6th July, 2020 Morning Brief

Market will open with  gap up continuing its momentum.

Its a muted start to the new trading week for Asian markets. Investors weigh rising Covid-19 cases against expectations for more policy support.

Futures on the Dow Jones are trading higher by 90 points. Markets were shut in the U.S. on Friday, on account of a holiday.

🎯 News & Impact 🎯 

🎯 Indiabulls Housing Finance Q4FY20 :

Revenue down 32% to Rs 2,954 crore Net profit down 86% to Rs 137 crore Provided for 1% of the total loan book i.e. Rs 700 crore from the P&L account due to Covid-19 Total provisions of Rs 3,741 crore, representing 5.4% of the total loan book.

🎯 Edelweiss Financial Services Q4FY20 : 

Net Interest Income down 57% to Rs 780 crore Net loss of Rs 2,245 crore from net profit of Rs 232 crore. 

Negative for the stock. 

🎯 Power distribution & Utility Stocks : 

Govt likely to hike liquidity package for discoms to Rs 1.25 lakh crore.

Positive for the stock. 👍 

🎯 L&T Finance Holdings : Share purchase agreement with Proud Securities & Credits, signed in November 2019, has been mutually terminated on July 2 due to non-receipt of necessary regulatory approvals in accordance with the terms of agreement.

🎯 AstraZeneca Pharma India : 

Gets permission to import and market in Form CT-20 from the Drug Controller General of India for Dapagliflozin film coated tablet 10 mg. The drug is used in the treatment of heart failure with reduced ejection fraction.

Positive for the stock. 👍 

🎯 Coal India : 

Signs JV agreements with NLC India to develop solar and thermal power assets on a pan India basis. 

Positive for the stock. 👍 

🎯 Uflex : 

Promoter Flex International revoked pledge of 2.8 lakh shares on July 4. 

Positive for the stock. 👍 

🎯 Crest Ventures :

Company acquired approximately 10% stake in CMS IT Services for Rs 6.47 crore. 

🎯 Sun Pharma : 

Promoter Shanghvi Finance revoked pledge of 59.52 lakh shares on June 30. 

Positive for the stock. 👍 

🎯 JSW Energy : 

Promoter JSW Investments released pledge of 75.8 lakh shares on July 1. 

🎯 JSPL : 

Promoter OPJ Trading released pledge of 40 lakh shares between July 1 to 3. 

Positive for the stock. 👍 

🎯 JSW Steel : 

Promoters OPJ Trading released pledge of 2 crore shares between June 30 to July 1.

Positive for the stock. 👍 

🎯 Mercator : 

Anand Rathi Global Finance invoked a pledge on 8.43% stake of the company. 

Positive for the stock. 👍 

🎯 Ajanta Pharma :

Promoter Aayush M Agrawal, Trustee Aayush Agrawal Trust created a pledge on additional 2 lakh shares (0.23% stake) for loans taken for personal business purpose.

Negative for the stock. 

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Edited by Sharp