Asian markets have opened mixed at the start of the final trading week of July. Investors are assessing the simmering U.S.-China tensions against the new outbreaks of Covid-19 emerging in Asia.
Wall Street retreated on Friday, heading into the weekend with a broad sell-off due to weak earnings, surging coronavirus cases and geopolitical uncertainties.
The Dow Jones Industrial Average fell 182.44 points, or 0.68%, to 26,469.89, the S&P 500 lost 20.03 points, or 0.62%, to 3,215.63 and the Nasdaq Composite dropped 98.24 points, or 0.94%, to 10,363.18.
🎯 News & Impact 🎯
Major Results Today :
Bharti Infratel, Kotak Mahindra Bank, Tech Mahindra, Marico, Bharat Electronics, United Spirits,
Banks' gross NPA ratio may rise to 12.5% and upto 14.7% in worse conditions by March 2021: RBI
Cautious on the sector.
🎯 The National Commodity and Derivatives Exchange (NCDEX) will launch options in goods for three commodities -- mustard seed, wheat and maize.
🎯 ICICI Bank : Q1
Net Interest Income up 19% while net profit rises 36.3%. Sold 3.96% stake in ICICI Lombard resulting in net gain of Rs 3,036.3 crore in the standalone results.
🎯 Zee Entertainment :
Reports net loss of Rs 766.7 crore. Ebitda loss of Rs 562.5 crore. One-time provision of Rs 343 crore on doubtful recovery of ad, subscription and other assets due to Covid-19. Exceptional loss on account of impairment of goodwill pertaining to digital publishing business at Rs 113.7 crore. Advertising revenue down 15% while subscription revenue up 31%.
Negative for the stock.
🎯 ITC :
Net sales down 17.4% while net profit fell 26% from last year. Ebitda margin at 27.8% from 39.7%. FMCG and Agri business revenue see growth while Cigarette, hotels and paperboards revenue see de-growth. Macquarie says Cigarette volumes declined 40% this quarter.
Negative for the stock.
🎯 JSW Steel :
Reports net loss of Rs 561 crore. Ebitda down 64% while margins declined to 11.4% from 18.7% last year.
Negative for the stock.
🎯 Ambuja Cements :
Revenue down 27% while net profit rises 10% led by tripling of other income compared to last year.
🎯 Chennai Petroleum Corporation Q1 :
Profit at Rs 269.9 crore versus loss of Rs 229 crore, revenue at Rs 2,903 crore versus Rs 10,146.8 crore YoY.
🎯 Coromandel International Q1 :
Profit at Rs 250.57 crore versus Rs 62.43 crore, revenue at Rs 3,213.23 crore versus Rs 2,130.74 crore YoY. Positive for the stock. 👍
🎯 Unichem Labs :
Company gets US FDA nod for Amiodarone Hydrochloride tablet used to treat, prevent irregular heartbeats.
Positive for the stock. 👍
🎯 HDFC :
HDFC Ergo General Insurance’s Gross written premium down 12% to Rs 1,612.9 crore while net premium up 5% to Rs 1,023.7 crore. Net income grew 84% to Rs 138.4 crore, on a year-on-year basis.
Positive for the stock. 👍
🎯 HDFC Bank :
Aditya Puri sold 74.2 lakh shares at a price of Rs 1,135.94 per share.
Negative for the stock.
🎯 Cipla :
Gets regulatory approval from the Drug Controller General of India (DGCI) for the launch of Favipiravir in the country under the brand name Ciplenza. The company will commercially launch the drug in the first week of August at Rs 68 per tablet.
Positive for the stock. 👍
🎯 Aviation Stocks :
Government extends domestic flight restrictions until November 24.
Negative for the sector.
🎯 PTC India Financial :
Company to get tax refund of Rs 134 crore from tax department for AY19-20.
Positive for the stock. 👍
🎯 Reliance Home Finance : Defaulted in payment of principle and interest worth Rs 50.38 crore to Bank of India which was due on June 30 and Rs 80.54 crore to Dena Bank.
Negative for the stock.
🎯 Zee Entertainment Enterprises : Entered into a share purchase agreement with Mantena Aviation LLP and its wholly-owned arm Fly-By-Wire International for transfer of equity shares of the subsidiary in two tranches for Rs 27 crore.
🎯 Emami :
Promoters revoked pledge of 43 lakh shares on July 21.
🎯 Jindal Steel & Power :
Promoter OPJ Trading revoked pledge of 35 lakh shares on July 22.
Positive for the stock. 👍
🎯 JSW Energy :
Promoter Danta Enterprises revoked pledge of 39 lakh shares on July 23.
Positive for the stock. 👍
🎯 Laurus Labs :
Promoter Dr. Satyanarayana Chava released pledge of 5 lakh shares on July 22.
Positive for the stock. 👍
🎯 Dish TV :
Promoter Direct Media Distribution Ventures invoked pledge of 13.2 crore shares on July 24.
Positive for the stock. 👍
🎯 Zee Entertainment Enterprises : Promoter Cyquator Media Services invoked pledge of 61.79 lakh shares between July 15-17.
Positive for the stock. 👍
🎯 Zee Learn :
Promoter Asian Satellite Broadcast invoked pledge of 1.7 crore shares on July 15.
Positive for the stock. 👍
🎯 Zee Media Corporation : Promoter ARM Infra & Utilities invoked pledge of 2.26 crore shares on July 15.
Positive for the stock. 👍
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Edited by Sharp.
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