7th October, 2020 Morning Brief

Market will open on a flat note today after yesterday's rally led by banking stocks. 

Asian markets are fluctuating in mid-week trade after opening lower as U.S. President Donald Trump said that he is ending stimulus talks until after the elections next month.

U.S. stocks ended down more than 1% on Tuesday after President Donald Trump's statement. US trade deficit up to $67.1 billion in August, 14-year high. 

The Dow Jones Industrial Average fell 375.88 points, or 1.34%, to 27,772.76, the S&P 500 lost 47.66 points, or 1.40%, to 3,360.97 and the Nasdaq Composite dropped 177.88 points, or 1.57%, to 11,154.60.

🎯 News & Impact 🎯 

Major Results Today : TCS

🎯 Reliance Industries : Abu Dhabi Investment Authority will invest Rs 5,512.50 crore into Reliance Retail Ventures. Positive for the stock. 👍 

🎯 Dixon Technologies : The company's arm Padget Electronics has been chosen as the domestic mobile phone manufacturing partner in the Production Linked Scheme. Positive for the stock. 👍 

🎯 Bajaj Finance : The company in its September quarter update said that customer franchise at the end of the quarter stood at 44.1 million from 38.7 million last year. The company acquired 1.2 million new customers during the quarter. Positive for the stock. 👍 

🎯 Tata Motors : Bloomberg News reports that JLR is planning to sell U.S. Dollar-denominated bonds, more than seven months after its first attempt stalled due to the impact of Covid-19 on its business in China. JLR is offering notes worth $500 million with Bank of America as the lead global coordinator and Citigroup, Goldman Sachs & JPMorgan acting as other global coordinators. Positive for the stock. 

🎯 PSP Projects : Tender for EPC design and build construction of proposed GIDC Tech-Hub at GIFT City, Gujarat in which the company emerged as L-1 Bidder has been cancelled by authority. Negative for the stock. 

🎯 Ajanta Pharma : Company gets US FDA nod for OCD drug Clomipramine Hydrochloride.

🎯 VA Tech Wabag : Dissolved its Brazilian arm. 

🎯 DHFL : Administrator has filed third application on past frauds. The current application is related to undervaluation and fraudulent nature of certain agreements made by the company during its stake sale in Pramerica Life Insurance to DHFL Investments and few inter-corporate deposits given to certain entities.

🎯 Cox & King's : Enforcement Directorate has arrested Group CFO Anil Khandewal and company’s internal auditors in a money laundering case. Negative for the stock. 

🎯 GMR Infrastructure : Enterprises released pledge of 15.78 crore shares between October 1-5. Positive for the stock. 👍 

🎯 MRF : Promoter Dr. Karun Philip created pledge of 400 shares on September 30. Negative for the stock. 

🎯 Apollo Pipes : Promoter Sameer Gupta created pledge of 4.95 lakh shares on September 25. Negative for the stock.

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Edited by Sharp.