31 Jul 20 "Winners always find ways , losers find excuses"
After yesterday's fall Indian markets are likely to open a weak note. Today is start of next month F&O series
SGX Nifty opened positive with minor gains of 30 points
NSE Nifty 50 (P/E 29.46) BSE Sensex (P/E 25.21)
Fii Cash + 207 Crs 😐
Dii Cash - 387 Crs 😕
As per revised guidelines received by SEBI yesterday, Stocks available in existing demat POA will not be considered as margin. New margining system for trading will be live from tomorrow.
Global News
The U.S. economy contracted by an unprecedented annualized rate of 32.9% in the second quarter, the Labor Department reported that the number of Americans applying for initial unemployment benefits edged up to 1.434 million in the week ending July 25
US Indices closed with losses even as Dow Jones recovers over 500 points to close lower by 225 points. Amazon & Apple come out with stand out earnings after hours as technology stocks see buying with 5 stocks hitting US$ 5 trillion club. Bond yields fall to 0.54% even as oil prices see sharp fall in line with US GDP contracting over 30%.
European markets saw heavy selling yesterday, all major indices tanked more than 2% yesterday
Commodities
Brent Crude 43.23 $/brl
Gold tocuhed all time high of INR 53390 on MCX closed 52980
Silver saw a sharp fall of more than 4% closed at Rs 62,370 per Kg
India Stock Markets and Stocks in News
Brokers Radar –
Business Standard
Ø Reliance Jio's profit triples to Rs 2,520 crore in Q1 on tariff hikes
Ø US economy suffers sharpest contraction since the 1940s, shrinks 32.9% in June quarter
Ø US, others hit India for WTO peace clause use
Ø Ministry of corporate affairs notifies investigation rules for cases against NCLT judges
Ø India Inc will only recover by June next year: PwC report
Ø India reserves 110 power plant equipment, services for local companies
Ø Demand from semi-urban India fires up Auto Sector's engines
Business Line
Ø RIL posts 31 % YoY rise in Q1 consolidated net profit at Rs 13,233 crore
Ø HDFC's pre-tax profit dips 9.5% to Rs 3,607 cr in Q1, NII at Rs 3,392 cr
Ø Mexico economy dropped 17.3% in second quarter as coronavirus bites
Ø Shell profits plunge 82% as coronavirus pandemic hits energy demand
Ø ArcelorMittal reports $559 mn loss in June quarter; sales down to $11 bn
Ø AIIB to step up lending in India; plans to approve loans worth $3 billion
Ø Karur Vysya Bank Q1 profit jumps 45% to Rs 105.5 cr as bad loans decline
Mint
Ø Overseas borrowings in Q1 FY21 tumble to 11-quarter low of $3.51 bn
Ø Government mulls tweaking rules to promote larger flow of insurance, pension funds into InvITs
Ø Bank credit to steel industry is still lagging: Seshagiri Rao, JSW Steel
Ø Dabur Q1 net falls 6 per cent to ₹341 cr
Ø Torrent Pharma Q1 standalone net up 34%
Ø Advent to acquire controlling stake in RA Chem Pharma at ₹1,000 cr valuation
Ø Tata Power to cut debt to ₹25,000 crore by March end
Ø Equity AUM rises 21% to ₹7 trillion on rebound in mkts, SIP inflow: Report
Ø Piramal Enterprises net profit rises 11% to ₹495.5 crore in Q1
Ø Lakshmi Vilas Bank's deal with Clix Group delayed
Ø India energy demand improves in June: Report
Deccan Chronicle
Ø CCI clears Adani Power’s 49% stake buy in Odisha Power Generation Corp
Ø German economy plunged 10% during 2nd quarter amid pandemic
Ø Govt imposes safeguard duty on solar cells for one more year till July 2021
Ø Bharat Petroleum bid submission deadline extended for second time
Ø India's economic recovery at risk as COVID-19 surges, dull outlook deepens: Report
Ø Yes Bank takes possession of Anil Ambani Group's Mumbai head office
Insurance Corner
Market News
After yesterday's fall Indian markets are likely to open a weak note. Today is start of next month F&O series
SGX Nifty opened positive with minor gains of 30 points
NSE Nifty 50 (P/E 29.46) BSE Sensex (P/E 25.21)
Fii Cash + 207 Crs 😐
Dii Cash - 387 Crs 😕
As per revised guidelines received by SEBI yesterday, Stocks available in existing demat POA will not be considered as margin. New margining system for trading will be live from tomorrow.
Global News
The U.S. economy contracted by an unprecedented annualized rate of 32.9% in the second quarter, the Labor Department reported that the number of Americans applying for initial unemployment benefits edged up to 1.434 million in the week ending July 25
US Indices closed with losses even as Dow Jones recovers over 500 points to close lower by 225 points. Amazon & Apple come out with stand out earnings after hours as technology stocks see buying with 5 stocks hitting US$ 5 trillion club. Bond yields fall to 0.54% even as oil prices see sharp fall in line with US GDP contracting over 30%.
European markets saw heavy selling yesterday, all major indices tanked more than 2% yesterday
Commodities
Brent Crude 43.23 $/brl
Gold tocuhed all time high of INR 53390 on MCX closed 52980
Silver saw a sharp fall of more than 4% closed at Rs 62,370 per Kg
India Stock Markets and Stocks in News
Brokers Radar –
- Dabur India TGT by CLSA at 500
- Dabur India TGT by City at 494
- JP Morgan overweight on Tata Steel with at 440
- JP Morgan TGT on Reliance Industries at 1860
- CLSA raised Westlife from 370 to 430
- Torrent Pharma CLSA TGT at 2950
- Torrent Pharma TGT by Citi at 2950
- Macquarie TGT on HDFC at 2095
- Credit Swiss TGT on HDFC at 2100
- CLSA TGT on HDFC at 2100
Stocks in NEWS
Results Today : Advanced life, BFutil, BOC, Deepak Fert, Garden silk, IOLCP, OIC, MEP, NIIT, NELCO, MMTC, REPRO, SBI, Tata Chem, Tata Global, Tata Metaliks, UPL and Zydus Wellness
- Future Supply Chain Solutions: Dhunseri Ventures acquired 2.41 lakh shares (0.55%) at Rs 158.1 per share.
- AU Small Finance Bank: Westbridge AIF acquired 59.88 lakh shares (1.95%)
- Satin Creditcare Network: Board approves rights issue worth Rs 120 crore. To issue 2 crore rights shares at Rs 60 per share. The rights issue price is a 24% discount to Thursday's closing price.
- Adani Power: CCI has approved the acquisition of 49% stake in Odisha Power Generation Corporation.
- Indian Overseas Bank: Board approved issuing equity share to a maximum extent of 500 crore equity shares by way of public offer, rights issue and also approved to raise tier-II capital up to Rs 1,500 crore.
- Tata Power: Shareholders give nod to issuance of equity shares to promoter Tata Sons on a preferential basis.
- REC: News reports that the company has asked a contractor to remove a Chinese supplier from a smart meter contract in Jammu and Kashmir to comply with new import regulations. The company said that it is reviewing power contracts to comply with import curbs
- Kesoram Industries: Board approved raising Rs 2,000 crore via debt and equity.
- Rashtriya Chemicals & Fertilizers: Board to consider raising Rs 500 crore via NCDs on August 5.
- Amber Enterprises: To consider raising funds on August 7.
- CSB Bank: Reduced MCLR by 30-40 basis points across various tenors with effect from August 1. One-month MCLR at 7.9% and six month MCLR at 8.6%.
- Zee Entertainment Enterprises promoter Essel Corporate invoked pledge 10.36 lakh shares on July 27
- Emami promoter Diwakar Vinyog released pledge of 40 lakh shares on July 29
- Ruchi Soya Industries promoter Patanjali Ayurveda created pledge of 19.25 crore shares on July 21.
- Mindtree promoters sold 5.1 lakh shares on July 29
Major Results
- Nifty Major Reliance reported Q1 results and meet expectation, may see bit of correction
- HDFC Reported good Q1 Number
- Carborundum Universal Ltd. Q1 Cons: Net profit down -62.6% at Rs. 19.73 cr. Vs Rs. 52.77 cr. (YoY) and Revenue down -33% at Rs. 449.58 cr. Vs Rs. 671.4 cr. (YoY)
- Rail Vikas Nigam Ltd. Q1 Cons: Net profit up 29.2% at Rs. 247.34 cr. Vs Rs. 191.39 cr. (YoY) and Revenue up 23.2% at Rs. 4220.67 cr. Vs Rs. 3427.05 cr. (YoY)
- JK Paper Ltd. Q1 Cons: Net profit down -97.2%
Business Standard
Ø Reliance Jio's profit triples to Rs 2,520 crore in Q1 on tariff hikes
Ø US economy suffers sharpest contraction since the 1940s, shrinks 32.9% in June quarter
Ø US, others hit India for WTO peace clause use
Ø Ministry of corporate affairs notifies investigation rules for cases against NCLT judges
Ø India Inc will only recover by June next year: PwC report
Ø India reserves 110 power plant equipment, services for local companies
Ø Demand from semi-urban India fires up Auto Sector's engines
Business Line
Ø RIL posts 31 % YoY rise in Q1 consolidated net profit at Rs 13,233 crore
Ø HDFC's pre-tax profit dips 9.5% to Rs 3,607 cr in Q1, NII at Rs 3,392 cr
Ø Mexico economy dropped 17.3% in second quarter as coronavirus bites
Ø Shell profits plunge 82% as coronavirus pandemic hits energy demand
Ø ArcelorMittal reports $559 mn loss in June quarter; sales down to $11 bn
Ø AIIB to step up lending in India; plans to approve loans worth $3 billion
Ø Karur Vysya Bank Q1 profit jumps 45% to Rs 105.5 cr as bad loans decline
Mint
Ø Overseas borrowings in Q1 FY21 tumble to 11-quarter low of $3.51 bn
Ø Government mulls tweaking rules to promote larger flow of insurance, pension funds into InvITs
Ø Bank credit to steel industry is still lagging: Seshagiri Rao, JSW Steel
Ø Dabur Q1 net falls 6 per cent to ₹341 cr
Ø Torrent Pharma Q1 standalone net up 34%
Ø Advent to acquire controlling stake in RA Chem Pharma at ₹1,000 cr valuation
Ø Tata Power to cut debt to ₹25,000 crore by March end
Ø Equity AUM rises 21% to ₹7 trillion on rebound in mkts, SIP inflow: Report
Ø Piramal Enterprises net profit rises 11% to ₹495.5 crore in Q1
Ø Lakshmi Vilas Bank's deal with Clix Group delayed
Ø India energy demand improves in June: Report
Deccan Chronicle
Ø CCI clears Adani Power’s 49% stake buy in Odisha Power Generation Corp
Ø German economy plunged 10% during 2nd quarter amid pandemic
Ø Govt imposes safeguard duty on solar cells for one more year till July 2021
Ø Bharat Petroleum bid submission deadline extended for second time
Ø India's economic recovery at risk as COVID-19 surges, dull outlook deepens: Report
Ø Yes Bank takes possession of Anil Ambani Group's Mumbai head office
Insurance Corner
Amazon Pay forays into insurance distribution business
Amazon Pay has forayed into insurance distribution business. The digital payment company has tied up with Acko General Insurance to offer two and four wheeler insurance policies.
The company claims that customers can purchase motor insurance in less than two minutes with no paperwork. In addition, the company will offer additional benefits to Amazon Prime members through discounts.
Have a Good Day
~~~~~~~ sunrisefinservpune@gmail.com~~~~~~ https://sunrisefinserv.in~~~~
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30 Jul 20
Market News
Expect the market to open on a positive note on account of global cues.
FIIs net sellers Rs353 and DIIs net sellers Rs506cr.( Nifty PE 29.6)
Global Cues
US Dow gained 0.6% and S&P 500 surged 1% after the US Fed as Federal Reserve reiterated their support for an economy battered by the Covid 19 . Both US Future and SGX Nifty are trading flat.
European markets witnessed mixed bags lower after swinging between gains and losses amid earnings and ahead of the Federal Reserve’s rate decision. CAC Index (France) gained over half percent while FTSE and DAX (Germany) Index closed flat.
Brokers Radar – Bharti Airtel TGT by CLSA at 690, JP Morgan TGT on Maruti at 6750, Macquarie TGT on Bharti Airtel at 700. Dr Reddy TGT by CLSA at 5000.
Results today Ajanta Pharma, Cholamandalam Investment, Dabur India, Essel Propack, GDL, GE Shipping, HDFC, IFB Industries, ITDC, JM Financial, Laurus Labs, Mahindra Logistic, Max Financial, PEL, Rain Industries, Reliance Industries, SRF, Torrent Pharma, Vaibhav Global and Westlife Development.
Stocks in News
- Ceat reported better than expected Q1 EBITDA and EBITDA margin.
- Bharti Airtel better than expected numbers
- HDFC Life replaced Vedanta Nifty
- TVS Motor results better than expected
- IndiGo reported poor Q1 results
- DRL reported strong1 Q1 results
- Manapuram reported better than expected results
- GMM Pfaudler reported strong number
- Colgate reported better than expected Q1 results
- Heritage Food Q1 net profit Rs96.4cr
- Tata Coffee reported strong Q1 results82% YoY) and income Rs640cr (down 11% YoY)
- Maruti reported poor Q1 results
Other Economic News
Mindspace Business Parks REIT IPO subscribed 13 times on Day 3.Institutional subscription at 10.65 times. Retail subscription at 15.83 times. Institutional category doesn’t include the anchor portion. Issue has been closed.
Government to extend BPCL EoI date for the third time on 30th Sept -
China’s Iron Ore Appetite Pushes Indian Imports to 8-Year High - China’s purchases of iron ore from India rocketed to an eight-year high in the first half of 2020, fueled by supply shocks at major producers and record steel output at the world’s largest steelmaker.- Positive for NMDC.
Reliance clarified to the exchanges over a news article claiming that the company is close to buying Future Group's retail subsidiaries for consideration of Rs27,000cr - RIL clarified to exchanges saying,
IRB Infra major bidder part of Vadodara-Mumbai road projects - IRB Infrastructure has emerged as a preferred bidder for construction of eight lanes of Vadodara - Mumbai Expressway in Gujarat - Positive.
NTPC achieved the highest daily gross generation of 977.07 units – Positive.
GMM Pfaudler has received approval to sign definitive documents with De Dietrich Process Systems India for the acquisition of their Glass Lined Equipment manufacturing facility in Hyderabad – positive., Telangana.
Sadhana Nitrochem: Board approved bonus issue of 1 share for every 2 existing equity shares held. Expected date of credit of bonus shares is Sept. 25.
Omaxe: Board approved enabling resolution for shareholders’ approval to undertake the fund raising activity of up to Rs 500 crore at the forthcoming annual general meeting of the company - Avoid.
ICICI Bank plans to launch QIP Rs15000cr over next few weeks.
S&P Global Ratings. has placed 'BB-' long-term issuer credit rating of Glenmark Pharmaceuticals and it’s notes on Credit Watch with negative implication on growing refinancing risk.- Any fall will be a buying opportunity.
Eicher Motors on Covid-19 impact: As of March 20, the company has successfully cleared all existing inventory of BS-IV motorcycles across channels and dealerships. – Positive for Eicher.
Union Bank of India approved raising Rs 10,300 crore in capital for fiscal 2021.Board approved raising Rs 6,800 crore in equity capital and to raise AT-1 and or Tier-2 bonds not exceeding Rs 9,400 crore. – Positive.
Praj Industries and Automotive Research Association of India have entered into a MoU to jointly drive application development of advanced biofuels that will find usage in industry and transportation. – Positive.
Bharat Forge's board approves raising of Rs500cr via NCDs; ICRA has assigned [ICRA] AA+/ (Negative) rating to the Rs500cr NCD programme. – we are long term positive on Bharat Forge.
Adani Ports receives approval for issuance of senior unsecured notes worth $750M
Government to extend BPCL EoI date for the third time on 30th Sept
NTPC achieved the highest daily gross generation of 977.07 units – Positive.
GMM Pfaudler has received approval to sign definitive documents with De Dietrich Process Systems India for the acquisition of their Glass Lined Equipment manufacturing facility in Hyderabad – positive., Telangana.
Sadhana Nitrochem: Board approved bonus issue of 1 share for every 2 existing equity shares held. Expected date of credit of bonus shares is Sept. 25.
Omaxe: Board approved enabling resolution for shareholders’ approval to undertake the fund raising activity of up to Rs 500 crore at the forthcoming annual general meeting of the company - Avoid.
ICICI Bank plans to launch QIP Rs15000cr over next few weeks.
S&P Global Ratings. has placed 'BB-' long-term issuer credit rating of Glenmark Pharmaceuticals and it’s notes on Credit Watch with negative implication on growing refinancing risk.- Any fall will be a buying opportunity.
Eicher Motors on Covid-19 impact: As of March 20, the company has successfully cleared all existing inventory of BS-IV motorcycles across channels and dealerships. – Positive for Eicher.
Union Bank of India approved raising Rs 10,300 crore in capital for fiscal 2021.Board approved raising Rs 6,800 crore in equity capital and to raise AT-1 and or Tier-2 bonds not exceeding Rs 9,400 crore. – Positive.
Praj Industries and Automotive Research Association of India have entered into a MoU to jointly drive application development of advanced biofuels that will find usage in industry and transportation. – Positive.
Bharat Forge's board approves raising of Rs500cr via NCDs; ICRA has assigned [ICRA] AA+/ (Negative) rating to the Rs500cr NCD programme. – we are long term positive on Bharat Forge.
Adani Ports receives approval for issuance of senior unsecured notes worth $750M
Government to extend BPCL EoI date for the third time on 30th Sept
Unlock 3
What’s Allowed And What’s Not - Under Unlock 3 - Night curfew has been removed, activities such gyms and yoga institutes that are not in containment zones will be allowed to reopen from Aug. 5 while Schools, colleges and other education institutions still can't reopen according to a statement by the Home Ministry. Metro services, cinema halls and swimming pools, entertainment parks, auditoriums, bars, theaters, and other social, political or religious gathering places, will remain closed till Aug. 31.
Maharashtra unlock 3 – Gym & Movie halls to stay shut while the government green-lighted re-opening mails and market complex starting August 5. However, order does not include movie halls, food court, food court – Expects positive for Trent (re-open mails)
NEWS PAPERS
Business Standard
Ø Govt to wind up exports incentive scheme
Ø IL&FS: Deloitte partner banned for 5 years
Ø Telecom industry loses 82 lakh subscribers in April, pressure to continue: Report
Ø Piramal plan to sell non-core glass business to raise funds, eyes $1 billion
Ø Airtel posts Rs 15,933 crore loss in Q1
Ø NTPC achieves highest-ever daily gross generation of 977.07 million units on July 28
Ø India has more scope for policy support despite limited fiscal space: IMF
Ø Wholesale-retail inflation gap in perishables highest during lockdown
Ø YES Bank issues possession notice for Reliance Infra's properties
Ø Sebi extends regulatory norms compliance timeline for RTAs, others
Ø Hong Kong economy shrinks 9% in latest quarter over Covid-19, security law
Ø CIL's coal allocation for non-power sector in Q1 rises 3-fold to 6.66 MT
Mint
Ø Maruti Suzuki posts first quarterly loss in at least 15 years
Ø SpiceJet reports Rs 807.1-cr loss in Q4
Ø Govt weighs job protection to BPCL staff for 3-5 years post-privatisation
Ø India's gloomy economic outlook darkens recovery path
Ø IndiGo posts ₹2,844 crore loss in June quarter
Ø CEAT posts consolidated net loss of Rs 35.24 crore in Q1
Ø Ceat reports net loss of ₹35 cr in June quarter
Ø TVS Motor Company reports ₹139 crore loss in Q1FY21
Ø Fixing power sector stress and economic recovery interlinked: Arvind Subramanian
Ø Auditors raise concern as SpiceJet posts ₹807 crore loss during Q4FY20
Ø Punjab National Bank wins UK court battle over unpaid dues
Ø Mindspace REIT's ₹4,500 cr IPO subscribed 13 times
Deccan Chronicle
Ø ICT tariff case: WTO to set up dispute panels against India on request of Chinese Taipei, Japan
Ø ADB approves $3 million grant to India to combat COVID-19
Ø Dr Reddys PAT down in Q1; to launch COVID-19 drugs in August
Ø Sensex ends 422 points lower, Nifty at 11,200; RIL down 4%
Ø Indian refineries face shutdowns as fuel demand drops
Ø International air travel plunges 98%, cargo demand falters: AAPA
Maharashtra unlock 3 – Gym & Movie halls to stay shut while the government green-lighted re-opening mails and market complex starting August 5. However, order does not include movie halls, food court, food court – Expects positive for Trent (re-open mails)
NEWS PAPERS
Business Standard
Ø Govt to wind up exports incentive scheme
Ø IL&FS: Deloitte partner banned for 5 years
Ø Telecom industry loses 82 lakh subscribers in April, pressure to continue: Report
Ø Piramal plan to sell non-core glass business to raise funds, eyes $1 billion
Ø Airtel posts Rs 15,933 crore loss in Q1
Ø NTPC achieves highest-ever daily gross generation of 977.07 million units on July 28
Ø India has more scope for policy support despite limited fiscal space: IMF
Ø Wholesale-retail inflation gap in perishables highest during lockdown
Ø YES Bank issues possession notice for Reliance Infra's properties
Ø Sebi extends regulatory norms compliance timeline for RTAs, others
Ø Hong Kong economy shrinks 9% in latest quarter over Covid-19, security law
Ø CIL's coal allocation for non-power sector in Q1 rises 3-fold to 6.66 MT
Mint
Ø Maruti Suzuki posts first quarterly loss in at least 15 years
Ø SpiceJet reports Rs 807.1-cr loss in Q4
Ø Govt weighs job protection to BPCL staff for 3-5 years post-privatisation
Ø India's gloomy economic outlook darkens recovery path
Ø IndiGo posts ₹2,844 crore loss in June quarter
Ø CEAT posts consolidated net loss of Rs 35.24 crore in Q1
Ø Ceat reports net loss of ₹35 cr in June quarter
Ø TVS Motor Company reports ₹139 crore loss in Q1FY21
Ø Fixing power sector stress and economic recovery interlinked: Arvind Subramanian
Ø Auditors raise concern as SpiceJet posts ₹807 crore loss during Q4FY20
Ø Punjab National Bank wins UK court battle over unpaid dues
Ø Mindspace REIT's ₹4,500 cr IPO subscribed 13 times
Deccan Chronicle
Ø ICT tariff case: WTO to set up dispute panels against India on request of Chinese Taipei, Japan
Ø ADB approves $3 million grant to India to combat COVID-19
Ø Dr Reddys PAT down in Q1; to launch COVID-19 drugs in August
Ø Sensex ends 422 points lower, Nifty at 11,200; RIL down 4%
Ø Indian refineries face shutdowns as fuel demand drops
Ø International air travel plunges 98%, cargo demand falters: AAPA
Insurance Corner
Best Life Insurance companies and Term plans
Have a Good Day
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29 Jul 20
Market News
Nifty PE 29.87, FIIs net buyers Rs246cr while DIIs net sellers Rs1017cr
US Markets closed lower both Dow and Nasdaq closed ~1% lower.
Europe ended flat
Asian Markets are trading flat, so is SGX Nifty
Gold Steadies After Futures Touch $2,000 for First Time - Gold steadied after a record-breaking rally that saw futures touch $2,000 an ounce for the first time. Silver fell as investors assess whether precious metals rose too high, too fast.
Brokers Radar –
- Nestle CLSA TGT at 16100;Jefferies TGT on Nestle at 16650
- UltraTech Cement TGT by CLSA at 5000 from 4160, UltraTech Cement TGT by Citi at 5000,UltraTech Cement TGT by Jefferies at 4350
- Morgan Stanley overweight on MCX with TGT raised from 1600 to 2000
- CLSA TGT of IndusInd at 600
Results Today - Bharat Forge, Bharti Airtel, Bombay Burmah, Canara Bank, Carboundum Universal, Ceat Ltd, Chambel Fertilizer, Colgate, Dr Reddy, Glaxo Pharma Heritage Foods, Interglobal Aviation, JK Paper, Mahindra Life, Maruti, Manappuram Finance, Navin Fluorine, Omaxe, Rail Vikas, SIS and TVS Motor
Business Standard
Ø World’s 2nd most tracked stock is from India
Ø GDP growth to lose steam from Q3: Report
Ø Sunil Mittal wants govt to save India's tattered telecom sector
Ø India's GDP growth to lose momentum from third quarter : Oxford Economics
Ø Govt proposes to hike confinement expenses payable under ESIC scheme to Rs 7,500
Ø Indian refiners cuts crude processing as fuel demand dips, margins fade
Ø Reliance to pay up to Rs 27,000 cr for Future Group retail chains: Report
Ø UltraTech Cement June quarter profit down 36 per cent to Rs 806 cr
Ø YES Bank's PBT falls to Rs 60 crore in June quarter, NII dips 16.3%
Ø NSE extends withdrawal date of NOW platform following several requests
Ø IndusInd Bank Q1 net profit falls 68% to Rs 461 cr on higher provisioning
Ø NSE introduces trading of T-bills, SDLs in capital market segment
Mint
Ø Govt notification allows NRIs to pick up 100 per cent stake in Air India
Ø Bharat Electronics’ order book at ₹53,752 cr
Ø Nestle India Apr-June net up 11 per cent to ₹486.60 cr
Ø Tata Steel to soon commission first scrap-based plant
Ø Nissan warns of record loss as pandemic hits turnaround
Ø LIC IPO: Govt picks Deloitte, Edelweiss as pre-IPO transaction advisors
Ø Cognizant to acquire Microsoft cloud native company New Signature
Ø RBI’s forecast on NPAs has often missed the mark
Ø IndusInd Bank Q1 net profit falls 68%; to raise ₹3,288 cr via pref issue
Ø ECB tells banks not to pay dividends until Jan 2021 over virus crisis
Ø Fed extends crisis lending programs three months to Dec 31
Financial Express
Deccan Chronicle
Ø World economy’s sputtering recovery threatened by flaring coronavirus
Ø IMF OKs $4.3 billion emergency loan to South Africa
Ø RBL Bank Q1 net profit declines 47 pc to Rs 141 cr on higher provisioning
Ø Gold soars to record high as dollar drops
Ø Sensex rallies over 550 points, Nifty tops 11,300-mark
Ø Oil prices edge higher on expected US stimulus, weak dollar
---- Have a Good Day-------
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28 Jul 20
Market News
I
US Indices close with gains as technology stocks bounce back with Amazon scaling US$ 3050 as banks also join the pullback.Nasdaq jumps over 1.65% with all round breadth showing strength in markets.Bond yields also rise even as Gold prices hit record with Silver also joining the bullion rally.
Asian markets opened in the green led by the South Korean 'Kospi' which saw strong data support bullishness in stocks prices.The undertone remains obstinately bullish despite parallel rise in Gold prices even as Covid 19 related concerns keeps investors wary.For today expect some more data from the Chineses economic activity which should see Chinese mid caps do well.
Nifty saw another volatile session with derivative contracts expiry related swings on both sides.Banks led the losers with the Bank Nifty falling over 3.5% as financials came under the hammer after the RBI report over the weekend projected rise in NPA's.IT & metal stocks lead the gainers with most large cap technology stocks scaling near term 5 month highs.For today expect a positive start with intra day volatility seen ahead of the Thursday expiry for derivative contracts.
Gold rocketed to record peaks at $1,975 on Tuesday while the U.S. dollar plumbed two-year lows as investors wagered the Federal Reserve would reaffirm its super-easy policy outlook this week, and a tolerance for higher inflation. Silver is also making daily new highs
Nonferrous metals on the LME and SHFE moved substantially higher across the board on Tuesday morning, as the US dollar remained weak.
Nonferrous metals on the LME and SHFE moved substantially higher across the board on Tuesday morning, as the US dollar remained weak.
Lead soared 2.5% to lead the gains, tin jumped 2.4%, nickel rose 1.2%, zinc climbed 1.1%, aluminium advanced 0.8% and copper gained 0.5%.
The US dollar index, which measures the greenback against a basket of its peers, hovered around 22-month lows in the morning of Asian trading hours on Tuesday, while oil prices climbed higher.
Consolidated News
Business Standard
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27 Jul 20
- India Says INR30.9B Proposals Approved Under NBFC Liquidity Plan
- Bad Loan Ratio Set to Jump to Two-Decade High at India’s Banks
- Five banks fall short of capital in severe stress situation
- Ex-Central Banker Cautions India Against Deficit Financing
- Ambani Cracks World’s Top Five Richest With $81 Billion Fortune
- Trump Ties Medicare Drug Cost to Rates Paid by Other Nations
- HDFC Bank Chief Puri Sells Shares Worth $113 Million in Lender
- ICICI Bank Profit Rises Helped by Stake Sale, Buffers Increase
- Gained 30.4b rupees via stake sale in insurance units
- JSW Steel Swings to Quarterly Loss as Virus Cuts Output, Demand
- Mill says to raise up to 100 billion rupees to boost liquidity
- India’s Top Coal Power Producer Seeks to Acquire Solar Plants
- India Extends Restrictions on Domestic Flights Until Nov. 24
- Blackstone-Backed Mindspace REIT Gets $354 Million Via Top Funds Brookfield Said to Pick Banks for $500 Million REIT IPO in India
- India Orders Emergency Inspection of Boeing 737 Jets
- India Forex Reserves +$1.3b to Record $517.6b in Week to July 17
- Freak 6,500% Spike in Gold ETF Spurs India’s NSE to Scrap Trades
- India Summer-Sown Rice Area Rises 17% Y/y to 22m Hectares
- Global Funds Buy Net INR4.1B of India Stocks on July 24: NSE
- Domestic funds sell net 10b rupees of stock
- Foreign Investors Buy Net INR21.1B of India Equities on July 23
- Foreigners Sell Net INR29.5B of India Equity Derivatives July 24
- The Message Behind Gold’s Rally: The World Economy Is in Trouble
- Pakistan Allows Alleged Spy to Plead Against Death Penalty
- Fed Meets, Cautious Lockdown Easing: Week Ahead July 27-31
- Tata Steel Proposes Almost 1 Billion-Pound U.K. Rescue: Sky
- Won’t Lift Lockdown Just To Address Economic Concerns: Uddhav Thackeray: PTI
- PM reviews micro creditscheme for street vendors: PTI
- Ambuja Cements (ACEM): 2Q net income +10% y/y to 4.53b rupees, beats est. 3.13b; revenue -27% y/y to 21.8b
- Chennai Petroleum (MRL): 1Q profit 2.72b rupees vs loss 2.33b y/y; revenue -53% y/y to 59.4b
- Cipla (CIPLA): Gets approval for launch of Flavipiravir 200mg in India
- Coromandel International (CRIN): 1Q profit2.5b rupees vs. 624.3m y/y, est. 2.42b; revenue +51% y/y to 32.1b
- Dr Reddy’s Lab (DRRD): Says Co.’s Xeglyze Lotion approved by U.S. FDA
- HDFC Bank (HDFCB): Says MD Puri sells 7.4m shares of HDFC Bank worth 8.4b rupees during July 21-23
- Infosys (INFO): Co-founder Shibulal sold 0.2% of shares in co.
- Interglobe Aviation INDIGO): To Consider Raising of Funds On July 30
- ITC Ltd. (ITC): 1Q net income -26% y/y to 23.4b rupees, est. 21.30b; Revenue -17% y/y to 95b, beats est. 81.06b
- ITC Says Ex-Cigarette FMCG Business Saw Strong Growth in 1Q
- Parag Milk Foods (PARAG): Goldman Sachs sell 1.15m shares of Co.: NSE
- Persistent Systems (PSYS): 1Q net income 900.1m rupees, revenue 9.91b
- Sequent Scientific (SEQ): Agnus Holdings buys 4.4m shares of Co.: BSE
- Supreme Industries (SI): 1Q group profit 405.3m rupees vs 871.2m y/y; revenue -27% y/y to 10.5b
- Zee Entertainment (Z): 4Q loss 7.67b rupees vs. profit 2.92b y/y; Revenue fell 3.4% y/y to 19.5b rupees
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Weekly Wrap
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Economy
- A special funding window has approved an investment of Rs86.76bn for 81 stuck housing projects, in a move that will enable the completion of almost 60,000 homes (BS)
- Tax mop up in the first quarter of the current fiscal is "very encouraging" and indicates that the economy is recovering sooner than what was anticipated at the time of imposition of lockdown, Finance Secretary Ajay Bhushan Pandey said (BS)
- The central government had notified a Rs69.40bn production linked incentive scheme to boost local bulk drug manufacturing and further reduce dependence on imports. Around 53 active pharmaceutical ingredients (APIs) — covering 41 products — have been identified by the government, for which companies will be eligible for financial incentives, provided they set up indigenous greenfield manufacturing (BS)
- The government’s decision to reduce merchant discount rate (MDR) to zero for certain payments has hurt the industry quite negatively and may discourage innovation, a committee on QR (Quick Response) code based payments has said in its report (BS)
- The Central Government has informed the Madras High Court that the former DIPP Secretary Ramesh Abhishek has not applied for the post of Chairman of the Securities and Exchange Board of India (SEBI). The development comes amid speculation that he is one of the top contenders for the post of SEBI chief (BS)
- Striking down the telecom companies’ demand for re-assessment of dues linked to adjusted gross revenue (AGR), the Supreme Court on Monday reserved its order with respect to the Department of Telecommunications (DoT) plea for a 20-year staggered payment timeline for the service providers (BS)
Agriculture & Chemicals:
Banking & Fin:
Building Material:
Capital Goods:
Consumer
Healthcare:
Healthcare:
Telecom:
Mindspace REIT:
Mutual Fund update
SEBI's move to Improve Transparency in Debt Funds
In a bid to improve transparency and disclosure in debt schemes(mainly overnight and Liquid) and investments by mutual funds in corporate bonds, SEBI announced certain measures on Wednesday.
One, it has mandated mutual funds to undertake at least 10 per cent of their total secondary market trades by value (excluding inter scheme transfer trades) in corporate bonds through one-to-many mode on the Request for Quote (RFQ) platform of stock exchanges. Any such transaction executed by a mutual fund with another mutual fund, would also be counted for the 10 per cent requirement.
Two, debt funds will now have to disclose their portfolios and yield (on instruments) information on a fortnightly basis. Currently, such disclosures are made on a monthly basis.
Insurance Corner
Solvency Ratio of Life Insurance companies (till Mar 2019)
Source : IRDAI Annual Report 2018-2019
"The best investment you can make, is an investment in yourself... The more you learn, the more you'll earn.
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- Amazon in Talks to Buy 9.9% Stake in Reliance Retail ET Now reports - Positive
- Wipro to acquire Salesforce Multi-cloud partner 4C for 68mn Euros
- Cadila gets US FDA approval for trials of Desidustat on cancer patient
- ABB India bags country's largest automation order in agro-chemical sector - Positive
- Axis Bank Said To Pick Arrangers For Share Sale to raise 15000 Cr - Positive
- PNC Infratech received Letters of Acceptance from NHAI for 2 EPC Project’s for an aggregate contract value of Rs 1,547.80 crore – Positive.
- YES Bank FPO to transfer the demand account today and listing on Monday
- Maruti Suzuki introduces infotainment system in Ignis Zeta MT & AMT variants - Positive
- Govt’s booster dose for Indian pharma industry to become self- reliant to open 3 mega drug parks soon
- UCO Bank - The board of the state-run bank have approved the proposal to raise equity capital aggregating to Rs 3,000 crore
- Govt. May Miss Budget Targets Due To Covid-19
- Government has also decided to develop three mega bulk drug parks in partnership with states – Positive for major API players like Jubilant Life, Laurus Labs, Granules, Sun Pharma, Ajanta Pharma and Divi’s Lab.
Majors Results Q1- Performance
- Zensar Tech reported better than expected Q1 results and EBIT margin
- AU Bank reported strong Q1 results
- Astec LifeSciences reported strong Q1 results
- ABB reported better than expected Q1 results. EBITDA announced higher than expectation
- HDFC AMC Q1 net profit Rs302.4cr (up 3.6% YoY) and Income Rs491.3cr (down 11% YoY)
- Sterlite Tech Q1 results reported better than expected Q1 results
- PNB Housing reported better than expected Q1 results
- SKF India Q1FY21 results announced disappointment due to lockdown
| In accordance to recently published Regulatory guidelines, the rates for COVID-19 treatment have been revised with effect from 7 |
The revised rates include:
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