Indices at previous closing
Nifty50: 14,923 ▲ +245 (+1.67%)
Sensex: 49,580 ▲ +848 (+1.74%)
Nifty Bank: 33,459 ▲ +1,289 (+4.0%)
In the news
Bharti Airtel’s Q4 profit misses estimates
- The telecom major posted quarterly revenues of ₹25,747 crore, 17.6% higher YoY. Its consolidated net profit at ₹759 crore, although strong versus the ₹5,237 loss reported last Q4, was 11% down on Q3 and street estimates of ₹958 crore.
- Although Airtel has added more active subscribers than the competition, the company’s average revenue per user, or ARPU, has declined 12.6% QoQ to ₹145. The stock was down 2.2% yesterday, but has risen 7.4% so far this year.
Shilpa Medicare ties up with Dr Reddy’s for Sputnik V
- Shilpa Biologicals, a wholly-owned subsidiary of Shilpa Medicare, has entered into a three-year agreement with Dr Reddy’s to produce and supply the Sputnik V Covid-19 vaccine.
- The company aims to produce 5 crore doses in the first 12 months from the start of commercial production. Shares of Shilpa Medicare rose nearly 12% today, while those of Dr Reddy’s were up about 1%.
Gland Pharma posts strong quarter
- The Hyderabad-based injectables company recorded a 40% YoY rise in its Q4 revenue from operations at ₹887 crore. Profit after tax for the quarter stood at ₹260 crore, up 34%.
- Revenues from its core markets such as the US, Europe, Canada and Australia grew 29%, whereas business from the rest of the world (excluding India) rose nearly 200%. The company plans to leverage its vaccine business to enter into the biosimilars segment. The stock was down 2.2% yesterday, but has risen 86% since it got listed in November 2020. The results came after market hours.
Colgate-Palmolive sees robust profit growth
- FMCG major Colgate-Palmolive reported a 20% YoY growth in Q4 sales to ₹1,275 crore. Its profit grew at a faster clip of 54% to ₹314 crore. Its shares closed 2.2% higher yesterday backed by high volumes.
- The management commented that it is seeing strong growth momentum across all categories. The company’s stock is about 5% away from its lifetime high.
Events/data releases of the week
- Tuesday: Building permits (US)
- Wednesday: Crude oil inventories (US)
- Thursday: Initial jobless claims (US)
Sectoral indices (17 May)
| Top gainers | Top losers |
| Nifty Bank ▲ 4.0% |
Nifty Media ▼ 0.5% |
| Nifty PSU Bank ▲ 3.8% |
Nifty Pharma ▼ 0.1% |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▲ 1.1% |
| Nikkei 225 (Japan) |
▲ 1.4% |
| Hang Seng (Hong Kong) |
▲ 1.0% |
| SSE Composite (China) | ▲ 0.1% |
| Dow Jones (US) (17 May) | ▼ 0.1% |
Fact of the day
The term "blue chip" came about from the game of poker in which the blue chips have the highest value.
Source: Motley Fool
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