14th October, 2020 Morning Brief

Market will start with a negative opening on a cautious note today after a consolidation faced yesterday.

Asian markets have opened lower in mid-week trade, following their peers on Wall Street lower, as earnings season begins and there is no sign of an end to the fiscal stimulus stalemate.

Wall Street lost ground on Tuesday, with halted COVID-19 vaccine trials and an elusive U.S. stimulus agreement weighing on sentiment as third quarter earnings season got underway. While all three major stock indexes closed in the red, Microsoft Corp and Amazon.com helped the mitigate the tech-heavy Nasdaq's loss.

The Dow Jones Industrial Average fell 158.04 points, or 0.55%, to 28,679.48, the S&P 500 lost 22.51 points, or 0.64%, to 3,511.71 and the Nasdaq Composite dropped 12.36 points, or 0.1%, to 11,863.90.

🎯 News & Impact 🎯 

Major Results Today : Infy

🎯 Wipro Q2FY21 : U.S. Dollar revenue up 3.7% to $1,992.4 million. Revenue up 1.2% to Rs 15,096.7 crore. Net profit up 3.1% to Rs 2,465.7 crore. Ebit up 8% to Rs 2,780 crore. Ebit margin at 18.4% from 17.2%. I.T. services revenue guidance for Q3 between 1.5-3.5%. 

🎯 Karnataka Bank Q2FY21: Net Interest Income up 15.3% to Rs 574.9 crore. Net profit up 12.7% to Rs 119.3 crore. Total Covid-19 provisions at Rs 97.99 crore. Gross NPA at 3.97% from 4.64% in the previous quarter. Net NPA at 2.21% from 3% in the previous quarter. Total deposits up 4% to Rs 72,922.6 crore. 

🎯 Wipro : Enters into definitive agreement to acquire engineering services company Eximius Design. It has expertise in semiconductor, software and systems design. 

🎯 Tube Investments: Gets approval from Competition Commission of India to acquire shares of CG Power.

🎯 Adani Green Energy : Gets approval from Competition Commission of India to acquire solar energy generation assets through its JV with Total Solar, Singapore.

🎯 Future Enterprises : Defaulted on payment of interest on NCDs worth Rs 15.14 crore which was due on October 12.

🎯 Jindal Polyfilms : The company has clarified that the proposed BOPP Film Line in Nasik will be worth 44,000 MTPA and will be added by March 2022.

🎯 IRCTC : Bloomberg News reports that the Railways has approved running 196 pairs of trains in the upcoming festive season.

🎯 Punjab and Sind Bank : Three NPA accounts worth 133.46 crore declared as fraud. Bank has made 100% provisioning as per the prudential norms.

🎯 Max Financial Services : Promoter Max Ventures Investment Holdings created pledge of 90,000 shares between October 9-10.