INDIAN STOCK MARKET MORNING UPDATE JULY 19TH 2021
INDIAN STOCK MARKET
MORNING UPDATE JULY 19TH 2021
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Indices at previous closing
Nifty50: 15,923 ▼-0.8 (-0.0%)
Sensex: 53,140 ▼-18 (-0.0%)
Nifty Bank: 35,751 ▼-155 (-0.4%)
In the news
HDFC Bank reports strong profit growth
- India’s largest private bank reported a 16.1% year-on-year growth in net profit to ₹7,729 crore. This was despite the rise in provisioning for bad loans. A rise in net interest income and a sharp jump in other income boosted the lender’s bottom line.
- However, the gross bad loans rose from 1.36% in June 2020 to 1.47% in June 2021. The management said that the second wave adversely impacted retail loan segment, card spends and collection efficiency. Shares of the bank were up 0.1% on Friday but the results were announced on Saturday.
RRVL acquires controlling stake in Just Dial
- Reliance Retail Ventures (RRVL), the holding company of all retail companies under Reliance Group, is set to acquire a 66.9% stake in local search engine Just Dial (JD). This move is expected to further boost RIL’s digital ecosystem under its New Commerce project to link partner merchants and small businesses.
- The announcement came along with Just Dial’s Q1 results declared on 16 July after market hours. In the June quarter, Just Dial recently posted a loss of ₹3.5 crore, mainly due to advertising expenses of ₹50.5 crore during the quarter to promote its new B2B platform JD Mart. On Friday, shares of Just Dial had fallen 3.3% while those of Reliance gained 1.3%.
LTFH’s profit grows, revenue falls
- L&T Finance Holdings (LTFH) posted a consolidated net profit of ₹178 crore for the June quarter, up 20% year on year. However, the NBFC’s revenue from operations dipped 7.3% YoY owing to an overall decline in interest income.
- Income from rural finance grew, while that from housing finance and infrastructure finance segments recorded a sharp decline. The company's gross non-performing assets (NPAs) rose slightly to 5.7% from 5.2% in the year-ago period. Shares of LTFH fell 0.4% on Friday but the results were declared after market hours.
Sectoral indices (July 16)
| Top gainers | Top losers |
| Nifty Pharma ▲ 1.1% | Nifty IT ▼ 1.0% |
| Nifty Realty ▲ 1.1% | Nifty Bank ▼ 0.4% |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▼ 1.3% |
| Nikkei 225 (Japan) | ▼ 1.6% |
| Hang Seng (Hong Kong) | ▼ 1.8% |
| SSE Composite (China) | ▼ 0.5% |
| Dow Jones (US) (July 16) | ▼ 0.8% |
Fact of the day
During the dotcom crash in 2000, around 280 internet stocks in the Bloomberg US Internet Index lost ₹1.7 trillion in market value, which is equivalent to Canada’s GDP.
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