Barometers turn rangebound, Zomato jumps over 16%
Published on Aug 02, 2022 11:33
The headline equity indices traded in a narrow range with moderate losses in the mid-morning trade. The Nifty traded below the 17,300 level. Metal stocks witnessed profit booking after gaining in the past four sessions.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 220.51 points or 0.38% to 57,894.99 . The Nifty 50 index declined 73.80 points or 0.43% to 17,266.25.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.38% while the S&P BSE Small-Cap index gained 0.33%.
The market breadth was positive. On the BSE, 1,829 shares rose and 1,308 shares fell. A total of 141 shares were unchanged.
Finance Minister Nirmala Sitharaman said on Monday that India is still the fastest growing economy whose financial situation is much better than most other countries. Speaking during a debate on the issue of price hike in the Lok Sabha, Sitharaman said the global agencies have ranked India`s economy higher than most countries and there is no sign of recession in the country. Sitharaman added that the government is making efforts to bring down retail inflation below 7%.
The Nifty Metal index declined 1.17% to 5,512.65. The index witnessed profit booking after gaining 8.24% in four trading sessions.
Hindalco Industries (down 3.3%), Welspun Corp (down 2.96%), Jindal Steel & Power (down 2.63%), Jindal Stainless (down 2.4%), National Aluminium Company (down 2.34%), Vedanta (down 1.94%), NMDC (down 1.39%), Tata Steel (down 1.2%), Steel Authority of India (down 1.16%) and JSW Steel (down 0.87%), edged lower.
On the other hand, Adani Enterprises (up 0.95%), Ratnamani Metals & Tubes (up 0.85%) and APL Apollo Tubes (up 0.05%) advanced.
Stocks in Spotlight:
Zomato surged 16.40% after the online food delivery platform reported a consolidated net loss of Rs 186 crore in Q1 June 2022, as against net loss of Rs 360.70 crore in Q1 June 2021. Zomato reported a net loss of Rs 359.70 crore in Q4 March 2022. Revenue from operations stood at Rs 1,413.9 crore in Q1 June 2022, up 67.44% from Rs 844.4 crore reported in Q1 June 2021.
Growth in revenue was driven by ~10% QoQ growth in Gross Order Value (GOV) to Rs 6,430 crore in Q1 FY23 and growth in revenue per order. GOV growth was in turn driven by robust growth in order volumes and mild growth in average order values as compared to the previous quarter.
On the profitability front, the food delivery business hit a milestone last quarter by getting to adjusted EBITDA break-even. Contribution as a % of GOV increased to 2.8% in Q1FY23 as compared to 1.7% in Q4FY22 driven by improvements on both cost and revenue side.
TVS Motor Company rose 0.78%. The company`s total sales rose by 13% in July 2022 with sales of 314,639 units as against 278,855 units in the month of July 2021. Total two-wheelers registered a growth of 14% in July 2022 with sales increasing from 262,728 units in July 2021 to 299,658 units in July 2022.
While domestic two-wheeler sales increased by 15% to 201,942 units, exports grew by 12% to 97,716 units in July 2022 as compared with July 2021. Three-wheeler of the Company registered sales of 14,981 units in July 2022 as against sales of 16,127 units in July 2021. The company`s total exports grew by 9% from 103,133 units in July 2021 to 112,032 units in July 2022.
Most Asian stocks declined on Tuesday as South Korea`s inflation rose and investors look ahead to the Reserve Bank of Australia`s interest rate decision. The Reserve Bank of Australia is reportedly expected to hike by 50 basis points after official data showed prices in Australia rose 6.1% in the second quarter compared with a year ago.
Consumer prices in South Korea rose 6.3% in July compared with the same period in 2021, official data showed on Tuesday.
Wall Street ended a three-day winning streak and crude prices plunged on Monday as economic data from the US, Europe and China showed demand weakening under inflation pressures, while the looming possibility of recession curbed risk appetite.
Powered by Capital Market - Live News