Here are today’s highlights: Markets End 0.7% Up, Exports Fall 12.7% in Aug, Oracle Announces Deal with TikTok, & More

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Sensex 39,044.35 ▲ 0.74% 
Nifty 11,521.80 ▲ 0.71%


The markets closed up by over 0.7%. Positive global cues and a buying sentiment in the pharma sector were the main reasons behind the gains.

Top Gainers (Nifty)

IndusInd Bank (▲ 3.95%) 
Cipla (▲ 2.89%) 
UPL (▲ 2.67%) 
Bharti Airtel (▲ 2.42%) 
ICICI Bank (▲ 2.16%)

Top Losers (Nifty)

Titan (▼ 1.13%%)
Maruti Suzuki (▼ 1.07%)
Eicher Motors (▼ 0.87%)
ITC (▼ 0.85%)
Bajaj Auto (▼ 0.69%)  

Q1 Results Corner: SpiceJet

SpiceJet reported a net loss of Rs 593.4 crore in the April to June quarter compared to a net profit of Rs 261.7 crore in the same period last year.

The capacity, in terms of seat km, shrunk 90%.

Total revenue from operations fell around 83% to Rs 5,146.89 crores

Revenue from cargo increased by 144%, said the company in a press release. SpiceJet is operating 47% of the pre‐lockdown schedule after the operations were restarted.

Earlier this year, SpiceJet became the first Indian carrier to operate flights under the 'Air Bubble' agreements with the U.S. and U.K.

Results were declared after market hours today.

Exports Fall for 6th Straight Month

The August 2020 export figure was down 12.7% when compared to August 2019. This was on account of subdued economic activity resulting from the lockdowns.

Imports were down 26% compared to the same period last year.

India exported $22.70 billion worth of goods while importing $ 29.47 billion worth of goods in August.

This resulted in the narrowing of the trade deficit at $6.77 billion compared to $13.86 billion over the same period last year (lower trade deficit is better).

Oracle Acquires TikTok US

Just a day before US President Trump’s deadline to sell TikTok, Oracle has announced that it has a deal with TikTok.

Oracle has announced that it will be a ‘preferred tech partner’ of TikTok. This is being looked upon as not a sale of TikTok but rather a partnership between the two companies. It appears that the Chinese company ByteDance will continue to control the app.

What ‘preferred tech partner’ exactly means is still unclear as many are saying this deal does not exactly solve the security concerns highlighted by many - which was the main reason behind TikTok being asked to sell the company.

It is unclear if this deal will mean this app will be made legal in India again. Chances of the app being legal in India again are low since underlying security concerns have not been resolved through this deal.

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