Nifty50: 18,255 ▼2(-0.01%)
Sensex: 61,223 ▼12(-0.02%)
- After a weak start, the markets recovered. They posted gains for the fourth straight week.
- Next week, stock specific movements could dominate the markets as the result season picks pace.
- A section of traders could divert their attention to gold and silver, in the wake of rising inflationary pressure, globally.
- Among the Nifty sectoral indices, Realty (+1.1%) and IT (+0.5%) were the top gainers, whereas FMCG (-0.7%) and Pharma (-0.6%) were the top losers.
|Top gainers||Today's change|
|Tata Consumer||▲ 4.1%|
|Top losers||Today's change|
|Asian Paints||▼ 2.6%|
|Axis Bank||▼ 2.6%|
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Here are the top stories of the day.
Tumbling Tata Metaliks
In Q3FY22, the metal pipes maker reported a 31% year-on-year revenue growth to ₹689 crore. But it’s net profit declined by more than 52% to ₹35 crore. A sharp rise in raw material costs led to the fall in net profit.
Its raw material cost-to-sales ratio jumped from 49% last year to over 66%. Shares opened nearly 8% lower today. However, they later recovered and closed 4% lower.
USFDA warning for Aurobindo
The pharmaceutical company has received a USFDA warning for its Hyderabad unit. The US drug regulator observed violations of good manufacturing practices after inspecting the unit in August 2021.
While the company claims that this development won’t impact the existing business from this facility, its shares fell nearly 3% today.
Discounts dry up on Zomato
As the third wave grips the country, food delivery platforms such as Zomato are seeing spikes in orders as customers prefer to order food at home. This is helping Zomato and its peers to cut discounts.
Meanwhile, the restaurant industry is the hardest hit especially in the areas where dining is completely restricted or allowed at limited capacity.
As per reports, the new-age logistics startup, Delhivery has received the SEBI’s nod to list on the exchanges. The proposed IPO would be around ₹7,460 crore. Of that, ₹5,000 crore will be raised through fresh issuance of shares and ₹2,460 crore will be an offer for sale.
Good to know
What is an acqui-hire?
Acqui-hire is buying a company for the skills and expertise of the staff primarily rather than for the products or services it supplies. Unicorns like Swiggy, Ola acqui-hire companies that showcase technology talent in competent areas like AI, ML, IoT etc. It helps the acquirer to fill critical gaps in the talent pool or product roadmap.
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