Indices at previous closing
Nifty50: 15,778 ▲+69 (+0.4%)
Sensex: 52,653 ▲+209 (+0.4%)
Nifty Bank: 34,691 ▲ +158 (+0.4%)
In the news
Tech Mahindra’s profit soars sequentially
- In Q1FY22, the IT major reported its highest-ever quarterly revenue and net profit. While the revenue went up by 4.8% QoQ to ₹10,198 crore, the net profit rose sharply by 25% QoQ to ₹1,353 crore. The rise in profit was aided by higher other income and slower increase in selling and admin expenses.
- The management said that the company witnessed growth in its key markets and sectors. Also, it continued to bag large deals and is looking to capitalise on incremental digital spends. Shares of Tech Mahindra were up by 0.7% yesterday, but the results were declared after market hours.
Laurus Labs posts strong growth in Q1
- For the June quarter, the Hyderabad-based pharma company reported a 40% rise in its consolidated net profit to ₹241 crore. During the same period, its revenue from operations grew 31% to ₹1,279 crore.
- The company said it saw strong demand for its anti-HIV formulations from low-to-middle income countries. Further, there was sustained momentum in its FDF (fixed dosage formulations, which contributes 41% of revenues) and Synthesis business segments. Despite the strong results, shares of Laurus Labs declined 3.3% yesterday, amid a sell-off in pharma stocks.
Wonderla plans fresh capex
- As per reports, Wonderla Holidays is planning to invest ₹500 crore in setting up new parks, including the upcoming Chennai park. The management expects the business to recover and come back to pre-pandemic levels within a year and a half.
- Currently, it owns amusement parks in Kochi, Bengaluru and Hyderabad. It is also looking at new projects in Odisha and Gujarat, and considering management takeover of parks in Mumbai and Delhi, which are facing financial troubles. Shares of Wonderla closed 1.7% higher yesterday.
Sectoral indices (July 29)
|Top gainers||Top losers|
|Nifty PSU Bank
Global markets (at 8:00 am)
|SGX Nifty||▼ 0.6%|
|SSE Composite (China)||▼ 1.1%|
|Dow Jones (US)
Fact of the day
Hong Kong’s Hang Seng index lost ₹1 trillion in market value due to Chinese authorities’ crackdown on tech and education companies. This is equivalent to one-third of Indian market’s capitalization.
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.