Indices at previous closing
Nifty50: 18,017 ▼-27 (-0.1%)
Sensex: 60,352 ▼-80 (-0.1%)
Nifty Bank: 39,023 ▼-345 (-0.8%)
For updates F&O, click here.
Zomato’s loss widens in Q2
In the September quarter, the online food delivery major’s net loss widened to ₹430 crore from ₹356 crore in the June quarter. The company attributed the loss to increase in spending on customer acquisition, investments in increasing market share in smaller or emerging geographies and higher delivery costs due to unpredictable weather and rise in fuel prices.
However, the company’s adjusted revenue rose 23% quarter-on-quarter to ₹1,420 crore. It’s key operating metrics such as average monthly transacting users, active restaurants and number of delivery partners also saw strong growth. Meanwhile, shares of Zomato were down 1.2% but the results were announced after market hours.
IPO party continues on D-Street
The IPO of Sapphire Foods, which is the franchise operator for KFC, Pizza Hut and Taco Bell, will close for subscription today. Retail investors have flocked towards the IPO, with the retail portion being oversubscribed 5.3 times.
Similarly, Latent View Analytics also received strong response from investors. On day 1, the public issue was oversubscribed 6.3 times. You can apply for these IPOs on Upstox.
India to become fastest-growing economy
According to a finance ministry report, India is on its way to become the fastest-growing economy in the world. The report states that rapid vaccination and festive season will boost India’s ongoing economic recovery.
As the economy bounces back, it will lead to a narrowing of the demand-supply mismatch and greater employment opportunities, the report states. Most reports forecast India’s GDP to grow by around 9.5% in FY22. Meanwhile, the Nifty50 index has risen nearly 23% so far this fiscal. The index was down 0.1% yesterday but has risen around 2% in November.
Sectoral indices
Fact of the day
In 1995, the global e-commerce giant Amazon started as an online bookstore. So did Flipkart in the year 2007.