Good morning!
Here are the top stories to start your day.
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⭐ Avenue Supermarts’ profit jumps multifold 🛒
Avenue Supermarts, operator of the DMart supermarket chain, reported net profit at ₹680 crore in Q1, up 490% year-on-year (YoY). Revenue from operations nearly doubled to ₹9,806 crore. The management said overall sales recovered, but it cannot be compared to the same period last year owing to the Covid second wave. The company further said that Q1 was good due to the reopening of schools and colleges, and the onset of the monsoon season.
⭐ Tata Motors hikes PV prices 🚗
Auto major Tata Motors has increased the prices of its passenger vehicles (PV) by 0.55% with immediate effect. The company said it made all attempts to combat the increasing input costs before taking the decision to hike consumer rates.
⭐ Adani enters telecom spectrum race 📱
The Adani Group has announced it will enter the race for telecom spectrum. However, it has no plans to foray into the consumer mobility sector. The company said it will use the 5G spectrum, if awarded, to build a private network to support all of its operations.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.66% |
| Nikkei 225 (Japan) | ▲ 0.89% |
| Hang Seng (Hong Kong) | ▼ 2.46% |
| SSE Composite (China) | ▼ 1.26% |
| Dow Jones (US) (July 08) | ▼ 0.15% |
| NYSE (US) (July 08) | ▼ 0.19% |
| Nasdaq (US) (July 08) | ▲ 0.12% |
| S&P 500 (US) (July 08) | ▼ 0.08% |
Fact of the day
A majority of CEOs in a poll conducted by the Confederation of Indian Industry (CII) anticipate improved job creation prospects in their companies in the first half of FY23 despite expectation of interest rate hikes.
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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.