Indices at previous closing
Nifty50: 17,416 ▼-348 (-1.9%)
Sensex: 58,465 ▼-1170 (-1.9%)
Nifty Bank: 37,128 ▼-847 (-2.2%)
For more updates on F&O, click here.
Reliance Jio’s user base shrinks
Reliance Jio lost more than 1.9 crore subscribers in September, according to the regulatory body TRAI. This reportedly signals that the company is shedding its low-paying customers. Consequently, Reliance Jio’s average revenue per user (ARPU) increased from ₹138 in June quarter to ₹144 in the September quarter.
Meanwhile, Jio’s rivals Bharti Airtel added 2.7 lakh customers in September. Also, Vodafone Idea’s customer base continues to erode with it losing around 10 lakh users. Shares of Reliance closed 4.4% lower yesterday, while those of Bharti Airtel and Vodafone Idea closed 3.8% and 7% higher, respectively.
Vedanta’s spin-off won’t hurt credit quality
According to the rating agency Moody’s, the metal major’s decision to demerge its business into three separate listed entities won’t affect Vedanta Resources’ credit quality. It’s because the parent company’s economic interest in all businesses would remain unchanged, said Moody’s report.
Last week, Vedanta said that it had formed a sub-committee to evaluate the possibility of spinoff of its aluminum, iron and steel, and oil and gas businesses. After this announcement the shares of the company had tanked last week. However, they were up 7.3% yesterday.
MTNL rises on asset sale plan
The state-owned telecom player’s shares rose 9.3% intraday yesterday after the government announced that it plans to sell real estate assets of MTNL. According to DIPAM, MTNL and BSNL’s assets will be sold at a reserve price of around ₹1,100 crore out of which MTNL’s assets account for about ₹270 crore.
This asset sale is a part of the government’s plan to revive the fortunes of the loss-making telecom player. Meanwhile, shares of the company pared some of their initial gains and ended 8.2% higher.
Sectoral indices (November 22)
| Top gainers | Top losers |
| NA | Nifty PSU Bank ▼ 4.5% |
| NA | Nifty Realty ▼ 4.1% |
Global markets (at 8:15 am today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.5% |
| Nikkei 225 (Japan) | ▲ 0.0% |
| Hang Seng (Hong Kong) | ▼ 1.0% |
| SSE Composite (China) | ▲ 0.3% |
| Dow Jones (US) (November 22) | ▲ 0.0% |
| NYSE (US) (November 22) | ▼ 0.1% |
| Nasdaq (US) (November 22) | ▼ 1.2% |
| S&P 500 (US) (November 22) | ▼ 0.3% |
Fact of the day
Real Madrid is the most valuable football brand globally with a brand value of $1.5 billion (that's over ₹11,000 crore).
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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.