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. 👎
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Edited by Sharp.
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