Nifty50: 17,736 ▲ 80 (+0.4%)
Sensex: 59,756 ▲ 212 (+0.3%)
Hello, people!
The markets were in a bouncy mood today. Just like the group of people in Mexico who created the world record for the largest fitness trampoline class. Guess the number of people: 4,000!
- After a volatile trading session, markets closed higher amid mixed cues from international indices.
- In all, 39 of the Nifty50 stocks closed in green.
- The European Central Bank (ECB) has raised its key policy rate by 0.75%.
Among the Nifty sectoral indices, Realty (+2.9%) and Metal (+2.7%) saw the most gains, while IT (-0.5%) was the sole loser.
| Top gainers | Today's change |
| JSW Steel | 682 ▲ 37 (+5.8%) |
| Hindalco | 412 ▲ 14 (+3.5%) |
| Tata Steel | 104 ▲ 3 (+2.9%) |
| Top losers | Today's change |
| Bajaj Finance | 6,985 ▼ 117 (-1.6%) |
| Asian Paints | 3,050 ▼ 33 (-1.1%) |
| Bajaj Auto | 3,625 ▼ 29 (-0.8%) |
What’s trending
⭐ BEL’s profit remains flat
BEL (NSE): 107 ▲ 2.8 (+2.7%)
Defence PSU Bharat Electronics reported a 7.5% year-on-year (YoY) rise in turnover to ₹3,896 crore during the September quarter. Meanwhile, the profit after tax (PAT) was flat at ₹611 crore, against ₹612.6 crore in the same period last year. The order book position of the company stood at ₹52,795 crore as of 1 October 2022, which is 3.4 times the FY22 revenue.
⭐ Zee to sell three of its channels
ZEEL (NSE): 266 ▲ 3.5 (+1.3%)
Zee Entertainment has decided to sell three of its network channels—Big Magic, Zee Action and Zee Classic—in order to comply with concerns raised by the Competition Commission of India (CCI). The voluntary sale will also help complete its proposed merger with Culver Max Entertainment Private Limited, which was earlier known as Sony Pictures Networks India Private Limited.
⭐ Glenmark’s unit under USFDA lens
GLENMARK (NSE): 400 ▼ 1.6 (-0.4%)
Glenmark’s manufacturing unit in Baddi, Himachal Pradesh, has been put on an import alert by the USFDA. An import alert implies that the company is not operating in conformity with current good manufacturing practices and the drugs produced from the unit can now be detained without physical examination. The USFDA had earlier issued seven observations for the unit in June this year.
⭐ Century Textiles posts robust growth
CENTURYTEX (NSE): 872 ▲ 58 (+7.1%)
Shares of Century Textiles rose by over 7% intraday, after the company reported strong quarterly results for the September quarter. Its revenue rose 20.1% YoY to ₹1,242 crore, while its net profit saw a jump of 59.3% YoY to ₹69.9 crore. The management said increased market demand during the festive season, favourable impact of the single-use plastic ban as well as several cost-reduction initiatives aided the good performance.
In Focus
Reliance plans a spin-off
Reliance Industries (RIL) posted lacklustre results for the September quarter. Its consolidated net profit rose by mere 0.2% YoY to ₹15,512 crore. However, the decision to demerge its financial services unit caught everyone by surprise. Let's find out what this means for investors.
During its quarterly result announcement, Reliance said that its board has approved the demerger of its financial services unit. The demerged entity will be renamed as Jio Financial Services Limited (JFSL) and will be listed on the stock exchanges.
As part of the demerger arrangement, existing shareholders will receive one equity share of JFSL for one fully paid-up equity share held in RIL. The demerged entity reported a turnover of ₹1,387 crore for the year ended 31 March 2022.
JFSL plans to launch its own consumer and merchant lending business and also incubate other financial services verticals such as insurance, asset management and digital broking. The company said that it already has regulatory licences for the key businesses.
As per the company, the Indian financial services sector is large and underpenetrated. Hence, the company will focus on digital delivery of financial products using technology capability of Reliance. According to industry estimates, India’s smartphone user base will grow from 650 million to 1.1 billion by FY26. This. offers huge business potential for financial services companies.
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Good to know
What is demerger?
A demerger is a split or division of a company into two or more entities. Usually, when a company’s demerger happens, shares of the new company are issued to existing investors. A demerger helps a big conglomerate to focus on its core business and spin off non-core businesses into separate units. Demerger also helps to raise additional capital and increase market capitalisation.
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