31st July, 2020 Morning Brief

Market will open on a positive note today after a pull back on the July month expiry.

Asian markets have opened lower on the final trading day of the week.Data showed that the U.S. economy had the sharpest contraction on record, which resulted in a weak session on wall street.

The S&P 500 and Dow closed lower on Thursday after data painted a worrying economic picture on a crucial day for corporate earnings reports, while President Donald Trump exacerbated investor nervousness by floating the possibility of delaying the U.S. presidential election while the U.S. dollar continued to slide. More than 1.4 million laid-off Americans applied for unemployment benefits last week. 

The Dow Jones Industrial Average fell 225.92 points, or 0.85%, to 26,313.65, the S&P 500 lost 12.22 points, or 0.38%, to 3,246.22 and the Nasdaq Composite added 44.87 points, or 0.43%, to 10,587.81.

🎯 News & Impact 🎯 

Major Results Today : SBI, Tata Motors, Sun Pharma, Indian Oil Corporation, UPL, etc.

🎯 Reliance Industries Q1FY21 (Consolidated) : Revenue down 43.8% to Rs 88,253 crore. Net profit up 31% to Rs 13,233 crore. Exceptional gain of Rs 4,966 crore on transfer of petrol marketing business to Reliance-BP Joint Venture contributes to profit. Ebitda down 20.8% to Rs 16,875 crore Ebitda margin at 19.1% from 13.6% Gross Refining Margins at $6.3 per barrel from $8.1 per barrel. Petrochemical segment revenue down 33% to Rs 25,192 crore. Refining segment revenue down 54% to Rs 46,642 crore. Retail revenue down 17% to Rs 31,633 crore. Finance cost up 32% to Rs 6,375 crore. Negative for the stock. 

Reliance Jio Q1FY21 (Standalone) Revenue up 11.6% to Rs 16,557 crore. Net profit up 8.1% to Rs 2,520 crore. Ebitda up 13.4% to Rs 7,005 crore. Ebitda margin at 42.3% from 41.6%. ARPU at Rs 140.3 from Rs 130.6 Sustained subscriber momentum, tariff hikes contribute to ARPU growth Reliance Industries to hold 66.48% stake in Jio platforms on a fully diluted basis. Total data consumption on network up 11% to 1,420 crore GB. Outlook Positive. 

🎯 Torrent Pharma Q1FY21 : Revenue up 1.7% to Rs 2,056 crore. Net profit up 48.6% to Rs 321 crore. Ebitda up 22.2% to Rs 661 crore. Ebitda margin at 32.1% from 26.8%. Positive for the stock. 👍 

🎯 Reliance Infrastructure Q1 : Loss at Rs 288.41 crore versus profit at Rs 299.15 crore, revenue at Rs 3,553.4 crore versus Rs 5,466.2 crore YoY. Negative for the stock. 

🎯 Wipro : Awarded multi-year contract by U.K.-based Metro Bank for I.T. solutions. Positive for the stock. 👍 

🎯 Bata India : Life Insurance Corporation of India raised stake in company to 6.47 % from 4.46 % earlier.

🎯 Jet Airways : Pursuant to NCLT Order, and in exercise of its buyout option, the company has made payment of $13 million to the lessors of the six aircrafts. 

🎯 UltraTech Cement : Completed the divestment process of Shandong Binani Rongan Cement upon receipt of all regulatory approvals. 

🎯 Dixon Technologies : Government of India puts import of TV sets in restricted list. Importers will have to approach DGF to apply for licence before importing TV sets.

🎯 Adani Power : CCI has approved the acquisition of 49% stake in Odisha Power Generation Corporation.

🎯 Tata Power : Shareholders give nod to issuance of equity shares to promoter Tata Sons on a preferential basis. Positive for the stock. 

🎯 Mindtree : Promoters sold 5.1 lakh shares on July 29 Persistent. Negative for the stock. 

🎯 Systems : Promoter Rama-Purushottam Foundation sold 1.4 lakh shares on July 28. Negative for the stock. 

🎯 Zee Entertainment Enterprises : Promoter Essel Corporate invoked pledge of 10.36 lakh shares on July 27. Positive for the stock. 👍 

🎯 Emami : Promoter Diwakar Vinyog released pledge of 40 lakh shares on July 29. Positive for the stock. 👍 

🎯 Ruchi Soya Industries : Promoter Patanjali Ayurveda created pledge of 19.25 crore shares on July 21. Negative for the stock. 

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Edited by Sharp. 

30th July, 2020 Morning Brief

Market will open on a positive note today after yesterday's volatile session which started on a positive note and ended with negativity after gaining some momentum from the day's low.

Asian markets are trading with modest gains today after the U.S. Federal Reserve signaled that more stimulus will be provided to boost the economy.

Federal Reserve keeps rate unchanged. The Fed announced no new policies in its statement. The central bank said it will also continue to buy about $120 billion in Treasury and mortgage bonds each month, which are intended to inject cash into financial markets and spur borrowing and spending. 

U.S. stocks closed higher on Wednesday, adding to gains after the Federal Reserve repeated a pledge to use its “full range of tools” to support the economy but cautioned that the outlook “will depend significantly on the course of the virus.”

The Dow Jones Industrial Average rose 160.29 points, or 0.61%, to 26,539.57, the S&P 500 gained 40 points, or 1.24%, to 3,258.44 and the Nasdaq Composite added 140.85 points, or 1.35%, to 10,542.94.

🎯 News & Impact 🎯 

Mindspace Business Parks REIT IPO subscribed 13 times on final day.

Major Results Today : Reliance Industries, HDFC, Dabur India., Tata Steel, etc.

🎯 Bharti Airtel Q1FY21 : Revenue up 1% to Rs 23,938.7 crore. Net loss widens to Rs 15,933.1 crore from net loss of Rs 5,237 crore. Ebitda up 2% to Rs 10,407 crore. Margins at 43.5% from 43% ARPU at Rs 157 from Rs 154. Incremental provision of Rs 10,744.4 crore for AGR dues. 

🎯 InterGlobe Aviation Q1FY21 : Revenue down 91.9% to Rs 766.7 crore Net loss of Rs 2,844.3 crore from net profit of Rs 1,203.1 crore Ebitdar loss of Rs 1,537.7 crore from Ebitdar profit of Rs 2,656.5 crore Biggest net loss since listing on weak demand, suspension of flights due to Covid-19. 

🎯 TVS Motor Q1FY21 : Revenue down 68% to Rs 1,431.7 crore Net loss of Rs 139.1 crore from net profit of Rs 142.3 crore Ebitda loss of Rs 48.8 crore from Ebitda gain of Rs 356 crore. 

GSK Pharma Q1FY21 Revenue down 17.7% to Rs 648.6 crore Net profit down 2.3% to Rs 110.8 crore Ebitda down 31% to Rs 114.1 crore Ebitda margin at 17.6% from 21% Other income of Rs 42.7 crore due to refund of income tax contributes to profit. 

🎯 Bombay Bumrah Q1 : Profit at Rs 464 crore versus Rs 244.5 crore, revenue at Rs 3,461.9 crore versus Rs 2,784.8 crore YoY. Positive for the stock. 👍 

🎯 Rail Vikas Nigam Q4 : Profit at Rs 247.34 crore versus Rs 191.4 crore, revenue at Rs 4,220.67 crore versus Rs 3,427 crore YoY. Positive for the stock. 👍 

🎯 Punjab National Bank : Punjab National Bank International Limited (PNBIL) has logged a big win in a UK High Court in its pursuit of around USD 22 million in unpaid loans. Positive for the stock. 👍 

🎯 Jindal Stainless : Has tied up with Maersk to optimise the flow of containerized exports and imports between Jaipur and Vizag Container Terminal. 

🎯 Praj Industries : The company along with the Automotive Research Association of India have entered into a Memorandum of Understanding to jointly drive application development of advanced biofuels that will find usage in industry and transportation. 

🎯 GMM Pfaudler : Gets approval to sign definitive documents with De Dietrich Process Systems India for the acquisition of their Glass Lined Equipment manufacturing facility in Hyderabad, Telangana.

🎯 Sadhana Nitrochem : Board approved bonus issue of 1 share for every 2 existing equity shares held. 

🎯 Laurus Labs : Promoter Satyanarayana Chava released pledge of 25 lakh shares on July 28. Positive for the stock. 👍 

🎯 GTPL Hathway : Promoter Anirudhsinh Jadeja released pledge of 5.62 lakh shares on July 22. Positive for the stock. 👍 

🎯 JSW Energy : Promoter Danta Enterprises released 39 lakh pledged. Positive for the stock. 👍

🎯 JSW Steel : Promoters Danta Enterprises released 9.25 lakh pledged shares and Glebe Trading released 4.5 lakh shares.

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Edited by Sharp. 

29th July 2020, Morning Brief

Market will open on a flat note today after a smart rally witnessed yesterday.

Wall Street closed lower on Tuesday as investors fretted about weakening consumer confidence, disappointing financial results and as investors worried about wrangling in the US Congress over a coronavirus aid plan.

The Dow Jones Industrial Average fell 205.49 points, or 0.77%, to 26,379.28, the S&P 500 lost 20.97 points, or 0.65%, to 3,218.44 and the Nasdaq Composite dropped 134.18 points, or 1.27%, to 10,402.09.

🎯 News & Impact 🎯 

Mindspace Business Parks REIT IPO subscribed 1.21 times on Day 2. 

Major Results Today : Bharti Airtel, Maruti Suzuki India, Dr Reddy's Laboratories, TVS Motor Company, InterGlobe Aviation, Colpal, etc. 

🎯 IndusInd Bank Q1FY21 : Net Interest Income up 16.4% to Rs 3,309.2 crore Net profit down 67.8% to Rs 460.6 crore Provisions at Rs 2,258.9 crore from Rs 430.6 crore Gross NPA at 2.53% from 2.45% last quarter Net NPA at 0.86% from 0.91% last quarter. 

🎯 Nestle India Q2CY20 : Revenue up 1.7% to Rs 3,050 crore Ebitda up 4.9% to Rs 747 crore Ebitda margin at 24.5% from 23.7% Net profit up 11.2% to Rs 487 crore. 

🎯 Yes Bank Q1FY21 : Net Interest Income down 16.3% to Rs 1,908.2 crore Net profit down 60.1% to Rs 45.4 crore Provisions at Rs 1,086.6 crore from Rs 1,784.1 crore Gross NPA at 17.3% from 16.8% last quarter Net NPA at 4.96% from 5.03% last quarter. Negative for the stock. 

🎯 RBL Bank Q1FY21 : Net Interest Income up 27.5% to Rs 1,041.3 crore Net profit down 47.5% to Rs 141 crore Provisions at Rs 500.2 crore from Rs 196.7 crore Gross NPA at 3.45% from 3.62% last quarter Net NPA at 1.65% from 2.05% last quarter. 

🎯 Edelweiss : The government has picked Edelweiss Financial Services Ltd and Deloitte as the two pre-initial public offer (IPO) transaction advisors for LIC IPO.

🎯 Info Edge : Stake in Ustraa to fall from 42.3% to up to 30%, after Ustraa raised Rs 50 crore from IIFL Private Equity Fund. 

🎯 TCS : Company and Zinier launched field service automation solution to protect essential workers and ensure business continuity.

🎯 SH Kelkar : Company through its Italian subsidiary — Keva Italy Srl, completed acquisition of balance 49 percent equity stake in CFF for 16 million euro. 

🎯 Max Financial Services : Promoter Max Ventures and Investment Holdings created pledge of 15.1 lakh shares between July 21-22. Negative for the stock. 

🎯 Emami : Promoters released pledge of 2.5 crore shares between July 24-28. Positive for the stock. 👍 

🎯 Jindal Steel & Power : Promoter Danta Enterprises revoked pledge of 26 lakh shares on July 23. Positive for the stock. 👍 

🎯 Omaxe : Promoter Guild Builders created pledge of 1.1 lakh shares on July 24. Negative for the stock. 

🎯 GTPL Hathway : Promoters released pledge of 5.65 lakh shares on July 22. Positive for the stock. 👍 

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Edited by Sharp. 

28th July, 2020 Morning Brief

Market will open on a positive note today continuing last hour recovery after a fall and consolidation.

Asian markets have opened muted ahead of the U.S. Federal Reserve meeting that begins today. 

Wall Street’s main indexes closed higher on Monday as investors bet on some of the market’s most high-profile stocks ahead of earnings reports while they weighed progress in US government stimulus efforts against rising US COVID-19 cases.

The Dow Jones Industrial Average rose 114.88 points, or 0.43%, to 26,584.77, the S&P 500 gained 23.78 points, or 0.74%, to 3,239.41 and the Nasdaq Composite added 173.09 points, or 1.67%, to 10,536.27.

Gold prices rocketed to record peaks at $1,975 on Tuesday while the U.S. dollar plumbed two-year lows as investors wagered the Federal Reserve would reaffirm its super-easy policy outlook this week, and a tolerance for higher inflation.

Govt to go ahead with divestment of 23 PSUs cleared by Cabinet: Nirmala Sitharaman. But didn't disclose the names.  

🎯 News & Impact 🎯 

Major Results Today :

UltraTech Cement, Nestle India, Indusindbank, IDBI Bank, IDFC First Bank, RBL Bank

🎯 Mindspace Business Parks REIT IPO subscribed 38% on Day 1. 

🎯 Bharti Infratel Q1FY21 : Revenue down 3.3% to Rs 3,505 crore. Net profit up 8.4% to Rs 704 crore. Ebitda up 6.4% to Rs 1,807 crore. Ebitda margin at 51.6% from 46.9%. 

🎯 Tech Mahindra Q1FY21 : Revenue in U.S. Dollar terms down 6.7% to $1,208 million. Revenue down 4% to Rs 9,106 crore. Net profit up 20.9% to Rs 972 crore. Ebit up 25.3% to Rs 917 crore. Ebit margin at 10.1% from 7.7%. I.T. segment revenue down 3% to Rs 8,366.7 crore. 

🎯 United Spirits Q1FY21 : Revenue down 53.6% to Rs 1,030.2 crore. Net loss of Rs 215.3 crore from net profit of Rs 197.4 crore. Ebitda loss of Rs 77.6 crore from Ebitda gain of Rs 395.1 crore. Exceptional loss of Rs 75 crore due to Covid-19 related promotional program. 

🎯 Nippon Life India AMC Q1FY21 : Revenue down 30% to Rs 215.4 crore. Net profit up 22% to Rs 149.6 crore. Other income up 2.8 times to Rs 98.8 crore. Net income higher due to strength in retail segment in cost efficiencies. Positive for the stock. 👍 

🎯 Indian Oil Corporation : Indian Oil Corporation: Announces formation of 50:50 JV with Total (France) to manufacture and market high-quality bitumen derivatives and specialty products for India's road-building industry. Positive for the stock. 👍 

🎯 Adani Enterprises : Signed a non-binding Memorandum of Understanding with the Government of Tamil Nadu for exploring possibilities of setting up hyperscale data center facility.

🎯 NBCC : Received projects work in Seychelles worth Rs 204.5 crore.

🎯 Bharti Airtel : Hughes Network Systems, led by the U.K. Government and Bharti Enterprises, will acquire OneWeb out of bankruptcy.

🎯 MT Educare : Promoter Mahesh Shetty to sell 17.83 lakh shares (2.47% equity) at a floor price of Rs 13 per share, aggregating to Rs 3.2 crore. Negative for the stock. 

🎯 KPI Global Infra : Commissioned additional 615 KW solar power project under captive power producer category with two industrial customers.

🎯 ITC : Company announced acquisition of spices manufacturer Sunrise Foods in an all-cash deal valued at Rs 2,150 crore. 

🎯 NBCC : The company received orders worth Rs 204 crore. 

🎯 Adani Enterprises : Promoter SB Adani Family Trust released pledge of 1.11 crore shares on July 24. Positive for the stock. 👍 

🎯 Adani Ports & SEZ : Promoters revoked pledge of 1.9 crore shares on July 24. Positive for the stock. 👍 

🎯 Adani Transmission : Promoter SB Adani Family Trust revoked pledge of 16.15 lakh shares on July 24. Positive for the stock. 👍 

🎯 Emami : Promoters released pledge on shares. Positive for the stock. 👍 

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27th July, 2020 Morning Brief

Market will open on a positive note today despite of weak global cues. 

Asian markets have opened mixed at the start of the final trading week of July. Investors are assessing the simmering U.S.-China tensions against the new outbreaks of Covid-19 emerging in Asia. 

Wall Street retreated on Friday, heading into the weekend with a broad sell-off due to weak earnings, surging coronavirus cases and geopolitical uncertainties.

The Dow Jones Industrial Average fell 182.44 points, or 0.68%, to 26,469.89, the S&P 500 lost 20.03 points, or 0.62%, to 3,215.63 and the Nasdaq Composite dropped 98.24 points, or 0.94%, to 10,363.18.

🎯 News & Impact 🎯 

Major Results Today : 

Bharti Infratel, Kotak Mahindra Bank, Tech Mahindra, Marico, Bharat Electronics, United Spirits,

Banks' gross NPA ratio may rise to 12.5% and upto 14.7% in worse conditions by March 2021: RBI

Cautious on the sector.

🎯 The National Commodity and Derivatives Exchange (NCDEX) will launch options in goods for three commodities -- mustard seed, wheat and maize.

🎯 ICICI Bank : Q1

Net Interest Income up 19% while net profit rises 36.3%. Sold 3.96% stake in ICICI Lombard resulting in net gain of Rs 3,036.3 crore in the standalone results.

🎯 Zee Entertainment : 

Reports net loss of Rs 766.7 crore. Ebitda loss of Rs 562.5 crore. One-time provision of Rs 343 crore on doubtful recovery of ad, subscription and other assets due to Covid-19. Exceptional loss on account of impairment of goodwill pertaining to digital publishing business at Rs 113.7 crore. Advertising revenue down 15% while subscription revenue up 31%.

Negative for the stock. 

🎯 ITC : 

Net sales down 17.4% while net profit fell 26% from last year. Ebitda margin at 27.8% from 39.7%. FMCG and Agri business revenue see growth while Cigarette, hotels and paperboards revenue see de-growth. Macquarie says Cigarette volumes declined 40% this quarter. 

Negative for the stock. 

🎯 JSW Steel : 

Reports net loss of Rs 561 crore. Ebitda down 64% while margins declined to 11.4% from 18.7% last year.

Negative for the stock.

🎯 Ambuja Cements : 

Revenue down 27% while net profit rises 10% led by tripling of other income compared to last year. 

🎯 Chennai Petroleum Corporation Q1 :

Profit at Rs 269.9 crore versus loss of Rs 229 crore, revenue at Rs 2,903 crore versus Rs 10,146.8 crore YoY. 

🎯 Coromandel International Q1 :

Profit at Rs 250.57 crore versus Rs 62.43 crore, revenue at Rs 3,213.23 crore versus Rs 2,130.74 crore YoY. Positive for the stock. 👍 

🎯 Unichem Labs :

Company gets US FDA nod for Amiodarone Hydrochloride tablet used to treat, prevent irregular heartbeats.

Positive for the stock. 👍 

🎯 HDFC : 

HDFC Ergo General Insurance’s Gross written premium down 12% to Rs 1,612.9 crore while net premium up 5% to Rs 1,023.7 crore. Net income grew 84% to Rs 138.4 crore, on a year-on-year basis.

Positive for the stock. 👍 

🎯 HDFC Bank : 

Aditya Puri sold 74.2 lakh shares at a price of Rs 1,135.94 per share.

Negative for the stock. 

🎯 Cipla : 

Gets regulatory approval from the Drug Controller General of India (DGCI) for the launch of Favipiravir in the country under the brand name Ciplenza. The company will commercially launch the drug in the first week of August at Rs 68 per tablet. 

Positive for the stock. 👍 

🎯 Aviation Stocks : 

Government extends domestic flight restrictions until November 24.

Negative for the sector. 

🎯 PTC India Financial :

Company to get tax refund of Rs 134 crore from tax department for AY19-20.

Positive for the stock. 👍 

🎯 Reliance Home Finance : Defaulted in payment of principle and interest worth Rs 50.38 crore to Bank of India which was due on June 30 and Rs 80.54 crore to Dena Bank. 

Negative for the stock. 

🎯 Zee Entertainment Enterprises : Entered into a share purchase agreement with Mantena Aviation LLP and its wholly-owned arm Fly-By-Wire International for transfer of equity shares of the subsidiary in two tranches for Rs 27 crore. 

🎯 Emami : 

Promoters revoked pledge of 43 lakh shares on July 21. 

🎯 Jindal Steel & Power : 

Promoter OPJ Trading revoked pledge of 35 lakh shares on July 22. 

Positive for the stock. 👍 

🎯 JSW Energy : 

Promoter Danta Enterprises revoked pledge of 39 lakh shares on July 23. 

Positive for the stock. 👍 

🎯 Laurus Labs : 

Promoter Dr. Satyanarayana Chava released pledge of 5 lakh shares on July 22. 

Positive for the stock. 👍 

🎯 Dish TV : 

Promoter Direct Media Distribution Ventures invoked pledge of 13.2 crore shares on July 24. 

Positive for the stock. 👍 

🎯 Zee Entertainment Enterprises : Promoter Cyquator Media Services invoked pledge of 61.79 lakh shares between July 15-17. 

Positive for the stock. 👍 

🎯 Zee Learn : 

Promoter Asian Satellite Broadcast invoked pledge of 1.7 crore shares on July 15. 

Positive for the stock. 👍 

🎯 Zee Media Corporation : Promoter ARM Infra & Utilities invoked pledge of 2.26 crore shares on July 15.

Positive for the stock. 👍 

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Edited by Sharp. 

24th July, 2020 Morning Brief

Market will open on a lower side following global weak sentiment.

Asian markets have followed their counterparts on Wall Street lower on the final trading day of the week.An unexpected rise in U.S. jobless claims rekindled a concern that the recovery in the U.S.

Wall Street dropped sharply on Thursday as investors fled market-leading tech shares due to mixed earnings reports and growing signs of a worsening coronavirus pandemic, which could exacerbate a deep economic recession.

The Dow Jones Industrial Average fell 353.51 points, or 1.31%, to 26,652.33, the S&P 500 lost 40.36 points, or 1.23%, to 3,235.66 and the Nasdaq Composite dropped 244.71 points, or 2.29%, to 10,461.42.

Oil prices fell 2% on Thursday as investors worried the US Congress may not agree on a stimulus package and as jobless numbers rose, while analysts prepared to cut energy demand forecasts as the number of coronavirus cases surges higher.

The number of Americans filing for unemployment benefits rose last week for the first time in nearly four months, suggesting the labor market was stalling amid a resurgence in new COVID-19 cases and depressed demand. 1.416 million for the week ended July 18, from 1.307 million in the prior week.

🎯 News & Impact 🎯 

Major Results Today : ITC, Asian Paints, Ambuja Cements, JSW Steel, Zee Entertainment Enterprises.

🎯 Biocon : Company posted 28 % fall in its June quarter (Q1FY21) net profit at Rs 149 crore due to higher R&D spend, lower profit share in the Biosimilars business, and lower profitability in the research services segment vs Rs. 206 in the last year same quarter. Revenue from operations rose 15 percent to Rs 1,671 crore versus Rs 1,459 crore. 

🎯 Bank Of Maharashtra Q1 : Profit at Rs 101 crore versus Rs 81.1 crore, NII at Rs 1,087.9 crore versus Rs 996.8 crore YoY. Positive for the stock. 👍

🎯 Lupin : Company received tentative nod from USFDA for Empagliflozin & Linagliptin tablets which are used to improve glycemic control in adults with type-2 diabetes.

🎯 AU Small Finance Bank Q1 : Profit at Rs 201 crore versus Rs 190 crore, revenue at Rs 516 crore versus Rs 396 crore YoY. Positive for the stock. 👍

🎯 Jet Airways : Company says resolution professional received resolution plans from two applicants which will be submitted before committee of creditors.

🎯 PNC Infratech : Company received LOA from NHAI for two EPC projects of Delhi - Vadodara Alignment of eight lane Access Controlled Greenfield Expressway, contract value Rs 1,547.80 crore.

🎯 Future Consumer : Pledged more than 3.45 crore shares by promoter Future Capital Investment Pvt Ltd have been invoked. Negative for the stock.

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23rd July, 2020 Morning Brief

Market will open on a flat note today after yesterday's volatile session.

Most markets in Asia have opened lower this morning amidst concerns over rising tensions between U.S. and China along with doubts on timing of a new U.S. spending bill.

Wall Street ended higher on Wednesday after a see-saw session as investors digested mixed quarterly results and contentious stimulus negotiations in Washington.

The Dow Jones Industrial Average rose 165.44 points, or 0.62%, to 27,005.84, the S&P 500 gained 18.72 points, or 0.57%, to 3,276.02 and the Nasdaq Composite added 25.76 points, or 0.24%, to 10,706.13.

🎯 News & Impact 🎯 

Listing Today : Rossari Biotech

Results Today : ABB India, Biocon, HDFC Asset Management Company, Alankit, Agro Tech Foods, AU Small Finance Bank, Dish TV, Foseco India, Bank of Maharashtra, Mahindra EPC Irrigation, Mphasis, PNB Housing Finance, Radico Khaitan, Repco Home Finance, SKF India, Speciality Restaurants, Sterlite Technologies, Tube Investments of India, Zensar Technologies, etc.

🎯 Larsen & Toubro Q1FY21 : Revenue down 28.3% to Rs 21,260 crore. Net profit down 79.4% to Rs 303.1 crore. Ebitda down 47.2% to Rs 1,620.5 crore. Ebitda margin at 7.6% from 10.4%. Exceptional gain of Rs 224.7 crore and deferred tax reversal of Rs 307 crore this quarter. International revenue this quarter at Rs 9,497 crore and constituted 45% of total revenue.

🎯 ICICI Securities Q1FY21 : Revenue up 36% to Rs 546.4 crore. Net profit up 70% to Rs 193 crore. Ebitda up 41% to Rs 295.7 crore. Ebitda margin at 54.1% from 52.1%. 

🎯 Rallis India Q1FY21 : Revenue up 6% to Rs 662.7 crore. Net profit up 52% to Rs 91.9 crore. Ebitda up 35% to Rs 128.3 crore. Ebitda margin at 19.4% from 15.2%

🎯 Alembic Pharmaceuticals : Company reported more than two-fold jump in consolidated net profit to Rs 301.46 crore vs 123.72 crore in the last year Q1. Positive for the stock. 👍 

🎯 Vodafone Idea : Supreme Court has rejected a petition by the Income Tax Department, which had challenged a lower court's verdict asking it to refund Rs 833 crore to the company.

🎯 GMM Pfaudler : Board to approve signing of definitive documents with De Dietrich Process Systems India for acquisition of their manufacturing facility at Hyderabad, Telangana on an itemized sale basis on July 29.

🎯 Future Retail : Missed payment due on U.S. dollar bonds. Company said that Covid-19 has impacted the company’s liquidity position and it missed service of payment of interest due on the said notes on July 22. Negative for the stock. 

🎯 Infosys : Launched digital solution to re-skill the American workforce and fulfill employment needs following Covid-19.

🎯 Emami : Promoter Bhanu Vyaapar released pledge of 53 lakh shares on July 21. Positive for the stock. 👍 

🎯 Jindal Steel & Power : Promoter OPJ Trading Pvt Ltd released pledge on 35 lakh shares. Positive for the stock. 👍 

🎯 Jamna Auto : Promoter Map Auto created pledge of 3.71 lakh shares on July 20. 

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Edited by Sharp. 

22nd July, 2020 Morning Brief

Market will open on a flat note today after another positive day for the market.

Asian markets are mixed at the start of mid-week trade after a subdued session on Wall Street. Doubts persist over the timing of a fresh stimulus program.

The S&P 500 edged higher on Tuesday, as investors rotated into economically sensitive cyclical stocks, optimistic that Washington will deliver a new round of stimulus to sustain the U.S. economic recovery from a pandemic-induced recession.

The Dow Jones Industrial Average rose 159.53 points, or 0.6%, to 26,840.4, the S&P 500 gained 5.46 points, or 0.17%, to 3,257.3 and the Nasdaq Composite dropped 86.73 points, or 0.81%, to 10,680.36.

🎯 News & Impact 🎯 

The National Commodity and Derivatives Exchange (NCDEX) on Tuesday said it will launch the 'Options in Goods' contracts on rapeseed, wheat and maize from July 27.

Major Results Today : Larsen & Toubro, Bajaj Auto, Alembic Pharmaceuticals, Astec Lifesciences, Bajaj Holdings, Heidelbergcement India, ICICI Securities, Jindal Steel & Power, Tv18 Broadcast, etc.

🎯 Axis Bank Q1FY21 : Net Interest Income up 20% to Rs 6,985 crore. Net profit down 19% to Rs 1,112 crore. Provisions at Rs 4,416 crore from Rs 3,815 crore. Gross NPA at 4.72% from 4.86% last quarter. Net NPA at 1.23% from 1.56% last Quarter. Additional provisions for Covid-19 worth Rs 733 crore this quarter. Positive for the stock. 👍 

🎯 Hindustan Unilever Q1FY21 : Net sales up 4.4% to Rs 10,560 crore. Ebitda flat at Rs 2,644 crore. Ebitda margin at 25% from 26.2%. Net profit up 7.2% at Rs 1,881 crore. Home care revenue down 2.1% to Rs 3,392 crore. Personal care revenue down 12% to Rs 4,039 crore. Food & Refreshments revenue up 51.7% to Rs 2,958 crore. Revenue from other businesses up 55.5% to Rs 171 crore. Positive for the stock. 👍 

🎯 Bajaj Finserv Q1FY21 : Revenue up 15.6% to Rs 14,190 crore. Net profit up 43.8% to Rs 1,215.2 crore. Higher tax reversals aid net profit. Additional loss provision of Rs 1,450 crore during the quarter, taking the overall contingent credit loss provision for Covid-19 to Rs 2,350 crore. Gross Written Premium of Bajaj Allianz General Insurance down 19% to Rs 2,289 crore. Positive for the stock. 👍 

🎯 IndiaMART InterMESH Q1FY21 : Revenue up 3.9% to Rs 153.1 crore. Net profit up 2.3 times to Rs 74.1 crore. Ebitda doubles to Rs 73.3 crore. Ebitda margin at 47.9% from 24.9%. Positive for the stock. 👍 

🎯 BEML : Gets order from the government for the supply of 1,512 tanks at an approximate cost of Rs 557 crore. Positive for the stock. 👍 

🎯 Wipro : Wipro Gallagher Solutions partnered with EXOS Technologies to further simplify the digital mortgage journey for customers.

🎯 Indian Hotels : Company acquired balance stake of 14.28 percent in ELEL from the Nanda family, which will make company 100 percent leasehold owner of the landmark Sea Rock hotel site by December 2021. 

🎯 Jet Airways : Thirteen months after it was admitted to the insolvency courts Jet Airways has finally got, not one, but two bids.

🎯 Godrej Agrovet : Company acquired additional 0.90 percent stake in subsidiary Godrej Maxximilk, increasing total shareholding to 74.90 percent. 

🎯 Adani Ports & SEZ : Promoter SB Adani Family Trust created pledge of 7.96 crore shares on July 20. Negative for the stock. 

🎯 Nath Biogenes : Promoter Akash Farm released pledge of 4.61 lakh shares between July 14-16. Positive for the stock. 👍 

🎯 Adani Transmission : Promoter SB Adani Family Trust created pledge of 2.46 crore shares on July 20. Negative for the stock. 

🎯 Adani Green Energy : Promoter SB Adani Family Trust created pledge of 75.5 lakh shares on July 20. Negative for the stock. 

🎯 Emami : Promoter Suntrack Commerce released pledge of 30 lakh shares on July 21. Positive for the stock. 

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp. 

21st July, 2020 Morning Brief

Market will continue it's upward momentum today with a gap-up opening. 

Wall Street gained ground on Monday and surging technology shares pushed the Nasdaq to a record closing high, as promising trial results from potential COVID-19 vaccines helped investors look beyond spiraling new cases of the disease.

The Dow Jones Industrial Average rose 8.92 points, or 0.03%, to 26,680.87, the S&P 500 gained 27.11 points, or 0.84%, to 3,251.84 and the Nasdaq Composite added 263.90 points, or 2.51%, to 10,767.09.

🎯 News & Impact 🎯 

NSE-backed CAMS gets SEBI nod to float IPO. 

Major Results Today : 

Hindustan Unilever, Axis Bank, Bajaj Finance, Bajaj Finserv, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, SBI Life Insurance Company, IndiaMART InterMESH, etc.

🎯 PSU Banks :

India plans to reduce number of state-owned banks to just 5. The first part of the plan would be to sell majority stakes in Bank of India, Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab & Sind Bank.

Positive for the banks. 👍

🎯 ACC Q2 : Profit at Rs 270.9 crore versus Rs 455.7 crore, revenue at Rs 2,602.2 crore versus Rs 4,149.8 crore YoY.

🎯 Jubilant Life Sciences : 

Company said it has received drug regulator DCGI approval for generic version of antiviral drug remdesivir 100 mg/vial for restricted emergency use in India for treatment of severe COVID-19.

🎯 Wipro :

The company received order from ComplianceQuest for quality management solutions.

🎯 NHPC :

The company signed pact with Odisha Green Energy Body to develop solar projects.

🎯 NTPC :

800 MW, Unit-2 of Lara Super Thermal Power Project has been added to installed capacity of NTPC on successful completion of trial operation.

Positive for the stock. 👍 

🎯 BEML : 

The Ministry of Defence has entered into a Rs 557-crore contract with BEML to get 1,1512 mine ploughs for the Indian army's main battle tank T-90, the ministry said in a statement.

🎯 Majesco :

Company to sell US subsidiary to Thoma Bravo for $420.7 million.

🎯 Jindal Steel & Power :

Promoter Glebe Trading released a pledge on 11.76 lakh equity shares of the company. Another promoter Danta Enterprises released pledge on 4.73 lakh shares. Omaxe entered into steel supply deal with the company.

Positive for the stock. 👍

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp. 

20th July, 2020 Morning Brief

Market will open with a gap up in continuation with Friday's last hour rally ignoring increasing count of Covid-19.

Stock markets across Asia have begun the new trading week on a mixed note as earnings season continues to gather steam.

The S&P 500 ended higher on Friday as investors weighed the prospects of more fiscal stimulus against fears of further business disruptions due to a record rise in COVID-19 cases.

The Dow Jones Industrial Average fell 0.23% to end at 26,672.36 points, while the S&P 500 gained 0.29% to 3,224.75. The Nasdaq Composite climbed 0.28% to 10,503.19.

The second tranche of Bharat Bond ETF was over-subscribed more than 3 times, collecting around Rs 10,000 crore.

🎯 News & Impact 🎯 

Major Results Today : ACC, SBI Cards

🎯 HDFCBANK : Q1 profits jumped by 19.6%. Rs 6,658.62 crore vs Rs 5,568.16 crore. YoY. Net interest income up by 17.8 % year-on-year to Rs 15,665.42. Positive for the stock. 👍

🎯 ICICI Lombard General Insurance Company Q1 : Profit stood at Rs 398.10 cr versus Rs 309.81 cr in the year-ago, revenue at Rs 2,729.67 cr versus Rs 2,664.15 cr. Positive for the stock. 👍 

🎯 Glenmark Pharma : DCGI issued notices to Glenmark seeking clarification from the company regarding false claim that its antiviral drug Fabiflu, is effective on COVID-19 patients with co-morbodities. Negative for the stock. 👍 

🎯 Vodafone Idea : Company paid additional Rs 1,000 crore gross revenue due to DoT. 

🎯 JSW Steel : Promoter Glebe Trading released a pledge on 5 lakh shares and another promoter Danta Enterprises also released pledge on 12.54 lakh shares. Positive for the stock. 

🎯 Dishtv : Pledge invoked on 1.08 crore shares. Positive for the stock. 👍 

🎯 Prakash Industries : Promoter GMK Builders created a pledge on additional 1.18 lakh shares. Negative for the stock.

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp. 

17th July, 2020 Morning Brief

Market will continue yesterday's last hour rally led by banking stocks with support of IT majors to give a gap up start today.

The S&P 500 dropped on Thursday, pulled lower by Microsoft Corp and Apple Inc, as elevated levels of unemployment claims heightened concerns about the economic toll from rising coronavirus cases.

The Dow Jones Industrial Average fell 0.5% to end at 26,734.71 points, while the S&P 500 lost 0.34% to 3,215.57. The Nasdaq Composite dropped 0.73%, to 10,473.83.

Asian markets are mixed at the start of the final trading day of the week. Relations between the U.S. and China continue to remain tense while the rally in tech stocks in the U.S. is showing signs of fragility.

India ranks third in the list of most-suitable locations for global manufacturing among 48 countries flowed by China and US in terms of cost competitiveness and operating conditions, according to property consultant Cushman & Wakefield. 

Investments through participatory notes (P-notes) in the domestic capital market surged to Rs 62,138 crore till June-end, making it the third consecutive monthly rise. P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors, who wish to be part of the Indian stock market without registering themselves directly but after due diligence process.

🎯 News & Impact 🎯 

Major Results Today :

HCL Technologies, Britannia Industries, ICICI Lombard. 

🎯 L&T Technology Services Q1FY21:

Revenue down 3.9% to Rs 1,294.7 crore. 

Net profit down 42.5% to Rs 117.2 crore. 

Ebitda down 24.5% to Rs 205.9 crore

Ebitda margin at 15.9% from 20.2%. 

🎯 L&T Finance Holdings Q1FY21 :

Net Interest Income down 15.7% to Rs 1,408.9 crore. 

Net profit down 73% to Rs 148.3 crore. 

🎯 Alkem Labs : 

Company gets US FDA nod for Brompheniramine Maleate, Dextromethorphan Hydrobromide and Pseudoephedrine Hydrochloride used to treat allergy & cold symptoms.

🎯 Torrent Pharma :

Company gets US FDA nod for Nystatin, Triamcinolone Acetonide Cream, a Combination of antifungal medication.

Positive for the stock. 👍 

🎯 PTC India has revived plans to sell its controlling stake in its NBFC arm PTC India Financial Services.

🎯 GAIL Oil India :

The Department of Telecommunications (DoT) has withdrawn a demand of over Rs 2.3 lakh crore it had made on state-owned gas utility GAIL India Ltd and explorer Oil India Ltd (OIL) in past telecom dues.

Positive for the stocks. 👍

🎯 BPCL : Arm finalises senior debt financing of $14.9 billion for 2-train LNG project. Final investment decision for the same was made in June 2019.

🎯 Endurance Technologies : 

Italian arm to undertake consolidation of its foundry activities whereby the plant operations including workmen and necessary plant and machinery from Grugliasco are shifted to the Chivasso plant. Post the consolidation of plant operations, the group now has nine manufacturing plants - six in Italy and three in Germany.

🎯 L&T Technology Services : 

To acquire Orchestra Technologies for $25 million. The sum will be paid in tranches. The target company is based in the U.S. and specialises as a technology solutions provider to the telecom industry.

🎯 Thomas Cook India : 

Signs agreement to take over the portfolio of Dnata Travel India's corporate travel business.

🎯 Future Consumer : 

Promoter Future Capital Investment invoked pledge of 1.8 crore shares on July 16.

Positive for the stock. 👍 

🎯 Omaxe : 

Promoter Guild Builders created pledge of 63 lakh shares between July 13-15.

Negative for the stock. 

🎯 JSW Energy : 

Promoter Glebe Trading revoked pledge of 47.67 lakh shares on July 13.

Positive for the stock. 👍 

🎯 Eveready Industries : 

IL&FS Financial Services invoked a pledge on 1.88 lakh shares of the company.

Positive for the stock. 👍

🎯 Metropolis Healthcare :

The pledge released on 16.47 percent stake by Vistra ITCL India.

Positive for the stock. 👍

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp. 

16th July, 2020 Morning Brief

Market will open on a flat note today after a volatile session of yesterday.

Asian markets have opened mixed this morning with benchmark indices in most major markets opening flat. The U.S. Federal Reserve said that the economy is showing signs of nascent recovery at the beginning of July.

U.S. stocks ended sharply higher on Wednesday, with the S&P 500 at its highest since early June, following promising early data for a potential COVID-19 vaccine and a strong quarterly report from Goldman Sachs.

The Dow Jones Industrial Average rose 0.85% to end at 26,870.03 points, while the S&P 500 gained 0.91% to 3,226.55. The Nasdaq Composite climbed 0.59% to 10,550.49.

🎯 News & Impact 🎯 

Rossari Biotech’s IPO received 79 times demand on the last day of the offer.

🎯 Infosys Q1FY21

U.S. Dollar revenue down 2.4% to $3,121 million. Revenue up 1.7% to Rs 23,665 crore. Ebit up 8.9% to Rs 5,365 crore. Ebit margin at 22.7% from 21.2%. Net profit down 1.5% to Rs 4,272 crore. BFSI Revenue up 2.4% to Rs 7,457 crore. Retail revenue down 6.4% to Rs 3,391 crore. Communications revenue up 4.9% to Rs 3,165 crore. Energy revenue up 1.2% to Rs 3,027 crore. Manufacturing revenue down 4.5% to Rs 2,256 crore. Hi-Tech revenue up 12.7% to Rs 2,063 crore. Digital revenue at $1,389 million (44.5% of total revenue); up 25.5% growth in constant currency terms. FY21 revenue growth guidance in the range of 0-2% in cons tant currency.

🎯 L&T Infotech : Q1FY21 U.S. Dollar revenue down 4.8% to $390.3 million. Revenue down 2.1% to Rs 2,949.2 crore. Net profit down 2.4% to Rs 416.6 crore. Ebitda up 2.4% to Rs 592 crore. Ebitda margin at 20.1% from 19.2%. Lower operating expenses aid margins. 

🎯 Federal Bank : Bank's net profit in Q1FY21 rose 4.3 percent to Rs 400.8 crore from Rs 384.2 crore, YoY. NII increased 12.3 % to Rs 1,296.4 crore while NIM improved to 3.07 percent from 3.15 %, YoY. Asset quality also improved as net NPA ratio at 1.22 % was the lowest in last 10 quarters.

🎯 Cochin Shipyard : Signed contracts for construction and supply of two Autonomous Electric Ferry for ASKO Maritime AS, Norway, with an option to build two more identical vessels.

🎯 GAIL India : Company has received letter from Department of Telecommunication towards withdrawal of all provisional demand notices issued. Consequent upon the withdrawal of claims, nothing remains due to DoT by GAIL in the matter of AGR.

🎯 Titagarh Wagons : Joint venture Matiere Titagarh Bridges became wholly owned subsidiary of company after it acquired 50% stake from Matiere S.A.S., France. 

🎯 Indiabulls Real Estate : Received proposal from the Embassy Group for the merger of the group's residential and commercial assets aggregating to 61.9 million square feet into the company.

🎯 Indiabulls Real Estate : Embassy Group Proposes 11 Projects Worth 61.9 m sqft to merge into company.

🎯 Centrum Capital : Promoter BG Advisory Services released a pledge on 12 lakh shares. Positive for the stock. 👍 

🎯 Ballarpur Industries : Vistra ITCL India invoked a pledge and sold 10.73% stake in company. Positive for the stock. 👍 

🎯 Adani Transmission : Promoter SB Adani Family Trust revoked pledge of 30 lakh shares on July 14. Positive for the stock. 👍

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp. 

15th July, 2020 Morning Brief

Market will open on a positive note today after a pull-back.

Asian markets have climbed in mid-week trade amid optimism that progress is being made in developing a defence against Covid-19.

Wall Street surged on Tuesday, with the Dow Jones Industrial Average ending more than 2% higher as investors bought energy and materials stocks and behaved unseen a recent rise in coronavirus cases.

The Dow Jones Industrial Average surged 2.13% to end at 26,642.59 points, while the S&P 500 gained 1.34% to 3,197.52. The Nasdaq Composite added 0.94% to 10,488.58.

🎯 News & Impact 🎯 

Major Results Today : Infosys, Bandhan Bank, Larsen & Toubro Infotech, Federal Bank. 

IPO Update: Rossari Biotech gets about three times the demand as compared to the shares offered. The issue closes today.

🎯 Reliance Industries : RIL to hold its 43rd AGM on July 15 at 2 pm. 

🎯 Wipro : Q1FY21 U.S. Dollar revenue down 7.3% to $1,923 million Revenue down 5.3% to Rs 14,922 crore Ebit up 1.3% at Rs 2,573 crore Ebit margin at 17.2% from 16.1% Net profit up 2.8% to Rs 2,411 crore I.T. Services operating margin at 19% from 16.1% BFSI revenue down 5.3% to Rs 4,423 crore. Consumer business unit revenue down 9.7% to Rs 2,318 crore. Healthcare revenue down 4% to Rs 1,976 crore Technology revenue up 1% to Rs 1,967 crore Engineering revenue down 1.5% to Rs 1,928 crore. 

Wipro: To acquire IVIA Servigos de Informitica for $22.4 million. The target company provides I.T. solutions including system development, maintenance, consulting and project management services to clients in different sectors such as financial services, transportation, retail, healthcare and manufacturing in Brazil.

🎯 Infosys : Vanguard announced a partnership with the company as part of its ongoing strategy to enhance and evolve its full-service defined contribution (DC) business. The partnership will deliver a technology-driven approach to plan administration and Infosys will assume day-to-day operations supporting Vanguard's DC recordkeeping business.

🎯 Bharti Airtel : Company in strategic alliance with Verizon to bring secure, world-class video conferencing solutions to businesses in India. The National Company Law Appellate Tribunal (NCLAT) has asked private telecom operator Bharti Airtel and Bharti Hexacom to pay Rs 112 crore to Aircel.

🎯 Yes Bank : The bank has garnered Rs 4,098 crore from anchor investors on July 14, a day ahead of its follow-on public offering.

🎯 Emami : The group has completed the sale of Emami Cement Nuvoco Corporation at an Enterprise Value of Rs 5,500 crore. 

🎯 DJ Mediaprint & Logistics : The National Co-operative Bank, Fort branch in Mumbai selected company for printing of bank's cheque books and pin mailer.  

🎯 Bharat Electronics : Signs MoU with Airports Authority of India to collaborate on addressing the emerging global opportunities in the airports business including those in the Asia Pacific region.

🎯 Asian Granito : Union Bank of India approves release of corporate guarantee against the credit facilities enjoyed by the company's arm Camrola Quartz. 

🎯 Prestige Estates : Arm acquires 30.21% equity stake and optionally convertible preference shares representing 4.57% of preference share capital in DB Realtors (BKC).

🎯 Pidilite Industries : Company increased shareholding in subsidiary Nina Percept 71.53% to 73.74%. 

🎯 Salasar Techno Engineering : Company received an order of 189 telecom towers to be supplied to ATC Nigeria of value $2.43 million.  

🎯 Indiabulls Real Estate : Sebi has imposed Rs 10 lakh penalty on Indiabulls Real Estate chief financial officer Anil Mittal for indulging in insider trading. 

🎯 HDIL : The NCLAT has upheld the NCLT order to initiate insolvency proceedings against HDIL, and rejected the plea of its promoter Rakesh Wadhwan.

🎯 DB Corp : Promoter DB Consolidated released pledge of 25 lakh shares on July 13. Positive for the stock. 👍 

🎯 Jindal Steel and Power : Promoter OPJ Trading revoked pledge of 26 lakh shares on July 6. Positive for the stock. 👍 

🎯 Camlin Fine Sciences : Promoter Ashish Dandekar released pledge of 1.71 crore shares on July 14. Positive for the stock. 👍 

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp. 

14th July, 2020 Morning Brief

Market will open on negative side today after a volatile session witnessed on Monday.

Asian markets have slipped in early trade, tracking the declines on Wall Street amid fresh tensions between U.S. and China. Sentiment deteriorated after the Trump Administration rejected China's expansive claims in the South China Sea, a reversal from previous policy of not taking sides in territorial disputes. 

The S&P 500 and Nasdaq ended lower on July 13, pulled down by Amazon, Microsoft and other big-name leaders of Wall Street’s recent rally.

The Dow Jones Industrial Average rose 0.04 percent to end at 26,085.8 points, while the S&P 500 SPX lost 0.94 percent to 3,155.22. The Nasdaq Composite dropped 2.13 percent to 10,390.84.

India's retail inflation for June worsened to 6.09 % vs. 5.84% in March due to a spike in the prices of certain food items, government data on July 13 showed.

🎯 News & Impact 🎯

Major Results Today : Wipro

🎯 Zee Learn : The Bombay High Court has dismissed the company's plea against UTI Mutual Fund. Zee Learn had cited RBI's moratorium circular as the basis for relief on interest payments to UTI Mutual Fund. The fund house has an exposure of nearly Rs 44 crore to NCDs issued by the company. The company argued that as the Mutual Fund is a public finance institution, the government's policy should be similar for Mutual Funds and Banks. The court said that the RBI circular on moratorium cannot be the basis of relief and it is not applicable to Mutual Funds. Negative for the stock.

🎯 Aurobindo Pharma : Company gets US FDA nod for Albuterol Sulfate and Ipratropium Bromide Solution used to treat chronic obstructive pulmonary disease. Positive for the stock. 👍 

🎯 Cipla : Company gets US FDA nod for Icatibant Injectable pre-filled syringe.

🎯 Biocon : Biocon's partner Equillium has said it is planning to conduct a global randomised controlled clinical trial of Itolizumab in COVID-19 patients, for which the American biotech firm will file a US investigational new drug application (IND).

🎯 Sobha : Godrej Group's promoter entity Anamudi Real Estates increased its stake in the company to 9.99% in the June quarter from 1.08% in the March quarter. Positive for the stock. 👍 

🎯 BF Utilities : Radhakishan Damani acquired 4.91 lakh shares or 1.3% stake during the quarter ending June as per the latest shareholding pattern.

🎯 Adani Ports : Adani Logistics successfully completed its first-ever containerized cargo export from India to Bangladesh utilizing inland waterways.

🎯 Adani Green Energy : Increased its capacity by 50MW to 2,595 MW for the first quarter of fiscal 2021, on a sequential basis. Positive for the stock. 👍

🎯 Olectra Greentech : Promoter MEIL Holdings created pledge of 1.06 crore shares on July 9. Negative for the stock. 

🎯 DB Corp : Promoter DB Consolidated released pledge of 28 lakh shares on July 9. Positive for the stock. 👍

🎯 Centrum Capital : Promoter BG Advisory Services LLP sold 6 lakh shares via off market transaction on July 10.

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp. 

13th July, 2020 Morning Brief

Market will kick start on a positive note today after witnessing profit booking in the last couple of hours on Friday. 

Asian markets have opened higher at the start of the new week ahead of the quarterly earnings season. Numbers this quarter are likely to provide more clues on how companies are coping with the Covid-19 pandemic.

US stocks rose on July 10 as a positive analysis on Gilead Sciences Inc’s antiviral drug to treat COVID-19 helped soothe investor worries over a record rise in coronavirus cases in the United States and as financial shares surged.

The Dow Jones Industrial Average rose 369.21 points, or 1.44 percent, to 26,075.3, the S&P 500 gained 32.99 points, or 1.05 percent, to 3,185.04 and the Nasdaq Composite added 69.69 points, or 0.66 percent, to 10,617.44.

🎯 News & Impact 🎯 

🎯 Avenue Supermarts Q1FY21 : Revenue down 33% to Rs 3,883 crore Net profit down 88% to Rs 40 crore Ebitda down 81% to Rs 111.6 crore Ebitda margin down to 2.9% from 10.3%. 

🎯 IRCTC Q4FY20 : Revenue up 17.9% to Rs 586.9 crore Net profit up 79.3% to Rs 150.6 crore Ebitda up 2.9 times at Rs 201.9 crore Ebitda margin at 34.4% from 14.2%. 

🎯 SAIL Q4FY20 : Revenue down 12.5% to Rs 16,171.8 crore Net profit up 4.8 times to Rs 2,647.5 crore Ebitda up 2.9 times at Rs 6,453.8 crore Ebitda margin at 39.9% from 12%. Positive for the stock. 👍 

🎯 HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank and Yes Bank : Top five private sector banks may see their slippages double to 5 percent this fiscal due to the poor loan offtake and the moratorium-driven contraction in net interest margins, warns a report. These five banks collectively control a quarter of the system and three-fourths of the private banking space, according to a report by India Ratings. forecast FY21 slippages to nearly double to around 5 percent for these banks from 2.3 percent in FY19 and 2.7 percent in FY20. Negative for the stocks and worrisome for the sector. 

🎯 Life insurance sector : Sector witnesses 18.6% drop in first-year premium. Positive for the stocks. 👍 

🎯 Reliance Industries : 

Qualcomm Ventures - an investment arm of Qualcomm, will invest Rs 730 crore in Jio Platforms for a 0.15% stake.

🎯 Hindustan Unilever : Bloomberg News reports that Unilever is considering to scale back the potential disposal of its tea business substantially. It may keep some operations in Emerging Markets. Sources say that the group is debating whether to hold on to its tea business in India and Indonesia. Unilever is also considering excluding its stake in a PepsiCo Inc. venture that makes Lipton bottled drinks. Sources say that removing these assets from the sale can reduce the eventual proceeds by several billion pounds.

Negative for the stock. 👎

🎯 Escorts : The competition Commission of India has approved the acquisition of 9.09% stake in Escorts by Kubota Corporation and of 40% in Kubota Agricultural Machinery India by Escorts. 

🎯 Punjab National Bank : Clarifies that the provision for the Rs 3,688 crore fraud in DHFL's NPA account is Rs 1,695.7 crore instead of Rs 1,246.6 crore.

🎯 Biocon : Gets Drug Controller General of India's (DGCI) approval to market Itolizumab injection solution for emergency use in India in moderate to severe Covid-19 patients suffering from Cytokine Release Syndrome.

🎯 Punjab and Sind Bank : Edyar Zinc with outstanding dues of Rs 41.24 crore has been declared as fraud and reported to the Reserve Bank of India has per regulatory requirement.

🎯 IRB Infra : Emerges as preferred bidder for Rs 2,193 crore BoT project under the Bharatmala Pariyojana in West Bengal.

🎯 Adani Enterprises : Promoter Adani Tradeline released pledge of 1.12 crore shares on July 4. Positive for the stock. 👍 

🎯 Aurobindo Pharma : Promoters created pledge of 28.6 lakh shares on July 7. Negative for the stock. 👎

🎯 Omaxe : Promoter Guild Builders created pledge of 1.13 crore shares between July 4-10. Negative for the stock. 👎

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp. 

10th July, 2020 Morning Brief

Market will open on a negative side today after closing at four months' high on weak global indices over fear of rising Covid-19 cases all over the world. 

Asian markets have begun the final trading day of the week on a negative note, tracking the drop in its U.S. counterparts.

The S&P 500 and Dow dropped on July 9 as investors worried about another round of business shutdowns to contain a surge in coronavirus cases and they began to shift their focus to earnings.

The Dow Jones Industrial Average fell 289.33 points, or 1.11 percent, to 25,777.95, the S&P 500 lost 11.05 points, or 0.35 percent, to 3,158.89 and the Nasdaq Composite added 68.25 points, or 0.65 percent, to 10,560.75.

Principal Economic Adviser Sanjeev Sanyal on July 9 said that the government will undertake measures to boost demand and indicated that RBI may cuts interest rates going ahead.

Results Today :

IRCTC, SAIL

🎯 News & Impact 🎯 

🎯 TCS Q1FY21 :

U.S. Dollar revenue down 7% to $5,060 million Revenue down 4.1% to Rs 37,322 crore Ebit down 9.7% to Rs 9,048 crore. 

🎯 Reliance Industries : 

Announces start of their JV with BP, named Reliance BP Mobility.

🎯 Dr Reddy’s Labs : 

Company gets US FDA nod for Prasugrel Hydrochloride tablets used to prevent formation of blood clots. 

Positive for the stock. 👍 

🎯 Aurobindo Pharma :

Company gets US FDA nod for Chlorpromazine Hydrochloride injection used to reduce psychotic symptoms - hallucinations and delusions.

Positive for the stock. 👍 

🎯 Gujarat Ambuja Exports : 

Board to consider proposal for share split of 1:2 on July 25.

🎯 Rallis India : 

Completed the merger of Zero Waste Organics into the company from July 9. 

🎯 Muthoot Capital Services : Completed its first securitization of Rs 100.9 crore in FY21. 

🎯 Seamec : One of its vessel charter with Clipper Bulk Shipping, has been extended for a further period of one year. The annualized value of the charter is $2.88 million.

🎯 CG Power and Industrial Solutions : 

A Hungary court has declared the company's two arms to be insolvent and the liquidation proceedings have commenced.

🎯 Dai-Ichi Karkaria :

Company to sell its Pune land parcel for Rs 153.5 crore to Gera Developments. 

Positive for the stock. 👍 

🎯 GE Power India : 

Has been awarded a contract worth approximately Rs 291.9 crore by Megha Engineering & Infrastructures for Kundah pumped storage hydro electric project in Nilgiris district of Tamil Nadu. 

🎯 NLC India : 

Solar project in Andaman islands has been commissioned on June 30.

🎯 NLC India : 

Solar project in Andaman islands has been commissioned on June 30.

🎯 Tata Power, Adani Power :

Gujarat government cancels its earlier order allowing higher tariffs to Tata Power, Adani Power & Essar. 

Negative for the stocks. 

🎯 Rushil Decor : 

Promoter K Thakkar created a pledge of 19.9 lakh shares on July 8. 

Negative for the stock. 

🎯 JSW Steel : 

Promoter JSW Techno Projects Management revoked pledge of 9.7 lakh shares on July 6. 

Positive for the stock. 👍 

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp. 

9th July, 2020 Morning Brief

Market will open on a positive note today after a negative closing despite a positive start for yesterday.

Asian markets remain muted this morning as investors analysed gains in the U.S. amid simmering tensions between U.S. and China.

US stocks rose on July 8 and the Nasdaq hit a record closing high, supported by technology shares as early signs of an economic rebound offset concern about further lockdowns due to a jump in coronavirus cases across the country.

The Dow Jones Industrial Average rose 177.1 points, or 0.68 percent, to 26,067.28, the S&P 500 gained 24.62 points, or 0.78 percent, at 3,169.94 and the Nasdaq Composite added 148.61 points, or 1.44%, at 10,492.50.

The International Monetary Fund (IMF) is concerned about rising debt in both emerging and advanced economies due to coronavirus stimulus spending, and will urge countries to tackle fiscal reform once the pandemic ends.

Nifty on Wednesday opened positive and headed towards the 10,850 mark in first hour of the session. However, it failed to hold its morning gains and drifted sharply towards the previous day’s low at 10,689 level before closing the session with a loss of around 100 points.

Nifty has been facing supply pressure near the 10,800-10,850 zone since last three sessions, while support remains intact at 10600 - 10,550 level.

🎯 News & Impact 🎯 

Major Results Today : TCS 2021Q1

🎯 BSE : 

The equity derivatives segment of BSE witnessed a turnover of Rs 6,442 crore on July 8. The country's oldest exchange had launched weekly contracts on the Sensex, with Monday expiry, from June 29, which has received an encouraging response from STAKEHOLDERS.

Positive for the stock. 👍 

🎯 ICICI Bank : 

Board approves raising Rs 15,000 crore through equity.

🎯 State Bank of India : 

SBICAP to invest in Investec Capital Services India to form a Joint Venture entity. SBICAP Securities' institutional equities broking and research business will be transferred to the proposed entity.

🎯 Gufic Biosciences : 

Gets approval from South African Heath Products Regulatory Authority to manufacture Vancomycin after its manufacturing facility in Navsari was inspected by the National Institute of Pharmacy and Nutrition, Hungary. The company can now expand its business in South Africa.

🎯 Torrent Pharma :

Company gets US FDA nod for anti-bacterial drug, Erythromycin Tablet (250-500 Mg).

Positive for the stock. 👍 

🎯 Unichem Lab :

Company gets US FDA nod for Cyclobenzaprine Hydrochloride (5-10 Mg) used to treat muscle spasms.

Positive for the stock. 👍 

🎯 Aurobindo Pharma :

Company gets US FDA nod for blood pressure drug, Verapamil Hydrochloride.

Positive for the stock. 👍 

🎯 Strides Pharma :

Company receives US FDA nod for Butalbital, Acetaminophen, Caffeine, Codeine Phosphate Capsules used to treat symptom complex of tension.

Positive for the stock. 👍 

🎯 TCPL Packaging : 

Announces that the entire promoter shareholding is free from encumbrance.

Positive for the stock. 👍 

🎯 Sterling & Wilson Solar : Promoters fail to repay the installment of Rs 500 crore out of the outstanding loans envisaged to be repaid by June 30. 

Negative for the stock. 

🎯 PSU Insurance companies :

Merger of PSU general insurers called off. 

Negative for the stocks.

🎯 Sharika Enterprises :

The company received an order worth Rs 26.55 crore from BHEL.

Positive for the stock. 👍 

🎯 Yes Bank : 

SBI to invest up to Rs 1,760 crore in further public offering of the bank.

Positive for the stock. 👍 

🎯 Parsvnath Developers :

The company has entered into an agreement, the Fourth Supplementary Concession Agreement, with the Delhi Metro Rail Corporation (DMRC) along with subsidiary Parsvnath Realty Ventures (PRVL), a special purpose vehicle, in relation to the project at Akshardham Metro Station, New Delhi. 

🎯 DB Corp : 

Promoter DB Consolidated released pledge of 9.75 lakh shares on July 2. 

Positive for the stock. 

🎯 JSW Steel : 

JSW Steel | Promoter Danta Enterprises released a pledge on 12,02,500 shares of the company but created pledge on 6.5 lakh shares with IndusInd Bank. Another promoter, Glebe Trading, released the pledge on 3,41,500 shares.

Positive for the stock. 👍 

🎯 JSW Energy :

Promoter Danta Enterprises created a pledge on 80 lakh shares of the company with IndusInd Bank but released it on 1 lakh shares. Another promoter, Glebe Trading, created a pledge on 1.2 crore shares with IndusInd Bank but released on 70.34 lakh shares. 

Negative for the stock. 

🎯 Adani Transmission : 

Promoter Adani Tradeline revoked pledge of 27.3 lakh shares on July 7. 

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp. 

8th July, 2020 Morning Brief

Market will start with a positive side today after 5th consecutive positive closing of yesterday.

Asian markets are mixed in early trade after benchmarks on Wall Street declined last night. 

US stocks fell on July 7, adding to losses into the close, as investors took profits a day after the S&P 500 logged its longest streak of gains this year and as coronavirus cases rose further.

The Dow Jones Industrial Average fell 396.85 points, or 1.51 percent, to 25,890.18, the S&P 500 lost 34.4 points, or 1.08 percent, to 3,145.32 and the Nasdaq Composite dropped 89.76 points, or 0.86 percent, to 10,343.89.

China's foreign exchange reserves, the highest in the world, expanded to $3.1123 trillion in June. 

🎯 News & Impact 🎯 

🎯 Shree Renuka Sugars Q4FY20 : Revenue down 2.9% to Rs 1,374.8 crore Net loss widens to Rs 145.2 crore from Rs 23.2 crore. 

🎯 Cipla : Company is expected to launch its version of remdesivir in the next one to two days. 

🎯 IndusInd Bank : US-based hedge fund Route One Investment Company has initiated talks with IndusInd Bank to increase its stake in the Hinduja Group-backed lender, which is exploring multiple options to strengthen its Balance Sheet and raise capital. Positive for the stock. 👍 

🎯 Yes Bank : Capital raising committee approves fund raising through a follow on public offer (FPO).

🎯 Adani Ports and SEZ : Board approved raising up to $1.25 billion via dollar denominated foreign currency bonds.

🎯 Green Energy : The UK-based BP plc has said it will invest $70 million in the Green Growth Equity Fund (GGEF) that supports the growing renewable energy sector in India.

🎯 GMR Infra : France's Groupe ADP has infused Rs 4,565 crore, which is the second tranche of investment, in GMR Airports Limited (GAL) to conclude its deal to purchase a total of 49 percent shareholding in the company. Positive for the stock. 👍 

🎯 Birlasoft : Announced its partnership with Innoveo for digital solutions.

🎯 Suzlon Energy : Total default amount stood at Rs 8,292.1 crore as on June 30, and total outstanding from banks and financial institutions were at Rs 13,185.5 crore, as per the restructured resolution plan.

🎯 Magma Fincorp : Magma partnered with Wadhwani Foundation to provide pro-bono business consulting to SME customers.

🎯 Bajaj Electrical : Promoter Vanraj Bajaj invoked pledge of 18.44 lakh shares on July 3. Positive for the stock. 👍 

🎯 Adani Enterprises : Promoter SB Adani Family Trust revoked pledge of 1.12 crore shares between July 4-6. Positive for the stock. 👍 

🎯 Jindal Steel & Power : Promoter revoked pledge of 37 lakh shares between July 3-6. 

🎯 JSW Energy : Promoter Indusglobe Multiventures revoked pledge of 1.5 crore shares on July 2-3. 

🎯 MEP Infra Developers : Promoter AJ Tolls created pledge of 10 lakh shares on July 3. 

🎯 Varun Beverages : Promoter Vivek Gupta released a pledge on 2,06,800 equity shares of the company. Positive for the stock. 👍 

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp. 

7th July, 2020 Morning Brief

Market will open on a flat note today after hitting 4 months high on yesterday.

Asian markets have opened mixed this morning, taking a breather after a strong rally last week that extended to Monday.

US stocks rose sharply on July 6 as a rebound in services industry activity in June and expectations of a revival in China’s economy boosted optimism, helping investors to look past a surge in new coronavirus cases in the United States.

The Dow Jones Industrial Average rose 459.67 points, or 1.78 percent to 26,287.03, the S&P 500 gained 49.71 points, or 1.59 percent, to 3,179.72 and the Nasdaq Composite added 226.02 points, or 2.21 percent to 10,433.65.

🎯 News & Impact 🎯 

🎯 Pharmasuitical Stocks :

Drug Controller General of India has given approval to Mylan's remdesivir 100 mg / vial for restricted emergency use in India. The drug will be launched under the brand name DESREM in India and will be available to patients at a price of Rs 4,800. The price is 80% lower than the branded version of this product available to governments in the developed world.

🎯 Axis Bank : 

SAT has allowed the lender to sell securities in its clearing account to recover dues worth Rs 21 crore in the Modex International Securities case.

Positive. 

🎯 MCX :

Exchange to launch Gold Mini Options from July 10. 

Positive for the stock. 👍 

🎯 Insecticides India : 

Zonal and territory manager in Chhattisgarh along with 16 distributors and dealers were found indulging in commission of breach of trust, criminal misappropriation and fraud over a period of time thereby causing severe loss to the company worth Rs 20 crore. A complaint has been filed with the superintendent of police.

🎯 Coal India :

India's coal import drops 30% to 48.84 million tonnes in April-June. 

The drop in imports assumes significance in the wake of government mandating state-owned Coal India Ltd (CIL) to replace at least 100 million tonne (MT) of imports with domestically-produced coal in 2020-21. 

Positive for the stock. 👍 

🎯 Shriram Transport Finance : Company fixed an issue price of Rs 570 per share for its Rs 1,500 crore rights issue. 

🎯 Karur Vysya Bank :

The bank has partnered with Star Health & Allied Insurance to sell health insurance products of Star. 

🎯 Lehar Footwears :

The company installed a 600 kilowatts solar plant panel at the rooftop at its Jaipur plant.

🎯 Adani Transmission : 

Promoter SB Adani Family Trust revoked pledge of 20 lakh shares on July 4.

Positive for the stock. 👍 

🎯 Jindal Steel & Power :

Promoter Opelina Sustainable Services released pledge on 8.34 lakh shares or 0.08 percent of the company, and Gagan Infraenergy released pledge on 29,76,846 shares or 0.29 percent of the company.

Positive for the stock. 👍

🎯 Max Financial Services :

IDBI Trusteeship Services Limited has released 12.5 lakh pledged shares of Max Financial Services.

Positive for the stock. 👍 

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp. 

6th July, 2020 Morning Brief

Market will open with  gap up continuing its momentum.

Its a muted start to the new trading week for Asian markets. Investors weigh rising Covid-19 cases against expectations for more policy support.

Futures on the Dow Jones are trading higher by 90 points. Markets were shut in the U.S. on Friday, on account of a holiday.

🎯 News & Impact 🎯 

🎯 Indiabulls Housing Finance Q4FY20 :

Revenue down 32% to Rs 2,954 crore Net profit down 86% to Rs 137 crore Provided for 1% of the total loan book i.e. Rs 700 crore from the P&L account due to Covid-19 Total provisions of Rs 3,741 crore, representing 5.4% of the total loan book.

🎯 Edelweiss Financial Services Q4FY20 : 

Net Interest Income down 57% to Rs 780 crore Net loss of Rs 2,245 crore from net profit of Rs 232 crore. 

Negative for the stock. 

🎯 Power distribution & Utility Stocks : 

Govt likely to hike liquidity package for discoms to Rs 1.25 lakh crore.

Positive for the stock. 👍 

🎯 L&T Finance Holdings : Share purchase agreement with Proud Securities & Credits, signed in November 2019, has been mutually terminated on July 2 due to non-receipt of necessary regulatory approvals in accordance with the terms of agreement.

🎯 AstraZeneca Pharma India : 

Gets permission to import and market in Form CT-20 from the Drug Controller General of India for Dapagliflozin film coated tablet 10 mg. The drug is used in the treatment of heart failure with reduced ejection fraction.

Positive for the stock. 👍 

🎯 Coal India : 

Signs JV agreements with NLC India to develop solar and thermal power assets on a pan India basis. 

Positive for the stock. 👍 

🎯 Uflex : 

Promoter Flex International revoked pledge of 2.8 lakh shares on July 4. 

Positive for the stock. 👍 

🎯 Crest Ventures :

Company acquired approximately 10% stake in CMS IT Services for Rs 6.47 crore. 

🎯 Sun Pharma : 

Promoter Shanghvi Finance revoked pledge of 59.52 lakh shares on June 30. 

Positive for the stock. 👍 

🎯 JSW Energy : 

Promoter JSW Investments released pledge of 75.8 lakh shares on July 1. 

🎯 JSPL : 

Promoter OPJ Trading released pledge of 40 lakh shares between July 1 to 3. 

Positive for the stock. 👍 

🎯 JSW Steel : 

Promoters OPJ Trading released pledge of 2 crore shares between June 30 to July 1.

Positive for the stock. 👍 

🎯 Mercator : 

Anand Rathi Global Finance invoked a pledge on 8.43% stake of the company. 

Positive for the stock. 👍 

🎯 Ajanta Pharma :

Promoter Aayush M Agrawal, Trustee Aayush Agrawal Trust created a pledge on additional 2 lakh shares (0.23% stake) for loans taken for personal business purpose.

Negative for the stock. 

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp 

3rd July, 2020 Morning Brief

Market will open with a gap up continuing yesterday's move ahead with the support of global markets' firmness.

Asian markets have begun the final trading day of the week with gains. A better than expected jobs report in the U.S. overshadowed concerns that new Covid-19 hotspots can disrupt economic recovery.

Wall Street closed higher and the Nasdaq reached an all-time closing high on Thursday as investors headed into their long holiday weekend buoyed by a record surge in payrolls, which provided assurance that the U.S. economic recovery was well under way.

The Dow Jones Industrial Average rose 92.39 points, or 0.36%, to 25,827.36, the S&P 500 gained 14.15 points, or 0.45%, to 3,130.01 and the Nasdaq Composite added 53.00 points, or 0.52%, to 10,207.63.

Crude prices fell on Friday as the resurgence of the coronavirus globally and in the United States, the world’s largest oil consumer, dimmed the prospects of fuel demand recovery.

US adds 4.8 million jobs as unemployment falls to 11.1%. 

China's services sector grows at fastest pace in over a decade in June: Caixin PMI

India's trade deficit with China reduces to $48.66 billion in FY20.

🎯 News & Impact 🎯 

Major Results Today : Indiabulls Housing Finance, SAIL

🎯 HDFC Life : To be replaced vedanta in the Nifty 50 index from July 31.

🎯 JB Chemicals : KKR to acquire controlling stake in the company. Promoters to sell 4.17 crore shares or 54% of the total voting share capital for Rs 3,109 crore.

🎯 Defence Related Stocks : Ministry of Defence cleared proposals worth Rs 38,900 crore on Thursday. This includes acquisitions from Indian industry worth Rs 31,300 crore. The panel also approved proposal to procure 21 Mig-29 plans along with upgrading the existing 59 Mig-29 aircrafts. Positive for HAL, BEL, Bharat Forge, Astra Micro, M&M, Ashok Leyland. 

🎯 Reliance Industries : Intel Corp will invest Rs 1,894.5 crore in JioPlatforms in exchange for a 0.39 percent stake, the latest big-ticket investment in the digital unit of Reliance Industries (RIL). The deal with Intel — the 12th such investment in 11 weeks —takes the total stake that Reliance sold in Jio Platforms to 25.09 percent. Positive for the stock. 👍 

🎯 Cadila Healthcare : Covid-19 vaccine by Zydus gets regulatory approval to initiate Phase I/II human clinical trials in India. The company plans to start human clinical trials in July 2020.                                  Positive for the stock. 👍 

🎯 Arrow Greentech : Subsidiary Avery Pharmaceuticals received licenses from FDCA, Gujarat to manufacture for sale (or for distribution) of drugs for the specific applied drugs. Positive for the stock. 👍 

🎯 HUL and Emami : HUL to rename fair and lovely range of products to glow and lovely while the men's range will be renamed as glow and handsome.

🎯 Axis Bank : To wind down operations of Axis Bank U.K. and target the surrendering of the banking licence by April 2021. Negative for the stock. 

🎯 Affle India: To acquire 8% stake in OSLabs for $2.86 million. OSLabs operates Indus App Bazaar, which is India’s largest independent indigenous apps store and partners with OEMs in India.

🎯 GPT Infra : Gets order worth Rs 102.8 crore from NHAI. Positive for the stock. 👍 

🎯 Compuage Infocom : Zhejiang Dahua Technology appointed company as a distributor partner for its entire distribution range of CCTV surveillance and video management solution products in four major states of India. 

🎯 Excel Industries : Stopped manufacturing activities of its Roha plant till July 5, due to increase in Covid-19 patients near the area.

🎯 Motherson Sumi’s Group Restructuring : Board of Directors approve reorganisation plan. To demerge Domestic Wiring Harness business from Motherson Sumi into a new company, which is in the process of being incorporated into a wholly-owned subsidiary. For every one share of Motherson Sumi, one share of the new company will be allotted.

🎯 Ramkrishna Forgings : Promoter Riddhi Portfolio Services released pledge of 1.6 lakh shares on June 29. Positive for the stock. 👍 

🎯 Max Financial Services : Company created pledge on additional 4.35 lakh shares (0.16 percent) on July 2. Negative for the stock. 

🎯 Nocil : Promoter Mafatlal Industries released pledge of 13.07 lakh shares on July 2. Positive for the stock. 👍 

🎯 NCL Industries : Company created a pledge on additional 70,455 shares (or 0.16 percent stake) for working capital loan. 

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp. 

2nd July, 2020 Morning Brief

Market will open with a gap up today in continuation with yesterday's rally.

Asian markets are trading with gains this morning after positive developments over a potential vaccine for Covid-19. The vaccine development took precedence on investor sentiment over rising infections and tensions over Hong Kong.

The S&P 500 and Nasdaq indexes closed higher on Wednesday to kick off the third quarter as increasing optimism for a safe and effective COVID-19 vaccine eased concerns that another round of business lockdowns was likely.

The Dow Jones Industrial Average fell 77.91 points, or 0.3%, to 25,734.97, the S&P 500 gained 15.57 points, or 0.50%, to 3,115.86 and the Nasdaq Composite added 95.86 points, or 0.95%, to 10,154.63.

The U.S. monthly jobs report will be released later today.

🎯 NBFCs : Finance Ministry rejects NBFC industry’s request for longer-term liquidity assistance. Liquidity instruments under the scheme will have a maturity of only three months again 3 years applied for by the NBFC body to FM.                      NBFCs' bad loans to rise to 5-7% in current fiscal: ICRA                  Negative for the stocks. 

🎯 Infra & Conglomerates : Railways invites proposals from private companies to run passenger trains. Positive move. 

🎯 BSE /MCX : Sebi on Wednesday came out with a set of standard operating procedures for stock exchanges, clearing corporations and depositories to deal with possible defaults by trading or clearing members. 

🎯 REITs, InvITs : SEBI relaxes compliance deadline for REITs, InvITs by extending the regulatory due date for filing and compliance for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InVITs) for the financial year ended March 31. Positive for the stocks. 👍

🎯 ABB Power & Product Systems : Hitachi and ABB announce the formation of Hitachi ABB Power Grids Ltd., after completion of all required procedures as planned. Positive for the stock. 👍 

🎯 Dixon Technologies :            Forays into manufacturing set top boxes. Total investment in the same to be Rs 40-50 lakh. The company expects a revenue of Rs 100-150 crore from the same in FY21. 

🎯 Eveready Industries :                Core categories of batteries and flashlights witnessing healthy demand due to sharp decrease in dumped imports from China and disruptions caused to the unorganised market due to non-availability. 

🎯 Polycab :                      Incorporated a wholly-owned arm in Australia.

🎯 June Auto Sales 

TVS Motor : Overall sales down 33.2% to 1,98,387 units Two-wheeler sales down 32.5% to 1,91,076 units Motorcycle sales down 35.7% to 84,401 units Scooter sales down 33.6% to 84,401 units Exports down 24% to 53,123 units Three-wheeler sales down 46.4% to 7,311 units. Tata Motors : Overall sales down 82% to 25,047 units Domestic sales down 82% to 23,845 units Total Commercial Vehicle sales down 90% to 10,476 units Commercial Vehicle Exports down 78% to 1,202 units M&HCV sales down 92% to 2,117 units Total Passenger Vehicle sales down 61% to 14,571 units.          Ashok Leyland : Overall sales down 81% to 2,394 units M&HCV Truck sales down 90% to 632 units M&HCV Bus sales down 94% to 123 units LCV sales down 63% to 1,639 units. 

🎯 Dish TV : Promoter Direct Media Distribution Ventures invoked pledge of 1.66 crore shares on April 13. Positive for the stock. 👍 

🎯 Eveready Industries : Promoter Williamson Magor invoked pledge of 32 lakh shares on March 6. Positive for the stock. 👍 

🎯 Asian Paints : Promoters released pledge of 27 lakh shares between June 26-29. Positive for the stock. 👍 

🎯 Cyient : Promoters acquired 2.64 lakh shares between June 26-29. Positive for the stock. 👍 

🎯 Adani Ports and SEZ : Promoter Flourishing Trade acquired 7.2 lakh shares on June 30. Positive for the stock. 👍 

🎯 Dr Lal Pathlabs : Promoter Dr Vandana Lal sold 57,584 shares between June 29-30. 

🎯 Quess Corp : Promoter Ajit Isaac acquired 90,000 shares on June 30. Positive for the stock. 👍 

🎯 PSP Projects : Promoter Prahladbhai Patel acquired 60,000 shares between June 26-30. 

Positive for the stock. 👍