X

Morning Update for 20 August 2021

Indices at previous closing

Nifty50: 16,568 ▼45 (-0.2%)
Sensex: 55,629 ▼162 (-0.2%)
Nifty Bank: 35,554 ▼312 (-0.8%)


In the news

Airtel goes to SC to review AGR order

The telecom major has approached the Supreme Court (SC) with a petition to review an earlier order, which prevented telecom companies from rectifying errors in the calculation of adjusted gross revenue (AGR) dues.

Airtel has asked the apex court to clarify the alleged calculation errors made by the Department of Telecommunications (DoT). Airtel estimates that it owes the DoT ₹13,004 crore, while the company has already paid ₹18,000 crore. The SC has already rejected an earlier plea from the company regarding a miscalculation. The stock was down 0.6% on Wednesday, but has risen over 10% in August.


FMCG sees strong growth in Q1

According to Nielsen, the FMCG sector witnessed 37% year-on-year growth in June quarter. This indicates that the industry was able to sail through the second wave relatively better than the first wave. Further rating agency Crisil expects the industry to grow at 10-12% in current fiscal.

The sector has also witnessed growth on both urban and rural fronts, supported by an increased focus on e-commerce and non-conventional channels. The Nifty FMCG index has risen nearly 5% so far this month.


Copper prices fall to four-month low

Copper prices on the London Metal Exchange fell by 1.4% to $8,913 per tonne on Thursday. A strong dollar and easing of supply pushed copper prices below the $9,000-mark for the first time since April.

The dollar rose to its nine-month high after the US Federal Reserve hinted that it is planning to taper the bond-buying programme, thereby restricting currency supply. Meanwhile, the Nifty Metal Index fell by 0.8% on Wednesday.


Sectoral indices (August 18)

Top gainers Top losers
Nifty FMCG
0.6%
Nifty Bank
▼ 0.8%
Nifty PSU Bank
0.2%
Nifty Metal
▼ 0.8%

Global markets (at 8:00 am)

Indices Today's movement
SGX Nifty 0.2%
Nikkei 225
(Japan)
▼ 0.7%
Hang Seng
(Hong Kong)
▼ 0.6%
SSE Composite (China) ▼ 0.5%
Dow Jones (US)
(August 19)
▼ 0.1%
NYSE (US)
(August 19)
▼ 0.7%
Nasdaq (US)
(August 19)
0.1%


Fact of the day

The name Vodafone was derived from the company’s vision to provide ‘voice’ and ‘data’ services over ‘mobile phones’.

Source: Vodafone


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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.

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