Nifty50: 15,163 ▼10 (-0.0%)
Sensex: 51,544 ▲ 12 (+0.0%)
The markets traded in the green for the first half, but selling pressure mounted later in the day, from which the Nifty50 managed to largely recover. However, 37 of its constituents closed with losses.
Among the sectoral indices, Nifty Bank (+1.0%) and Nifty Financial Services (+0.9%) were the top gainers, while the Nifty Metal (-1.7%) and Nifty FMCG (-1.5%) indices lost the most.
| Top gainers | Today's change |
| Adani Ports | ▲ 3.3% |
| ICICI Bank | ▲ 2.6% |
| Infosys | ▲ 1.3% |
| Top losers | Today's change |
| ITC | ▼ 3.8% |
| GAIL | ▼ 2.6% |
| ONGC | ▼ 2.4% |
Here are the top stories of the day.
Grasim’s profits double on business recovery
- In Q3, the Aditya Birla Group-owned company recorded a 103% YoY growth in consolidated profit to ₹1,384 crore. Its net revenue rose 13% to ₹20,986 crore as most business segments rose above pre-Covid operational levels.
- As per the company, its viscose (filament yarn) business’ earnings grew substantially on account of higher sales volumes, a better product mix and lower cost. Further, the company plans to venture into the paints business with a capex of ₹5,000 crore. Its shares rose 0.3% today and stand close to their lifetime high of ₹1,300 per share.
Motherson Sumi posts record quarterly revenues
- The automotive wiring harness manufacturer reported a 15% YoY rise in its Q3 revenues, which stood at ₹17,923 crore. Meanwhile, profits nearly tripled during the same period to ₹798 crore.
- The company stated that operations have nearly returned to pre-Covid levels. Further, it recorded net debt levels at their lowest in the past 14 quarters. The company’s shares rose 10.4% today, and have rallied about 36% this month.
Petronet’s net profit surges on rising demand
- India's largest gas importer reported a 30% YoY rise in its Q3 net profit to ₹878 crore. The growth was driven mainly by rising demand, which reached pre-Covid levels. Revenue from the operations dropped 17.7% YoY to ₹7,328.2 crore due to lower gas prices.
- The company’s LNG import terminal at Dahej operated at 97.3% of its capacity, while the one in Kochi operated at 19.9% capacity. With the commissioning of a pipeline from Kochi to Mangalore, the Kochi terminal's capacity utilisation is expected to rise to 30% later this year.
- The stock closed 0.3% lower today.
Voltas posts strong net profit and revenue growth
- The air conditioning major reported a 46% YoY jump in its consolidated net profit to ₹129 crore and 32% YoY rise in total income to ₹2,046 crore.
- The performance was driven by the unitary cooling business (room ACs and commercial refrigeration), wherein sales and profit rose by 40% and 72%. The company plans to transfer its projects business to a wholly-owned subsidiary to focus independently on B2C and B2B businesses. The stock fell 2.0% today after hitting a new lifetime high intraday.
Closing bell
While on a weekly basis, the Nifty50 moved up 1.6%, the daily movements cannot be called trader-friendly. On three out of the five trading days, the index closed flat after moving in a volatile manner. A breakout on either side of this week’s high and low will indicate which direction the markets will move. The consumer inflation numbers, which are expected to be released this evening, will provide further cues. Meanwhile, the midcap and smallcap stocks saw buying interest this week and moved 2.1% and 3.8%, respectively.
Good to know
What is market capitalisation?
Market capitalisation refers to the total market value of a company’s shares. It is calculated by multiplying the current market price per share with the number of shares issued. It is a gauge of the market's perceived value of a company.
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Investment in securities markets are 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.