8th December, 2020 Morning Brief

Market will open on a flat note today after another record high closing on the bourse.

Asian markets have opened lower this morning as swelling Covid-19 infections led to an overnight drop in U.S. equities.

Futures on the Dow Jones are currently trading 65 points lower.

The Nasdaq closed at a record high on Monday after investors moved into mega-cap growth stocks even as a new round of COVID-19 restrictions underscored the continuing economic impact of the pandemic on the United States.

The Dow Jones Industrial Average fell 149.59 points, or 0.5%, to 30,068.67, the S&P 500 lost 6.4 points, or 0.17%, to 3,692.72 and the Nasdaq Composite added 56.02 points, or 0.45%, to 12,520.25.

Oil prices fell around 1% on Monday as surging coronavirus cases and heightened tensions between the United States and China undermined the positive impact from an OPEC+ deal on production.

India's imports from China dropped 13% in 2020, exports rose 16% says, Chinese customs data.

🎯 News & Impact 🎯 

🎯 Canara Bank : Launches Rs 2,000 crore QIP on Monday. Floor price of Rs 103.5 is a 12% discount to Monday's closing price.

🎯 Titan : Board to request the management of Favre Leuba AG (FLAG) to scale down the operations of the company substantially with immediate effect so that further investments from Titan to FLAG cease as early as possible. FLAG is a wholly-owned subsidiary of Titan and was incorporated in 2012. Titan has made a series of investments aggregating to approximately Rs 275 crore in FLAG, over a period of time for the revival of the Favre Leuba brand and its growth plans however the current COVID-19 pandemic has severely impacted these revival plans and prospects. Titan will make provisions in the current financial year for additional impairments, in addition to the 145 crore already provided for earlier.

🎯 NBCC (India) : Secured the total business worth Rs 324.81 crore in the month of November, 2020.

🎯 Cupid : Received a purchase order from Uttar Pradesh Medical Supplies Corporation for supply of Covid-19 Antigen Based Rapid Test Kits worth Rs 8.27 crore.

🎯 HCC : Defaults on payment of loan worth Rs 1,836.1 crore. Total amount outstanding as on date for fund-based loans at Rs 3,742.4 crore. 

🎯 SMS Pharmaceuticals : Promoter Vamsi Krishna Potluri bought 10.93 lakh shares (1.29%) at Rs 97.67 per share and 42.24 lakh shares (4.99%) at Rs 94.7 per share. Promoter Annapurna Talluri sold 5.06 lakh shares (0.60%) at Rs 97.7 per share. Promoter Veeravenkata Satyanarayana Murthty Talluri sold 42.42 lakh shares (4.99%) at Rs 94.7 per share and 5.86 lakh shares (0.69%) at Rs 97.65 per share.

🎯 Arvind : 

Promoter Arvind Farms sold 3 lakh shares on December 4.

🎯 Max Financial Services : Promoter Max Ventures Investment Holdings sold 3 lakh shares between December 3-4.

🎯 Panama Petrochem : 

Promoter Hussein Rayani acquired 97,446 shares between December 3-7.

🎯 Sequent Scientific : 

Promoter Chayadeep Ventures sold 53,246 shares on December 2.

🎯 Godrej Agrovet : 

Promoter Godrej Industries acquired 36,342 shares on December 1-2.

🎯 Sun Pharma : 

Promoter Shanghvi Finance pledged 10 lakh shares on December 3 in favour of Deutsche Investments India as a security for loan availed by a Subsidiary Company.

Negative for the stock. 

🎯 Future Retail : 

Promoter Future Corporate Resources invoked pledge of 10.02 lakh shares between November 25-26.

🎯 Jindal Steel & Power : 

Promoter Danta Enterprises revoked pledge of 2 lakh shares on December 1.

🎯 Adani Transmission : 

Promoters Gautam Adani and Rajesh Adani revoked pledge of 9 lakh shares on December 4.

Positive for the stock. 

🎯 Asian Granito India : 

Promoter Kamleshbhai Patel created a pledge of 75,000 shares on December 4.