Nifty50: 17,534 ▲ 9 (+0.06%)
Sensex: 58,817 ▼ 35 (-0.06%)
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- After a tepid trading session, benchmark indices closed flat amid weak global cues.
- In all, 30 of the Nifty50 stocks closed in the green.
- Investors await US inflation data, which will be released later in the day.
Among the Nifty sectoral indices, Metal (+1.6%) and Auto (+0.1%) were the top gainers, whereas IT (-0.8%) and Realty (-0.8%) were the top losers.
| Top gainers | Today's change |
| Hindalco | 440 ▲ 18 (+4.4%) |
| Coal India | 219 ▲ 4.4 (+2.0%) |
| UPL | 764 ▲ 14 (+1.9%) |
| Top losers | Today's change |
| Bajaj Finance | 7,151 ▼ 190 (-2.6%) |
| ONGC | 133 ▼ 2.6 (-1.9%) |
| HCL Tech | 952 ▼ 14 (-1.4%) |
What’s trending
⭐ Airtel to launch 5G services soon
BHARTIARTL (NSE): 715 ▲ 10 (+1.5%)
Bharti Airtel has announced that it will start rolling out 5G services this month. It plans to expand the 5G coverage to all the towns and rural areas nationwide by March 2024. The company acquired 19,867 MHz of spectrum for a total value of ₹43,040 crore.
⭐ Eicher Motors’ profit jumps
EICHERMOT (NSE): 3,144 ▲ 28 (+0.9%)
Eicher Motors reported a 157% year on-year (YoY) jump in its net profit at ₹611 crore. Meanwhile, its revenue from operations rose by 72% YoY at ₹3,397 crore. The growth was driven by an increase in revenue from exports, rise in volumes of Royal Enfield motorcycles and higher average realisation due to the price hike in May 2022. The fall in metal prices boosted the company’s operating margin to 24.5% from 18.4% a year ago.
⭐ JSW Energy makes a big acquisition
JSWENERGY (NSE): 317 ▲ 5.5 (+1.7%)
JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has agreed to buy renewable energy assets worth ₹10,530 crore from Mytrah Energy India Pvt Ltd. The portfolio comprising 17 SPVs and 1 ancillary SPV has 1,753 MW of energy-generation capacity. This is the largest acquisition made by JSW Energy since its inception and will boost the generating capacity by 35% to 6,537 MW.
⭐ MRF skids after weak results
MRF (NSE): 83,780 ▼ 3,937 (-4.4%)
Shares of tyre maker MRF nosedived by nearly 5% intraday following the announcement of its June quarter results. The company’s consolidated net profit declined by 25.3% year-on-year (YoY) to ₹123.6 crore, mainly due to higher raw material costs. Meanwhile, its revenue from operations rose by 36% to ₹5,695 crore. Further, its wholly owned subsidiary based in Sri Lanka reported a loss of ₹2.6 crore, due to the economic crisis in the country.
⭐ Tata Chemicals’ profit jumps
TATACHEM (NSE): 1,072 ▲ 115 (+12.0%)
Shares of Tata Chemicals surged nearly 10% intraday after the company reported a 86% YoY jump in its consolidated net profit at ₹641 crore. Meanwhile, revenue from operations also rose by 34% YoY to ₹3,995 crore. The management said the operating performance reflects improved realisations, efficient cost management and optimum capacity utilisation in challenging market conditions.
In Focus
Small towns drive housing demand
The post-pandemic trend of work from home increased demand for homes in smaller cities and towns, according to an industry report. During FY22, housing prices increased by 15% year-on-year in tier-2 and tier-3 cities such as Lucknow, Guwahati, Coimbatore and Raipur. The rise is significant as compared to that in metros like Mumbai and New Delhi, which saw housing prices rise by less than 4%.
Besides the hybrid work culture, the expansion of MSMEs in smaller cities has created job opportunities in those cities. Further, the rise in freelance and gig work in local areas along with the lower cost of living as compared to metros led many workers to shift their base to their hometown, driving the demand for housing in these areas.
The rising home demand has resulted in robust growth of home loans from tier-2 and tier 3 cities. In fact, leading housing finance companies such as Sundaram Finance, Home First Finance said that 60-80% of their sanctioned home loans came from tier-2 and tier-3 cities during the first quarter of FY23.
In the past one year, the housing sector has witnessed a demand revival across segments. However, the recent repo rate hike by the RBI of 0.5% taking the rate above the pre-pandemic levels could dent the demand, especially in the affordable housing segment. However, industry experts believe that the medium-to-long-term growth prospects remain intact.
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Good to know
What is capital expenditure?
Capital expenditure (capex) is the long-term investment that the company makes to drive its business growth. It includes purchase of new equipment or machinery, which can help increase production output. Capex also includes purchase of intangible assets like patents or licence. Capex details can be found in the company’s cashflow statement under the investing activities. In general, companies plan for capital expenditure in anticipation of high future demand for their products and services.
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