Indices at previous closing
Nifty50: 18,161 ▲+169 (0.9%)
Sensex: 60,737 ▲+452 (0.7%)
Nifty Bank: 38,635 ▲+114 (0.3%)
For more updates on F&O, click here.
In the news
Infosys, Wipro beat street estimates
Infosys, the country's second-largest IT services company, reported a 11.9% year-on-year increase in the September quarter net profit at ₹5,421 crore. The company’s revenue rose 20% to ₹29,602 crore. On the back of rising demand for digitalization and strong growth outlook, Infosys has raised its FY22 revenue growth guidance from 14-16% to 16.5-17.5%.
|Net profit||▲11.9% YoY||₹5,421 crore|
|Revenue||▲20.5% YoY||₹29,602 crore|
Meanwhile, Wipro has reported about 19% YoY growth in profits and a 30% YoY growth in revenues. The company said that it expects revenues to grow 2-4% in constant currency terms in the December quarter. Shares of Infosys (+1.1%) and Wipro (+2.0%) rose yesterday.
IGL hikes gas prices
Gas distribution company Indraprastha has reportedly increased the prices of compressed natural gas (CNG) and piped natural gas (PNG) by 5% and 6.5%, respectively. The company said that this second price hike in a month was taken to partially cover the increase in input gas cost.
Against this backdrop, shares of IGL were up 1.3% yesterday. The rub-off effect of the price hike was also seen on other gas distribution companies - Gujarat Gas (+2.0%) and Mahanagar Gas (+1.4%).
Cement demand to remain strong
Ratings agency ICRA expects the cement production in India to rise by 12% in the current financial year. The rise in production is likely to be supported by rural housing demand and revival in infrastructure activity. Further, the agency expects the production to rise by 8% in FY23.
In the first five months of FY22, domestic cement production has been up 44% year-on-year and up just 2% in comparison to pre-pandemic levels.. Meanwhile, the prices of cement have also been hiked by 4% YoY to offset the rise of power, fuel and freight costs. Meanwhile, shares of Ultratech (+1.3) and ACC (+0.7%) were up yesterday
Sectoral indices (October 13)
|Top gainers||Top losers|
Global markets (at 8:00 am)
|SGX Nifty||▲ 0.4%|
|SSE Composite (China)||▼0.0%|
|Dow Jones (US)
|S&P 500 (US)
Fact of the day
Launched in 1969, Japanese Sazae-san is the longest-running animated series in the world.
Yay 👍 or Nay 👎?
We'd love your thoughts on this morning update.
If you haven't already, open your Upstox account to get IPO-ready today! Click here to sign up.
To catch our latest educational videos, join our Telegram channel here.
Disclosures and Disclaimer
Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.