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.

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Edited by Sharp.