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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