8th May, 2020 Morning Brief

Market will open with a gap up today after a flat session witnessed on Thursday.

Asian markets have opened with modest gains on Friday morning as investors continue to weigh moves to reopen economies against the data describing the Covid-19 has inflicted on them.

Futures in the U.S. have edged higher after a positive session on Thursday. The two-year treasury yields steadied after falling to a record low. 

Markets in Japan have opened with steady gains, as have those in Australia and South Korea.

Futures on the Dow Jones are currently trading higher by 200 points. The Nasdaq composite turned positive for the year once again, wiping out losses that reached as low as 24 % from its record high.

🎯 News & Impact 🎯 

Results Updates :

RBL Bank 

• Net Interest Income rises 38.2 percent to Rs 1,020.9 crore
• Net profit fell 53.7 percent to Rs 114.4 crore
• Gross NPA at 3.62 percent from 3.33 percent sequentially
• Net NPA at 2.05 percent from 2.07 percent in Q3FY20
• Provisions at 614.1 crore from 638.3 crore in the previous quarter.

🎯 ICICI Securities Q4FY20 :

Revenue up 12.5 percent to Rs 481.9 crore

Net profit up 28.3 percent to Rs 155.9 crore

Retail equities segment revenue up 35 percent to Rs 292 crore

Added 1.1 lakh new clients this quarter. 

🎯 Gillette India Q3 : 

Profit down to Rs 52.38 crore versus Rs 87.76 crore, revenue fell to Rs 406.57 crore versus Rs 465.51 crore YoY.

🎯 Reliance Industries: Bloomberg News reports that the company is considering selling its stake in Asian Paints valued at about $989 million as the conglomerate steps up efforts to trim its debt, said people familiar with the matter. The company is in discussions with banks for the same. In a separate statement, the company said that Vista Equity Partners will be investing Rs 11,367 crore in Jio platforms at an equity value of Rs 4.91 lakh crore.

🎯 Cyient :                                      Board approves increasing investment limit of Foreign Portfolio Investors to 74 % from 49 %.    Positive for the stock. 👍 

🎯 Zydus Cadila :                            Gets final approval from the U.S. FDA for Deferasirox Tablets for oral suspension. It is used to treat iron overload caused by blood transfusions.                              Positive for the stock. 👍 

🎯 Eicher Motors :                            VE Commercial Vehicles segment has received the required government permissions to restart manufacturing operations in six of its plants located in Pithampur, Dewas, Thane and Baggad.                        

🎯 GMR Infra :                          Clarifies that none of its group companies have approached banks for restructuring of loans and State Bank of India is not the largest lender to the group. 

🎯 NLC India :                                        8 workmen are injured an explosion in the company’s thermal plant at Neyveli. 

🎯 Nath Bio-Genes :                        Has launched a new cotton hybrid (Cotton BG-II) for the Indian market. The product will be launched this kharif season.

🎯 Uflex :                                Promoters released pledge of 15 lakh shares between May 5-7.

Positive for the stock. 👍 

🎯 Neuland Labs :                          Gets Establishment Inspection Report (EIR) from the U.S. FDA for its manufacturing facility in Hyderabad. The facility was inspected between February 3-7. The inspection now stands closed.

Negative for the stock. 

🎯 Mindtree :                        Promoters sold 66,000 shares on May 6.

🎯 Mindtree : 

Promoters sold 66,000 shares on May 6.

Negative for the stock. 

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Edited by Sharp.