Indices at previous closing
Nifty50: 17,812 ▲66 (+0.3%)
Sensex: 59,744 ▲142 (+0.2%)
Nifty Bank: 37,739 ▲249 (+0.6%)
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DMart posts strong Q3 results
In the December quarter, the retail chain reported a 24% year-on-year rise in its standalone net profit to ₹586 crore. This sharp growth in the bottomline was aided by a 22% increase in the revenue to ₹9,065 crore.
The management highlighted that inflation and lesser opportunities to go out are impacting overall sales mix. It saw relatively weaker sales from high margin merchandise and apparel segments.
Meanwhile, shares of DMart were up 0.8% on Friday but the results were announced on the weekend.
IT firms likely to post robust Q3
In the coming week, five IT majors - Infosys, TCS, Wipro, Mindtree and HCL Tech - are set to announce their December quarter results. Despite it being a seasonally weak quarter, analysts expect the IT companies to deliver 3-5% revenue growth on a sequential basis.
Strong deal wins, greater adoption of cloud models and growth across verticals is expected to drive the topline. Experts also believe that there could be an upward revision of guidance by these companies.
Spending revival on cards
According to government estimates, private consumption in India is expected to grow at the rate of 6.9% in FY22 due to pent-up demand. India’s GDP is also likely to grow at 9.2%, marginally lower than the RBI’s estimate of 9.5%.
Experts believe that strong demand has been witnessed in some pockets but overall consumption needs some push. The rapid spread of the new virus variant and its impact on business activities remains a concern. Meanwhile, the Nifty50 Index was up 2.6% last week.
Sectoral indices (January 7)
| Top gainers | Top losers |
| Nifty Oil & Gas ▲ 1.2% | Nifty Media ▼ 0.8% |
| Nifty Bank ▲ 0.6% | Nifty Pharma ▼ 0.3% |
Global markets (at 8:00 am today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.4% |
| Nikkei 225 (Japan) | ▼ 0.0% |
| Hang Seng (Hong Kong) | ▲ 0.7% |
| SSE Composite (China) | ▲ 0.0% |
| Dow Jones (US) (January 7) | ▼ 0.0% |
| NYSE (US) (January 7) | ▲ 0.0% |
| Nasdaq (US) (January 7) | ▼ 0.9% |
| S&P 500 (US) (January 7) | ▼ 0.4% |
Fact of the day
In Japan, the global beverage giant Coca-Cola actually sells flavoured soup under the brand name Go:Good.
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