Indices at 10:00 am
Nifty50 14,741 ▲ 94 (+0.6%)
Sensex 50,140 ▲ 343 (+0.6%)
Nifty Bank 34,385 ▲ 118 (+0.3%)
In the news
Ajanta Pharma’s Q3 up on branded generics growth
- The Mumbai-based generics pharma company declared its Q3 profits at ₹177 crore, a 64% YoY rise. Its consolidated revenue from operations stood at ₹749 crore up 15% YoY.
- The growth was supported by 19% growth in branded generic sales in emerging markets and 58% growth in institutional sales in Africa. Lower tax outgo boosted profits further. The stock was trading 5.7% higher today.
Tata Consumer’s Q3 net profit surges
- The company that makes products such as Tetley Tea and Tata Salt posted a Q3 consolidated net profit of ₹237 crore, up 29% YoY. Meanwhile, revenue from operations rose 23% to ₹3,070 crore.
- The growth was driven by the India beverages segment, which grew 46% YoY and contributed nearly 45% of the revenues. The stock was up 2.2% today.
PSU banks on fundraising spree
- Over the next two months, PSU banks are expected to raise ₹10,000 crore to support credit growth and meet regulatory requirements, reports suggest. The Nifty PSU Bank index is up 1.2% and has gained nearly 13% this week.
- PSU banks have raised nearly ₹50,000 crore in this year. Further, in the Union Budget, the government has proposed a ₹20,000 crore recapitalisation of PSU banks in FY22.
Silver witnesses high volatility
- International silver prices showed extraordinary volatility over the last two days, gaining nearly 8% on Monday and then correcting 8% on Tuesday.
- The rise is attributed to the short squeeze created by retail traders after a series of posts on social media forums. However, the unusual rise prompted the CME group (commodity exchange) to hike margin requirements, leading to some positions being closed. Today, silver prices are up 1.2%.
Events this week
- Wednesday: Services PMI (India), Crude oil inventories (US)
- Thursday: Initial jobless claims (US)
- Friday: RBI interest rate decision (India)
|Top gainers||Top losers|
|Global markets||Today’s movement|
|Nikkei 225 (Japan)||▲ 0.7%|
|Hang Seng (Hong Kong)||▼ 0.4%|
|SSE Composite (China)||▲ 0.2%|
|Dow Jones (US)||▲ 1.5%|