Good morning, people!
The weekend came as a relief for the mind as well as the pocket. Fuel prices were slashed on Sunday after the government cut excise duty on auto fuels. As for the markets, they also closed last week on a very optimistic note. Benchmark indices registered their best daily gains in the last three months. So, there's enough reason to start this week with a smile!
For more updates on F&O, click here.
⭐ Paytm’s losses mount 😥
One 97 Communications, the parent company of fintech Paytm, reported a wider Q4 net loss of ₹761 crore, compared to ₹444 crore in Q4 FY21. Losses were higher due to rising expenses relating to payment processing, marketing and employee benefits. However, revenues rose 89% to ₹1,541 crore in the quarter due to a healthy growth in GMV (gross merchandise value) or the total value of merchandise sold.
⭐ Shree Cement's profit dips 👎
Shree Cement posted a 16% year-on-year decline in its Q4 net profit to ₹645 crore. The management attributed the fall in profits to high coal prices and a 70-80% rise in energy costs. Meanwhile, its revenues improved by 3.6% to ₹4,099 crore year-on-year.
⭐Jet Airways set to fly again 🛫
Jet Airways has received approval from the Directorate General of Civil Aviation to restart operations. The company had halted operations in April 2019, after facing a financial crunch with around ₹8,500 crore of unpaid dues. The airline is expected to resume operations in the third quarter of this year.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.2% |
| Nikkei 225 (Japan) | ▲ 0.6% |
| Hang Seng (Hong Kong) | ▼ 0.6% |
| SSE Composite (China) | ▼ 0.06% |
| Dow Jones (US) (May 20) | ▼ 0.7% |
| NYSE (US) (May 20) | ▲ 0.4% |
| Nasdaq (US) (May 20) | ▼ 0.3% |
| S&P 500 (US) (May 20) | ▲ 0.01% |
Fact of the day
A 1955 Mercedes was sold at $143 million at Sotheby’s, making it the most expensive car sold at an auction.
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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.