27th August, 2020 Morning Brief

Market will continue yesterday's positiveness at the time of opening amid global firmness because of record level closing on US indices.

Asian markets have opened mixed this morning ahead of a speech from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium.

US stocks surged on Wednesday, pushing the S&P 500 to its fourth straight record closing high, as investors stayed focused on largecap momentum stocks that have outperformed since the onset of the coronavirus pandemic.

The Dow Jones Industrial Average rose 83.48 points, or 0.3 percent, to 28,331.92, the S&P 500 gained 35.11 points, or 1.02 percent, to 3,478.73 and the Nasdaq Composite added 198.59 points, or 1.73 percent, to 11,665.06.

🎯 News & Impact 🎯 

🎯 NACL Industries Q1FY21 : Revenue up 32% to Rs 252 crore. Net profit up 4 times to Rs 5.6 crore. Ebitda up 2.8 times to Rs 18.2 crore. Ebitda margin at 7.2% from 3.4%

🎯 Housing, Construction and Housing Finance Companies : State Governments including Maharashtra government slashes stamp duty to 2% until Dec 2020 to boost demand. Positive for HDFC, Godrej properties, LICHsgFin, Ibulhsgfin, SBI, etc.

🎯 Hindustan Aeronautic : The government will sell up to 15 % stake in the stock via offer for sale (OFS). Positive for the stock. 👍

🎯 Siemens : Board approved sale of company's mechanical drives business to arm for Rs 440 crore.

🎯 Tatamotors : Company declares to become debt free in next 3 years. Positive for the stock. 👍 

🎯 Mahindra & Mahindra : Mahindra and REE Automotive have signed MoU to establish a strategic collaboration for development of electric commercial vehicles.

🎯 ICICI Securities : ICICI Bank to sell up to 2 % stake in ICICI Securities in open market.

🎯 Tobacco and Cigarette Stocks :  PTI reports that a government panel has recommended regulated FDI in tobacco sector and establishing export-only tobacco farms to boost outward shipments. Positive for Godfrey Phillips, ITC, VST ind.

🎯 Infosys : Announced the launch of artificial intelligence driven solution to automate helpdesk operations. To partner with Blue Prism for this venture.

🎯 Coal India : PTI reports that the company has awarded Rs 2,900 crore contract to Belarus-based mining equipment manufacturer Belaz for supply of 96 dumpers with a capacity of 240-tonnes.

🎯 Punjab & Sind Bank : DHFL’s outstanding dues of Rs 815.4 crore have been declared as a fraud and reported to RBI.

🎯 BhartiAirtel : Company and AWS join hands to accelerate digital transformation of businesses in India

🎯 Sun Pharma : Promoters released pledge of 67.55 lakh shares between August 19-24. Positive for the stock. 👍 

🎯 Motherson Sumi : Promoter Samvardhana International released pledge of 1.6 crore shares between August 20-21. Positive for the stock. 👍 

🎯 Apollo Tyres : Promoters revoked pledge of 1.21 lakh shares on August 21. Positive for the stock. 👍

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ 

Edited by Sharp.