Market Update for 13/07/2020: – Street-fluence

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WORLD MARKET-

  • S&P 500 futures nudged up as investors await banks to report results.
  • Late on Friday, The Hong-Kong Dollar weakened rapidly in its biggest drop since mid-June, when the exchange rate was buffeted by Beijing’s decision to impose laws curbing dissent in the city. The decline was unexpected, given persistent inflows into the former British colony, but may have been triggered by concern about possible financial sanctions and a narrowing of the yield gap between the Hong Kong and U.S. dollars.

WORLD EVENTS-

  • JPMorgan, Bank of America, Wells Fargo, Goldman Sachs, BNY Mellon and Citigroup start the U.S. earnings season.
  • Wednesday brings the Bank of Japan’s policy decision and a Governor Haruhiko Kuroda briefing.
  • The EIA crude oil inventory report is due Wednesday.
  • China releases second-quarter GDP on Thursday as well as key economic indicators for June.
  • The European Central Bank meets to set monetary policy on Thursday, with President Christine Lagarde holding a virtual press conference afterward.

DOMESTIC EVENTS-

  • Reliance AGM on Wednesday.
  • Rossari Biotech IPO opens today.
  • Inflation Rate YoY for June today. Previous rate was 5.9%. Forecast for concensus is 5.1%

STOCK WISE NEWS-

HDFC Bank Ltd. has conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operation involving the unit’s former head, according to people familiar with the matter. Vehicle financing division is 10% of HDFC Bank’s book.

Reliance Industries: Qualcomm Ventures – an investment arm of Qualcomm, will invest Rs 730 crore in Jio Platforms for a 0.15% stake.

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Hindustan Unilever: Bloomberg News reports that Unilever is considering to scale back the potential disposal of its tea business substantially. It may keep some operations in Emerging Markets. Sources say that the group is debating whether to hold on to its tea business in India and Indonesia. Unilever is also considering excluding its stake in a PepsiCo Inc. venture that makes Lipton bottled drinks. Sources say that removing these assets from the sale can reduce the eventual proceeds by several billion pounds. The rest of the business can fetch up to 4-5 billion pounds. Details can be announced as early as this month.

Vodafone Idea: Franklin Templeton says it has received full value of principal along with interest of 8.25% on the company’s bonds. Franklin Templeton received payment of Rs 1,252.44 crore from the company on NCDs. The proceeds will be distributed to unit holders of the segregated portfolios in six fixed income schemes. Franklin Templeton had side pocketed the company’s NCDs in six fixed income schemes.

TRAI blocks Airtel and Voda’s premium plan where priority customers would get better 4G network. Vodafone Idea & Bharti Airtel to write to TRAI against notice blocking premium plans. Both telcos to seek withdrawal of order blocking premiums plans & say offering faster data does not breach NetNeutrality.

Old National Bank & Infosys in strategic partnership for digital solutions

Escorts: The competition Commission of India has approved the acquisition of 9.09% stake in Escorts by Kubota Corporation and of 40% in Kubota Agricultural Machinery India by Escorts.

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Biocon: Gets Drug Controller General of India’s (DGCI) approval to market Itolizumab injection solution for emergency use in India in moderate to severe Covid-19 patients suffering from Cytokine Release Syndrome. The drug will be manufactured and formulated as an intravenous injection at its manufacturing facility in Bengaluru.

BASF India: Board approves acquisition of 100% stake in BASF Performance Polyamides from BASF Nederland B.V. and BASF SE, for a consideration not exceeding Rs 305 crore. BASF Performance Polyamides is into the business of manufacture / trading of performance polyamides and has a manufacturing site in Gujarat.

Thyrocare: Announces completion of 1 lakh Covid-19 tests. Has also started testing for Covid antibodies from June 28, and has done more than 25,000 tests till date.

Avenue Supermarts Q1FY21: (Consolidated yoy)

  • Revenue down 33% to Rs 3,883 crore
  • Net profit down 88% to Rs 40 crore
  • Ebitda down 81% to Rs 111.6 crore
  • Ebitda margin down to 2.9% from 10.3%
  • Value was not on the minds of shoppers during the pandemic
  • DMart Ready sales in Mumbai have grown well
  • Recovered to 80% or more of pre-Covid sales where stores are operating unhindered
  • Discretionary consumption in non-FMCG category remains under pressure, impacting gross margins
BROKERAGE UPDATE FOR AVENUE SUPERMART

IRCTC Q4FY20 : (YoY)

  • Revenue up 17.9% to Rs 586.9 crore
  • Net profit up 79.3% to Rs 150.6 crore
  • Ebitda up 2.9 times at Rs 201.9 crore
  • Ebitda margin at 34.4% from 14.2%
  • Margins higher due to lower other expenses and catering expenses
  • Exceptional gain of Rs 37.4 crore in the base quarter
  • Other expenses down to Rs 41.5 crore from Rs 89.8 crore
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SAIL Q4FY20 : (Consolidated YoY)

  • Revenue down 12.5% to Rs 16,171.8 crore
  • Net profit up 4.8 times to Rs 2,647.5 crore
  • Ebitda up 2.9 times at Rs 6,453.8 crore
  • Ebitda margin at 39.9% from 12%
  • Inventory gain of Rs 4,120.9 crore with respect to byproducts
  • Exceptional loss of Rs 771.8 crore in current quarter due to write-down of inventory
  • Bhilai Steel Plant revenue up 12% to Rs 5,433.56 crore
  • Durgapur Steel Plant revenue down 18% to Rs 2,058.26 crore
  • Rourkela Steel Plant revenue down 23% to Rs 3,183.83 crore
  • Bokaro Steel Plant revenue down 20% to Rs 3,423.46 crore

Clariant Chemicals declared a 140/share exceptional dividend.

Balrampur Chini- Buyback offer opens on July- 20

INFO EDGE: Investee Company Zomato Shares Updates

  • Business is impacted , but on the path to recovery
  • Monthly burn rate to land under $1m in July 2020
  • This compares to a burn rate of $12m in March

There are talks where govt is planning to increase moratorium to December from August.

FII sold 1031 cr
GOLD- 1808
CRUDE- 42.8
DXY- 96.4
Copper (LME) 6,412.00 +1.78%
Aluminum (LME) 1,688.50 +1.47%
Zinc (LME) 2,193.50 +1.74%
(Close of 10/07/2020)



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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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