8th July, 2020 Morning Brief

Market will start with a positive side today after 5th consecutive positive closing of yesterday.

Asian markets are mixed in early trade after benchmarks on Wall Street declined last night. 

US stocks fell on July 7, adding to losses into the close, as investors took profits a day after the S&P 500 logged its longest streak of gains this year and as coronavirus cases rose further.

The Dow Jones Industrial Average fell 396.85 points, or 1.51 percent, to 25,890.18, the S&P 500 lost 34.4 points, or 1.08 percent, to 3,145.32 and the Nasdaq Composite dropped 89.76 points, or 0.86 percent, to 10,343.89.

China's foreign exchange reserves, the highest in the world, expanded to $3.1123 trillion in June. 

🎯 News & Impact 🎯 

🎯 Shree Renuka Sugars Q4FY20 : Revenue down 2.9% to Rs 1,374.8 crore Net loss widens to Rs 145.2 crore from Rs 23.2 crore. 

🎯 Cipla : Company is expected to launch its version of remdesivir in the next one to two days. 

🎯 IndusInd Bank : US-based hedge fund Route One Investment Company has initiated talks with IndusInd Bank to increase its stake in the Hinduja Group-backed lender, which is exploring multiple options to strengthen its Balance Sheet and raise capital. Positive for the stock. 👍 

🎯 Yes Bank : Capital raising committee approves fund raising through a follow on public offer (FPO).

🎯 Adani Ports and SEZ : Board approved raising up to $1.25 billion via dollar denominated foreign currency bonds.

🎯 Green Energy : The UK-based BP plc has said it will invest $70 million in the Green Growth Equity Fund (GGEF) that supports the growing renewable energy sector in India.

🎯 GMR Infra : France's Groupe ADP has infused Rs 4,565 crore, which is the second tranche of investment, in GMR Airports Limited (GAL) to conclude its deal to purchase a total of 49 percent shareholding in the company. Positive for the stock. 👍 

🎯 Birlasoft : Announced its partnership with Innoveo for digital solutions.

🎯 Suzlon Energy : Total default amount stood at Rs 8,292.1 crore as on June 30, and total outstanding from banks and financial institutions were at Rs 13,185.5 crore, as per the restructured resolution plan.

🎯 Magma Fincorp : Magma partnered with Wadhwani Foundation to provide pro-bono business consulting to SME customers.

🎯 Bajaj Electrical : Promoter Vanraj Bajaj invoked pledge of 18.44 lakh shares on July 3. Positive for the stock. 👍 

🎯 Adani Enterprises : Promoter SB Adani Family Trust revoked pledge of 1.12 crore shares between July 4-6. Positive for the stock. 👍 

🎯 Jindal Steel & Power : Promoter revoked pledge of 37 lakh shares between July 3-6. 

🎯 JSW Energy : Promoter Indusglobe Multiventures revoked pledge of 1.5 crore shares on July 2-3. 

🎯 MEP Infra Developers : Promoter AJ Tolls created pledge of 10 lakh shares on July 3. 

🎯 Varun Beverages : Promoter Vivek Gupta released a pledge on 2,06,800 equity shares of the company. Positive for the stock. 👍 

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Edited by Sharp.