Indices at 10:00 am
Nifty50 14,130 ▼108 (-0.7%)
Sensex 47,994 ▼ 353 (-0.7%)
Nifty Bank 30,878 ▼ 319 (-1%)
In the news
L&T’s Q3 result beats expectations
- For Q3, the engineering major's consolidated profit rose 4.9% YoY to ₹2,467 crore. Meanwhile, consolidated revenue from operations declined 1.8% to ₹35,596 crore for the same period.
- The results beat street expectations. Further, it received the highest ever orders in a quarter at ₹73,233 crore and total order book stands at ₹331,061 crore, 9% higher than March 2020 levels. The stock traded 1.1% higher today and has risen nearly 6% in January.
Mahindra Holidays’ Q3 revenue declines
- Vacation and holidays membership provider Mahindra Holidays reported 16% YoY drop in consolidated revenue from operations and a net loss of ₹67 lakhs versus a profit of ₹2 crore last year.
- The company saw 75% resort occupancies and membership additions on QoQ basis. However, operations at its European subsidiary were affected by restrictions due to the second wave of Covid. The stock opened 3% higher today but succumbed to selling pressure and was trading 0.7% lower.
Navin Fluorine posts a strong Q3
- The Specialty chemical maker posted net profits of ₹56.4 crore in Q3, an improvement of 25% YoY. Sales rose 19% to ₹309 crore during the same period.
- High-value businesses contributed 65% of Q3 revenues and helped margin expansion. The company recently announced a capex plan of ₹195 crore for a multi-purpose plant at its Dahej facility in Gujarat. The stock ceded 1.8% today.
Auto scrappage policy approved
- The government has approved the scrappage of vehicles that are older than 15 years. However, it will be initially applicable only for government vehicles. The policy will be effective from April 2022. The government has also approved a levy of green tax on personal and transport vehicles.
- Meanwhile, auto stocks such as Ashok Leyland (-3.3%), Tata Motors (-2.7%), Eicher Motors (-2%) witnessed selling pressure. The policy changes for personal as well as commercial vehicles are yet to be announced.
Events this week
- Wednesday: Crude oil inventories (US)
- Thursday: January derivative expiry (India), Fed interest rate decision, initial jobless claims (US)
- Friday: GDP growth, fiscal deficit (India), pending home sales (US)
Sectoral indices
| Top gainers | Top losers |
| Nifty IT ▲ 0.3% | Nifty Metal ▼ 2.0% |
| NA | Nifty Pharma ▼ 1.2% |
| Global markets | Today's movement |
| Nikkei 225 (Japan) | ▲ 0.2% |
| Hang Seng (Hong Kong) | ▲ 0.2% |
| SSE Composite (China) | ▼ 0.0% |
| Dow Jones (US) (15 Jan) | ▼ 0.0% |
Fact of the day
Chop suey is believed to have originated in California during the Gold Rush in the 1840s. The dish takes its name from the Chinese words Tsa Sui, which means ‘various bits of things’.
Source: History Channel
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