20th August, 2020 Morning Brief

Market will open with a gap-down today after a lacklustre session on higher levels.

Asian markets are under pressure this morning after a rise in the U.S. Dollar and a retreat in equities on Wall Street. 

Wall Street ended lower on Wednesday after the Federal Reserve raised concerns that the US economic recovery from the devastating effects of the pandemic faced a highly uncertain path.

Dow Jones Industrial Average closed 85.19 points lower, or 0.31 percent, to 27,692.88, the S&P 500 lost 14.93 points, or 0.44 percent, to 3,374.85 and the Nasdaq Composite dropped 64.38 points, or 0.57 percent, to 11,146.46.

🎯 News & Impact 🎯 

🎯 IRCTC : Government likely to sell stake in IRCTC via offer for sale. Positive for the stock. 👍 

🎯 Hindustan Aeronautics : Centre may sell 5 % stake in Hindustan Aeronautics via offer for sale. Positive for the stock. 👍 

🎯 Zee Entertainment & Yesbank : Bombay High Court has rejected private lender Yes Bank petition to prevent Zee Entertainment from disposing of asset to third party.

🎯 Dr Reddy : Company launched antiviral drug Avigan (favipiravir).

🎯 DLF : The joint venture between Highness the international real estate form and DLF has secured a construction loan of rupees 2600 karod from HDFC Bank. Positive for the stock. 👍 

🎯 IIFL Wealth Management : Board declared a one-time special interim dividend of Rs 40 per equity share. 

🎯 Birlasoft : Promoters Hemlata Shende & PACs sold 40,000 shares of the company. 

🎯 Ramkrishna Forgings : Promoter Riddhi Portfolio released 1 lakh pledged shares. Positive for the stock. 👍 

🎯 Sobha : Promoter group Ravi PNC Menon & PACs raised stake in the company to 3.28 % from 3.27 % earlier.

🎯 Mangalam Cement : Promoter Rambara Trading acquired 1 lakh shares of the company. Positive for the stock. 👍 

🎯 Emami : Promoters Diwakar Viniyog and Bhanu Vyapaar released 99,000 pledged shares. Positive for the stock. 👍 

🎯 Sunflag Iron & Steel : Veena Ravi Bhushan Bhardwaj, part of the promoter group, acquired 10,62,050 equity shares of the company, increasing stake to 1.992 %. Positive for the stock. 👍 

🎯 Future Retail : RBL Bank invoked 1,01,45,000 pledged shares by Future Corporate Resources Pvt Ltd. 

🎯 Future Consumer : 2.33 % stake pledged by Future Capital Investment Pvt Ltd & PACs has been invoked.

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Edited by Sharp.