Indices at 10:00 am
Nifty50 14,477 ▲ 130 (+0.9%)
Sensex 49,227 ▲ 445 (+0.9%)
Nifty Bank 32,138 ▲ 53 (0.1%)
In the news
TCS Q3 earnings beat expectations
- For Q3, TCS reported 4.1% QoQ revenue growth on constant currency terms, slightly more than market expectation of nearly 4.0%. Spends on digital services by clients and deal wins helped to drive the performance. The stock is up 2.2% today.
- The management believes that the phase of extreme volatility has passed. It expects double-digit growth for FY22 on the back of optimism built by the strong order book and deal pipeline. The stock had risen over 50% in 2020.
Avenue Supermarts posts solid growth
- Avenue Supermarts reported 11% YoY rise in revenues to ₹7,542 crore and 16% YoY rise in net profit to ₹447 crore. On both the counts, it fared better than street estimates.
- Festival related shopping during Q3 helped the sales recovery. The management has cited that rising raw material prices could affect the availability of certain categories, impacting sales mix and margins in the near term. Meanwhile, the stock has risen nearly 25% in Q3 and gained 2.6% today morning.
Tata Steel sales volumes drop
- In its Q3 volume update, Tata Steel mentioned that its India sales volumes stood at 4.66 MT, down 4% YoY due to lower opening inventory after a strong Q2 sales.
- However, given the price hikes seen in Q3, the sales momentum (value-wise) was strong. The stock ceded 2.1% early today. It has seen a strong run in Q3, having risen close to 80%.
TN withdraws 100% cinema occupancy order
- Movie theatres in Tamil Nadu will have to run at 50% capacity as the state government has revoked its decision to allow 100% occupancy.
- Shares of multiplex majors PVR (+1.4%) and Inox (+2.3%) were largely unaffected and continued to rise.
Vedanta plans to delist 10% shares
- The promoters of Vedanta Ltd aim to acquire 10% of the company's shares at ₹160/share. Its previous bid to delist its shares at ₹87.5 failed in October last year as it did not get the minimum required shares at the offer price.
- The current offer aims to acquire 37.1 crore equity shares and will require the company to shell out ₹5,948 crore. The stock was 0.7% down this morning.
Events in this week
- Tuesday: CPI Inflation, IIP (India)
- Wednesday: Crude oil inventories (US)
- Thursday: WPI Inflation (India), Initial jobless claims (US)
Sectoral indices
| Top gainers | Top losers |
| Nifty FMCG ▲ 1.5% | Nifty Metal ▼ 0.7% |
| Nifty IT ▲ 1.4% | Nifty PSU Bank ▼ 0.4% |
| Global markets | Today's movement |
| Nikkei 225 (Japan) | ▲ 2.3% |
| Hang Seng (Hong Kong) | ▲ 0.8% |
| SSE Composite (China) | ▼ 0.2% |
| Dow Jones (US) | ▲ 0.1% |
Fact of the day
When we breathe through our nose, we always inhale more air from one nostril than with the other one. This pattern changes every 15 minutes.
Source: MedicalDiscoveryNews.com
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