BSE Sensex is trading 0.9% down 555 points at 60,704 level.
Meanwhile, NSE Nifty is trading down 146 points.
Kotak Mahindra Bank and Grasim Industries are among the top gainers today. Reliance and Dr Reddy’s Lab are among them Today’s Top Losers.
The BSE Mid Cap Index is trading with a decline of 0.7 percent.
BSE Small Cap Index is trading up 0.5%.
On the sectoral front, the software sector stocks are witnessing the most selling pressure.
On the other hand, power sector stocks are witnessing maximum buying.
US stock futures are trading lower today, indicating a negative start for Wall Street.
Nasdaq Futures is trading 61 points (down 0.4%) while Dow Futures is trading 105 points (down 0.3%).
Rupee is trading at 74.78 against US Dollar.
Gold prices are trading up by 0.1% ₹47,459 per 10 grams.
Gold prices in India were trading higher in the Indian markets today following a positive trend in international spot prices as a soft dollar made the metal cheaper for buyers holding other currencies.
Moving on to the stock-specific news…
Today among the buzzing stocks is Tata Communications.
Shares of Tata Communications rose more than 3% in an otherwise weak market as the company’s net profit jumped 10.6% year-on-year (year-on-year). ₹4.3 billion for the September 2021 quarter.
However, the company’s net revenue was down 5.2% on a year-on-year basis. ₹41.7 billion.
Sequentially, the company’s revenue grew 1.7%, while profit was up 43.7% due to a gradual recovery in both the data and voice segments.
Commenting on the results, AS Lakshminarayanan, Managing Director and Chief Executive Officer, Tata Communications, said: “Given sequential growth on a quarter-on-quarter basis after a three-quarter decline is a positive indicator that we will continue to build second. The quarter was marked by a recovery with favorable underlying trends as economic activity normalises.”
of the company EBITDA For the quarter (earnings before interest, taxes, depreciation and amortization) remained at ₹11.1 billion due to employee spending and improved collection efforts to reverse the provision for doubtful debts.
The company said its net debt at the end of the quarter was ₹77.6 billion, down ₹2.4 billion sequentially and ₹8.7 billion as compared to the same period last year on the back of better working capital mix and improving operating profit.
This has come despite the dividend payout ₹4 billion during the quarter.
How the company will perform in the next quarter remains to be seen. In the meantime, stay tuned for more updates from this area.
At the time of writing, Tata Communications shares were trading up 4.1% on the BSE.
Moving to news from the travel support services sector…
Jubilant Foodworks net profit up 58 per cent year-on-year; beats guess
Jubilant Foodworks reports 58% growth in net profit ₹1.2 billion for the September 2021 quarter, which was above analysts’ expectations.
The company registered a yearly growth of 36.6% in revenue ₹11 billion, which was well above the road estimate.
The company saw an increase of 43 per cent in raw material cost during the quarter. The increase in input cost was much higher than the increase in revenue.
Jubilant FoodWorks Says It Has a One-Time Loss ₹12.5 million to support its employees affected by the COVID-19 pandemic during the quarter. the same cost was ₹56 million in the previous quarter.
Company registers 33% year-on-year growth in operating profit ₹2.9 billion in the quarter. However, operating margin fell 67 basis points to 26% due to higher input costs.
We will keep you posted on more updates from this space. stay tuned.
Speaking of stocks, there is a pattern here that if you see it, you must sell your position. After all, exits are more important than entries.
In the chart below, we can see the head and shoulders pattern – stock goes up, makes higher, falls slightly, moves to higher high, doesn’t make higher low, rallies again, rallies to a new Fails to build high, and then begins to crumble.
see full image
This usually happens in a situation where the stock or index is usually in a bull trend for some time. Finding it the right way can help you save money.
This article is syndicated from equitymaster.com
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
.