Market Update for 15 July 2021 – Wipro reports best-ever quarter

Oil prices fall on expectation of more supplies

  • Crude oil prices fell today after the OPEC countries and their allies reached a compromise on increasing oil production. According to the reports, Saudi Arabia and the UAE have reached an agreement over the crude oil production quotas. 
  • Earlier, the talks between oil-producing nations had fallen apart over the UAE’s opposition to extending the oil supply cuts beyond April 2022. Meanwhile, MCX crude oil prices have dipped nearly 6% from their recent highs seen earlier this month.

Sequent Scientific surges on EU GMP approval

  • Shares of Sequent Scientific rose over 8% today after it announced that it has received EU GMP approval for its tablets dosage manufacturing line in Turkey. Further, the EU GMP license for 8 other manufacturing lines in Turkey have also been renewed.
  • The Mumbai-based animal health company is the third-largest player in the Turkish ruminant market with a market share of around 10%.

KNR Constructions rises on ‘positive’ rating

  • The credit-rating agency CRISIL has revised its outlook on KNR Constructions’ long-term bank facilities from ‘stable’ to ‘positive’. The rating agency has said that the road and infrastructure company’s strong execution record and healthy order book will support revenue growth. Currently, the company’s order book is over 4 times its annual revenue.
  • CRISIL also observed that the company’s operating income grew by 20% in FY21 despite the pandemic-induced lockdowns. Shares of KNR Constructions were up almost 8% today.

Wipro reports best-ever quarter

  • India’s third-largest IT services company reported its best-ever quarter as its IT services revenue witnessed a sharp 12% sequential growth, on a constant-currency basis. Its profits at ₹3,232 crore were well ahead of street estimates of ₹2,854 crore.
  • Backed by large deal wins, the IT major expects to post a robust September quarter growth at 5-7%. Shares of Wipro rose about 3% today, but the results were declared after market hours. The stock has risen nearly 10% so far this week.