7th September 2020, Morning Brief

Market will open on a flat note today after Friday's furious fall.

Asian markets have begun the new trading week on a mixed note after the biggest two-day slide in global equities since June left investors on the edge.

The Nasdaq closed lower on Friday though well above its session low as selling eased late in the day after investors dumped heavyweight technology stocks due to concerns about high valuations and a patchy economic

The Dow Jones Industrial Average fell 159.42 points, or 0.56%, to close at 28,133.31, the S&P 500 lost 2811 points, or 0.81%, to 3,426.96 and the Nasdaq Composite dropped 144.97 points, or 1.27% to 11,313.13.

US employment growth slowed further in August and permanent job losses increased as money from the government started running out, raising doubts on the sustainability of the economy's recovery from the deep COVID-19 recession. 

Japanese firms to get subsidies for shifting production from China to India, Bangladesh. 

🎯 News & Impact 🎯 

🎯 NLC India Q1FY21 : Revenue up 29.6% to Rs 2,699 crore. Net profit up 17.3% to Rs 337.9 crore. Ebitda up 80.8% to Rs 961.1 crore. Ebitda margin at 35.6% from 25.5%. Positive for the stock. 👍 

🎯 Happiest Minds garners Rs 316 crore from 25 anchor investors ahead of IPO. 

🎯 Auto sector : Expect vehicle scrappage policy by October: Nitin Gadkari.

🎯 Vodafone Idea : Board approves raising up to Rs 15,000 crore via NCDs and up to Rs 15,000 crore through issue of equity shares or secrities convertible to equity shares.

🎯 REC : Subsidiary received 10 MW solar power project order in Rajasthan. Positive for the stock. 👍 

🎯 Dilip Buildcon : Declared L-1 bidder for a new HAM project worth Rs 1,905 crore. 

🎯 HDFC : Corporation will raise Rs 2,000 crore via 2-year NCDs at 4.95 percent Coupon. 

🎯 Jubilant Industries : Company approved sale of land and building of manufacturing unit at Village Nimbut, Pune for Rs 12.35 crore, and plant and machinery for Rs 0.95 crore to Jubilant Life Sciences. Positive for the stock. 👍 

🎯 NMDC : Hikes Lump Ore prices by 10% month-on-month to Rs 3,250 per tonne while prices of Fines raised 11% month-on-month to Rs 2,960 per tonne. Positive for the stock. 👍 

🎯 Endurance Technologies : The company has stated that it is eligible for extension in export incentives and is entitled to receive Rs 466.4 crore under the scheme. It has already accounted for Rs 128.8. Positive for the stock. 

🎯 GE Shipping : Has contracted to sell its very large carrier. The vessel will be delivered in the third quarter of FY21. 

🎯 ADF Foods : Board approves allotment of 17.5 lakh convertible warrants to promoters and two lakh convertible warrants to non-promoters at Rs 362 per warrant.

🎯 Som Distilleries : Approves 2:1 stock split.

🎯 Fineotex Chemical : Company is in the process of acquiring a plant premise located at additional Ambarnath (near Mumbai) admeasuring approximately 4 acres and proposed deployment would be approximately Rs 27 crore for this project. 

🎯 Shalby : Company acquired 100 percent stake in Slaney Healthcare from Zodiac Mediquip for Rs 11.21 million.

🎯 KPI Global Infrastructure : Company signed new long term Power Purchase Agreement (PPA) with Oriilon India, Surat for sale of 2 MW solar power for a period of 20 years under Independent Power Producer (IPP) business vertical. Positive for the stock. 👍 

🎯 Ratnamani Metals & Tubes : Company received 2 domestic orders aggregating to Rs 190 crore in Carbon Steel Division of the company for the supply of coated CS Pipes for Oil & Gas Sector to be completed between December, 2020 to June, 2021. Positive for the stock. 👍 

🎯 Vaksons Automobiles : Board approved bonus issue in the ratio of 3:5. Positive for the stock. 👍 

🎯 Tata Motors DVR : Promoter Tata Sons acquired 53 lakh shares (1.04%) at Rs 56.02 per share. Positive for the stock. 👍 

🎯 CL Educate : Promoter group entity Gautam Puri HUF acquired 8,462 shares in company and Satya Narayanan R, chairman and executive director bought 21,853 shares. Positive for the stock. 👍 

🎯 Indo Tech Transformers : Promoter Prolec GE International, S.De. R.L. De C.V. sold 73.66 lakh equity shares in company (representing 69.36 percent of total paid up equity) to Shirdi Sai Electricals via off market transaction and reduced stake to 4.98 percent now. Negative for the stock. 

🎯 Sobha : Promoter Ravi PNC Menon & PACs acquired 10,000 shares in company on September 4, raising stake to 3.3 percent from 3.29 percent earlier. Positive for the stock. 👍 

🎯 Mangalore Chemicals & Fertilizers : Promoter Adventz Finance & PACs acquired 16 lakh shares (or 1.35 % of total paid up equity) in company, raising stake to 3.43 %. Positive for the stock. 👍 

🎯 Aurobindo Pharma : Promoters created pledge of 67 lakh shares on September 9. Negative for the stock. 

🎯 Adani Ports & SEZ : Promoter SB Adani Family Trust released pledge of 3.23 crore shares between August 31-September 3. Positive for the stock. 👍 

🎯 Adani Green Energy : Promoter Adani Trading Services released pledge of 1.25 crore shares on September 3. Positive for the stock. 👍 

🎯 Emami : Promoter entities Suntrack Commerce & Diwakar Viniyog released company's 10 lakh pledged shares. Positive for the stock. 👍 

🎯 Menon Bearings : Promoter Menon United released pledge of 20 lakh shares on September 4. Positive for the stock. 👍 

🎯 Max India : Promoter Max Ventures Investment Holdings released pledge of 10 lakh shares from September 2-3. Positive for the stock. 👍 

🎯 JB Chemicals & Pharma : Promoter Tau Investment created pledge of 77.28 lakh shares from August 31 - September 1. Negative for the stock. 

🎯 PSP Projects : Promoter Prahaldbhai Shivrambhai Patel increased stake in company to 51.40 % from 51.37 % earlier. 

🎯 Jamna Auto Industries : Promoter entity Map Auto created a pledge on 2.5 lakh shares as a margin. Negative for the stock. 

🎯 Sun Pharma : Promoter group entity Smt. Kumud S Shanghvi released 2 lakh pledged shares. Shanghvi Finance released 3.1 lakh pledged shares. Negative for the stock. 

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