3rd September, 2020 Morning Brief

Market will open on a flat note today after a lacklustre session, yesterday.

Asian markets continue to edge higher, following their U.S. peers amid signs that the rally in global equities is now broadening to sectors beyond technologies.

US markets rose sharply on Wednesday, continuing a strong start to September for the market as traders took profits out of high-flying names like Apple and Tesla and snapped up shares in more beaten-down parts of the market.

The Dow Jones Industrial Average jumped 454.84 points, or 1.6%, to close at 29,100.50. The S&P 500 gained 1.5% to end the day at 3,580.84 while the Nasdaq Composite was higher by 1% at 12,056.44.

FM Sitharaman to meet heads of banks, NBFCs on loan recast today.

U.S. jobless claims for the week, Eurozone retail sales data for July are set to be released today.

🎯 News & Impact 🎯 

🎯 Coal India Q1FY21 : Revenue down 25.9% to Rs 18,486.8 crore. Net profit down 55.1% to Rs 2,079.6 crore. Ebitda down 53.8% to Rs 3,051.8 crore. Ebitda margin at 16.5% from 2 6.5%

🎯 Indigo / Spicejet : Domestic airlines permitted to operate at 60% capacity with immediate effect from 45% earlier. Positive for the stocks. 👍 

🎯 Dr Reddy's Labs : Company gets US FDA nod for anti-bacterial drug, Daptomycin (350 mg).

🎯 Engineers India : Received project contract from GAIL for setting up PDH / PP plant and pipeline at Uran for Rs 448 crore.

🎯 VIP Industries : Sold its land and building of its Haridwar Factory for Rs 25-30 crore to Fresh Pet on ‘as-is-where is’ basis. The operations at the said Haridwar factory have been suspended since March 2020 due to Covid-19.

🎯 Kalpataru Power Transmission : Incorporated a wholly-owned arm in Senegal to foray into transmission and distribution and railways business.

🎯 GOCL Corporation : Promoter Hinduja Capital sold 4 lakh shares on August 31. Negative for the stock. 

🎯 Sequent Scientific : Promoters sold 3.14 lakh shares between August 24-31. Negative for the stock. 

🎯 Jamna Auto : Promoter Map Auto acquired 2.25 lakh shares on August 31. Positive for the stock. 👍 

🎯 Aavas Financiers : Promoter Partners Group sold 25.6 lakh shares on August  31. Negative for the stock. Negative for the stock. 

🎯 Max India : Promoter Max Ventures Investment Holdings released pledge of 91.25 lakh shares on August 31. Positive for the stock. 👍 

🎯 JSW Energy : Promoters revoked 68.6 lakh shares between August 28-31. Positive for the stock. 👍 

🎯 Shilpa Medicare : Promoter Omprakash Inani released pledge of 5.5 lakh shares on September 1. Positive for the stock. 👍 

🎯 JSW Steel : Promoters revoked pledge of 25.8 lakh shares between August 28-31. Positive for the stock. 

🎯 Asahi India Glass : Promoter Brij Mohan Labroo created pledge of 40 lakh shares on August 27. Negative for the stock. 

🎯 Jamna Auto : Promoter created pledge of 2.5 lakh shares on August 31. Negative for the stock. 

🎯 Future Retail : Promoter Future Corporate Resources invoked pledge on 4.5 lakh shares.