Indices at previous closing
Nifty50: 14,942 ▲ +119 (+0.8%)
Sensex: 49,502 ▲ +295 (+0.6%)
Nifty Bank: 33,142 ▲ +237 (+0.7%)
In the news
Indigo to raise QIP to weather second wave
- Leading airline Indigo plans to raise ₹3,000 crore via a qualified institutional placement (QIP). The move comes amidst the troubled times for the entire travel industry due to the second wave.
- Meanwhile, an industry report predicts consolidation in the sector resulting in 2-3 airlines. It expects Indigo to emerge relatively stronger due to its strong balance sheet. Shares of Interglobe Aviation have been range-bound for nearly six months now and have underperformed broader markets by falling 2.6% so far in 2021.
Zydus Wellness posts a strong quarter
- The maker of Glucon-D and Sugar Free Zydus Wellness reported a 93% rise in its consolidated net profit to ₹133 crore in Q4FY21. Consolidated operating revenue of the company stood at ₹605 crore, up 25% YoY supported by robust sales.
- Five of its brands maintained their leadership positions in their respective categories as of March 2021. The stock closed 0.8% lower today but has gained 5.5% so far this year.
Steel Strip Wheels bags orders from US & EU
- The Chandigarh-based automotive wheels manufacturer has bagged a ₹54 crore order from the US and Europe. The order for over 525,000 wheels is likely to be completed by early July. The stock was flat yesterday, but is up 50% so far in 2021.
- In the latest quarter, the company reported revenue from operations of nearly ₹700 crore, up 80% YoY. Crucially, the company reported a net profit after tax of ₹44.5 crore, versus a loss of ₹5.2 crore reported in Q4FY20.
Kesoram to raise funds to pare debt
- As per reports, the umbrella company for Birla Tyres and Birla Shakti Cement aims to raise ₹500-600 crore via equity in its attempt to reduce its high-cost debt of ₹1,900 crore.
- The fundraising is expected to take place in tranches, starting with a ₹200 crore rights issue. It aims to pay off the remaining debt within the next 24 months. The stock rose 5.5% yesterday and has gained about 30% so far this year.
Sectoral indices (10 May)
| Top gainers | Top losers |
| Nifty Metal ▲ 3.1% |
NA |
| Nifty Pharma ▲ 2.8% |
NA |
Global markets (at 8:15 am)
| Indices | Today's movement |
| Nikkei 225 (Japan) |
▼ 2.7% |
| Hang Seng (Hong Kong) |
▼ 2.3% |
| SSE Composite (China) | ▼ 1.1% |
| Dow Jones (US) (10 May) |
▼ 0.1% |
Fact of the day
For FY20, Nike's revenue stood at $37.4 billion, of which the Jordan Brand generated $3.6 billion. This was about 18 years after Michael Jordan had retired from basketball.
Source: Nike, The Motley Fool, Sportskeeda
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