Nifty50: 15,790 ▲+103 (+0.6%)
Sensex: 52,699 ▲+392 (+0.7%)
After a gap-up opening the markets steadily moved up and closed on a positive note. In all, 30 of the Nifty50 stocks closed in the green.
Among the Nifty sectoral indices, IT (+2.7%) and Bank (+0.7%) were the top gainers, whereas PSU Bank (+1.4%) and Media (+1.1%) were the top losers.
| Top gainers | Today's change |
| Infosys | ▲ 3.5% |
| TCS | ▲ 3.3% |
| JSW Steel | ▲ 2.2% |
| Top losers | Today's change |
| Reliance Ind | ▼ 2.6% |
| IOC | ▼ 1.2% |
| Coal India | ▼ 1.1% |
Here are the top stories of the day.
Reliance lays out plans for the future
- The oil-to-telecom conglomerate has laid out its big clean energy plan. In its AGM today, Reliance Industries (RIL) announced that it will build four giga factories and invest ₹75,000 crore over the next three years in the clean-energy business.
- It also unveiled an affordable smartphone, which will hit the markets in September this year. The management further added that it is highly optimistic about its retail arm, which it expects will grow 3x in the next three to five years. For FY21, Reliance Retail had a revenue of over ₹1.57 lakh crore and net profit of ₹5,481 crore. Despite these major announcements, shares of RIL were down 2.6% today.
Apollo Hospitals posts weak Q4
- The leading hospital chain reported a 23% year-on-year decline in its consolidated net profit for the March quarter at ₹168 crore. Meanwhile, consolidated revenue from operations was down nearly 2% and stood at ₹2,868 crore.
- Further, the company announced the formation of Apollo HealthCo, which will house the Apollo 24/7 and Apollo Pharmacy brands, to get the benefits of value unlocking. The stock was down 1.3% today but has gained over 10% in this fiscal.
IPOs make strong market debut
- Steel manufacturer Shyam Metalics listed at a premium of 24% to its issue price of ₹306 today. On the other hand, auto ancillary player Sona BLW made a subdued debut with its shares listing 4% higher than the issue price of ₹291. But its shares rose sharply later in the day and closed 20% higher.
- Meanwhile, the agrochemical manufacturer India Pesticides’ IPO has been already subscribed more than 3 times. Tomorrow is the last day to subscribe to the IPO. You can apply for the IPO on Upstox here.
Allcargo Logistics’ Q4 profit plunges
- For the March quarter, the logistics player’s consolidated revenue from operations surged 79% year-on-year to ₹3,349 crore. The growth was mainly on account of a 60% jump in its multimodal transport vertical and addition of revenues from the new express distribution vertical which it has acquired from Gati Limited.
- Despite strong revenue growth its net profit slumped nearly 90% to ₹59 crore. The drop in profit was mainly due to an exceptional loss from sale of assets. The stock fell 3.1% today but has gained nearly 17% since the beginning of this fiscal year.
Closing bell
There were two major events today – Reliance Industries’ annual general meeting (AGM) and the June derivative expiry. Even though the index heavyweight Reliance was a top loser in the Nifty50 pack, the markets were able to hold on to the day’s gain on the back of a rise in the IT and banking stocks. Further, cues from the international indices too were positive. However, on a broader basis, the market is still moving sideways and is yet to give a decisive direction.
Good to know
What is a dividend?
A dividend is a way that a company rewards its shareholders. A company can use excess profits or its reserves to pay out dividends. However, it is not mandatory for it to pay dividends every year. A company could also utilise funds to invest in a new or an existing project if it promises better returns. In such a case, it may declare no or lower dividend. To get the benefit of dividend, an investor must own the shares before the ex-dividend date, which is specified by the company. To know more watch this video on dividends:
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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.