is planning to raise capital from private equity players to address the concerns of investors over its financial health, according to the reports. The bank will reportedly sell a stake to raise ₹1,500 crore. 

Last month, shares of the bank were under pressure after the Indian central bank appointed its officer on the board of the lender. Also, its then CEO abruptly went on a medical leave. Meanwhile, shares of RBL bank were up 0.9% yesterday.

Sectoral indices (January 19)

Global markets (at 8:00 am today)

Fact of the day

The most expensive pair of jeans (commercially available) are Escada's Couture Swarovski Crystal Jeans worth $10,000.

Source: Guinness World Records

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Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.