- The U.S. sanctioned a top member of China’s ruling Communist Party and three other officials over human rights abuses in the western province of Xinjiang — a major escalation in the Trump administration’s increasingly tense rivalry with the country.
- Asian stocks slipped on Friday, paring this week’s gains as a surge in China cooled and concern resurfaced that rising coronavirus cases will hurt the global economic recovery.
- Initial jobless claims in regular state programs fell by 99,000 to 1.31 million in the week ended July 4, which is less than the 1.34 million expected.
- Singapore general elections are today.
STOCK WISE NEWS-
TCS Q1 RESULT:
- U.S. Dollar revenue down 7% to $5,060 million
- Lower revenue weighs on operating margins
- Total Contract Value at $6.9 billion
- Expects gradual recovery over next two quarters
- Revenue growth to be flat only in Q4 on constant currency basis
- Management says clients are neither cancelling contracts nor renegotiating
- All numbers are consolidated and compared on a quarter-on-quarter basis
|U.S. Dollar Revenue||7%||$5.06 Billion|
|Revenue down||4.10%||37322 cr|
|Ebit down||9.70%||9048 cror|
|Net profit down||12.90%||7049|
|BFSI revenue flat||15,282 crore|
|Manufacturing revenue down||7.90%||3884|
|Retail & Consumer Business revenue down||11.50%||5912|
|Communication, Media & Technology revenue down||3.80%||6495|
- Announces the start of their JV with BP, named Reliance BP Mobility.
- The JV has received marketing authorisation for transportation fuels among other necessary regulatory and statutory approvals.
- The JV will begin selling fuels and Castrol lubricants with immediate effect from existing retail outlets which will be rebranded to Jio-BP in due course.
- It aims to expand to 5,500 sites over the next five years from the current 1,400. It also aims to increase its presence to 45 airports from the current 30 going ahead.
PUNJAB NATIONAL BANK: A fraud of Rs 3,688.6 crore is being reported by Bank to RBI in the accounts of the DHFL at a large corporate branch at Mumbai. Bank has already made provisions amounting to Rs 1,246.6 crore, as per prescribed prudential norms.
TATA MOTORS JLR BUSINESS UPDATE:
- Retail sales down 42.4% to 74,067 units
- June retail sales down 24.9% to 35,334 units
- Sales in China, North America were encouraging
June – geography break up
China sales down 7.4% YoY
North America up 2.2% YoY
UK sales down 31.8% YoY
- 95% retailers are open and all plants have resumed manufacturing
- Castle Bromwich facility will resume production in August
- Management commentary is seen optimistic with green shoots in recovery of MoM numbers.
CLSA On Cement:
- Demand has likely fallen 30-40% as compared to earlier expectation of 50-70%
- Prices are up nearly 5.5% on a sequential basis
- Remain cautious in the near-term as most of the recovery is pent-up demand
- Continue to expect a double-digit decline in FY21 demand.
- Expect profitability to decline 3% in FY21 before recovering 10% in FY22
- Raise FY21-23CL Ebitda by 0-16% across coverage to factor in better profitablility.
- Increases CNG prices in Delhi NCR
- CNG price in NCT of Delhi is Revised from 43/kg to Rs 43.80/kg
- Price in Noida,Greater Noida, Ghaziabad is revised from Rs 48.75 to Rs 49.65/ kg.
- Price in Karnal & Kaithal is revised from 50.85 to Rs. 51.85/ kg.
POWER COMPANIES: Gujarat Govt decides to cancel its earlier order allowing higher tariffs to 3 power companies, Tata, Adani and Essar. The cancellation is done on the grounds of public interest.
LIFE INSURANCE: Premium Collection Recovers
June 2020 = MoM Change
SBI Life = +135%
HDFC Life = +111%
Max Life = +111%
ICICI Pru Life = +16.8%
Record Date Rights Issue: PVR, Shriram Transport Finance
RESULT TODAY: IRCTC, SAIL
FII bought 213 cr
Copper (LME) 6,300.00 +1.09%
Aluminum (LME) 1,664.00 -0.06%
Zinc (LME) 2,156.00 +1.17%
(global surge in metal prices continue)