4th June, 2020 Morning Brief

Market will open on a flat note today after six day positive closings consecutively.

Asian markets continued to surge for the fourth straight day as investor optimism over a swift economic recovery from Covid-19 continues to persist.

Wall Street rallied broadly on Wednesday with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond US social unrest and pandemic worries.

The Dow Jones Industrial Average rose 527.24 points, or 2.05%, to 26,269.89, the S&P 500 gained 42.05 points, or 1.36%, to 3,122.87 and the Nasdaq Composite added 74.54 points, or 0.78%, to 9,682.91.

The Centre has started work on the privatisation of public sector banks (PSBs) in line with the disinvestment plans announced by Finance Minister Nirmala Sitharaman in Budget 2020. 

🎯 News & Impact 🎯

🎯 BPCL Q4FY20

Revenue down 7.7% to Rs 68,991 crore

Net loss of Rs 1,361 crore from net profit of Rs 1,261 crore

Ebitda loss of Rs 619 crore from positive Ebitda of Rs 2,703 crore

Exceptional loss of Rs 1,080 crore which is an inventory loss. 

Gross Refining Margin (GRMs) at $0.75 per barrel from $3.23 per barrel - the lowest since at least Q1FY12

Highest ever debt on books - up 58.7% to Rs 47,819 crore.

🎯 Aurobindo Pharma Q4FY20 :

Revenue up 16.4% to Rs 6,158 crore

Net profit up 45.2% to Rs 849.8 crore

Ebitda up 26.6% to Rs 1,342.3 crore

Ebitda Margin widens to 21.8% from 20%

Positive for the stock. 👍 

🎯 GAIL : 

Signs an accord for tri-generation projects with EESL. The 50-50 venture will involve natural gas-fired generators to produce electricity.

🎯 Persistent Systems : 

To accelerate and develop cloud solutions to customers along with IBM.

🎯 Chennai Petrochem : Board has recommended a proposal to Indian Oil Corporation for implementing the 9 MMTPA refinery project at Cauvery basin refinery through a joint venture at an estimated cost of Rs 28,983 crore.

🎯 HDFC Life Insurance : 

Promoter HDFC sold 2.6 crore shares (1.29%) at Rs 490.22 per share. 

Negative for the stock. 

🎯 Neogen Chemicals : 

Promoters Haridas Kanani and Beena Kanani sold 11.26 lakh shares (4.82%) at Rs 473.53 per share. 

Negative for the stock.

🎯 Alembic : 

Promoter Nirayu acquired 10.48 lakh shares between June 1-2. 

Positive for the stock. 👍 

🎯 Sagar Cements : 

Promoter RV Consulting Services acquired 25,000 shares on June 1. 

Positive for the stock. 👍 

🎯 Vaibhav Global : 

Promoter Rahim Ullah sold 1 lakh shares on June 1. 

Negative for the stock. 

🎯 Mindtree : 

Promoter NS Parthasarathy sold 1.43 lakh shares on June 2.

Negative for the stock.

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Edited by Sharp