Nifty50: 17,938 ▼174 (-0.9%)
Sensex: 60,098 ▼656 (-1.0%)
- After a shaky start, the markets declined and remained in the red for the rest of the day.
- Any recovery from here will be looked at sceptically, until the Nifty50 decisively breaks its recent high of 18,350.
- Meanwhile, investors showed interest in mid and small cap stocks as their indices nearly recovered the day’s loss.
- Among the Nifty sectoral indices, PSU Bank (+2.2%) and Media (+1.0%) were the top gainers, whereas IT (-2.1%) and Financial services (-1.0%) were the top losers
| Top gainers | Today's change |
| ONGC | ▲ 3.4% |
| Tata Motors | ▲ 1.9% |
| UPL | ▲ 1.8% |
| Top losers | Today's change |
| Infosys | ▼ 2.9% |
| Shree Cement | ▼ 2.8% |
| Asian Paint | ▼ 2.6% |
For more updates on F&O, click here
Here are the top stories of the day.
Reliance Jio prepays spectrum dues
The telecom arm of Reliance Industries has paid ₹30,791 crore for entire deferred liabilities relating to the spectrum which was acquired earlier. The prepayment results in interest cost savings to the tune of ₹1,200 crore annually, according to the company.
Meanwhile, the telecom leader added about 20 lakh subscribers in November ’21, taking its total subscriber base to nearly 43 crore.
LTTS falls after Q3 results
Engineering-related R&D services provider reported a 5% sequential growth in revenue to ₹1,688 crore. Its operating margins also improved marginally to 18.6%.
However, its stock crashed nearly 6% today and is down over 9% so far this month. As per experts, the results are broadly in line with street estimates and in the near future there are no major positive triggers.
Street miss dialling Just Dial
The local search engine company’s revenue declined 6% year-on-year to ₹159 crore. Its net profit also sharply declined by 61% on a YoY basis on account of higher employee expenses due to hiring ramp-up.
Meanwhile, it saw a 7% growth in the number of unique visitors on its platform. Its traffic (quarterly unique visitors) stood at 14 crore users. Reliance Retail holds a controlling stake of 67% in the company, which it bought for about ₹5,700 crore in 2021.
IPO Corner
The IPO of cash management company AGS Transact Technologies (AGS) was subscribed more than 80% on day 1. Retail investors flocked towards the public issue with the retail portion being fully subscribed. Click here, to apply for the AGS IPO on Upstox.
Meanwhile, consumer electronics maker boAt is planning to launch its ₹2,000 crore IPO. The company will reportedly file its DRHP next week.
Good to know
What is Series C funding?
The Series C is the fourth stage of capital raising by a startup. This is typically the last round of venture capital financing. The companies who obtain Series C funding are usually established companies and are in the later stages of development with strong revenue and profit. The money from this round could be used to further scale up operations, to enter new markets or even acquire other companies.
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