20th January, 2021 Morning Brief

Market will open on the negative side after start with yesterday's all round bounce on the bourses.

Asian markets are mixed in mid-week trading even as the U.S Dollar extended its retreat.

Dow Futures has recovered from minus 40 and it is trading flat by losing 8 points at 9 am IST. 

Wall Street's main indexes rose on Tuesday as US Treasury Secretary nominee Janet Yellen advocated for a hefty fiscal relief package before lawmakers to help the world's largest economy ride out a pandemic-driven slump. Act big" now to save economy, worry about debt later, Yellen says in Treasury testimony. 

The Dow Jones Industrial Average rose 116.26 points, or 0.38%, to 30,930.52, the S&P 500 gained 30.66 points, or 0.81%, to 3,798.91 and the Nasdaq Composite added 198.68 points, or 1.53%, to 13,197.18.

Oil prices climbed with U.S. stock markets on Tuesday ahead of Joe Biden's inauguration as U.S. president on optimism that more government stimulus will eventually lift global economic growth.

Brent futures for March delivery rose $1.15, or 2.1%, to settle at $55.90 a barrel. 

🎯 News & Impact 🎯 

IRFC IPO Update : Issue subscribed 1.04 times at the close of the second day of bidding.

Major Results Today :

Bajaj Finance, Bajaj Finserv

🎯 ICICI Lombard Q3FY21 (Standalone, YoY) : 

Gross Premium Written up 9% at Rs 4,111.7 crore Vs Rs 3,769.5 crore Net profit up 7% at Rs 313.5 crore Vs Rs 294.1 crore Combined Ratio at 97.9% Vs 98.7%

🎯 Tata Communications Q3FY21 (Consolidated, YoY) :

Revenue flat at Rs 4,222.8 crore Vs Rs 4,228.7 crore. Net profit at Rs 309.4 crore Vs Rs 58.8 crore. 

Positive for the stock. 👍 

🎯 Tata Steel BSL Q3FY21 (Consolidate, YoY) Revenue up 17% to Rs 5881.14 crore vs Rs 5038.11 crore Ebitda up 485% to Rs 1,624.39 crore vs Rs 277.77 crore Ebitda Margins at 27.6% vs 5.5%. 

Net Profit at Rs 913.19 crore vs Net Loss of Rs 501.5 crore. 

🎯 Adani Transmission : Transmission lines are operating at greater than 99.83% availabilities. Added 650 ckt kms to its network during the quarter.

Positive for the stock. 👍 

🎯 Prince Pipes & Fittings : 

Receives first tranche of Rs 26.1 crore from promoter group entity Prince Marketing.

🎯 IIFL Finance : 

Wholly-owned subsidiary IIFL Home Finance enters into a co-lending arrangement with Standard Chartered Bank for extending credit to MSME loans (loans against property).

🎯 Sobha : 

Wholly-owned subsidiary Sobha Highrise Ventures Pvt. ltd. has acquired 100% equity shares of Annalakshmi Land Developers.