13th November, 2020 Morning Brief

Market will open on a negative side today after a small correction experienced yesterday.

Wall Street ended lower by more than a percent on Thursday as U.S. coronavirus infections surged and investors weighed the timeline for the mass rollout of an effective vaccine. US weekly jobless claims drop to seven-month low. 

The Dow Jones Industrial Average fell 1.08% to end at 29,080.17 points, while the S&P 500 lost 1.00% to 3,537.01. The Nasdaq Composite dropped 0.65% to 11,709.59.

Oil prices fell in early trade on Friday as a spike in the number of COVID-19 infections raised fears for the global economy and near-term fuel demand, but remained on track for a second straight weekly gain amid hopes for a vaccine.

India September IIP at 0.2% against -8% in August. 

India October retail inflation at 7.61% against 7.27% in September. 

🎯 News & Impact 🎯

Major Results today : ONGC, Tata Steel. 

🎯 Eicher Motors : Company reported profit at Rs 343.3 crore in Q2FY21 against Rs 572.7 crore, revenue declined to Rs 2,133.6 crore from Rs 2,192.5 crore YoY. 

🎯 Sun TV Network :Company reported profit at Rs 335.1 crore in Q2FY21 compared to Rs 368.7 crore, revenue dropped to Rs 768.7 crore from Rs 803.9 crore YoY.

🎯 Grasim Industries : Company reported lower standalone profit at Rs 360.2 crore in Q2FY21 against Rs 526.5 crore, revenue declined to Rs 3,438.2 crore from Rs 4,795.1 crore YoY. Board approved sale of fertiliser operations to Indorama for Rs 2,650 crore. 

Board approves sale of its fertiliser business to Indorama India. The sale will be done on a slump sale basis for a cash consideration of Rs 2,649 crore. The fertiliser business contributed to 3.45% of the total consolidated revenue. The company has also revised its capex guidance for FY21 upwards to Rs 1,852 crore. Positive for the stock. 

🎯 Reliance Industries : Entered into agreement to make a capital contribution of $50 million in Breakthrough Energy Ventures. The capital contribution commitment of $50 million constitutes 5.75% of the size of the fund contemplated at present. The said investment will be made in tranches over the next 8-10 years. The transaction is subject to approval from Reserve Bank of India. Positive for the stock. 👍🏻

🎯 Dr. Reddy's Lab : Announced the launch of Succinylcholine Chloride Injection in the U.S. market. Positive for the stock. 👍🏻

🎯 Biocon : Company gets US FDA nod for eczema drug Tacrolimus. Positive for the stock. 👍🏻

🎯 Sun Pharma : Taro gets US FDA nod for pneumonia drug, Clindamycin Phosphate. Positive for the stock. 👍🏻

🎯 PNC Infratech : CARE Ratings upgraded long-term banking facilities worth Rs 1,700 crore to CARE AA from CARE AA-, with outlook remaining stable.

🎯 Future Lifestyle Fashions : CRISIL downgraded long-term bank facilities and NCDs to CRISIL B from CRISIL BB, with rating watch with negative implications remaining unchanged due to delay in servicing of interest and principal due on November on the company’s NCDs.

🎯 Camlin Fine Sciences : Board has approved setting up of an additional plant at Dahej with production capacity of 6,000 metric ton for manufacturing of ethyl vanillin and allied products for Rs 135 crore.

🎯 Infibeam Avenues : To acquire 33.3% stake in So Hum Bharat Digital Payments for Rs 18 crore. Positive for the stock. 👍🏻

🎯 Sadbhav Infra Projects : NHAI accepts arbitration award amounting to Rs 44 crore for the company's unit Dhule Palesner Tollway.  

🎯 Varroc Engineering : NCLT Mumbai approves amalgamation of Varroc Lighting Systems with the company.

🎯 Generic Engineering Construction and Projects : Company has received order worth Rs 57 crore from Ctrls India Pvt Ltd. 

🎯 NBCC : Gets work contracts worth Rs 905 crore for development of Bharat Vandana Park and IIM Vishakapatnam.

🎯 HFCL : Company promoter MN Ventures acquire. Positive for the stock. 👍🏻

🎯 Just Dial : Promoter Venkatachalam Sthanu Subramani bought 3,12,869 equity shares in the company at Rs 608.87 per share on the NSE. Positive for the stock. 👍🏻

🎯 JSW Energy : Promoters released pledge of 19.1 lakh shares on November 11. Positive for the stock. 👍🏻

🎯 CG Consumer Electricals : Promoter Amalfiaco created pledge of 2.86 crore shares on November 10. Negative for the stock. 

🎯 Hatsun Agro Products : Promoter C Sathyan created pledge of 18.7 lakh shares on November 11. Negative for the stock. 

Edited by Sharp.