Morning update for 15 January 2021

Indices at 10:00 am

         Nifty50 14,545 ▼ 50 (-0.3%)

            Sensex 49,410 ▼ 173 (-0.3%)

       Nifty Bank 32,326 ▼ 192 (-0.5%)

In the news

HCL Q3 earnings beat expectations 

• The IT services major reported a constant currency revenue growth of 3.5% QoQ (better than street expectation of 3%) aided by stronger demand for digital services. Its revenues rose 6.4% YoY to ₹19,302 crore and net profits jumped 31% YoY to ₹3,982 crore. 
• For Q4, the company expects revenues to grow 2-3% QoQ and expects full-year EBIT to be between 21-21.5%. Its stock was down 0.9% today.  

HFCL posts strong Q3 results

• The manufacturer of optical fibre cables and telecommunications equipment stated that its consolidated revenues rose 50% YoY to ₹1,277 crore for Q3. Its net profit grew 86.2% to Rs. 85 crore. The stock gained 1.3% today. 
• The company claims a ₹7,313 crore-strong order book and is optimistic on the demand for optic fibre cables given the impending rollout of 5G. 

Den Networks Q3 net profit zooms

• The cable and broadband services provider reported revenue growth of 8% YoY to ₹342.1 crore for Q3. Its profit after tax soared 390% to ₹60 crore.
• The rise in revenues, higher other income and lower tax helped the sharp rise in the profits. Its shares were trading 3.6% higher today. 

Bharat Dynamics partners with Thales Group

• The state-owned defence manufacturer has signed an agreement with UK-based defence group Thales to become part of the global supply chain for STARStreak missile systems. 
• BDL will also offer this missile system to Indian armed forces with at least 60% indigenous content. While the company has not mentioned the size of the opportunity, its shares were upbeat and rose 2.6% today.

Sectoral indices

Fact of the day

Wikipedia turns 20 today.
Source: The Economist

Tweet this!

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.

Disclosures and Disclaimer

Investment in securities markets are 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.