Indices at previous closing
Nifty50: 15,635 ▼-104 (0.6%)
Sensex: 51,941 ▼-333 (0.6%)
Nifty Bank: 34,800 ▼ -284 (-0.8%)
In the news
GAIL slips after weak quarter
- The state-run gas distributor reported a 36% year-on-year drop in profit. The weakness in performance was on account of a 12% decline in sales, in addition to higher other expenses and taxes.
- Among the business segments, only the petrochemicals segment showed positive revenue growth in Q4. It also benefited from improved price realisation. The stock fell 3% yesterday, but is up 20% this fiscal.
Bata India optimistic despite profit dip
- The footwear maker reported a 23% drop in its consolidated net profit for the March quarter at ₹29.5 crore. (1) Meanwhile, revenues from operations fell 5% to ₹590 crore. (2) The stock fell 1.4% yesterday amid a weak broader market.
- The company said it has adequate cash reserves and is curbing discretionary expenses to improve operating efficiencies. It is also hopeful that the roll-out of vaccines to a larger population will help its business to start improving soon.
TeamLease rallies after profitable Q4
- Bengaluru-based human resource company TeamLease’s shares gained around 6% yesterday after the company reported a net profit of ₹19.6 crore in Q4 (1). In comparison to this, the company had reported a loss of ₹29.4 core in Q4FY20, which was marred by minimum alternate tax (MAT) credit write-offs.
- Meanwhile, the management has claimed that the business has surpassed the pre-pandemic levels with the billable headcount witnessing 4% and 8% growth YoY and QoQ respectively.
IMFA returns to profits
- Odisha-based ferro chrome maker Indian Metals & Ferro Alloys (IMFA) was back in black in Q4 with a profit of ₹65 crore. The turnaround was driven by 52% growth in revenues, higher exports and better price realisation.
- The company has an optimistic outlook and plans to go ahead with its expansion plans, which were on hold due to the pandemic. Despite strong results, the stock fell by about 4% in a weak broader market. However, it has gained over 10% so far this month.
Sectoral indices (10 June)
|Top gainers||Top losers|
Global markets (at 8:00 am)
|SGX Nifty||▲ 0.2%|
|Nikkei 225 (Japan)||▲ 0.4%|
|Hang Seng (Hong Kong)||▲ 0.3%|
|SSE Composite (China)||▲ 0.4%|
|Dow Jones (US)
Fact of the day
A Miami beach condo has become the most expensive property to be bought using cryptocurrency. An anonymous person paid $22.5 million in virtual coins to buy the 5,067-square-foot penthouse.
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