Stock morning update 22 january 2021

 

Indices at 10:00 am

Nifty50 14,594 ▲ 61 (+0.4%)

Sensex 49,563 ▼ 61 (-0.1%)

Nifty Bank 31,937 ▼ 249 (-0.7%)

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STOCK MORNING UPDATE

In the news

Generics business hurts Biocon’s Q3 

        Biocon’s profits contracted 19% YoY to ₹186.6 crore for Q3, while consolidated revenue grew 7.2% to ₹1,878.9. 

The Bengaluru-based pharma company’s revenue improved on account of the growth of its research services and biosimilars businesses. However, moderate demand and supply disruptions hurt its generics business, which shrank 2.6% to ₹561 crore. Biocon’s shares fell 6.1% today, and have ceded nearly 11% in January. 

 

Jindal Steel gains on domestic growth

         The strong performance of the domestic steel and power business put JSPL back in black. The company posted a consolidated profit of₹2,432 crore versus a loss of ₹257 crore in Q3 last year.

 
Consolidated revenues rose 39% YoY to ₹11,704 crore. The concern however stems from the fact that the steel industry is currently facing raw material scarcity which has led to a jump in iron ore prices. Its shares were flat today (), however, have gained nearly 13% in this month so far.  

 

JK Tyre posts best-ever quarterly sales

        Increased demand for passenger, commercial and farm tyres helped JK Tyre to post its best-ever quarterly consolidated sales of ₹2,769 crore, up 22% YoY. 

Similarly, higher plant utilisation, improvement in operating efficiencies and lower interest costs supported the increase in profits. The net profits more than doubled to ₹230 crore. Its shares gained 13.1% today. These strong results also rubbed off on other tyre stocks, including Ceat (+6.1%), Apollo Tyre (+7.9%) and TVS Srichakra (+4.6%). 

 

Commodity futures boost Q3 profits at MCX 

         For Q3, the Mumbai-based commodity exchange posted ₹71.8 crore in profit after tax, a 29.2% YoY growth. During the same period, its consolidated operating revenue grew 7% to nearly ₹101 crore.

The average daily turnover in commodity futures on the exchange rose 4% YoY. Its business remained largely unaffected as the commodity markets were exempted from lockdown restrictions. The stock traded almost flat but has lost about 3% this month. 

 

Events this week

         Friday: Reliance Industries Q3 results

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Sectoral indices

Top gainers	Top losers
Nifty Auto ▲ 3.1%	Nifty Bank ▼ 0.7%
Nifty IT ▲ 0.4%	Nifty Pharma ▼ 0.7%

 

Global markets	Today's movement
Nikkei 225 (Japan)	▼ 0.3%
Hang Seng (Hong Kong)	▼ 1.5%
SSE Composite (China)	▲ 1.3%
Dow Jones (US) (15 Jan)	▼ 0.7%

Fact of the day

The banyan tree derives its name from the ‘Baniya’ community, who often conducted their business under these trees in the marketplace.

Source: Sacred Trees BHU

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