Indices at previous closing
Nifty50: 15,574 ▼ -7 (-0.0%)
Sensex: 51,934 ▼ -2 (-0.0%)
Nifty Bank: 35,337 ▼ -189 (-0.5%)
In the news
ITC’s profits fall marginally
- Cigarette-to-hotel conglomerate ITC’s net profit dropped by 1.3% in the March quarter even as the revenues grew 21% YoY. Higher raw material costs and tax expenses led to a drop in profitability.
- In terms of business verticals, revenues from cigarettes and other FMCG products rose in the range of 14–16% as volumes recovered. The agribusiness rose 78% on the back of higher exports. The stock fell 0.3% yesterday but gained over 7% in May The results came after market hours yesterday.
Gujarat Gas reports strong growth
- The Ahmedabad-based gas distributor reported a 40% jump in profits for the March quarter compared to the same quarter last year. The rise in profits was supported by a 22% jump in volumes, lower finance costs and other expenses.
- So far in FY22, its average daily volumes are better than that in FY21 and the company expects demand to improve as current restrictions are lifted. The stock was up 0.7% yesterday.
Exports soften degrowth in tractor sales
- Market leader M&M witnessed a 1% YoY decline in volumes, while Escorts saw a 3% dip in tractor sales. The sluggish domestic sales were primarily the result of rural India being hit hard by the second wave.
- However, strong exports helped to soften the impact. The companies expect the situation to improve going forward on the expectation of a normal monsoon and prevailing higher crop prices.
Crude hits two-year high amid tight supply
- US crude futures rose to their highest levels in over two years as OPEC+ nations hinted at tightening global supply, even as demand rises. The WTI crude rose 3.8% to $68.8 per barrel.
- According to reports, the excess reserves built up during the pandemic have been almost depleted, and stockpiles will continue to fall in the second half of the year. Further, negotiations with Iran on a nuclear deal seem to be making slow progress, decreasing chances of increased oil supplies from the country. Meanwhile, shares of state-owned oil explorers such as OIL (+2.7%) and ONGC (3.4%) saw strong gains amid a lacklustre market.
Sectoral indices (1 June)
| Top gainers | Top losers |
| Nifty Media ▲ 0.3% |
Nifty Metal ▼ 0.7% |
| Nifty IT ▲ 0.1% |
Nifty PSU Bank ▼ 0.5% |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▼ -0.1% |
| Nikkei 225 (Japan) |
▲ +0.4% |
| Hang Seng (Hong Kong) |
▼ -0.1% |
| SSE Composite (China) | ▲ +0.1% |
| Dow Jones (US) (1 June) |
▲ +0.1% |
Fact of the day
The Grand Trunk Road connects the capitals of four countries—Dhaka in Bangladesh, New Delhi in India, Islamabad in Pakistan and Kabul in Afghanistan.
Source The Better Indian
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