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. 

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Edited by Sharp.