Key indices are currently trading near the flat line with tiny losses in early trade. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 17.53 points or 0.03% to 60,528.54. The Nifty 50 index rose 5.45 points or 0.03% to 18,074.50.
In the broader market, the S&P BSE Mid-Cap index gained 0.61% while the S&P BSE Small-Cap index added 0.47%.
The market breadth was just about positive. On the BSE, 1628 shares rose and 741 shares fell. A total of 93 shares were unchanged.
Stocks in Spotlight:
Britannia Industries slumped 4.67%. The FMCG company reported a 22.9% fall in consolidated net profit to Rs 384.22 crore despite a 5.5% rise in total revenue from operations to Rs 3,607.37 crore in Q2 FY22 over Q2 FY21. Profit before tax in Q2 FY22 stood at Rs 522.84 crore, down by 22% from Rs 670.18 crore in Q2 FY21.
Inventory turnover ratio was 40.87 in Q2 FY22 as against 47.75 in Q2 FY22. Operating margin fell to 14.09% in Q2 FY22 as against 18.34% in Q2 FY22.
Reliance Industries rose 0.16%. Reliance Eagleford Upstream Holding, LP (REUHLP) a wholly owned step-down subsidiary of RIL announced the signing of agreements with Ensign Operating III, LLC (Ensign), a Delaware limited liability company to divest its interest in certain upstream assets in the Eagleford shale play of Texas, USA. With this transaction, Reliance has divested all its shale gas assets and has exited from the shale gas business in North America.
Cadila Healthcare gained 1.45%. Zydus Cadila said it received an order to supply one crore doses of ZyCoV-D, the world's first Plasmid DNA Vaccine, to the Government of India at Rs. 265 per dose and the needle-free applicator being offered at Rs. 93 per dose, excluding GST.
Global Markets:
Asian stocks were trading lower on Tuesday despite of overnight gains on Wall Street that took the major indexes to record closing highs.
Wall Street stocks ended slightly higher on Monday, rising early after passage of a US infrastructure spending bill but paring gains late as sliding Tesla shares weighed the indexes down.
The U. S. House of Representatives late Friday passed a more than $1 trillion infrastructure bill, sending the legislation to President Joe Biden for his signature. First passed by the Senate in August, the package would provide new funding for transportation, utilities and broadband, among other infrastructure projects.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU