30th July, 2019 Morning Brief

Market will open on a positive note today after yesterday's slide ahead of US Fed meet outcome .

U.S. equities ended lower as tech heavyweights weighed on benchmarks.

Asian stocks edged higher Tuesday as investors awaited news from the resumption of U.S.-China trade talks.

🎯 News & Impact 🎯

Major Results Today :

Axis Bank, Hero MotoCorp, Tech Mahindra

Results Updates :

🎯 Dr Reddy’s Lab (Q1, YoY) :
Revenue up 3 % to Rs 3,844 crore.
Net profit up 45 % to Rs 663 crore.

🎯 Strides Pharma (Q1, YoY) :
Revenue up 45.1 % to Rs 685.8 crore.
Net profit at Rs 2.9 crore versus net loss at Rs 2.6 crore.
Ebitda up 2.9 times to Rs 123.6 crore. Margin at 18 % versus 9 %.
Positive for the stock. 👍

🎯 DLF (Q1, YoY) :
Revenue down 11.7 percent to Rs 1,331.2 crore.
Net profit up 2.4 times to Rs.414.7 crore.

🎯 Cochin Shipyard (Q1, YoY) :
Revenue up 11.6 % at Rs 735.4 crore.
Net profit up 12.1 % to Rs 119.1 crore.

🎯 Strides Pharma :
Company’s arm has entered into a JV with China’s Sihuan Pharma. The company will own 49 % stake in the JV and will license 4 products immediately to this JV with an option to expand the portfolio subsequently, while Sihuan Pharma will use its distribution channel to market the products across China.

🎯 Dr. Reddy’s Laboratories :
Company's board approved amalgamation of promoter group held company Dr. Reddy’s Holdings with itself. The holding company has 24.88 percent stake in the pharmaceutical company.

🎯 Insecticides India :
Company received patent for concentrate formulation for 20 years. The combination will be sold by the company under the brand name ‘Aikido’.

🎯 BEML :
Company commenced manufacturing of metro cars for Mumbai Metro project.

🎯 Coal India :
Company sold 1.7 % stake in the company via CPSE ETF. After this deal, the government has 69.26 % stake in the company. 

🎯 Indian Oil Corporation :
Company has made alternate arrangements for sourcing of oil to maintain supplies after imposition of U.S. sanctions on trade with Iran, alternate arrangements include term contracts for U.S.-origin crude. 

🎯 Infosys :
Al Ahli Bank of Kuwait partners with EdgeVerve Sysytems, a subsidiary of Infosys, for its Robotic Process Automation Journey.

🎯 Kansai Nerolac :
Company board approved merger of three arms with self.

🎯 JM Financial :
Company promoter JM Financial and Investment Consultancy acquired 40,000 shares from July 24-25.

🎯 Muthoot Finance :
Company reduces the Maximum ‘Loan to Value' (LTV) to 70% of the gold price as against the RBI norms of up to 75%.
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Edited by Sharp.