Indices at previous closing
Nifty50: 15,885 ▲+122 (+0.7%)
Sensex: 52,950 ▲+363 (+0.6%)
Nifty Bank: 34,710 ▲+125 (+0.3%)
In the news
PNB’s profit jumps in Q1
The government-owned bank’s net profit soared by 232% year-on-year to ₹1,023 crore. The rise in net interest income and a drop in operating expenses supported the strong profit growth.
The net interest income rose by 6.6% to ₹7,227 crore. The domestic net interest margin improved to 2.8% in June 2021 from 2.5% in June last year. In the same period, the gross non-performing assets rose marginally to 14.3% from 14.1%. Shares of the bank were up 3.5% but the results were announced after market hours.
Emami’s Q1 profit nearly doubles
Navratna oil maker reported a 97% year on year rise in its net profit to ₹78 crore for June quarter. The strong growth was mainly driven by 37% rise revenues to ₹661 crore. Emami’s domestic business which makes up 85% of revenues grew at 42%.
Its management said that the overall demand has seen improvement with decline in new cases. It further added that it will continue to invest and focus on its healthcare portfolio, including chyavanprash, pancharishta, etc., which grew at 59% during Q1. Shares of Emami rose 2.5% yesterday.
Birla ready to give up Vodafone Idea stake
According to the reports, Kumar Mangalam Birla has told the government that he is willing to give up his stake in Vodafone Idea to keep it afloat. He said that foreign investors are hesitant to invest in the company as they want to see clear intent from the government to have three players in the telecom sector, clarity on AGR liability and floor pricing regime among others.
Birla currently has a 27% stake in Vodafone Idea and decided not to invest fresh funds in the company. It currently is reeling under a net debt of ₹1.7 lakh crore and has been in the red. Shares of Vodafone Idea were flat on Monday.
Sectoral indices (August 2)
|Top gainers||Top losers|
Global markets (at 8:00 am)
|SGX Nifty||▼ 0.2%|
|SSE Composite (China)||▼ 0.6%|
|Dow Jones (US)
Fact of the day
Two pounds of dirt from mars cost around $9 billion. This is the amount NASA will spend to bring dirt from mars to earth.
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