Nifty50: 17,277 ▲ 128 (+0.7%)
Sensex: 57,858 ▲ 366 (+0.6%)
- Indian markets bounced back in line with the reversal seen in the US markets yesterday.
- The volatility could continue in this holiday-shortened week with the derivative expiry on Thursday and the Union Budget next week.
- Among the Nifty sectoral indices, PSU Bank (+4.2%) and Auto (+2.3%) were the top gainers while IT (-0.3%) was the only loser.
|Top gainers||Today's change|
|Axis Bank||▲ 6.5%|
|Top losers||Today's change|
|Bajaj Finserv||▼ 1.4%|
For more updates on F&O, click here.
Here are the top stories of the day.
Maruti on top gear
Shares of India’s largest car maker topped the Nifty50 pack as it showed a marked improvement in its performance, sequentially. While its sales rose 15% quarter-on-quarter, its operating EBIT margins sharply improved from 0.5% to 4.1%.
The improvement in margins was led by the increase in selling price, higher capacity utilisation and lower sales promotion expenses. Its profit more than doubled sequentially to ₹1,011 crore. The company has a strong pipeline of pending orders of 2.4 lakh vehicles, which is about two months of sales volumes.
Shriram Transport’s net profit dips
The commercial vehicle financing company posted a net profit of ₹681 crore, down 6% year-on-year. Meanwhile, it’s net interest income grew 11% year-on-year to ₹2,388 crore.
The dip in the net profit was mainly on account of a 45% increase in loan losses and provisions. The company has changed its NPA classification process. According to the company, as per the previous method its profit before tax would be higher by ₹355 crore.
Burger King’s loss narrows
The fast-food chain posted revenue of ₹280 crore, up 72% year-on-year in the December quarter. The strong rise in sales helped it to narrow losses to ₹15 crore from ₹29 crore in the same quarter last year.
Compared to last year, it saw the highest sales recovery in Western India whereas average daily sales in North India were still below FY20 levels. Meanwhile, the company added 20 restaurants in the December quarter, taking its total restaurant count to 294.
Online hotel aggregator OYO has received in-principle approvals from the BSE and NSE to launch its ₹8,430 crore, according to the reports. The company is all set to file revised IPO documents with the markets regulator SEBI. This comes at the time when internet stocks viz. Paytm, Zomato and Nykaa are down upto 30% so far this month.
Good to know
What is a decacorn?
A decacorn is a startup, which has a current valuation of over $10 billion (about ₹75,000 crore). What separates decacorns from unicorns (valuation of $1 billion) is their evolved business and revenue model as well as the growth rate. The fact that they have received large investments is because they have shown an incredible growth rate, compared to the competition. Food delivery giant, Swiggy recently became a decacorn after it’s valuation crossed $10.7 billion.
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