Market update for 8 February 2021

Previous closing (5 February 2021)

Nifty50: 14,924 โ–ฒ28 (+0.1%)

Sensex: 50,731 โ–ฒ117 (+0.2%)

Nifty Bank:ย 35,654ย โ–ฒ309 (+0.8%)

Stock, Trading, Monitor, Business

In the news

Britanniaโ€™s Q3 beats estimates 

  • The FMCG major recorded aย 22% YoY rise in net profitsย to โ‚น452 crore in Q3, beating street estimates of โ‚น424 crore. Revenues rose 6% to โ‚น3,165 crore, buoyed by rural demand and recovery in urban consumption.
  • The company saw moderately rising input costs. However, palm oil prices rose significantly. Its stock has been witnessing range-bound movement for over six months now.ย 

Diviโ€™s Labs posts strong Q3 

  • The Hyderabad-based pharma company posted aย 22% YoY increase in Q3 revenues, which stood at โ‚น1,701 crore. Profit for the quarter rose 31% to โ‚น470 crore, in line with street expectations.ย 
  • Its management is optimistic about growth over the coming quarters and was confident of maintaining margins, going forward. The stock has risen 13.3% in February, so far.ย 

BHELโ€™s losses narrow sequentially

  • Power generation equipment maker BHEL reported a consolidated loss ofย โ‚น217 croreversus a profit of โ‚น162 crore last year. Its revenues dropped by 21.6% YoY to โ‚น4,451 crore.ย 
  • Sequentially, however, the loss has narrowed from โ‚น552 crore in Q2. Further, the company has an order book of over โ‚น1 lakh crore, which is five times its FY20 sales. Its stock has jumped nearly 20% so far in this month, supported by an increase in volumes.ย 

IRCTC starts bus-ticket booking 

  • The new service allows travellers to book bus tickets in addition to train and flight bookingsย via the IRCTC website. However, integration into the mobile app will happen by the first week of March 2021. The service is a bid to enable last-mile connectivity for travellers using IRCTCโ€™s booking services.ย 
  • IRCTC clocked a revenue ofย โ‚น245 croreย in the Q3, down 66% YoY. Profit after tax too nosedived 62% YoY to โ‚น78 crore on account of Covid-restrictions. The results notwithstanding, the stock has risen 6.7% in February.

Sectoral indices (Previous closing)

Top gainersTop losers
Nifty PSU Bank
โ–ฒ 3.6%
Nifty Media
โ–ผ 4.4%
Nifty Bank
โ–ฒ 1.6%
Nifty Auto
โ–ผ 1.3%

Global markets (at 8:30 am today)

IndicesToday’s movement
Nikkei 225 (Japan)โ–ฒ 2.0%
Hang Seng (Hong Kong)โ–ฒ 0.8%
SSE Composite (China)โ–ฒ 0.3%
Dow Jones (US)
(5 Feb)
โ–ฒ 0.3%

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