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

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WORLD MARKET-

  • Investors began the week in an upbeat mood, shrugging off concerns about coronavirus infections sweeping across parts of the U.S.
  • A surge in Chinese shares Monday helped push global stocks to their highest since early June, with investors putting their faith in an economic recovery powered by historic government stimulus and readying for the upcoming earnings season.
  • Total volume in the first hour of trading today was 800 billion yuan, which are extraordinary volumes. Full-day (4 hours) volume on Monday was 1.5 trillion, which was the highest in five years.

WORLD EVENTS-

  • The EIA crude oil inventory report comes Wednesday.
  • All eyes will be on the U.S. weekly jobless claims report on Thursday.
  • Singapore holds its general election on Friday.

STOCK WISE NEWS:-

  • Bajaj Finance: Customer franchise as of June 30 stood at 43 million. Acquired 0.5 million new customers during the quarter. New loans booked during the quarter at Rs 1.7 million from 7.3 million. Assets Under Management at Rs 1.38 lakh crore from Rs 1,28,898 crore Capital Adequacy ratio of 26.4%. Consolidated liquidity surplus of Rs 17,600 crore. Deposit book at Rs 20,000 crore from Rs 15,084 crore. AUM under moratorium has reduced to 15.5% from 27% as of April 2020. May consider additional provisioning in Q1FY21 to further strengthen the balance sheet.
  • Godrej Consumer Product: Expect close to mid-single-digit, volume-driven sales growth in the quarter. Demand trends mixed for categories and geographies.
  • Bandhan Bank: Advances up 18% to Rs 71,846 crore Deposits up 35% to Rs 57,082 crore CASA ratio at 37.1% from 34.1% Micro banking loan vertical has shown positive traction subsequent to Unlock 1. Collection efficiency has improved to nearly 70% as on July 3, 2020 Collection efficiency for non-micro banking advances in June at ~84% Liquidity Coverage Ratio at ~159%
  • PVR: Sets the rights issue price at Rs 784 per share, a 25% discount to Monday’s closing price. Rights entitlement ratio set at 7 shares for every 94 held as on the record date of July 10. The rights issue will be open from July 17 to July 31.
  • Shriram Transport Finance- Board approves rights issue worth Rs 1,500 crore. The issue price has been set at Rs 570 per share, which is a discount of 18% to Monday’s closing price. The rights entitlement ratio is set at 3 equity shares for every 26 held on the record date of July 10. Promoter group will fully subscribe to their rights entitlement and will not renounce their rights.
  • Bajaj Auto: Strict lockdown in Aurangabad From July 10-18 due to COVID. The company says All Employees Will Have To Undergo 50% Cut In Wages. Bajaj Auto Will Recover Production Loss Worst-Case By Early August. Q2 Will Be Unaffected For Bajaj Auto Despite Lockdown.
  • Airtel: Launches ‘Priority 4G Network’ For Its Platinum Mobile Customers. All Platinum Customers Will Get Faster 4G Speeds.
  • MCX: Gets Sebi approval, to launch Gold Mini Options from July-10.
Also Read on FinMedium:  July 2020. A. Risk of Second Wave | by Learn & Profit | Jul, 2020

Maharashtra Unlock: Hotels allowed to operate with 33% capacity with effect from July-08.

IT Result calendar:

IT result calendar

FII bought 348 cr
Gold- 1794
Oil- 42.89
DXY- 96.7

Metal Update:
Nickel price on LME at more than 5 mth high
Copper prices at 5 month highs
Recovery in China demand
Supply disruptions at mines in South America

Copper (LME) 6,128.50 +1.85%
Aluminum (LME) 1,634.50 +1.27%
Zinc (LME) 2,063.00 +1.83%



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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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