16th June, 2020 Morning Brief

Market will open with a gap up today after yesterday's fall.

Asian markets are rebounding from their worst single-day drop in over three months after the U.S. Federal Reserve came to the rescue of investor sentiment yet again.

Wall Street closed higher on Monday following an announcement by the U.S. Federal Reserve regarding its corporate bond purchasing program that boosted investor confidence, which had been wavering amid a spike in new COVID-19 cases.

The Federal Reserve said on Monday it had opened registration for lenders interested in participating in its Main Street Lending Program, launching arguably the most complex program undertaken yet by the U.S. central bank to help keep the backbone of the economy from buckling under the strains of the coronavirus pandemic.

The program, targeted at companies that were in good shape before the pandemic but may now need financing to retain workers and fund operations, will offer up to $600 billion in loans through participating financial institutions to US businesses with up to 15,000 employees or with revenues up to $5 billion.

🎯 News & Impact 🎯 

Major Results Today : HPCL

🎯 Tata Motors Q4 : Loss at Rs 9,894.25 cr versus profit at Rs 1,117.5 cr, revenue at Rs 62,493 cr versus Rs 86,422 cr YoY.

🎯 Can Fin Homes Q4 : Profit at Rs 90.91 cr versus Rs 66.14 cr, revenue at Rs 528.85 cr versus Rs 462.93 cr YoY. Positive for the stock. 👍 

🎯 Bayer CropScience : Company has partnered with agri business division of ITC to extend the reach of its crop protection products through ITC's e-Choupal 4.0 platform. The partnership has commenced as a pilot project in Mysore in Karnataka and will gradually be expanded to other geographies across India.

🎯 Ind-Swift Laboratories : Company to launch API - Fexofenadine, an antihistamine drug in US market.

🎯 Jump Networks : US-based technology investment group to infuse substantial equity funds in company. Positive for the stock.  👍 

🎯 Lakshmi Vilas Bank : Signs preliminary, non-bindingg letter of intent with Clix Group in relation to the proposed amalgamation of the group with the bank. Under the non-binding intent, the proposed amalgamation is subject to completion of mutual due diligence in an exclusive window of 45 days, and will be subject to regulatory and other customary approvals.

🎯 JSW Steel : Promoter Sahyog Holdings released pledge of 1.04 crore shares on June 15.

🎯 Cyient : Promoter Suchaaritha Bodanapu acquired 20,000 shares on June 12. Positive for the stock. 👍 

🎯 Birlasoft : Promoters sold 2.54 lakh shares on June 9. Negative for the stock. 

🎯 SH Kelkar : Promoter Kedar Vaze acquired 3.2 lakh shares on June 12. Positive for the stock. 👍 

🎯 Varun Beverages : Promoter Vivek Gupta sold 11,000 shares on June 12. Negative for the stock.

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Edited by Sharp.