News Roundup and Market Update 14/10/2021

News Roundup

▫️PM launched National Master Plan ‘Gati Shakti’ which will enhance national connectivity and boost infrastructure.

▫️ CarDekho became a Unicorn, after getting $1.2 billion valuation.

▫️ Import taxes on edible oil has been cut sharply to 5% from 20%.

▫️Dish TV Board of Directors rejects Yes Bank’s EGM request.

▫️Foxconn, Nokia and Tejas Networks are amongst 31 firms that have been identified for telecom PLI Scheme.

▫️ Infosys’ Q2 earnings outperformed street estimates on all fronts, and posted net profit of ₹5,421 crores.

▫️Wipro reported 17% jump in net profit year-on-year, to ₹2,930.6 crores.

▫️ Mindtree’s net profit jumped by 57.2% year on year to ₹399 crores in Q2.

▫️Coal stocks with power companies have improved slightly, however it continued to be low with just 4 days of inventory.

▫️JSW Steel Chairman and Managing Director, Sajjan Jindal, becomes first Indian to head World Steel Association.

▫️Maruti does 1.16 vehicle loan disbursal under its Smart Finance scheme.

▫️RIL made another 2 deals to boost its green energy business. RIL signed pact with German maker Solar Wafers and Danish manufacturer of hydrogen electrolysers.

▫️Thomas Cook India inked a 3 year pact with low cost carrier Air Arabia.

▫️Real estate firm Purvankara to construct ₹420 crores residential projects which will garner revenue of ₹1,250 crores.

▫️Retail sales was at 96% of pre covid levels in the month of September, indicating sharp recovery.

▫️ iPhone production to fall short by 10 million units due to chip shortage.

▫️US inflation rises to 5.4% in September to hit 13 year high.

▫️RIL acknowledged that it dropped merger deal with Zee due to differences between Goenka and Invesco.

▫️Shriram Housing raised ₹300 crores from its Promoters.

▫️West Life to launch 200 McDonald’s restaurants in 5 years.

Market Update

▫️Markets touched record highs in yesterday’s session, awaiting blockbuster result season.

▫️ Sensex climbed 0.75% to settle at 60,737. While Nifty jumped 0.94% to end at 18,161.

▫️Market breadth was in favour of bulls with advance decline ratio of 934:883. Midcap index surged more than 1.5%, whereas small cap index closed in red.

▫️ All sector indices except real estate closed positive yesterday lead by auto sector which gained the most.

▫️Ruppee recovered 15 paise against dollar to close at 75.37, due to weaker dollar, slight softness in crude oil prices and robust domestic equity market.

▫️ Gold prices jumped for the 6th consecutive day and nears 47,500 mark.

▫️After losing momentum yesterday, global crude oil prices again jumped today morning as industries may switch to oil for heating, given the energy crisis. WTI Crude is trading firmly over $80.

▫️US markets ended largely flat on economic optimism counter balanced by an end of loose monetary policy.

▫️ Today morning US futures are trading strong with Dow gaining 100 points. Asia has also opened strong, while SGX Nifty is trading with gain of more than 80 points.

▫️Stocks in ban: BHEL, SUNTV, IBULHSGFIN, IDEA, BANKBARODA, PNB, NATIONALUM and SAIL.

This is for educational purposes only.

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