Indices at previous closing
Nifty50: 15,576 ▲ +1 (+0.0%)
Sensex: 51,849 ▼ -85 (-0.1%)
Nifty Bank: 35,373 ▲ +36 (+0.1%)
In the news
Muthoot Finance’s asset quality improves
- Muthoot Finance, India’s largest gold financing company, reported a 22% YoY growth in profits in the March quarter. This was led by a 19% rise in interest income to ₹2,789 crore.
- Despite the pandemic hurting businesses and individuals, the company’s asset quality improved during the quarter. The bad loans dropped from 2.1% of the overall loan book in March 2020 to 0.8% in March 2021. On the day of results yesterday, the stock price rose by 9%.
Tata Power arm bags big-ticket solar deal
- The solar power subsidiary of Tata Power has received an order to build 210-megawatt peak (MWp) solar projects from NTPC. The total order value of projects, which are located in Gujarat, is ₹686 crore. They are expected to be commissioned by November 2022.
- The order involves engineering, procurement and installation of the solar projects. With this order, Tata Power Solar’s order book stands at nearly 2.8 GW, estimated at ₹13,000 crore. Shares of Tata Power rose 3.1% yesterday and have risen nearly 43% so far this year.
Rossari Biotech to acquire Unitop Chemicals
- Rossari Biotech will acquire Unitop Chemicals for ₹421 crore, which makes surfactants and other speciality chemicals. The acquisition will expand Rossari’s product portfolio and increase its market outreach. Rossari Biotech will acquire a 65% stake in the company in FY22 and the remaining 35% in the next two years.
- Rossari will use its cash balance to fund the acquisition. The stock, which listed in July last year, has more than tripled from its issue price.
Panacea aims to raise funds in FY22
- The New Delhi-based pharma company and one of the Sputnik V producers reported a 34% YoY growth in revenue from operations in Q4. Its vaccine business grew by 86%. However, the company posted a loss of ₹54 crore, versus the ₹69 crore loss it reported for the same period last year.
- For FY22, the company plans to raise ₹1,200 crore. The stock closed flat yesterday but has gained 25% since May.
Sectoral indices (2 June)
| Top gainers | Top losers |
| Nifty PSU Bank ▲ 3.0% |
Nifty IT ▼ 0.7% |
| Nifty Metal ▲ 2.1% |
Nifty FMCG ▼ 0.5% |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.5% |
| Nikkei 225 (Japan) |
▲ 0.3% |
| Hang Seng (Hong Kong) |
▲ 0.1% |
| SSE Composite (China) | ▲ 0.3% |
| Dow Jones (US) (2 June) |
▲ 0.0% |
Fact of the day
The movie Gravity was more expensive than the Mangalyaan, India's Mars mission.
Source: New York Times
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
Investments in securities markets are 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.