16th April, 2020 Morning Brief

Market will open on a negative note today, tracking weakness in global markets after witnessing a seesaw session yesterday.

Asian markets opened weaker on Thursday morning following weak cues from Wall Street. Markets in Japan, South Korea and Australia have opened with losses, although the declines were shallower than those seen overnight on Wall Street.

Poor retail, manufacturing and home building data added to investor concerns about a severe recession in the U.S.

Futures on the S&P 500 too are declining after the benchmark index slipped over 2 % on Wednesday, erasing most of Tuesday's rally.

Value of overall retail sales in the U.S. fell 8.7 % in March, the biggest decline on record dating back to 1992. Factory output in March fell the most since 1946, just after the end of the second World War.

U.S. President Donald Trump said that data suggests the country has 'passed the peak' on new Covid-19 cases and that he will announce fresh guidelines on Thursday to relax the stay-at-home rules.

Financial stocks have led the losses globally as companies like Goldman Sachs, Bank of America and Citigroup have set aside billions for loan loss provisions due to the Covid-19 pandemic.

Is it signaling a recession? 

Results Today :

TCS

🎯 News & Impact 🎯 

Results Updates :

🎯 Wipro :

I.T. services revenue down 1.1 % to $2,073 million.

Revenue up 1.8 % to Rs 15,750 crore.

EBIT down 4.2 % to Rs 2,539 crore.

EBIT Margin at 16.1 % versus 17.1 percent.

Net profit down 4.5 % to Rs 2,345 crore.

🎯 BPCL :

Seeking to cut Saudi Arabia oil imports by 50 % in May, as the tankers are full. 

🎯 Tata Steel : 

Moody’s has reviewed the company for a downgrade and has downgraded Tata Steel U.K. Holdings’ corporate family rating to B3 from B2. 

🎯 Eveready Industries : 

Battery manufacturing facility in Karnataka partially resumes operations. 

🎯 Apollo Tyres : Operations at four plants in Kerala to remain shut till April 20. 

🎯 Prataap Snacks : Third party job working manufacturing units in Uttarakhand, Maharashtra and Haryana have resumed operations. 

🎯 Navin Fluorine : 

Operations at two plants in Gujarat and Maharashtra resumed from April 14.

🎯 Escorts: 

Factories and offices to remain shut till May 3.

🎯 Bajaj Consumer Care: 

Launches new hand sanitiser product. 

🎯 Endurance Technologies: 

Italian arm acquires 99 % stake in Adler for 3.5 million Euros. Adler provides system solutions for clutches, gears and friction plates for OEM customers in Europe.

🎯 Seshasayee Paper :

The collector of Namakkal District has given permission to the company to recommence its operations at Erode unit.

🎯 Motherson Sumi Systems : 

Promoter Samvardhana Motherson International released pledge of 2.5 crore shares on April 13. 

Positive for the stock. 👍 

🎯 JSW Steel : 

Promoters created pledge of 47 lakh shares on April 8. 

Negative for the stock. 

🎯 Adani Enterprises : 

Promoter SB Adani Family Trust revoked pledge of 1.79 crore shares on April 13. 

Positive for the stock. 👍 

🎯 Adani Transmission : 

Promoter SB Adani Family Trust revoked pledge of 90.41 lakh shares on April 13. 

Positive for the stock. 👍 

Edited by Sharp.