Indices at 10:00 am
Nifty50 14,704 ▲ 423 (+2.9%)
Sensex 50,071 ▲ 1471 (+3.0%)
Nifty Bank 34,476 ▲ 1,387 (+4.1%)
In the news
Coromandel Int’l profits rise in Q3
- The Hyderabad-based fertiliser company’s consolidated net profit rose 26% YoY to ₹334 crore in Q3. its revenue grew 7.7% during the same period.
- Excessive rainfall in some of its target markets led to the postponement of the Rabi season sowing. However, business was boosted by an 8% YoY growth in the fertiliser segment and strong growth in its biopesticides segment in the US and European markets. The stock traded 2.2% higher today.
Finolex Industries surges on strong Q3
- Shares of PVC pipe maker Finolex Industries jumped 11% today after it posted a 174% YoY jump in its Q3 consolidated profit after tax to ₹255 crore. Its total revenue rose 53% YoY to ₹1,066 crore.
- During the quarter, PVC prices rose sharply due to supply constraints. Better unit realisation helped the company improve EBIT margins in the PVC resin business from 20.1% in Q3 of the previous fiscal to 35.5% this year.
MRPL’s Q3 in loss on low throughput
- Mangalore Refinery and Petrochemicals, a subsidiary of ONGC, reported a loss of ₹71 crore in Q3 versus a loss of ₹37 crore during the same period last year. At ₹14,136 crore, revenue from operations saw a 15.5% contraction.
- The drop in performance comes on account of a 24% YoY fall in throughput to 3.08 million tonnes. On the upside, the oil refining company’s gross refining margin at $3.26 per barrel was up by around 2%. The stock was down 1.9% today.
Reliance Infra’s Q3 net profit slips 77%
- Reliance Infrastructure has reported a 76.8% YoY decline in its Q3 consolidated net profit to ₹80 crore.
- The consolidated income from operations in Q3 dipped 3.1% YoY to ₹3,831 crore.
- The company has ₹60,000 crore of receivables pending for 5-10 years before various forums, including regulatory and arbitration tribunal. It has used proceeds from sale of assets to pare debt, which was down 25% to ₹13,100 crore. The stock was up 2.1% today.
Events this week
- Wednesday: Services PMI (India), Crude oil inventories (US)
- Thursday: Initial jobless claims (US)
- Friday: RBI interest rate decision (India)
Sectoral indices
| Top gainers | Top losers |
| Nifty Fin Serv ▲ 4.6% | NA |
| Nifty Bank ▲ 4.1% | NA |
| Global markets | Today's movement |
| Nikkei 225 (Japan) | ▲ 0.8% |
| Hang Seng (Hong Kong) | ▲ 1.8% |
| SSE Composite (China) | ▲ 0.5% |
| Dow Jones (US) | ▲ 0.7% |
Fact of the day
Nestle's popular Kitkat brand of chocolates is made by Hershey’s in the United States.
Source: Hershey’s
Yay ? or ? Nay?
We'd love your thoughts on this morning update.
If you haven't already, open your Upstox account to get IPO-ready today! Click here to sign up.
Disclosures and Disclaimer
Investment in securities markets are 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.