21st April, 2020 Morning Brief

Market will open on a flat note today. 

A negative crude oil prices created a panic in US markets and Asian markets have followed their U.S. counterparts into the red, a day after oil prices fell to historic lows and into negative territory for the first time. 

Equities have opened with losses in Japan, Australia and South Korea. U.S. futures are tipping higher after benchmarks fell from their highest in six-weeks on Monday. The price on the futures contract for WTC, scheduled for expiry today fell into negative territory and fell as much as minus $37.63 per barrel. The lack of demand and the resultant storage space shortage led to this fall. The contract is currently trading at $2 per barrel.

U.S. Congress is close to finalising a fresh spending package to offset the effects of the Covid-19 pandemic.

🎯 News & Impact 🎯

Major Results Today :

ACC, ICICIPru 

🎯 Infosys :

Q4FY20 Results in-line with estimates. 

Revenue in U.S. dollar terms falls 1.4 percent to $3,197 million

Revenue in rupee terms up 0.8 % to Rs 23,267 crore. 

EBIT down 2.7 % to Rs 4,927 crore. 

EBIT Margins fall to 21.2 % from 21.9 %. 

Margins under pressure as company adapts to new working environment

Net profit down 3 % to Rs 4,335 crore. Company avoided to give guidance.

🎯 Tata Elxsi Q4FY20 :

Revenue up 8.3 % to Rs 438.9 crore. 

Ebitda up 6.5 % to Rs 97.8 crore. 

Ebitda Margins at 22.3 % from 22.7 %

Net profit up 15.1 % to Rs 82.1 crore. 

Positive for the stock. 👍 

🎯 Reliance Industries : 

Bloomberg News reports that the European Union has cleared the deal with British Petroleum.

Positive for the stock. 👍 

🎯 Morepen Laboratories : 

Gets license to manufacture Hydroxychloroquine from the State Drug Controller last week for its Baddi plant in Himachal Pradesh and is working to commercialize the production of HCQ in both API as well as tablets form. Company is also making infrared thermometers, hand sanitizers, hand wash and face masks.

🎯 TCS : 

Enters into a strategic partnership wit Amway to transform Amway’s global technology operations.

🎯 JK Lakshmi Cement : 

Integrated plants at Rajasthan and Chhattisgarh have become operational and have resumed cement dispatches.

🎯 KEC International : 

Factories in Brazil and Mexico, identified as an Essential Sector in the respective geographies have been operational throughout. Company has commenced operations at some of its T&D/Railways/Civil sites after receiving the requisite approvals.

🎯 Heidelberg Cement : 

Resumed partial operations in some of its manufacturing units and is in the process of doing so for other units.

🎯 Ashoka Buildcon : 

Has commenced toll collection on the toll projects of the company and its arms. It has started operations at most of the projects.

🎯 Jubilant Lifesciences : 

Rakesh Jhunjhunwala increased stake to 4.41 % from 3.45 %, as per the latest shareholding pattern.

🎯 JMC Projects : 

All four road SPV have resumed the collection of user fee at all fee plazas on National Highways.

🎯 Dish TV : 

Promoter Direct Media Distribution Ventures invoked pledge of 1.66 crore shares on April 13. 

Positive for the stock. 

🎯 Wockhardt :

Promoter Themisto Trustee revoked pledge of 6 lakh shares on April 17. 

Positive for the stock. 👍 

🎯 Ajanta Pharma : 

Promoter Aayush Agrawal revoked pledge of 3.29 lakh shares on April 17.

Positive for the stock. 👍

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Edited by Sharp.