Un-bear-able day

Nifty50: 17,149 ▼468 (-2.6%)

Sensex: 57,491 ▼1545 (-2.6%)

• The markets extended last week’s fall and dropped sharply today. The cues from the international indices were also negative.

• The lack of positive near-term triggers and continuous selling pressure from foreign investors weighed on the markets.

• Last-hour buying does create a hope for some bounce, going ahead. However, traders will adopt a cautious approach.

All the Nifty sectoral indices closed in the red with Realty (-5.9%) and Metal (-5.2%) being the top losers

For more updates on F&O, click here

Here are the top stories of the day.

Bandhan Bank's profit soars

The Kolkata-based lender posted a net profit of ₹859 crore, up 35% year-on-year. It’s net interest income grew 3% year-on-year to ₹2,125 crore. Its CASA ratio improved to 45.6% in Q3FY22 from 42.9% in Q3FY21.

Meanwhile, the bank’s gross NPAs increased to 10.8% in Q3FY22 from 1.1% in Q3FY21 driven by a sharp rise in bad loans in the emerging entrepreneurs business segment.

Vodafone-Idea loss widens

The debt-ridden telecom player’s loss widened to ₹7,230 crore, 60% higher on a year-on-year basis. Higher marketing expenses and finance costs impacted the performance. Its revenues stood at ₹9,717 crore, down 11% year-on-year.

While its average revenue per user (ARPU) rose 5% sequentially to ₹115, it continues to lose subscribers to the rivals. Meanwhile, the company’s net debt stood close to ₹2 lakh crore.

JSW Steel shows no heart of steel

The leading steel maker reported a 74% year-on-year growth in its consolidated revenue to ₹38,071 crore, driven by demand in the automotive, solar and appliance sectors. Meanwhile, high coking coal prices and power cost kept the pressure on the company’s margins. It’s net profit grew 69% year-on-year to ₹4,516 crore.

Going forward, the company expects the manufacturing activity to remain robust and revive strongly once the current wave subsides.

Budget Buzz

According to the reports, ahead of the upcoming budget, the government and companies are discussing changes in salary structure to suit the new work-from-home model. The suggestions include reduction in house rent allowance as many working professionals shifted to their hometowns during the pandemic. Other changes such as electricity and Wifi reimbursements were also discussed.
    

Good to know

What is a first mover advantage?

First mover advantage is an advantage gained by a company that first introduces the product or service to the market. It helps the company to build strong brand recognition and customer loyalty before other market entrants. For example, Amazon was among the first large online bookstores. By the time others established their online presence, Amazon had achieved significant brand recognition and leveraged its first-mover advantage by marketing a range of additional products.

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