6th August, 2020 Morning Brief

Market has opened on a positive note today after a volatile session witnessed yesterday. Market will ride  on a wave which will be created by the outcome of RBI Monetary Policy Committee and other expected announcemnt OVER banking and NBFCs.

Asian markets have opened mixed this morning after a three-day gaining streak.

Wall Street’s main indexes rose on August 5 after Disney delivered a surprise quarterly profit, with sentiment aided by signs that a coronavirus fiscal relief package was imminent.

Dow Jones Industrial Average was up 309.55 points, or 1.15 percent, at 27,138.02, the S&P 500 was up 18.13 points, or 0.55 percent, at 3,324.64. The Nasdaq Composite was up 33.04 points, or 0.30 percent, at 10,974.21.

Oil prices hit 5-month high as US crude stockpiles. 

Gold soared to a record high on August 5 as a weakening dollar. 

🎯 News & Impact 🎯 

🎯 Canara Bank Q1 : 

Profit at Rs 406.24 crore versus Rs 329.07 crore, revenue at Rs 6,095.55 crore versus Rs 3,240.61 crore YoY. 

22.7% loan book under moratorium post its Q1 results. 

Negative for the stock. 

🎯 Bharti Airtel : Bloomberg News reports that Telecom Kenya has opted out of the company's proposed network merger.

🎯 Punjab and Sind Bank : 

NPA account worth Rs 32.84 crore of SEW LSY Highways has been declared a fraud and reported to RBI. Negative for the stock. 

🎯 Cera Sanitaryware : 

To discontinue the business operations of its Dubai arm. Expected date of closure is February 2021.

🎯 Vivimed Labs : 

Company received export order for supply of 'Favulous' tablets 200 mg (Favipiravir) that is used for the treatment of mild to moderate cases of COVID-19.

🎯 Alkem Laboratories : 

Launches Favipiravir under the brand name ‘Alfluenza.’

Positive for the stock. 

🎯 JSW Steel : 

Promoter JSW Techno Projects Management released 24,000 pledged shares. 

Positive for the stock. 👍 

🎯 South Indian Bank : 

RBI has given in-principle approval for setting up of a wholly-owned non-financial arm for undertaking activities permitted by RBI.

🎯 Suzlon Energy : Promoter Tanti Holding created pledge of 49 crore shares on August 4. 

Negative for the stock. 👍 

🎯 Max Financial Services : Promoter Max Ventures Investment Holdings revoked pledge of 35.6 lakh shares between August 1-3. 

Positive for the stock. 👍

🎯 Jamna Auto : 

Promoter Map Auto created pledge of 2.61 lakh shares between August 3-4. 

Negative for the stock. 

🎯 Parag Milk Foods : Promoters revoked pledge of 27 lakh shares between July 30 -August 4. 

Positive for the stock. 👍

🎯 Future Enterprises : Promoter Central Department Stores invoked pledge of 41.3 lakh shares on August 4. Positive for the stock. 👍 

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Edited by Sharp.