Morning Update for 11 February 2022

Indices at previous closing

Nifty50: 17,605 ▲142 (+0.8%)

Sensex: 58,926 ▲460 (+0.7%)

Nifty Bank: 39,010 ▲400 (+1.0%)

For more updates on F&O, click here.

Zomato’s revenue rises, loss narrows

The online food delivery major narrowed its net loss to ₹67 crore in Q3FY22 from ₹352 crore during the same period last year. Further, its revenue rose 82.5% year on year to ₹1,112 crore. This sharp rise in the top line was aided by an 84.5% increase in its gross order value.

The company's key operating metrics, such as average monthly transacting users, active food delivery restaurants and monthly active delivery partners grew strongly on a year-on-year basis. Shares of Zomato rose 0.4% yesterday, but the results were announced after market hours.

Hindalco's Q3 beats street estimates

Aditya Birla Group's metal arm nearly doubled its net profit to ₹3,675 crore, up 96% YoY, beating the street estimate of ₹3,334 crore. This is the highest-ever quarterly consolidated profit for Hindalco. Further, its revenue jumped 44% to ₹50,272 crore.

The company said that this strong growth was driven by the consistent performance of its US-based subsidiary Novelis and India-based aluminium business. Meanwhile, shares of Hindalco closed 0.9% higher.

US inflation hits 4-decade high

The US labour department reported that the consumer price index, which measures the cost of everyday consumer goods, rose by 7.5% last month as compared to the previous 12 months. This is the steepest year-over-year increase in inflation since 1982.

This increase in prices was led by the sharp rise in rentals, electricity costs and food prices. This comes after the US Fed in its January meeting said that it will hike interest rates in March and end the stimulus to tackle the inflation. All eyes will now be on Fed’s next meeting, which is slated on March 15-16.

Sectoral indices (February 10)

Global markets (at 8:00 am today)

Fact of the day

Tesla recently recalled 26,681 of its vehicles in the US for a windshield defrosting software error.

Source: Mint

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