Choppy day

Among the Nifty sectoral indices, PSU Bank (+0.8%) and Metal (+0.8%) were the top gainers, while Media (-1.0%) and Realty (-0.8%) were the top losers.

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Here are the top stories of the day.

Policybazaar’s loss widens
India’s foremost insurance aggregator posted a consolidated revenue of ₹367 crore, up 73% year-on-year, largely driven by growth in online marketing, consulting and support services segment. Its net loss widened to ₹297 crore on account of investments in new initiatives and brand advertising.

Meanwhile, its insurance premium business grew 68% year-on-year to ₹1,796 crore, whereas credit disbursals grew 94% year-on-year to ₹1,926 crore. The company’s annual recurring revenue (ARR) is over ₹8,000 crore at present.

The aluminium manufacturer posted a consolidated revenue of ₹3,773 crore, up 59% year-on-year, supported by better realisations, sustained supply of raw material, strategic sourcing of power, particularly during the period of coal crisis. As a result, the company registered a three-fold rise in its net profit to ₹831 crore.

The company achieved 100% capacity utilisation for the first time in its history by bringing 960 pots in its Smelter Complex into simultaneous operation.

The pharmaceutical and healthcare company posted a net profit of ₹150 crore, down 4% year-on-year on account of high raw material costs and other expenses. Its consolidated revenue showed a meagre growth of 3% year-on-year.

Company’s vaccine business was impacted during the third wave of the pandemic. However, with the reopening of schools and the pandemic receding, the company is witnessing a steady uptake in vaccination. Shares of GSK Pharma are down by nearly 12% since the start of 2022.

Shares of Adani Wilmar listed at a discount of 4% against their issue price of ₹230. However, after making its debut, the stock moved up and ended 16% higher. Further, the public issue of Vedant Fashions, known for its Manyavar brand, was subscribed 2.27 times on Day 3.

Helicopter money refers to a large sum of money that is printed and distributed among the public. This is done to provide stimulus to the economy during a recession or when interest rate falls to zero and boost consumer spending. The term helicopter is in reference to a helicopter scattering supplies from the sky. Helicopter money can also lead to hyperinflation and currency devaluation.

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