Rally snapped

Nifty50: 17,560 ▼219 (-1.2%)

Sensex: 58,788 ▼770 (-1.2%)

• After a weak start, the markets continued to slide downwards for the rest of the day, putting brakes on the on-going rally.

• 
  43 of the Nifty50 stocks declined, indicating broad weakness.

• European indices were trading in the red today and the US futures pointed to a weaker opening. Facebook’s shares fell 20%, in the extended trading, due to disappointing earnings and weak forecasts.
  

  Among the Nifty sectoral indices, IT (-2.0%) and Realty (-1.7%) were the top losers, while Nifty Auto (+0.4%) was the only gainer.
  

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Here are the top stories of the day.

Zee Entertainment Q3 not entertaining

The media major posted an adjusted net profit of ₹299 crore, down about 10% year-on-year. Higher advertisement and publicity costs impacted the net profit. Meanwhile, its adjusted revenue dipped by 3% to ₹2,113 crore.

The company saw a sequential improvement in domestic ad revenue, whereas the resurgence in the new cases impacted the near-term plan of movie business. Meanwhile, the shares of Zee Entertainment fell nearly 10% last month.

Tata Consumer’s profit soars

Tata Salt and Tata Tea maker posted a consolidated revenue of ₹3,208 crore, up 5% year-on-year, driven by growth in the India foods segment and non-branded business. It’s net profit also grew 22% year-on-year to ₹290 crore mainly due to margin improvement in the beverage business as tea prices cooled off.

Going forward, the company will look to tackle the ongoing inflationary pressure through price increases and improved mix.

Bharat Dynamics inks contract with Indian army

The state-owned ammunition manufacturer entered into a ₹3,131 crore contract with the Indian army for manufacturing and supplying anti-tank guided missiles. The contract will be executed in three years.

Including this contract, the order book for Bharat Dynamics stands at ₹11,400 crore, which is over 5 times its FY21 revenues.

IPO Corner

The government will reportedly sell around 5% stake in the LIC IPO. It expects to mop up around ₹60,000 crore from the public issue. LIC will file draft papers for IPO next week, according to the department of investment and public asset management secretary.
    

Good to know

What is a pitch deck?

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