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Profit booking subdues equity induces, banking stocks dip




Profit booking, along with disappointing macro-economic data subdued the Indian equity indices during the afternoon trade session on Tuesday.

The market opened on a flat note following lacklustre global cues and fell sharply thereafter.

However, it rebounded piercingly from lower levels and trimmed off most of its intraday losses.

Globally, shares in Asia retreated after a mixed trade session on the Wall Street.

Back home, disappointing macro economic inflation data and a bout of profit bookings led to a sharp decline.

Among sectors, PSU Bank, FMCG and Realty indices were major losers.

Consequently, the S&P BSE Sensex traded at 1.30 p.m. at 46,103.25 points, lower by 150.21 points, or 0.32 per cent, from the previous close.

The NSE Nifty50 was traded at 13,519.20 points, lower by 38.95 points, or 0.29 per cent, from the previous close.

“At current juncture, crucial support for Nifty is placed at 13400 – 13350 zone; while resistance can be seen around 13700 – 13750 zone,” said Jay Purohit, Technical & Derivatives Analyst, MOFSL.

“Considering current chart structure and derivatives data, we are expecting continuation in ongoing up move of Nifty towards 13700 levels in coming week. Thus, traders are advised to remain positive and use intraday dips as buying opportunity. On stocks front, one can look for buying opportunity in stocks like Bajaj Finance, HCL Tech, Adani Ports and Gujarat Gas.”

According to Gaurav Garg, Head of Research, CapitalVia Global Research:

“Most sectoral indices are trading in red with Realty, FMCG, and PSU banks being hit the worst shedding nearly 1 per cent each.”

“Eicher Motor, Ultratech Cement, Adani Ports, Bajaj Finserv, BajFinance were the top gainers while ICICI Bank, Tata Motors, Hindustan Unilever, Nestle India, Axis Bank being the top loser on Nifty.”


Apple posts record growth in India in June quarter, says Tim Cook





Riding on the stellar performance for its entire line-up of products, Apple has recorded an incredible growth in India in the June quarter, its CEO Tim Cook has said, setting another record revenue in a country where iPhones and other Apple products fast gained momentum despite the country being hit by the second Covid wave.

In an earnings call after posting a new June quarter revenue record of $81.4 billion globally, up 36 per cent from last year, Cook said late on Tuesday that emerging markets like India has done extremely well.

“We had an incredible quarter for the emerging markets in Q3. We set June quarter records in Mexico, Brazil, Chile, Turkey, UAE, Poland, Czech Republic, India, obviously in China as I talked about before. Those results are for the entire line of products that we have,” Cook informed.

“The vast majority of markets we tracked grew double digits, with especially strong growth in emerging markets, including India,” he added.

In the festive quarter (October-December 2020), the company doubled its India smartphone share to 4 per cent, riding on the stellar performance of iPhone 11 and XR.

The strong performance by its iPhone 12 series line-up made sure a record June quarter for the company.

“If you take India for example, we doubled our business last quarter compared to a year ago but our absolute level of business there is still quite low relative to the size of the opportunity,” Cook had said in January this year.

Apple, which has already started manufacturing certain iPhone models in India, has worked out locations for its retail stores in the country as well.

Cook said the company is doing a number of things in India.

“There are several markets I alluded to before. India is one of those where our share is quite low. It did improve from the year ago quarter, our business roughly doubled over that period of time, so we feel very good about the trajectory,” Cook elaborated.

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Google Search, YouTube sales soar to record high in pandemic





Riding on Search and YouTube advertising growth amid the pandemic, Alphabet has posted a record $61.88 billion in revenue for its June quarter.

Google Search reached a record $35.8 billion in revenue (up 68 per cent) while YouTube advertising revenue nearly doubled to $7 billion compared to $3.8 billion from the same quarter last year, the company said late on Tuesday.

“In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” said Sundar Pichai, CEO of Google and Alphabet.

Google Cloud revenue was $4.63 billion, up from $3.01 billion a year ago. The Google Cloud business witnessed operating losses of $591 million, a solid improvement from $1.43 billion loss last year.

“Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams,” said Ruth Porat, CFO of Google and Alphabet.

Other revenues were $6.6 billion, up 29 per cent, primarily driven by growth in YouTube non-advertising revenues, followed by Hardware, “which benefited from the addition of Fitbit revenues and finally Google Play which lapped the increased level of user engagement that started in Q1 last year due to the pandemic,” Porat added.

The strong growth in Google Workspace revenues was driven by robust growth in both seats and average revenue per seat.

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Sugarcane output per hectare rises in UP





 Uttar Pradesh has scored another high with the sugarcane cultivation.

According to a government spokesman, the average cane production reached 815 quintal per hectare in 2020-21. In the last fiscal year, the average cane production was to the tune of 811 quintal per hectare.

Shamli district in western Uttar Pradersh has topped the chart by producing over 1,004 quintal per hectare of sugarcane, followed by Muzaffarnagar which recorded 923.20 quintal per hectare.

In fact, of the top 10 districts, nine are from the agriculturally rich western UP.

The state has 45 cane producing zones.

Additional chief secretary (cane development) Sanjay Bhoosreddy said that the higher cane production was a result of crop cutting practice which was intensely used in the 2020-21 cane cultivation season.

He maintained that it was also because of the timely payment of cane price and associating farmers with the new cropping techniques which have led to an increase in the sugar cane production.

The high cane production happens to be directly linked to cane price payment which is scheduled to be done by the mills, essentially in the private sector, to the farmers.

The farmer groups, as a matter of fact, are up in arms claiming that around Rs 12,000 crore of cane payment is due for the 2020-21 season.

Cane department officials, however, maintained that it was committed to get the payment of cane prices done on a timely basis.

The state government has been highlighting how it has ensured a payment of over 1.4 lakh crore to the cane growers in the last four years.

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