26th October, 2020 Morning Brief

Market will open on a flat note today. 

Asian markets have begun the new trading week with modest gains. A stimulus deal in the U.S. remains elusive while new cases are hitting a record for the second straight day.

The S&P 500 and Nasdaq closed modestly higher and Dow Jones closed negative on Friday in choppy trading, with investors keeping a close eye on negotiations on a U.S. stimulus package that would ease the economic shock caused by the coronavirus pandemic.

Futures on the Dow Jones are trading lower by 90 points currently.

🎯 News & Impact 🎯

Major Results Today : 

SBI Life Insurance, Kotak Mahindra Bank

 

🎯 JSW Steel Q2FY21 :

Revenue up 10% to Rs 19,264 crore. Net profit down 37% to Rs 1,595 crore. 

Ebitda up 62% to Rs 4,414 crore. 

Ebitda margin at 22.9% from 15.5%. 

Net debt-Ebitda at 4.73 times from 5.74 times. 

🎯 Tech Mahindra Q2FY21 :

Revenue up 3% to Rs 9,371.8 crore. Net profit up 11% to Rs 1,063 crore. Ebitda up 31% to Rs 1,703 crore. Ebitda margin at 18.2% from 14.3% Declares dividend of Rs 15 per share. 

🎯 Nestle India Q3CY20 :

Revenue up 10% to Rs 3,541.7 crore. Net profit down 1% to Rs 587 crore. Ebitda up 15% to Rs 883.5 crore. Ebitda margin at 24.9% from 23.8%. 

🎯 CDSL Q2FY21 : 

Revenue up 69% to Rs 89.2 crore Net profit up 66% to Rs 48.75 crore Ebitda more than doubles to Rs 54.4 crore Ebitda margin at 61% from 46.7%. 

🎯 Kotak Mahindra Bank & IndusInd Bank : 

Bloomberg News reports that Kotak Mahindra Bank is exploring a takeover of IndusInd Bank, citing people with knowledge of the matter.

🎯 Future Group : 

Directed to put its transaction with Reliance Retail on hold for now after the Singapore International Arbitration Centre passed an interim order.

🎯 Aurobindo Pharma : 

Wholly-owned step-down subsidiary, Natrol LLC, USA has entered into a definitive agreement with New Mountain Capital LLC and its affiliate to dispose of its business assets worth $ 550 million as a going concern with related assets, liabilities, products, brands and employees.

🎯 Vedanta : 

Declares first interim dividend of Rs 9.5 per share. Record date for the same set at October 31. Yielding to nearly 9%. 

Positive for the stock. 👍 

🎯 Asian Granito India :

The company approved subdivision of shares from Rs 10 fully paid up to Rs 2 fully paid up.

🎯 Tata Motors : 

PTI reports that the company has bagged a supply order of 6,413 Tata Ace Gold Mini Trucks from the Andhra Pradesh Government.

🎯 Ashoka Buildcon : Wholly-owned subsidiary gets letter of financial closure from the NHAI for the Kandi-Ramsanpalle four-laning project. The bid project cost is Rs 1,000 crore. 

🎯 Tech Mahindra : 

Wholly-owned subsidiary Tech Mahindra (Singapore) to acquire 100% equity shares in Auckland-based Tenzing Group.

🎯 Redington India : 

Stepdown subsidiary Redington Gulf FZE will acquire the remaining 15.2% stake in Citrus Consulting Services, taking the total stake to 100% for 1.52 lakh dirhams. 

🎯 HFCL : 

Promoter entity MN Ventures acquired further 10 lakh equity shares in the company. 

Positive for the stock. 👍🏻

🎯 MT Educare : 

Promoter Mahesh Shetty to sell up to 42,680 shares via offer for sale on October 26-27. 

Negative for the stock. 👎🏻 

🎯 Sun Pharma : 

Promoters created a pledge of 5.9 lakh shares between October 20-21.

Negative for the stock. 👎🏻

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Edited by Sharp.