Morning Update for 9 September 2021

Indices at previous closing

Nifty50: 17,353 ▼ -8 (-0.0%)
Sensex: 58,250 ▼ -29 (-0.0%)
Nifty Bank: 36,768 ▲ +299 (+0.8%)

In the news

JSPL prepays its lender

Jindal Steel and Power (JSPL) has made a prepayment to its lenders to the tune of $105.6 million (₹777 crore) through its overseas subsidiary. After the prepayment, the Australian debt has been reduced by around 50%, according to the company. 

The company has been on a debt cutting spree since FY17 and aims to be net-debt free by FY23. JSPL’s current net debt at the end of June 2021 stood at ₹15,227 crore. Meanwhile, the company’s shares were down 1% yesterday. 

India Cements plans capex 

The Chennai-based cement maker reportedly plans to set up a new plant in Madhya Pradesh and increase capacity at its plant in south India via debottlenecking . The company states that it has enough limestone to allow for the increased capacity. It is also optimistic about demand for cement due to the government increasing infrastructure spending and rise in demand for house-building on the back of increasing acceptance of work-from-home.

Further, India Cement will repay loans of about ₹551 crore this year. It repaid a similar amount during FY21. The stock was down 0.9% yesterday, but is up about 12% so far in September. 

Windlas Q1 profit jumps

The recently listed pharmaceutical company reported Q1 revenue from operations at ₹111 crores, up 8.5% year-on-year. This was chiefly driven by growth in chronic and Covid-related therapies. Revenue from its core contract manufacturing rose 9% and 37% during the period respectively. Meanwhile exports contracted 58%, chiefly due to supply chain disruptions.

At ₹6.7 crore, adjusted profit was up 26.4% YoY. The share was down nearly 1% yesterday. Notably, the stock trades around 14% below its issue price of ₹460.

Sectoral indices (September 8)

Global markets (at 8:00 am)

Fact of the day

​​Monopoly, the game, was created as an educational tool to help explain the negative aspects of concentrating land in a few private hands. 

Souce: The Guardian

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