Morning Update for 8 October 2021

Indices at previous closing

Nifty50: 17,790 ▲+144 (+0.8%)
Sensex: 59,677 ▲+488 (+0.8%)
Nifty Bank: 37,753 ▲+231 (+0.6%)

For more updates on F&O, click here.

In the news

Yes Bank receives ratings boost

CARE Ratings has upgraded Yes Bank’s debt instruments’ rating from stable to positive. This upgrade is due to the improvement in the credit profile of the bank, said the rating agency. 

It added that the bank has witnessed steady growth in deposits and improvement in its liquidity profile. However, the bank continues to suffer from weak asset quality due to concentrated exposure to stressed corporate groups and slippages in the retail segment on account of pandemic-induced lockdowns. Meanwhile, shares of Yes Bank were up 1.1% yesterday.

Sobha shares gains on better sales

Shares of Bengaluru-based realtor Sobha Limited gained 19% Intraday as the company achieved its best sales volume leading to total sales value of ₹1,032 crore for the current September quarter. 

The management said that ongoing low-interest rates, work from home culture and pick up in the IT sector with increased salaries augur well for sustainability in demand. The company expects to sustain sales momentum in the second half of the financial year. Meanwhile, shares of Sobha closed on a firm note yesterday with 16% gains.

Ramkrishna Forgings rises on EV foray

The Kolkata-based auto component maker’s shares rose by 7.2% intraday as it has signed a MOU with a US-based technology company for creating electric vehicle powertrain components for the Indian electric vehicle (EV) market.

This partnership marks the company’s foray into the EV market. The management believes that the EV adoption will be faster in two and three wheelers as compared to passenger vehicles and has accordingly chalked its strategy. Meanwhile, shares of Ramkrishna Forgings pared some of their early gains and closed 3.4% higher

Sectoral indices (October 7)

Global markets (at 8:00 am)

Fact of the day 

Founded in 1943, IKEA was originally a mail-order business, selling small goods like pens, wallets and jewellery. 

Source: Insider

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