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.