Indices at previous closing
Nifty50: 16,624 ▲ +128 (0.7%)
Sensex: 55,958 ▲ +403 (+0.7%)
Nifty Bank: 35,712 ▲ 587 (+1.6%)
In the news
Gillette India’s profits shrink in June quarter
For the June quarter, the Proctor & Gamble-owned company reported revenue of ₹436 crore, up 24% year-on-year, due to improvement in performance of both oral care and grooming segments. However, profit at ₹27.5 crore was down by about 39%.
The contraction in profit comes on account of a steep rise in branding and packaging costs. It’s important to note here that Gillette India follows the June-ending fiscal year. For the full year, the company has reported nearly 20% growth in revenue and 35% growth in net profit. The stock has traded flat so far in 2021.
KET surges on large order
Shares of Kabra Extrusiontechnik (KET) soared over 18% intraday after receiving a large contract from WardWizard Innovations, a Vadodara-based EV maker. Under the contract, KET—a plastic-extrusion machinery maker—will supply 8,000 batteries to Joy e-bikes, produced by WardWizard.
The batteries will be supplied to Joy by Battrixx, the battery division of KET. The stock closed 15.7% higher today, hitting a lifetime high of ₹253.75.
Gold prices continue to rise
The price of gold in India continued to move upward for the second consecutive day aided by a rally in the international markets. The prices of the yellow metal have increased over the hopes that the US Federal Reserve will delay its decision of reducing liquidity in the wake of rising new cases.
Also, with the upcoming festive season, the demand for gold is expected to remain buoyant in India. So far this week, gold prices have risen about 1%.
Sectoral indices (August 24)
| Top gainers | Top losers |
| Nifty Metal ▲ 2.9% | Nifty FMCG ▼ 0.6% |
| Nifty Media ▲ 1.9% | Nifty IT ▼ 0.2% |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.3% |
| Nikkei 225 (Japan) | ▲ 0.0% |
| Hang Seng (Hong Kong) | ▲ 0.2% |
| SSE Composite (China) | ▲ 0.1% |
| Dow Jones (US) (August 24) | ▲ 0.0% |
| NYSE (US) (August 24) | ▲ 0.5% |
| Nasdaq (US) (August 24) | ▲ 0.5% |
Fact of the day
Cosmetics brand Lakmé started as a 100% subsidiary of Tata Oil Mills in 1952. The brand was fully acquired by HUL in 1996 for ₹200 crore.
Source: The Better India
Yay 👍 or Nay 👎?
We'd love your thoughts on this morning update.
If you haven't already, open your Upstox account to get IPO-ready today! Click here to sign up.
To catch our latest educational videos, join our Telegram channel here.
Disclosures and Disclaimer
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.