Nifty, Sensex continue to be on an uptrend – Weekly closing report
Moneylife Digital Team 16 July 2021
We had mentioned in previous week’s closing report that Nifty, Sensex may try to rally if global cues support. The major indices rallied and closed with major gains. The trend of the major indices in the week is given in the table:
 
 
On Monday, the indices opened higher but lost all gains and ended flat. On the NSE, there were 1,179 advances, 840 declines and 76 unchanged.
 
Kitex Garments decided to invest Rs 1,000 crore in Telangana, days after it decided to withdraw from Kerala citing harassment by state officials.
 
Avenue Supermarts standalone profit more than doubled to Rs 95 crore during the quarter ended 30 June 2021, compared to Rs 40 crore in the same period last year. Revenue increased 33% year-on-year to Rs 5,183 crore.
 
Equitas Holdings received the Reserve Bank of India's permission to apply for a scheme of amalgamation of the promoter entity with the bank. Ujjivan Financial Services arm Ujjivan Small Finance Bank too would amalgamate with its holding company.
 
On Tuesday, the indices opened lower but rallied and ended with decent gains. On the NSE, there were 1,062 advances, 924 declines and 63 unchanged.
 
Leading banks like State Bank of India, Bank of Baroda, and Union Bank of India approached different benches of NCLT to invoke the personal guarantee of 17 big defaulters including Atul Punj of Punj Lloyd (Rs 3,000 crore), Sanjay Singal of Bhushan Power and Steel (Rs 47,150 crore), and Wadhawans of DHFL (Rs 79,000 crore).
 
Mindtree reported net profit of Rs 343.4 crore during the April-June 2021 quarter, compared to Rs 213 crore from the corresponding quarter of the previous financial year. Revenue increased to Rs 2,291.7 crore from Rs 1,909 crore in the previous year.
 
Steel Strips Wheels has received export orders valued over USD 15 million from Western Hemisphere. The order will be completed by 21 August.
 
On Wednesday, the indices opened higher and ended with minor gains. On the NSE, there were 1,028 advances, 959 declines and 63 unchanged.
 
Zomato IPO got over-subscribed on its first day at 1.05 times with bids for 75.60 crore equity shares against IPO size of 71.92 crore equity shares. Retail investors portion got oversubscribed by 2.69 times.
 
Infosys reported a consolidated profit of Rs 5,195 crore for the quarter ended 30 June 2021, compared to Rs 4,233 crore in the corresponding quarter of the previous financial year. Consolidated revenue grew to Rs 27,896 crore compared to Rs 23,665 crore in the previous year.
 
Quess Corp denied concealing any income after the IT department claimed that it has revealed undisclosed income of around Rs 880 crore during raids of the company's two premises in Bengaluru.
 
Adani Enterprises subsidiary Adani Airport Holdings took over the management control of Mumbai International Airport (MIAL) from the GVK Group.
 
On Thursday, the indices opened higher and ended with decent gains. On the NSE, there were 928 advances, 1,063 declines and 70 unchanged.
 
Wipro reported 23% rise in consolidated net profit for the quarter ended 30 June 2021 at Rs 3,563.7 crore, compared to Rs 2,896 crore in the corresponding quarter of the previous financial year. Revenue grew by 22% to Rs 18,252.4 crore against Rs 14,913.1 crore in the previous year.
 
L&T Tech reported 84.5% jump in consolidated net profit at Rs 216.2 crore for the quarter ended 30 June 2021 compared to Rs 117 crore in the previous year. Consolidated revenue grew 17% to Rs 1,518 crore compared to Rs 1,295 crore in the previous year.
 
RBL Bank’s run rate of issuing 1 lakh credit cards per month could be hit due to the RBI’s restrictions on Mastercard from on-boarding new domestic customers. RBL Bank has entered into an agreement with Visa yesterday to issue their credit cards, but it will take 8 to 10 weeks.
 
Adani Ports and Special Economic Zone board has approved plans to raise USD 750 million on a private placement basis.
 
On Friday, the indices opened lower and ended flat. On the NSE, there were 1,005 advances, 973 declines and 68 unchanged.
 
Angel Broking reported 157% growth in consolidated net profit for the April-June 2021 quarter at Rs 121.37 crore compared to Rs 47 crore in the same period last year. Consolidated revenue grew 94% to Rs 463 crore from Rs 238 crore in the previous year.
 
Bandhan Bank reported 8% fall in loan book in the June quarter at Rs 80,128 crore from Rs 87,043 crore in the March quarter. Total deposits contracted to Rs 77,336 crore from Rs 77,972 crore.
 
HDFC AMC net profit grew 14% to Rs 345.4 crore from Rs 302 crore in the previous year. Revenue went up to Rs 507 crore from Rs 411 crore in the previous year. 
 
Cyient reported net profit at Rs 115 crore compared to Rs 81 crore in the year ago period. Revenue rose slightly to Rs 1,058 crore from Rs 992 crore in the previous year.
 
Tata Elxsi net profit nearly doubled at Rs 113.37 crore in the quarter ended 30 June 2021 compared to Rs 69 crore in the previous year. Revenue rose to Rs 558.31 crore from Rs 400 crore in the previous year.
 
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