News Bulletin, Results Corner and Market Update: 28/10/2021

News Bulletin

▫️In a blow to government, Supreme Court appointed 3 member committee to probe Pegasus use.

▫️ Future Retail moved to Delhi High Court, to quash Singapore panel’s decision, which has kept the Future – RIL deal on hold.

▫️ Adani Ports to exit Myanmar business by June’22.

▫️10% of the country’s coal based thermal power station are running on extremely tight coal supplies and may face outage anytime.

▫️WHO seeks more data from Bharat Biotech to grant emergency use approval for Covaxin.

▫️US Govt laid out plan to tax unrealized gains of billionaires to fund social security scheme.

▫️ Aluminum industry has reached out to PMO, citing damage to business due to coal shortage.

▫️ Govt. received ₹6,665 crore final dividend from BPCL for FY21.

▫️Govt. is thinking to allow sale of small LPG cylinders of 5 kg at ration shops.

▫️ Jewelry market is regaining its lost shine, and is witnessing record sales this festive season.

▫️Maruti Suzuki to launch EVs only after 2025.

▫️RIL Group makes an offer to acquire 25.9% in Sterling and Wilson Solar.

▫️Yields on Indian government treasury bills rose sharply about 10 bps, as investors turned cautious.

▫️Paytm Insuretech raised ₹920 crore from reinsurance giant Swiss Re.

▫️L&T win bid to construct 3 buildings of Common Central Secretariat.

Result Corner (YoY, unless specified)

▫️Maruti Suzuki results missed street estimates on all fronts, as net profit slipped by 65% due to chip crisis and higher input costs.

▫️L&T reported 12% rise in revenue, amid healthy project pipeline. Net profit dipped by 67% due to base effect (previous year there was sale of unit).

▫️Bajaj Auto recorded 22% growth in sales, on back of volume growth. The Company’s net profit also increased by 12%

▫️Adani Ports net profit fell by 30%, despite 18.7% rise in revenue, due to rise in expenses.

▫️Adani Enterprises witnessed 44% revenue growth and 41% net profit decline, after rise in input costs.

▫️Titan posted stellar four fold jump in net profit, and 64% revenue growth, backed by strong demand recovery across its consumer segment.

▫️United Breweries reported 47.2% rise in revenue and mutli fold jump in net profit, thanks to volume pickup and ease of restrictions.

▫️PNB reported 78% rise in net profit, while its topline declined by 8.7%. Gross NPAs increased by 20 bps to 13.63%.

▫️Indian Overseas Bank’s net profit surged by 154%, while revenue declined by 1%. Bank’s Gross NPA improved to 10.66% from 13.64%.

▫️Induslnd Bank net profit and revenue rose 72% and 8.7%, respectively. Gross NPA improved by 11 bps to 2.77%.

▫️SBI Life recorded 14% net premium growth. However, profit decreased by 17.7%, as a result of additional reserving due to Covid-19.

▫️ITC reported 13.7% rise in net profit and 12% jump in revenue, beating analyst estimates. ITC witnessed broad based growth across all segments. However, rise in input costs hurted the Company’s margin.

Market Update

▫️Market ended all gains during last minutes of trade yesterday, on account of margin worries in reported corporate earnings.

▫️Sensex and Nifty ended at 61,143 (-0.34%) and 18,210 (-0.31%).

▫️ Market breadth was largely flat with 932 advances against 885 declines. Mid cap and Small cap indices outperformed the benchmark and ended positive.

▫️IT, PSU Bank, FMCG and Consumer Durables performed well, while Metals, Media and Private Banks lagged.

▫️Ruppee lost 7 paise to close at 75.02.

▫️Gold prices fell below 47,800 owing to weak global sentiment for the yellow metal.

▫️Crude oil prices fell sharply, due to continue rise in oil inventories. WTi Crude is currently trading at $81 mark.

▫️Dow Jones fell by more than 200 points yesterday due to supply chain worries.

▫️ Today morning US is trading positive. While Asia is trading weak. SGX Nifty is trading with a gain of 60 points.

▫️ Stocks in F&O Ban: NMDC, SUNTV, CANBK and IBULHSGFIN.

▫️Key Results Today: Adani Green, Bajaj Finserv, DLF, Edelweiss, Gujarat Gas, Indian Bank, Indigo,JK Tyre, Marico, RBL Bank and Tata Power.

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