14th May, 2020 Morning Brief

Market will open with a gap-down today following global weakness. 

Asian markets have opened with losses this Thursday morning after a weak session on Wall Street as big-name investors continue to fuel doubts about valuations.

Wall Street’s three major indexes closed lower for the second day in a row after Federal Reserve Chairman Jerome Powell warned on Wednesday of extended economic weakness due to the coronavirus pandemic and called for Congress to agree on additional fiscal support.

The Dow Jones Industrial Average fell 516.81 points, or 2.17%, to 23,247.97, the S&P 500 lost 50.12 points, or 1.75%, to 2,820 and the Nasdaq Composite dropped 139.38 points, or 1.55%, to 8,863.17.

The United Nations has forecast that the coronavirus pandemic will shrink the world economy by 3.2 % this year

🎯 News & Impact 🎯 

Results Updates 

🎯 Godrej Consumer Products Q4: Profit dropped to Rs 230 cr versus Rs 935 cr, revenue fell to Rs 2,154 cr versus Rs 2,453 cr YoY.

🎯 Siemens : 

Profit fell to Rs 176 cr versus Rs 284 cr, revenue dipped to Rs 2,838 cr versus Rs 3,578 cr YoY. 

🎯 Mphasis Q4FY20 :

Revenue up 3.1 % to Rs 2,346 crore

Ebit up 3.7 % to Rs 383 crore

Ebit margins flat at 16.3 % from 16.2 %

Net profit up 20.3 % to Rs 353 crore.

🎯 NBFCs, MFIs : 

Govt provided Rs 30,000 crore liquidity facility for NBFC/HCs/MFIs, Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFC. 

🎯 Power Finance Corporation, REC : To extend loans up to Rs 90,000 crore to power discoms to pay dues to power generating companies.

🎯 Infosys: Company and NICE Actimize are strategic partners to offer end-to-end financial crime solutions.

🎯 Maruti Suzuki : 

The company is to acquire 39.13% stake from Sumitomo Corporation, Japan and 10% stake from Sumitomo Corporation India held in JJ Impex (Delhi).

🎯 PNC Infratech : 

NHAI declared company, a L1 bidder for a road project in UP under Bharatmala Pariyojana on Hybrid Annuity Mode (HAM) for Rs 1,412 crore.

Positive for the stock. 👍 

🎯 Dr Reddy's Laboratories :

Company received an Establishment Inspection Report (EIR) from US FDA for its formulations plant located in a Special Economic Zone at Srikakulam in Andhra Pradesh.

🎯 Apollo Tricoat Tubes : 

Promoter Saket Agarwal sold 15 lakh shares on May 11.

Negative for the stock. 

🎯 Emami : 

Promoters created pledge of 23.7 lakh shares on May 11.

Negative for the stock. 

🎯 Solara Active Pharma Sciences : Promoter invoked pledge of 50 lakh shares between May 2-7.

Positive for the stock. 👍 

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Edited by Sharp