Indices at previous closing
Nifty50: 16,280 ▲21 (+0.1%)
Sensex: 54,554 ▲151 (+0.2%)
Nifty Bank: 36,034 ▲5 (+0.0%)
In the news
Zomato’s losses widen
India’s leading food delivery platform Zomato posted a 26% quarter-on-quarter growth in revenues which stood at ₹1,160 crore in the June quarter. However, the company's losses widened to ₹360 crore in Q1FY22 against ₹134 crore in the preceding quarter.
The bottomline was mainly impacted due to the sluggish dine-out business and ESOP-related non-cash expenses. Interestingly, the company said that it delivered its billionth order last week and around 10% of those orders were delivered in the last three months. Shares of the company plunged 4.2% yesterday.
Coal India’s profit jumps in Q1
The government-owned coal mining and refining company’s net profit rose by 52% YoY to ₹3,174 crore in the June quarter. The sharp rise was aided by strong growth in revenue and the low base of last year. However, the profit numbers missed street estimates of ₹3,973 crore.
The company’s revenue rose by a 37% rise to ₹23,293 crore, driven by 33% growth in sales volumes of raw coal. Meanwhile, Shares of Coal India were down 0.7% yesterday. They have been trading a narrow range of 140-150 since Mid-June 2021.
Mittal bats for four-player telecom market
The Chairman of Bharti Airtel Sunil Bharti Mittal has said that the industry requires ‘long overdue’ support from the government and regulators to maintain its ‘3+1’ (three private players and one state-owned player) structure. His comments come in the backdrop of Vodafone Idea facing severe financial stress due to AGR dues and intense competition.
Mittal said that unsustainable pricing, low returns and legacy legal issues have taken a toll on the telecom sector. Meanwhile, shares of Bharti Airtel were up 3.7% today and have rallied around 20% in this fiscal. Shares of Vodafone Idea (-0.2%) and Jio’s parent Reliance Industries (+0.3%) showed mixed reactions.
Sectoral indices (August 10)
| Top gainers | Top losers |
| Nifty IT ▲ 0.8% | Nifty Metal ▼ 2.7% |
| Nifty Financial Services ▲ 0.3% | Nifty PSU Bank ▼ 1.6% |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.2% |
| Nikkei 225 (Japan) | ▲ 0.6% |
| Hang Seng (Hong Kong) | ▲ 0.3% |
| SSE Composite (China) | ▲ 0.3% |
| Dow Jones (US) (August 10) | ▲ 0.4% |
Fact of the day
Global DIY furniture giant IKEA has launched a candle that smells like its famous Swedish meatballs.
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