Indices at 10:30 am
▲ Nifty50 12,706 (+0.13%)
▲ Sensex 43,418 (+0.14%)
▲ Nifty Midcap 100 18,191 (+0.05%)
▲ Nifty Smallcap 100 6,032 (+0.63%)
In the news
Inflation
- For October, India’s retail inflation—represented by the Consumer Price Index (CPI)—jumped to 7.61%, the highest in six years. It was 7.3% in September.
- The key factor behind the rise is the spike in food inflation, which stood at 11.07%.
Eicher Motors
- The Royal Enfield motorcycle maker’s Q2 consolidated net profit dropped 40% YoY to ₹343 crore.
- During the quarter, motorcycle sales volumes declined 9% and revenues dropped by 3% to ₹2,134 crore.
- The company is seeing sales recovery on a month-on-month basis. It’s booking numbers are now at pre-Covid levels.
- The stock is up 4.5% today and is a top gainer in the auto pack.
Grasim Industries
- Grasim’s Q2 standalone revenues were down 28.3% YoY to ₹3,438.2 crore. The decline in revenues impacted EBITDA margins, which fell from 13.7% to 11.6%, even as the company was able to reduce its power and fuel costs and other expenses.
- Net profits were down 31.6% to ₹360.2 crore.
- The stock is up 0.9% today.
Sun TV
- Q2 consolidated revenues down 4.4% YoY to ₹768.7 crore. Revenues were mainly supported by a 14% rise in subscription revenues at ₹427 crore.
- The company was able to increase its EBITDA margin to 65.3% versus 59.6% in the same period last year. However, higher taxes pulled down the net profit, which dipped 9.1% to ₹335 crore.
- The stock is down 3.0% today.
Global markets
- Key Asian markets are trading weak today. The Japanese Nikkei 225 (-0.69%), China’s SSE Composite (-0.75%) and Hong Kong’s Hang Seng Index (-0.33%) are down.
Events today
Earnings expected from ONGC and Tata Steel
Fact of the day
Bubble wrap was never intended for its current use i.e. packaging; its co-creators Marc Chavannes and Al Fielding initially developed the material when they attempted to create a textured plastic wallpaper in 1957.
Source: Smithsonian Magazine
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