Indices at previous closing
Nifty50: 15,763 ▼ -15 (-0.0%)
Sensex: 52,586 ▼ -66 (-0.1%)
Nifty Bank: 34,584 ▼-107 (-0.3%)
In the news
Britannia’s Q1 profit misses estimates
In Q1FY22, Britannia industries’ net profit declined 29% year-on-year to ₹390 crore, missing street estimates of ₹412 crore. Its revenue from operations also dipped 1% to ₹3,403 crore on account of the higher base of last year.
The company said that the prices of raw materials such as palm oil and crude have been rising. In light of higher raw material prices, the company is taking cautious steps on pricing but is aggressive on cost controls. Shares of Britannia were up 0.5% but the results were announced after market hours.
Bandhan Bank’s profit declines in Q1
The bank’s net profit dropped by 32% year-on-year to ₹373 crore in the June quarter. The rise in provisioning for non-performing assets dented profits. The lender’s net interest income rose by 16% to 2,114 crore, aided by 8.1% growth in the loan book.
In the same period, the net interest margin slightly improved to 8.5% from 8.2%. But the gross NPAs rose sharply to 8.2% in June 2021 from 1.4% in June 2020, indicating that the second wave has dented asset quality. Shares of the bank were down 0.3% on Friday but the results were announced after market hours.
Finolex Industries’ profit soars in Q1
The PVC pipes and fittings manufacturer reported a 166% year-on-year jump in net profit to ₹146 crore in the June quarter. The sharp rise in profit was aided by a surge in revenue, which rose by 72% YoY to ₹966 crore.
Higher PVC prices in Q1 compared to that in the last year resulted in a spike in margins. However, the company has said that PVC prices are cooling off after hitting an all-time high. The management believes this is a positive sign as it could drive volumes going ahead. Shares of the company were up 0.2% on Friday, but the results were announced after market hours.
Sectoral indices (July 30)
|Top gainers||Top losers|
|Nifty PSU Bank
Global markets (at 8:00 am)
|SGX Nifty||▲ 0.6%|
|SSE Composite (China)||▼ 0.8%|
|Dow Jones (US)
Fact of the day
Smallpox was entirely eradicated in 1980. It is the only infectious disease to be completely eradicated from the world.
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