17th August, 2020 Morning Brief

Market will open with a gap up today after a pullback on profit booking.

Asian markets have begun the new trading week on the negative note as investors fret over the timing of a stimulus package in the U.S. and souring trade relations between the world's two largest economies.

The S&P 500 ended nearly flat on Friday despite coming close again to its record closing high, as data on the U.S. economy added to uncertainty over the recovery.

The Dow Jones Industrial Average rose 34.3 points, or 0.12%, to 27,931.02, the S&P 500 lost 0.58 points, or 0.02%, to 3,372.85 and the Nasdaq Composite dropped 23.20 points, or 0.21%, to 11,019.30.

RBI Board approves transfer of Rs 57,128 crore dividend to government which is a positive thing concerning liquidity.

🎯 News & Impact 🎯

Sebi fines SBI, LIC, Bank of Baroda for violating mutual fund norms. 

🎯 Glenmark Pharma Q1FY21 : Revenue up 1% to Rs 2,344.8 crore. Net profit more than doubles to Rs 254 crore. Other income rises to Rs 58.5 crore from Rs 1.7 crore Ebitda up 39.8% to Rs 478 crore. Ebitda margin at 20.4% from 14.7%. 

🎯 Trigyn Technologies Q1 : Profit at Rs 17.85 crore versus Rs 15 crore, revenue at Rs 248.86 crore versus Rs 218 crore YoY. 

🎯 The New India Assurance Company Q1 : Profit at Rs 286.47 crore versus Rs 278.11 crore, total income at Rs 6,616.8 crore versus Rs 6,392.1 crore YoY.

🎯 ICICI Bank : Approves allottment of 41.89 crore shares of Rs 2 each to qualified institutional buyers at an issue price of Rs 358 per share. The lender has raised Rs 15,000 crore from the QIP issue. Positive for the stock. 👍 

🎯 India Grid Trust : Sponsor Sterlite Power sold 14.7% stake in India Grid Trust to Institutional and HNI investors at a unit price of 98 per unit aggregating to Rs 840 crore.

🎯 SJVN : Received 100 MW solar project in Gujarat for Rs 2.8 per unit. Cost of construction for this project is pegged at Rs 450 crore. 

🎯 Wipro : Completed the acquisition of Brazil’s I.T. solution company - IVIA Serviços de lnformitica. Welspun Speciality Solutions: Received order worth Rs 19.5 crore for stainless steel pipes and tubes.

🎯 JSW Holdings : Promoter OPJ Trading Pvt Ltd released 70,000 pledged shares. Positive for the stock. 👍 

🎯 Ajanta Pharma : Promoters Aayush M Agrawal, Trustee Aayush Agrawal Trust released 1.38 lakh pledged shares. Positive for the stock. 👍 

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Edited by Sharp.