Indices at previous closing
Nifty50: 15,923 ▼-0.8 (-0.0%)
Sensex: 53,140 ▼-18 (-0.0%)
Nifty Bank: 35,751 ▼-155 (-0.4%)
In the news
HDFC Bank reports strong profit growth
- India’s largest private bank reported a 16.1% year-on-year growth in net profit to ₹7,729 crore. This was despite the rise in provisioning for bad loans. A rise in net interest income and a sharp jump in other income boosted the lender’s bottom line.
- However, the gross bad loans rose from 1.36% in June 2020 to 1.47% in June 2021. The management said that the second wave adversely impacted retail loan segment, card spends and collection efficiency. Shares of the bank were up 0.1% on Friday but the results were announced on Saturday.
RRVL acquires controlling stake in Just Dial
- Reliance Retail Ventures (RRVL), the holding company of all retail companies under Reliance Group, is set to acquire a 66.9% stake in local search engine Just Dial (JD). This move is expected to further boost RIL’s digital ecosystem under its New Commerce project to link partner merchants and small businesses.
- The announcement came along with Just Dial’s Q1 results declared on 16 July after market hours. In the June quarter, Just Dial recently posted a loss of ₹3.5 crore, mainly due to advertising expenses of ₹50.5 crore during the quarter to promote its new B2B platform JD Mart. On Friday, shares of Just Dial had fallen 3.3% while those of Reliance gained 1.3%.
LTFH’s profit grows, revenue falls
- L&T Finance Holdings (LTFH) posted a consolidated net profit of ₹178 crore for the June quarter, up 20% year on year. However, the NBFC’s revenue from operations dipped 7.3% YoY owing to an overall decline in interest income.
- Income from rural finance grew, while that from housing finance and infrastructure finance segments recorded a sharp decline. The company's gross non-performing assets (NPAs) rose slightly to 5.7% from 5.2% in the year-ago period. Shares of LTFH fell 0.4% on Friday but the results were declared after market hours.
Sectoral indices (July 16)
| Top gainers | Top losers |
| Nifty Pharma ▲ 1.1% | Nifty IT ▼ 1.0% |
| Nifty Realty ▲ 1.1% | Nifty Bank ▼ 0.4% |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▼ 1.3% |
| Nikkei 225 (Japan) | ▼ 1.6% |
| Hang Seng (Hong Kong) | ▼ 1.8% |
| SSE Composite (China) | ▼ 0.5% |
| Dow Jones (US) (July 16) | ▼ 0.8% |
Fact of the day
During the dotcom crash in 2000, around 280 internet stocks in the Bloomberg US Internet Index lost ₹1.7 trillion in market value, which is equivalent to Canada’s GDP.
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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.