The markets ended up by around 1.2%. The Nifty closed above the 15,000 mark for the first time. The markets touched new all-time high levels today.
M&M: The company’s stock hit the upper circuit today at 10% and then ended the day at 7.27% up. The company had declared its Q3 on Friday beating expectations.
JSW Steel: The company crossed the Rs 1 trillion market cap mark today.
Britannia, Divis Lab: The company declared their Q3 results last week. It is not clear if the share price of the companies fell for this reason.
Q3 Results: Britannia, Divi’s Labs
The net profit of the company in the October to December quarter was Rs 452.6 crores- a 22.4% rise from the same quarter in 2019. The company’s revenue from operations was up 6.1% to Rs 3,165.6 crores.
The share price of the company ended 1.92% lower at Rs 3,473.7 per share. The results were declared on Friday after markets closed.
The company’s net profit was up 31.05% to Rs 470.62 crores for the period under review.
Total income of the company was up 19.6% to Rs 1,720.76 crore.The share price of the company ended 1.06% lower at Rs 3,781.85 per share.
Future-Reliance Deal Gets a Go-Ahead from Delhi High Court
The Delhi High Court has lifted the status quo order passed by a single bench recently. This basically means that Reliance and Future can go ahead with their transaction. All relevant statutory authorities like Sebi and Competition Commission of India (CCI) have been asked to go ahead with the deal. Amazon has been contesting against the viability of this deal since a few months after it was announced in August last year.
What happened between August 2020 and now?
According to the deal signed in August 2020, Future Group was to sell its retail, wholesale, logistics, and warehouse businesses to Reliance Retail Ventures (RRVL) for Rs 24,713 crores. A few days after the deal was announced, Amazon claimed that the deal wasn’t legal. It approached the arbitration panel in Singapore. To support its argument, Amazon said that it had picked up a 5% stake in Future Retail in 2019; and according to that agreement between Amazon and Future Retail, Amazon should have the first right to buy the group. It had also reportedly said that Future Retail must seek consent from Amazon before selling any stake to a third party.
Uttarakhand Glacier Disaster
A glacier burst occurred over the weekend causing a flash flood downstream. A portion of the Nanda Devi glacier possibly burst primarily affecting the district of Chamoli in Uttarakhand. 18 people have been confirmed dead so far while over 200 are reportedly missing. Various agencies are working to rescue and find missing people. Most of the missing people are either workers from a hydel power plant or locals living in villages.