Morning Update for 10 December 2021

Indices at previous closing

Nifty50: 17,516 ▲+47 (0.2%)
Sensex: 58,807 ▲+157 (0.2%)
Nifty Bank: 37,082 ▼-202 (-0.5%)

For more updates on F&O, click here.

RIL rises on EV tie-up

Shares of the oil-to-telecom conglomerate rose 1.4% on Thursday after the company said that its joint venture has tied up with Mahindra Group for exploring electric vehicle (EV) solutions. Under the agreement, the joint venture would evaluate Mahindra Group and its channel partner locations for setting up Jio-BP mobility stations and EV charging and swapping points. 

It’s important to note here that the joint venture between Reliance Industries and BP of the UK recently launched its first mobility station in Maharashtra, which includes EV charging infrastructure.

Paytm shares jump 

Shares of the leading fintech player rose by 7% intraday, yesterday, after Paytm said that it had received scheduled bank status from the Reserve Bank of India. The management said that this would help it innovate further and offer more financial services and products to the underserved population in India. 

It added that the company would be eligible to partner with the government for financial inclusion schemes. Meanwhile, shares of Paytm pared some of their gains and ended 2.5% higher.

Burger King on expansion spree 

According to reports, the fast food chain’s management said that its target is to open 70 more restaurants this year and then continue expanding next year as well. It added that its aim remains to achieve the 700 restaurants mark by 2026. 

The management also reportedly said that its delivery numbers are already above the pre-pandemic level. However, its dine-in business is recovering slowly, and is currently at 65% of the pre-pandemic level. Meanwhile, shares of the company rose 6.2% yesterday.

Sectoral indices (December 9)

Global markets (at 8:00 am today)

Fact of the day

Indians from across the world sent back $83 billion (₹6 lakh crore) home last year, making the country the largest recipient of remittances.

Source: Times of India

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