18th June, 2020 Morning Brief

Market will open on a negative note today after a volatile session witnessed yesterday.

Asian markets are retreating at the start of trade as investors continue to weigh a rise in Covid-19 cases in some parts.

The S&P 500 closed lower on Wednesday as news of spiking pandemic data and the prospect of a new round of economic lockdowns dampened investor optimism over signs of economic recovery.

The Dow Jones Industrial Average fell 170.37 points, or 0.65%, to 26,119.61, the S&P 500 lost 11.25 points, or 0.36%, to 3,113.49 and the Nasdaq Composite added 14.67 points, or 0.15%, to 9,910.53.

Again, Nifty50 witnessed a resistance at 10000 mark from where it turned back yesterday.

🎯 News & Impact 🎯

🎯 Pidilite Industries Q4FY20 : Revenue down 6% to Rs 1,545 crore Net profit down 33% to Rs 157.5 crore Ebitda up 8% to Rs 301 crore Ebitda margin expands to 19.5% from 17% Other income of Rs 14 crore this quarter as compared to Rs 56 crore in the base quarter Exceptional loss of Rs 33 crore this quarter Exceptional item pertains to impairment loss on plant and machinery at the Dahej Elastomer Project. 

🎯 Indraprastha Gas Q4FY20 : Revenue flat at Rs 1,552.5 crore Net profit up 12.4% to Rs 253.5 crore Ebitda up 13.8% to Rs 376.8 crore Ebitda margin at 24.3% from 21.5% Lower raw material costs aid margins Volumes in FY20 up 9% to 2,155 million scm. 

Positive for the stock. 

🎯 Muthoot Finance Q4FY20 :

Net Interest Income up 29.5% to Rs 1,580.6 crore Net profit up 59.2% to Rs 815.1 crore Loan Assets up 22% to Rs 41,611 crore Capital Adequacy Ratio in FY20 at 25.47% from 26.05%

Positive for the stock. 👍 

🎯 Welspun Corp :

Company posted a consolidated net profit of Rs 147.14 crore during the quarter ended March 31. The company had reported a Rs 149-crore net loss YoY. 

Positive for the stock. 👍 

🎯 Kanoria Chemicals :

The company will acquire 15.55% shares in subsidiary Kanoria Africa Textiles Plc., Ethiopia.

🎯 NTPC : 

Company said the first 150 MW unit of its Kameng hydropower project is commercially operational with the remaining three units of 150 MW each, totalling 450 MW power generation capacity of the plant which are expected to be commercially operational within this fiscal year in a staggered manner.

🎯 Karnataka Bank : 

Launches special health insurance policy with Universal Sompo General Insurance. The policy will cover uncertainties posed by Covid-19. One can avail health cover for Covid-19 at a premium of Rs 399 under this policy. 

🎯 Zee Entertainment Enterprises : Promoters created pledge of 20.6 lakh shares on June 11. 

Negative for the stock. 

🎯 Bodal Chemicals : 

Promoter Bhavin Patel released pledge of 24.75 lakh shares on June 16. 

Positive for the stock. 👍 

🎯 Adani Enterprises : 

Promoter SB Adani Family revoked pledge of 55 lakh shares on June 16. 

Positive for the stock. 👍 

🎯 Adani Ports & SEZ : 

Promoter SB Adani Family revoked pledge of 26 lakh shares on June 16. 

Positive for the stock. 👍 

🎯 Jubilant FoodWorks : 

Promoter Jubilant Consumer revoked pledge of 5 lakh shares on June 15. 

Positive for the stock. 👍 

🎯 Adani Transmission : 

Promoter SB Adani Family revoked pledge of 72 lakh shares on June 16. Positive for the stock. 👍 

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Edited by Sharp.