25th August, 2020 Morning Brief

Market will continue yesterday's theme of positiveness at the opening on the basis of strong closing in US markets and firm opening in Asian indices.

Asian markets have opened higher on Tuesday after U.S. equities rose to a record on Monday on optimism over a potential treatment for Covid-19.

The S&P 500 and the Nasdaq reached new record closing highs on Monday as optimism over potential medical advances in the war against the coronavirus pandemic pushed all three major U.S. stock indexes higher as U.S. Trade Representative said in a statement that both U.S. and China are committed to the success of their trade agreement.

The Dow Jones Industrial Average rose 378.13 points, or 1.35%, to 28,308.46, the S&P 500 gained 34.12 points, or 1.00%, to 3,431.28 and the Nasdaq Composite added 67.92 points, or 0.6%, to 11,379.72.

🎯 News & Impact 🎯 

🎯 LIC Housing Finance Q1FY21 : Net Interest Income up 2.8% to Rs 1,239.2 crore. Net profit up 33.9% to Rs 817.5 crore. Higher impairment provisions recorded in the base quarter. 

🎯 CDSL : Central Depository Services reduces margin pledge, repledge transaction fees. 

🎯 IT services firm Happiest Minds Technologies has received markets regulator Sebi's approval for an IPO. 

🎯 Axis Bank : Proposes to acquire 17.002% of the equity share capital of Max Life, resulting in a total ownership of 18% post the transaction. 

🎯 Wipro : Wipro announced a partnership with Standard Initial Margin Model (SIMM) vendor, Quaternion Risk Management to offer SIMM-in-a-box to financial institutions covered under Uncleared Margin Rules (UMR). 

🎯 Allcargo Logistics : Promoter group has proposed to delist the company's equity shares and acquire stake held by public shareholders. 

🎯 Phoenix Mills : Promoter group looks to sell 5.8% stake at a floor price of Rs 665 per share, which is an 8.3% discount to Monday's closing price. Promoters can also sell an additional 1.5% stake.

🎯 Future Retail : Pays interest for an amount of $14 million which was due on its U.S. Dollar notes.

🎯 Security and Intelligence Services : Promoters Ravindra Kishore Sinha to sell up to 5.4 lakh shares (0.37% stake) and Rituraj Kishore Sinha to sell up to 2.75 lakh shares (0.19%) to comply with requirement of minimum public shareholding. 

🎯 Greenlam Industries : Received certification for developing laminates that kill up to 99.99% of viruses.

🎯 Ajanta Pharma : Promoter Aayush Agrawal released pledge of 4.83 lakh shares between August 20-21. Positive for the stock. 👍 

🎯 GMR Infra : Promoter GMR Enterprises released pledge of 2.36 crore shares on August 21. Positive for the stock. 👍 

🎯 UFO Moviez : Promoter Apollo International created pledge of 22.66 lakh shares on August 22. Negative for the stock. 

🎯 Chambal Fertilisers and Chemicals : Promoter Zuari Global revoked pledge of 49.5 lakh shares on August 20. Positive for the stock. 👍

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Edited by Sharp.