News Roundup, Results Corner and Market Update: 29/10/2021

News Bulletin

▫️ Digital insurance company Acko, raised $255 million at a valuation of $1.1 billion and entered into Unicorn club.

▫️ Supreme Court disallowed ₹923 crore GST refund to Bharti Airtel.

▫️NTPC threatens to cut power supplies to UP and MP power distributors, due to non-payment of dues.

▫️ Govt. released ₹44,000 crore GST aid to states.

▫️Nykaa’s IPO was subscribed 1.55 times on Day 1.

▫️Maruti plans to offer CNG variant in its 4 models, amidst rising fuel prices.

▫️Jio pre pays its entire 2016 spectrum dues installments.

▫️ Finance Minister to attend G-20 countries joint finance ministers meet today in Rome.

▫️Most sectors of economy on track to reach pre covid levels of activity.

▫️ India’s utilities coal import fell 73% (YoY) in September, due to rising price of the commodity.

▫️ Government provided tax liabilities relief to sugar cooperatives.

▫️World Gold Council expect sharp rise in gold demand in the Q4 CY21, aided by softer prices and global trade recovery.

▫️ Construction major, L&T to be carbon neutral by 2040.

▫️Tata Motors will launch electric version of its commercial vehicles.

▫️ The US called China’s action in Taiwan strait as coercive. (Hinting another China US power struggle)

▫️The US economy grew it at its slowest pace in Q3 CY20 in last 12 monts, due to resurgence of Delta Variant.

▫️ PayTM’s ₹18,300 crore IPO will open on November 8.

▫️NBFCs have raised ₹40,000 crores via ultra short term papers in last 4 days, to fund upcoming IPOs. (Bajaj Finance and Aditya Birla Finance were leaders)

▫️IRCTC asked to share 50% convenience fee with Ministry of Railways.

▫️ India’s gold jewellery demand surged by 60% (YoY) in September.

Result Corner (YoY)

▫️Tata Power net profit jumped 36%, and revenue rose 13%, on account of expanded operation in Odisha. However, operating results were negatively affected by Mundra Project’s losses.

▫️DLF profit grew by 61% and revenue slipped by 10%. The Company’s collections surged by 150% during Q2. DLF experienced strong demand for residential projects for both affordable and luxury segment.

▫️NTPC profit fell by 8.4% and revenue increased by 12.5%. Overall coal consumption hike of 14.2%, and rising coal prices led to fall in the Company’s net profit.

▫️UCO Bank’s net profit surged 7-fold, due to decreased provisions. Gross NPA of the lender fell by 264 bps to 8.98%.

▫️Indian Bank profit jumped 164% on back of provision releases. Gross NPA reduced by 33bps to 9.56%.

▫️RBL Bank profit dipped by 78% due to deterioration in asset quality. Gross NPA increased by 206 basis points to 5.40%. However, the management has assured that NPAs have peaked and will come down in the coming quarters.

Market Update

▫️Indian markets ended with worst 1 day fall in 6 months, due to weak global cues, tightening liquidity, stretched valuations and disappointing corporate results. Sensex slipped below the psychological mark of 60,000 while the Nifty fell below the crucial 18,000 level.

▫️Sensex and Nifty ended at 59,985 (-1.89%) and 17,857 (-1.94%), respectively.

▫️All sectorall indices closed in red with Banks, Metals and Financial Services leading the losses.

▫️Market Breadth was bearish, as 357 stocks rose and 1480 stocks fell. The mid and small cap indices fell in line with the benchmarks.

▫️Gold prices regain ₹48,000 mark as domestic equity looses its shine.

▫️Ruppee gained 11 paise to close at 74.92.

▫️Crude oil rose slightly to $82.77 mark. However, the overall sentiment of crude is now little weak.

▫️Dow Jones jumped more than 200 points, on healthy earnings by corporates and government stimulus expectations.

▫️This morning US is trading flat and Asia is slightly on a negative note, with SGX Nifty down by 23 points.

▫️No Stocks in F&O Ban.

▫️Key results today: Adani Power, Apollo Tyre, Bandhan Bank, Cadila Healthcare, Escorts, Exide, Gail, REC, SAIL, UPL, Vedanta and Voltas.

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