Market Update for 03/07/2020 – Street-fluence

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WORLD MARKET-

  • Investors cheered data showing payrolls rose by 4.8 million in June after an upwardly revised 2.7 million gain in the prior month. Unemployment rate fell to 11.1% .
  • China is warning the U.S., Australia and the U.K. of countermeasures if the countries continue to take actions in response to Beijing’s tough national security law in Hong Kong, saying foreign pressure would “never succeed.”
  • U.S. Markets are shut today.

DOMESTIC EVENT-

  • Rupee had the highest one-day gain in last 3 months. Closed at 75.

STOCK WISE NEWS-

  • HDFC Life: To be included in the Nifty 50 index from July 31. Vedanta to be excluded from the index on account of its proposed delisting. Replacement is also applicable to the Nifty 50 equal weight index.
  • JB Chemicals: KKR to acquire a controlling stake in the company. Promoters to sell 4.17 crore shares or 54% of the total voting share capital for Rs 3,109 crore. The deal will take place in four tranches. An open offer or 2.01 crore shares or 26% of the total voting share capital has been triggered. The open offer aggregates to Rs 1,497 crore at an offer price of Rs 745 per share. The offer price is
  • PI Industries: Launches QIP issue at a floor price of Rs 1,534.24 per share. The floor price is a 2% discount to Thursday’s closing price. The company may offer a discount of not more than 5% on the floor price. Indicative deal size is worth Rs 2,000 crore.
  • Defense Stocks: Bloomberg News reports that the Ministry of Defence cleared proposals worth Rs 38,900 crore on Thursday. This includes acquisitions from the Indian industry worth Rs 31,300 crore. The panel also approved the proposal to procure 21 Mig-29 plans along with upgrading the existing 59 Mig-29 aircrafts. It also approved the procurement of 12 Su-30 MKI Aircraft. Su-30 MKI will be procured from Hindus
  • Cadila Healthcare: Covid-19 vaccine by Zydus gets regulatory approval to initiate Phase I/II human clinical trials in India. The company plans to start human clinical trials in July 2020. Pre-clinical development is successfully completed.
  • MothersonSumi: To demerge Domestic Wiring Harness business from Motherson Sumi into a new company, which is in the process of being incorporated into a wholly-owned subsidiary. For every one share of Motherson Sumi, one share of the new company will be allotted. The new company will eventually be listed.
  • SAIL: Achieved its highest-ever June sales during June’20. Domestic sales and export stood at 12.77 Lakh tonne, a jump of more than 18% YoY. Also recorded its highest-ever exports for any month. It exported 3.4 lakh tonne steel during this period.
    (It also has its March result today)
  • Muthoot Finance: To consider stock split on July 18.
  • NMDC ~ June Production flat at 2.52 mt YoY. Sales down 6.8% to 2.48 mt v/s 2.66 mt YoY. Lump ore prices increase by 8.9% to 2450 v/s 2250 MoM. Fine ore prices increase by 10.2% to 2160 v/s 1960 MoM.
  • Reliance: announces 12th investment in Jio Platforms in last 11 weeks. Intel to invest Rs 1,894.5 cr for a 0.39% stake.
Also Read on FinMedium:  Neuland Labs are a growing pharma company with major export income. The future i...

FII sold- 556 cr.
Gold- 1785
DXY- 97.15
Oil- 42.89
Copper (LME) 6,073.00
Aluminum (LME) 1,621.00
Zinc (LME) 2,044.50

Regards



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Akshada Deo
Akshada posts the daily market updates in a summarized format. Stock Market, Literature, Music, and Design are her passions.
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