Morning Update for 25 June 2021

Indices at previous closing

Nifty50: 15,790 ▲+103 (+0.6%)
Sensex: 52,699 ▲+392 (+0.7%)
Nifty Bank: 34,827 ▲+253 (0.7%)

In the news

Accenture raises revenue forecast

• Global IT consulting major Accenture has raised its revenue growth forecast to 10-11% for the August-ending fiscal year after a strong Q3 performance. Earlier, the company had forecasted revenue growth of 6.5-8.5%. 
• The strong Q3 performance was driven by demand for digital-transformation and cloud-based services in the wake of the pandemic-induced hybrid work model. Accenture’s performance is widely considered as an indicator of the performance of Indian IT companies. Notably, Indian IT stocks were among the top gainers yesterday, and the Nifty IT index was up about 3%. 

PTC India declares high dividend

• PTC India, which trades power between producers and distributors, declared a dividend of ₹5.50 per share, translating into a dividend yield of 5.2% on its closing price yesterday. However, the company’s Q4 performance was subdued as its revenue grew by a meagre 4%. 
• It reported a 1.2% year-on-year (YoY) decline in its standalone net profit to ₹63 crore. This was mainly on account of higher total expenses, exceptional items and higher taxes. Shares of the company were down 1.2% on Thursday.

Everest Kanto posts stellar profit

• Leading cylinder manufacturer Everest Kanto reported a 12x surge in its standalone net profit for the March quarter at ₹25 crore. The rise in profit was mainly driven by a 59% jump in its revenue from operations 
• For the full year, the company reported a 5.5x jump in net profit to ₹102 crore. The stock closed 0.8% higher today but has gained over 32% so far this fiscal. The results were declared after market hours yesterday. 

Sectoral indices (24 June)

Global markets (at 8:00 am)

Fact of the day

The Indonesian capital of Jakarta is the world’s fastest sinking city. It’s expected that parts of the city, which is home to 10 million people, will be completely submerged in the next 30 years. 

Source: BBC World

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.