7th July, 2020 Morning Brief

Market will open on a flat note today after hitting 4 months high on yesterday.

Asian markets have opened mixed this morning, taking a breather after a strong rally last week that extended to Monday.

US stocks rose sharply on July 6 as a rebound in services industry activity in June and expectations of a revival in China’s economy boosted optimism, helping investors to look past a surge in new coronavirus cases in the United States.

The Dow Jones Industrial Average rose 459.67 points, or 1.78 percent to 26,287.03, the S&P 500 gained 49.71 points, or 1.59 percent, to 3,179.72 and the Nasdaq Composite added 226.02 points, or 2.21 percent to 10,433.65.

🎯 News & Impact 🎯 

🎯 Pharmasuitical Stocks :

Drug Controller General of India has given approval to Mylan's remdesivir 100 mg / vial for restricted emergency use in India. The drug will be launched under the brand name DESREM in India and will be available to patients at a price of Rs 4,800. The price is 80% lower than the branded version of this product available to governments in the developed world.

🎯 Axis Bank : 

SAT has allowed the lender to sell securities in its clearing account to recover dues worth Rs 21 crore in the Modex International Securities case.

Positive. 

🎯 MCX :

Exchange to launch Gold Mini Options from July 10. 

Positive for the stock. 👍 

🎯 Insecticides India : 

Zonal and territory manager in Chhattisgarh along with 16 distributors and dealers were found indulging in commission of breach of trust, criminal misappropriation and fraud over a period of time thereby causing severe loss to the company worth Rs 20 crore. A complaint has been filed with the superintendent of police.

🎯 Coal India :

India's coal import drops 30% to 48.84 million tonnes in April-June. 

The drop in imports assumes significance in the wake of government mandating state-owned Coal India Ltd (CIL) to replace at least 100 million tonne (MT) of imports with domestically-produced coal in 2020-21. 

Positive for the stock. 👍 

🎯 Shriram Transport Finance : Company fixed an issue price of Rs 570 per share for its Rs 1,500 crore rights issue. 

🎯 Karur Vysya Bank :

The bank has partnered with Star Health & Allied Insurance to sell health insurance products of Star. 

🎯 Lehar Footwears :

The company installed a 600 kilowatts solar plant panel at the rooftop at its Jaipur plant.

🎯 Adani Transmission : 

Promoter SB Adani Family Trust revoked pledge of 20 lakh shares on July 4.

Positive for the stock. 👍 

🎯 Jindal Steel & Power :

Promoter Opelina Sustainable Services released pledge on 8.34 lakh shares or 0.08 percent of the company, and Gagan Infraenergy released pledge on 29,76,846 shares or 0.29 percent of the company.

Positive for the stock. 👍

🎯 Max Financial Services :

IDBI Trusteeship Services Limited has released 12.5 lakh pledged shares of Max Financial Services.

Positive for the stock. 👍 

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Edited by Sharp.