Indices at 10:00 am
Nifty50 14,594 ▲ 3 (+0.0%)
Sensex 49,563 ▼ 61 (-0.1%)
Nifty Bank 31,937 ▼ 249 (-0.7%)
In the news
Generics business hurts Biocon’s Q3
- Biocon’s profits contracted 19% YoY to ₹186.6 crore for Q3, while consolidated revenue grew 7.2% to ₹1,878.9.
- The Bengaluru-based pharma company’s revenue improved on account of the growth of its research services and biosimilars businesses. However, moderate demand and supply disruptions hurt its generics business, which shrank 2.6% to ₹561 crore. Biocon’s shares fell 6.1% today, and have ceded nearly 11% in January.
Jindal Steel gains on domestic growth
- The strong performance of the domestic steel and power business put JSPL back in black. The company posted a consolidated profit of ₹2,432 crore versus a loss of ₹257 crore in Q3 last year.
- Consolidated revenues rose 39% YoY to ₹11,704 crore. The concern however stems from the fact that the steel industry is currently facing raw material scarcity which has led to a jump in iron ore prices. Its shares were flat today (), however, have gained nearly 13% in this month so far.
JK Tyre posts best-ever quarterly sales
- Increased demand for passenger, commercial and farm tyres helped JK Tyre to post its best-ever quarterly consolidated sales of ₹2,769 crore, up 22% YoY.
- Similarly, higher plant utilisation, improvement in operating efficiencies and lower interest costs supported the increase in profits. The net profits more than doubled to ₹230 crore. Its shares gained 13.1% today. These strong results also rubbed off on other tyre stocks, including Ceat (+6.1%), Apollo Tyre (+7.9%) and TVS Srichakra (+4.6%).
Commodity futures boost Q3 profits at MCX
- For Q3, the Mumbai-based commodity exchange posted ₹71.8 crore in profit after tax, a 29.2% YoY growth. During the same period, its consolidated operating revenue grew 7% to nearly ₹101 crore.
- The average daily turnover in commodity futures on the exchange rose 4% YoY. Its business remained largely unaffected as the commodity markets were exempted from lockdown restrictions. The stock traded almost flat but has lost about 3% this month.
Events this week
- Friday: Reliance Industries Q3 results
Sectoral indices
| Top gainers | Top losers |
| Nifty Auto ▲ 3.1% | Nifty Bank ▼ 0.7% |
| Nifty IT ▲ 0.4% | Nifty Pharma ▼ 0.7% |
| Global markets | Today's movement |
| Nikkei 225 (Japan) | ▼ 0.3% |
| Hang Seng (Hong Kong) | ▼ 1.5% |
| SSE Composite (China) | ▲ 1.3% |
| Dow Jones (US) (15 Jan) | ▼ 0.7% |
Fact of the day
The banyan tree derives its name from the ‘Baniya’ community, who often conducted their business under these trees in the marketplace.
Source: Sacred Trees BHU
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