News Bulletin and Market Update: 20/10/2021

News Roundup

▫️ Govt. has asked public sector banks to take advantage of the festive season demand and expand their lending program.

▫️ Govt. may allow 20% FDI in LIC, ahead of the mega IPO scheduled in March quarter.

▫️ Policy Bazaar received SEBI nod, for ₹6,017.50 crore IPO.

▫️India is planning to form a group of private and public oil refiners, which can seek better crude import deals.

▫️Reliance Retail Ventures buys majority stake in Ritu Kumar’s firm.

▫️ India’s largest FMCG Company, HUL reported 11% rise in revenue and 9% increase in profit, year-on-year for the September quarter.

▫️Nestle India, recorded top line and bottom line growth of 9.6% and 5.2% year-on-year, respectively for the September quarter.

▫️ Cement maker, ACC’s net profit increased by 24% and revenue enhanced by 6% year-on-year in the September quarter.

▫️ ICICI Prudential reported 47% jump in net profit year-on-year, after record jump in first year premium during Q3.

▫️Tata Steel BSL’s net profit jumped five fold year-on-year to ₹1,837 crore in September quarter, due to elevated revenue.

▫️ Moody’s has upgraded India’s banking system outlook to ‘Stable’ from ‘Negative’.

▫️PM to interact with leaders of global oil and gas companies, today.

▫️ Coal supply is being prioritised to power sector, to avoid power outages.

▫️Nomura has cut RIL’s stock recommendation rating for the first time in years to Neutral from Buy, citing expensive valuation.

▫️Ola’s CFO and COO resigned just before its planned IPO.

▫️Adani Group to invest $50-70 billion in renewable energy, over the next 10 years.

▫️ Fintech app Cred has raised $251 million in the latest funding round and is now valued at $4 billion.

▫️Zee has started due diligence work for merger with Sony Network.

▫️ China’s property and construction sector contracted for the first time since the pandemic.

▫️China proposes law to punish parents for their children’s bad behaviour.

▫️ Fundraising by companies via bond issuance is down by 30% year-on-year for the first half of FY22, due to lack of support by RBI.

▫️NTPC looking to acquire 5% stake in Power Exchange India Limited.

Market Update

▫️ Sensex and Nifty ended their 7 day rising streak on account of profit booking. The Nifty Midcap Index saw its biggest drop in last 6 months during the day. Particularly, stocks with high retail participation fell most.

▫️Sensex closed at 61,716 (-0.08%) and Nifty ended at 18,419 (-0.32%).

▫️Market breadth was bearish, as there were only 359 advances against 1480 declines. Nifty Midcap under performed benchmark and settled 2.2% lower.

▫️IT and Private Banking Sector supported the market, while FMCG and Consumer Durables dragged down the indices.

▫️Ruppee ended almost flat with gain of 1 paise at 74.34.

▫️Gold prices recovered partly to stay above ₹47,500 mark, due to inflation concerns.

▫️WTI Crude is trading around $81 mark, restricting further gains, as Chinese government seeks to end power crunch by utilising its coal mines to 100%.

▫️US markets closed higher yesterday, after strong corporate earnings.

▫️This morning US futures are trading flat. Asia is trading mixed while SGX Nifty is indicating slightly positive start for the Indian markets.


This is for educational purposes only.

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