INDIAN STOCK MARKET MORNING UPDATE JULY 23rd 2021
INDIAN STOCK MARKET
MORNING UPDATE JULY 23rd 2021
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Indices at previous closing
Nifty50: 15,824 ▲+191 (+1.2%)
Sensex: 52,837 ▲+638 (+1.2%)
Nifty Bank: 34,677 ▲+261 (+0.7%)
In the news
Bajaj Auto’s profit doubles in Q1
- The Pune-based two-wheeler maker posted a 140% year-on-year jump in revenues to ₹7,386 crore and a 100% rise in net profit in the June quarter. The profit of ₹1,061 crore was higher than the street expectation of ₹992 crore. However, despite the strong results, the stock fell 1.1% yesterday.
- The Q1 revenue and profits were lower sequentially. Further, the EBITDA margins fell to 15.6% from 18.1% in the March quarter, which was a dampener. The company attributed the drop in margins to the rise in the cost of raw materials. The company also mentioned that the second wave hurt the domestic demand but the impact was partially offset by higher exports.
Airtel aims for higher ARPU
- Bharti Airtel is taking steps to increase its average revenue per user (ARPU). India’s second-largest telecom player has hiked entry-level postpaid tariffs for its corporate customers to ₹299 and discontinued its ₹199 and ₹249 plans.
- It has also raised charges for family postpaid plans. It’s important to note here that Bharti Airtel garners 20% of its total revenue from 5% of its postpaid customers. Its shares were up 4.1% today. Further, a rub-off effect was also seen in the shares of Vodafone Idea (+2.2) and Jio’s parent Reliance Industries (+1.6%).
Arvind Fashions to sell retail unit to V-Mart
- Arvind Lifestyle Brands (ALBL), a wholly owned subsidiary of the Arvind Fashions (AFL), has entered into an agreement with V-Mart for the strategic sale of its ‘Unlimited’ brand’s retail business to V-Mart Retail in an all-cash transaction. The company said it wants to exit this business and focus on growing its high-conviction brands.
- As per the deal, the cash consideration is expected to be about ₹150 crore. In FY21, the ‘Unlimited’ brand had a turnover of ₹289 crore and accounted for 13% of AFL’s consolidated revenues. Shares of AFL zoomed 20% after the announcement.
Sectoral indices (July 22)
| Top gainers | Top losers |
| Nifty Metal ▲ 2.9% | NA |
| Nifty IT ▲ 1.8% | NA |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.1% |
| Nikkei 225 (Japan) | ▲ 0.5% |
| Hang Seng (Hong Kong) | ▼ 0.5% |
| SSE Composite (China) | ▼ 0.2% |
| Dow Jones (US) (July 22) | ▲ 0.0% |
Fact of the day
China’s new maglev train can hit a maximum speed of 600 kph. It will take 2.5 hours to make the journey from Beijing to Shanghai, faster than a flight, which takes 3 hours.
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