Indices at previous closing
Nifty50: 15,752 ▼-171 (-1.0%)
Sensex: 52,553 ▼-586 (-1.1%)
Nifty Bank: 35,079 ▼-672 (-1.8%)
In the news
HCL Tech expects robust growth in FY22
- For Q1, the IT major’s net profits rose 8.5% quarter-on-quarter to ₹3,214 crore, a tad below the street estimates of ₹3,245 crore. Meanwhile, the company’s revenues showed a modest increase of 2.2% QoQ to ₹20,068 crore. On a constant currency basis, revenues were up 0.7% QoQ.
- The revenue growth was supported by cloud and digital transformation deals. Going ahead, the company expects its revenue to grow in double digits in constant currency terms in FY22. Shares of the company were down 0.3% but the results were announced after the market hours.
ACC’s Q1 profit jumps
- Mumbai-based cement maker reported a 110% year-on-year rise in net profit to ₹569 crore. Its revenues rose by 51% to ₹3,810 crore. The rise in revenue was supported by 44% increase in the cement volumes and 2% rise in the per tonne realization.
- The company is undertaking several cost initiatives to drive down power, fuel and freight costs. Going forward, the company is optimistic about demand recovery backed by the government's large scale infrastructure projects. Despite an overall weak market, shares of ACC were up 1.7% yesterday.
No AGR relief for telcos
- The Supreme Court reiterated that adjusted gross revenue (AGR) dues, which telecom operators owe to the government, won’t be recalculated. Vodafone Idea and Bharti Airtel had approached the apex court, saying that there was an error in the calculation of AGR.
- Vodafone Idea’s lawyers told the court the company is “about to go under” and should be allowed to place their calculations before the Department of Telecommunication (DoT). Shares of Vodafone Idea and Bharti Airtel were down 4.2% and 1.0% respectively on Monday.
Sectoral indices (July 19)
|Top gainers||Top losers|
|Nifty Financial Services
Global markets (at 8:00 am)
|SGX Nifty||▼ 0.1%|
|SSE Composite (China)||▼ 0.5%|
|Dow Jones (US)
Fact of the day
Victorinox, Europe's largest knife manufacturer, produces 45,000 Swiss Army knives daily in its factory in Switzerland. It’s founder Karl Elsener got the name “Victorinox” by combining the name of his deceased mother, Victoria, and acier inoxydable, the French term for stainless steel.
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