Volatile times in markets

Nifty50: 17,711 ▼-37 (-0.2%)
Sensex: 59,413 ▼-254 (-0.4%)

Taking the cue from the weak global markets, benchmark indices opened on a weaker note. However, buying interest emerged later during the day and 27 of the Nifty50 stocks closed in green. 

Among the Nifty sectoral indices, PSU Bank (+2.7%) and  Metal (+2.2%) were top gainers. Whereas, Financial services (-0.8%) and Bank Nifty (-0.5%) declined.

For more updates on F&O, click here.

Here are the top stories of the day.

Godrej Properties bags redevelopment deal

Mumbai-based realtor has entered into an agreement to redevelop a 7.5 acre land parcel in Wadala. This project is expected to offer 1.6 million sq ft of saleable area comprising residential apartments. \

The management said that this project will mark the company’s entry into the important micro markets within Mumbai and aligns well with their overall strategy. Following the development, the shares of the company jumped 3.6% today and up 55% this month.

Cadila vaccine launch likely on Oct 2

Cadila’s ZyCoV-D vaccine is likely to be launched on October 2. This would be India’s first vaccine for children above 12 years of age. According to reports, the government and Cadila representatives are expected to decide the price of the world's first DNA vaccine this week. 

Interestingly, this will also be the first needle free vaccine and will be administered in three doses. It is expected that said that the major chunk of vaccines will be mainly reserved for children and those with underlying medical conditions will be prioritized first. The shares of Cadila Healthcare were up 0.6% today. 

Aditya Birla AMC IPO subscribed over 50%

India’s fourth largest asset management company’s IPO was subscribed 58% on day 1. Retail investors flocked towards the public issue with the retail portion being fully subscribed.

The ₹2,768 crore IPO has a price band of  ₹695-₹712 per share. Interestingly, the company already collected ₹789 crore from anchor investors ahead of its IPO launch. You can apply for this IPO on Upstox by clicking here.

Closing bell

The markets fell for the second day in a row. However, today’s movement of the Nifty50 index was constrained within yesterday’s trading range (i.e. high and low) and thus does not give a clue about the direction. Meanwhile, the India Vix continues to move up steadily and indicates that volatility could rise going ahead. The monthly derivative expiry tomorrow also points to a rise in the volatility. 

Good to know

What is the cost of goods sold?

The cost of goods solds (COGS) is the direct cost a company incurs for producing the goods. This includes expenses such as the cost of raw materials and direct costs such as wages related to manufacturing. However, it does not include indirect costs such as sales and marketing. The COGS is subtracted from the revenue to get gross profit. This is an important financial metric for investors as it helps them to understand how efficiently a company is using its labour force and supplies.  

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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.