8th September, 2020 Morning Brief

Market will open on a positive note continuing last half n hour recovery after a volatile day. 

US stock futures and Asian shares regained some footing on Tuesday following a small bounce in European shares as investors looked to whether high-flying US tech shares could recover from their recent rout.

Oil falls more than 1.5% after Saudi cuts prices, China slows imports.

🎯 News & Impact 🎯 

Happiest Minds Technologies: IPO subscribed 2.87 times on Day 1.

🎯 Info Edge Q1FY21 :

Revenue down 10.5% to Rs 280.1 crore.

Net profit up 24.7% to Rs 83.2 crore

Ebitda up 3.5% to Rs 104.6 crore

Ebitda margin at 37.3% from 32.3%

🎯 Dr Reddy's : Announces the launch of Fulvestrant Injection 250 mg/5ml per single-dose syringe, a therapeutic equivalent generic version of Faslodex injection, approved by the U.S. FDA. The Faslodex brand and generic market had U.S. sales of approximately $407 million for the 12-months.

🎯 Aurobindo Pharma : Company gets US FDA nod for Milrinone Lactate used for short-term treatment of heart failure. 

Positive for the stock. 👍 

🎯 Bharat Dynamics : The government proposes to sell up to 10% stake or 1.83 crore shares through an Offer for Sale.

🎯 ITI : Signs MoU with Ilantus Technologies to deliver solutions to government agencies, defence, PSUs and the banking sector. The company has also received a Letter of Intent from Bharti Airtel for fibre-to-home rollout in eight circles across the country. Positive for the stock. 👍

🎯 Dhanuka Agritech : 

Launched two fungicides for grapes farmers.

🎯 HCC : Curreunt default as on August 31 stands at Rs 1,481.4 crore. Total financial indebtedness at Rs 10,339.9 crore.

Negative for the stock. 

🎯 Future Consumer : Has defaulted in payment of principal and interest on NCDs amounting to Rs 22.03 crore due on September 5.

🎯 Ashapura Minechem : 

Promoter entity Ashapura Industrial Finance raised stake in company to 14.63 % from 14.61 %. 

Positive for the stock. 👍 

🎯 Asian Paints : Promoter Sattva Holding and Trading created pledge of 3.57 lakh shares on September 2.

Negative for the stock. 

🎯 Jamna Auto : Promoter Map Auto created pledge of 2.5 lakh shares on September 3.

Negative for the stock. 

🎯 Emami : Promoters released pledge of 10 lakh shares between September 3-4.

Positive for the stock. 👍

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Edited by Sharp.