Morning Update for 1 October 2021

Indices at previous closing

Nifty50: 17,618 ▼-93 (-0.5%)
Sensex: 59,126 ▼-286 (-0.4%)
Nifty Bank: 37,425 ▼-317 (-0.8%)

For more updates on F&O, click here.

In the news

Persistent rises on new acquisitions  

Shares of Pune-based IT company rose 6.2% intraday after it announced that it will acquire Software Corporation International (SCI), its affiliate Fusion360, and the business of Shree Partners. The management has said that the acquisition of SCI and Fusion360 will expand the company’s expertise and client portfolio in the banking, financial services and insurance segment.

Also, the additions of Shree Partners will help the company to expand its cloud and IT capabilities. Meanwhile, Persistent Systems’ shares pared some of their early gains and closed 3.4% higher on Thursday. 

Voda-Idea rises on capital infusion buzz 

Shares of the telecom player rose 5.3% yesterday after news reports claimed that the promoters are likely to infuse ₹10,000 crore into the company. This comes after the government provided relief to telecom players, providing them a four-year moratorium on AGR dues. 

According to reports, the management has said that it will decide its fund-raising plan after more details of the government’s relief package come out. Shares of the telecom player have risen by 95% in September

Chip shortage may hit telecom sector

According to reports, after automobiles, the ongoing crisis of semiconductor shortage may hit the telecom sector in the coming months. Major telecom operators are likely to face delays to their current expansion plans for the 4G network. 

In the telecom industry, semiconductors are used to develop routers and backend infrastructure. Yesterday, the shares of Bharti Airtel (-0.8%) and Jio’s parent Reliance Industries (-0.6%) closed lower, while Vodafone-Idea was up by (+5.7%).

Sectoral indices (September 30)

Global markets (at 8:00 am)

Fact of the day

Google is the most popular search engine in the world with 92% of the market share. Guess, which search engine comes second and with what market share? Bing with 2.5% market share.

Source: Stats Counter

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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.