Key update of markets
Indices at 10:00 am
Nifty50 14,762 ▼ 27 (-0.1%)
Sensex 50,115 ▼ 139 (-0.2%)
Nifty Bank 34,366 ▼ 391 (-1.1%)
In the news
Bharti Airtel posts record revenues in Q3
- The telecom major posted consolidated net profits of ₹854 crore in Q3 after six consecutive loss-making quarters. The stock has gained 9% this week and hit its lifetime high of ₹623 today.
- At ₹26,518 crore, total revenue was up 24.2% YoY and was the company’s highest-ever quarterly figure supported by growth in user base along with a rise in its average revenue per user (ARPU). Its mobile ARPU stood at ₹166, up 23% YoY.
Ujjivan SFB posts a loss as provisioning rises
- Ujjivan Small Finance Bank reported a net loss of ₹279 crore in Q3 FY21, mainly on account of higher provisioning. The bank posted a net profit of ₹90 crore in the same period last fiscal.
- The bank’s net interest income was up 1.2% at ₹432 crore as against ₹427 crore. Its net NPA stood at 0.05% compared to 0.4% last year. Without the effect of the Supreme court’s order, the net NPA would have risen to 2.05%. The stock was trading 6.3% lower today.
Pipes makers fare well in Q3
- Plumbing pipe maker Astral’s Q3 standalone revenues rose 33% YoY to ₹693 crore and net profit rose 80% YoY to ₹104 crore. The recovery in sales picked up momentum in Q2 and further accelerated in Q3. The stock has gained 13% this week and is trading flat today.
- Similarly, Prince Pipes reported a 39% YoY rise in revenues to ₹549 crore and a 175% YoY growth in profits to ₹67 crore. The stock is up 27% this week and is trading 12% higher today.
Crude oil rises on reduced output
- The OPEC+ alliance of major oil producers continued to maintain their reduced output policy in its recent meeting. Further, US crude oil inventories declined contrary to street expectations of a rise, adding upward pressure on the prices.
- The price of crude oil has gained nearly 7.5% this week and is up 0.7% today.
Events this week
- Thursday: Initial jobless claims (US)
- Friday: RBI interest rate decision (India)
|Top gainers||Top losers|
|Nifty PSU Bank|
|Nifty Fin serv|
|Global markets||Today’s movement|
|Nikkei 225 (Japan)||▼ 0.8%|
|Hang Seng (Hong Kong)||▼ 1.4%|
|SSE Composite (China)||▼ 1.0%|
|Dow Jones (US)||▲ 0.1%|
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