Morning Update for 2 November 2021

Indices at previous closing

Nifty50: 17,929 ▲+258 (+1.4%)
Sensex: 60,138 ▲+831 (+1.4%)
Nifty Bank: 39,763 ▲+648 (+1.6%)

For more updates on F&O, click here.

In the news

Tata Motors loss widens in Q2

The automaker posted a net loss of ₹4,415 crore in Q2FY22 compared to ₹307 core in Q2FY21. However, in the same period, the company’s revenue rose 14.7% to ₹61,379 crore. In the wake of semiconductor shortage and lower retail inventories, the retail sales of JLR were down by 18.4%  

The management said that its India business showed signs of improvement but supply chain issues and commodity inflation dented profitability. Meanwhile, the company said that demand for JLR remained strong and the company had a record order book of more than 1.25 lakh units.  Shares of the company were up 0.5% yesterday, but the results were announced after the market hours.    

IRCTC reports robust Q2

In the September quarter, the state-owned railway ticketing company reported net profit of ₹158 crore, up 385% year-on-year. The strong growth in the profit was driven by a 357% rise to ₹404 crore. With easing of restrictions, the company’s all four segments reported robust growth including the internet ticketing business.  

Shares of IRCTC had come under intense selling pressure last week after the government asked it to share the revenue from convenience fee. However, with the government withdrawing its decision, shares of the company have recovered. On Monday, shares of IRCTC were up 1.2%. 

Jio to launch new phone, but investors stay put

Reliance Jio is set out to launch it's JioPhone Next with its usual attractive price point. But this time around, the data plans along with it are almost at a 20-30% premium compared to regular daily data plans, according to experts.

And unlike before, investors of Bharti Airtel and Vodafone Idea aren't trying to side step and dodge. In fact, Bharti Airtel and Vodafone Idea rose 4% and 7%, respectively, yesterday. 

Sectoral indices (November 1)

Global markets (at 8:30 am)

Fact of the day

95% of Egypt’s population depends on Nile river’s water and lives within a few miles of the river bank.

Source: National Geographic

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