Asian markets have mostly opened higher at the start of a new trading week, suggesting that the rally which took global equities to new highs after recovering from the lows in March, has more legs to it.
Wall Street advanced on Friday, with technology stocks driving the S&P 500 to its sixth record closing high since confirming a bull market on August 18. The Nasdaq also set an all-time closing high and the blue-chip Dow is now in positive territory year-to-date.
The Dow Jones Industrial Average rose 160.77 points to close at 28,653.04, the S&P 500 gained 23.3 points, or 0.67 and ended at 3,507.85 and the Nasdaq Composite added 70.30 points and settled at 11,695.63.
Japan industrial output rises for second month but retail sales fall again.
South Korea's factory activity grows for second month in a row in July.
Growth in China's factory activity slows in August.
🎯 News & Impact 🎯
🎯 Wockhardt Q1FY21
Revenue down 18% to Rs 598 crore.
Net profit of Rs 760 crore from net loss of Rs 55 crore.
Ebitda loss of Rs 72 crore from Ebitda gain of Rs 1 crore.
Exceptional gain of Rs 1,470 crore from sale of branded generics business to Dr Reddy's.
🎯 Agro Stocks : August receives 25% more rainfall; highest in 44 Years - IMD.
Positive for the rural consumption stocks. 👍
🎯 Reliance Industries / Future : Group to sell its retail, wholesale, logistics and warehousing assets to Reliance Industries' retail arm Reliance Retail Ventures at a value of Rs 27,513 crore. Reliance Retail will take over certain borrowings and current liabilities as part of the business and pay the rest in cash.
Positive for the stocks like Reliance, Future Retail, Future Lifestyle Fashions, Future Consumer, Future Supply Chain Solutions and Future Market Networks. 👍
Biyani’s promoter stake in most the group’s listed companies is pledged - as high as 70% in some of its subsidiaries.
Who will get What?
- To issue nine shares to Future Consumer shareholders for every 10 shares held.
- To issue 116 shares to Future Lifestyle Fashions shareholders for every 10 shares held.
- To issue 18 shares to Future Market Networks shareholders for every 10 shares held.
- To issue 101 shares to Future Retail shareholders for every 10 shares held.
- To issue 131 shares to Future Supply Chain shareholders for every 10 shares held.
🎯 NMDC : The company said in a conference call that the demerger process of its steel plant to take at least 8-9 months. Capex incurred on the steel plant stards at Rs 17,000 crore and pending capex of Rs 4,000 crore.
🎯 RITES : The company announced final dividend of Rs 6 per share in addition to already paid interim dividend of Rs 10 per share. Positive for the stock. 👍
🎯 GAIL : State-owned GAIL India is eyeing expansion in petrochemicals, specialty chemicals and renewables to supplement growth in its core business of natural gas marketing and transportation. Positive for the stock. 👍
🎯 Jubilant Food Works : Jubilant FoodWorks, which operates Dunkin’ Donuts chain in India, has piloted a smaller sized kiosk model for the coffee and baked goods chain in the country and is evaluating opportunities to scale up through the new format.
🎯 ITC : To consider proposal for amalgamation of its three wholly-owned arms - Sunrise Foods, Hobbits International Foods and Sunrise Sheetgrah with itself on September 4.
🎯 CG Power : Lenders of the company have approved Tube Investments' offer as the successful offer, subject to compliances.
Positive for the stock. 👍
🎯 Inox Wind : Board approves raising Rs 200 crore via issue of securities.
🎯 J&K Bank : Board approved raising Rs 3,500 crore via equity and Rs 1,000 crore via NCDs.
🎯 South Indian Bank : To consider raising funds via equity and debt and September 4.
🎯 Indiabulls Ventures : The company said it will raise Rs 588 crore by issuing preferential shares to certain foreign investors.
🎯 Sheela Foam : Promoter Tushaar Gautam sold 10 lakh shares (2.05%) at Rs 1,365 per share. Negative for the stock.
🎯 JSW Steel : Promoter JTPL Metal Traders acquired 22 lakh shares between August 25-26. Positive for the stock. 👍
🎯 Shilpa Medicare : Promoter Omprakash Inani sold 1.39 lakh shares between August 26-27. Negative for the stock.
🎯 Dr Lal Pathlabs : Promoter Dr Arvind Lal sold 1.15 lakh shares on August 26. Negative for the stock.
🎯 Dollar Industries : Promoter Simplex Impex acquired 80,000 shares between August 26-27. Positive for the stock. 👍
🎯 JSW Steel : Promoters created pledge of 80 lakh shares on August 25.
Negative for the stock.
🎯 JSPL : Promoter Danta Enterprises revoked pledge of 59.5 lakh shares between August 25-26.
Positive for the stock. 👍
🎯 Max Healthcare : Promoter Max Ventures released pledge of 15.54 lakh shares between August 25-27.
Positive for the stock. 👍
🎯 Adani Ports : Promoters of Adani Ports and Special Economic Zone have pledged 206.09 lakh shares of the company in favour of Credit Suisse AG to raise Rs 430 crore for a group company. Negative for the stock.
🎯 Adani Enterprises : Adani Enterprises said its promoter SB Adani Family Trust has pledged 5 lakh shares of the firm in favour of SBICAP Trustee Company Ltd for security against borrowing of Rs 500 crore from SBI. Negative for the stock.
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Edited by Sharp.
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