Morning Update for 18 January 2022

Indices at previous closing

Nifty50: 18,308 ▲52 (+0.2%)

Sensex: 61,308 ▲85 (+0.1%)

Nifty Bank: 38,216 ▼154 (-0.4%)

For more updates on F&O, click here.

UltraTech’s profit rises in Q3 

In the December quarter, the cement maker’s consolidated net profit rose 8% year-on-year to ₹1,708 crore. This was higher than the street’s estimate. In the same period, the net sales also increased around 5% to ₹12,710 crore. 

The management said that the demand slowed down due to a ban on construction in the National Capital Region, extended monsoon in a few states and diwali holidays. However, it added that raw material prices (pet coke and coal) have started softening. Meanwhile, shares of UltraTech Cement were up 2.7% yesterday.

Steel stocks up 

Shares of domestic steel manufacturers rose on Monday after the reports claimed that trade duties have been imposed by the European Union on imports from China, Russia and the US. Experts believe that re-imposition of anti-dumping duty on steel from these countries will be beneficial for European units of Tata Steel and JSW Steel. 

The steel makers in Europe had asked the authorities to re-impose anti-dumping duties, which were announced in 2016. Shares of Tata Steel and JSW Steel were up in the range of 1% to 3%.

New mapping policy benefits domestic firms  

The new mapping policy unveiled by the Indian government could be beneficial for domestic digital map providers, according to experts. These companies don’t need to take approvals for storing, publishing and updating digital geospatial maps.   

Also, foreign mapping companies like Google Maps and Tom Tom will have to engage with Indian partners for maps with finer details. Meanwhile, shares of MapmyIndia were up 7% and are trading 80% above the issue price.

Sectoral indices (January 17)

Global markets (at 8:00 am today)

Fact of the day

Blackrock has become the first publicly traded asset manager to cross the $10-trillion-mark in assets. Just to give context, India’s total market capitalisation is around $3.5 trillion.

Source: Bloomberg

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