Morning update for 6th November 2020

Indices at 11 am

▲ Nifty 12,182 (+0.5%)        ▲ Sensex 41,593 (+0.6%)

▲ Nifty Midcap 100 17,757 (+0.4%)     ▲Nifty Smallcap 100 5,879 (+0.9%)

Stocks in the news

Reliance Industries

• Index heavyweight Reliance bagged yet another investment in its retail arm. Saudi Arabia Public Investment Fund will invest ₹9,555 crore for a 2.04% stake in Reliance Retail Ventures.
• The same fund has also invested in Jio Platforms. 
• Reliance, which is up 2.5% today, is a top gainer among the Nifty 50 pack. The stock had witnessed profit booking recently and was down nearly 8% in October 2020.

Berger Paints

• For Q2, consolidated net profit of Berger Paints rose 13.3% on year on year basis to ₹220.9 crore. 
• The rise was supported by 9% YoY growth in sales and sharp improvement in EBITDA margins to 19.2% versus 15.7% in the same quarter last year. Lower raw material costs helped margin expansion. 
• The stock is up 1.2% today. 

Adani Power

• Net profit of Adani Power rose multi-fold to ₹2,228.1 crore in Q2FY21 from just ₹3.9 crore in the year ago period.
• Lower fuel costs and transmission charges coupled with higher per unit realisation pushed up the EBITDA margins to 52.2% from 22.8%.
• The stock was up nearly 5% today. 

Among the sectoral indices, Nifty Realty (+1.3%) and Nifty PSU Bank (+0.7%) are top gainers, whereas Nifty Pharma is down (-0.2%). 

Events today

• Earnings expected from ITC, Cipla

Fact of the day

India’s per capita annual income in FY20 stood at ~₹1,35,000 up about 7% on a year on year basis. The growth rate was ~10% in FY19.

Source: The Print

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Investment 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.