Indices at 10:00 am
Nifty50 14,379 ▲ 98 (+0.6%)
Sensex 48,951 ▲ 387 (+0.8%)
Nifty Bank 31,967 ▲ 156 (+0.4%)
In the news
Mindtree Q3 earnings beat expectations
- The Bengaluru-based IT firm’s Q3 net profit grew 28.7% QoQ to ₹326 crore. Margin expansion by 350 bps to 23.5% aided profits. Meanwhile, its revenues rose 5% over Q2 to ₹2,023.7 crore better than street estimates of ₹1,995 crore.
- The company added eight new clients and bagged deals worth $312 million in Q3. The stock is up 2.6% today and gained nearly 24% in Q3.
Indiabulls charges ahead on upbeat Q3
- Mumbai-based Indiabulls Real Estate reported a 64% YoY rise in consolidated net profit to ₹80 crore even as its revenue dipped by 42% YoY to ₹756 crore.
- Its shares rose 12.1% today after the company said that affordability of real estate is at a multi-year high owing to declining interest rates. Further, the company added that it was seeing high demand for its completed projects.
IRB Infra Q3 profit declines
- The highway infrastructure company's consolidated profits fell 56% YoY to ₹69 crore in Q3. However, the company reported a recovery on a sequential basis, and was able to recoup all the losses of the first half of FY21. At ₹1,595 crore, the company's revenues dropped by 11% during the same period.
- The company mentioned that toll collections are now above pre-Covid levels and it is seeing a strong recovery in the construction segment. Its shares rose 0.7% today.
China rises amid global slump
- The Chinese economy grew by 2.3% in 2020, the slowest pace in the last 44 years. However, it is expected to be the only major economy to show positive growth in the pandemic-hit year.
- While the economy contracted 6.8% in the January to March quarter, it quickly rebounded from the second quarter of calendar year and grew at 6.5% in the September-December quarter. China’s GDP now stands at $15.4 trillion. Chinese benchmark equity index SSE composite rose nearly 14% in 2020.
Gold gains on stimulus hopes
- The street is hopeful that the Biden administration in the US will provide additional economic stimulus and that the Fed policy would continue to remain accommodative.
- The resultant boost in liquidity could continue to provide support to gold prices as the yellow metal acts as a hedge against inflation. Gold prices recovered nearly 2% from yesterday’s low.
Events this week
- Wednesday: Indigo Paints IPO opens (India)
- Thursday: Home First Finance IPO opens (India), Initial Jobless claims (US)
Sectoral indices
| Top gainers | Top losers |
| Nifty Realty ▲ 4.7% | NA |
| Nifty Media ▲ 2.2% | NA |
| Global markets | Today's movement |
| Nikkei 225 (Japan) | ▲ 1.3% |
| Hang Seng (Hong Kong) | ▲ 3.0% |
| SSE Composite (China) | ▼ 0.0% |
| Dow Jones (US) (15 Jan) | ▼ 0.5% |
Fact of the day
Although no longer connected to the beer company, Guinness World Records was founded by the managing director of Guinness Brewery in the 1950s.
Source: History.com
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