Market Update for 15/07/2020: – Street-fluence

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WORLD MARKET

  • Moderna Inc.’s Covid-19 vaccine produced antibodies in all patients tested in an initial safety trial.
  • U.S. shares closed higher Tuesday in a volatile session, with banks mixed after JPMorgan Chase & Co. reported strong trading results, while Wells Fargo & Co. tumbled.
  • The yen was steady after the Bank of Japan kept its main policy settings unchanged and warned risks to the economy were to the downside. Governor Haruhiko Kuroda will speak at a press briefing later Wednesday.
  • President Donald Trump said he issued an order to end Hong Kong’s special status with the U.S. and signed legislation that would sanction Chinese officials responsible for cracking down on political dissent in Hong Kong, the latest escalation in tensions between the world’s largest economies.
  • Fears of a Hong Kong brain drain are increasing after China moved to tax its citizens’ global income, undermining the financial hub’s appeal to thousands of bankers and other white-collar workers from the mainland. They are being faced with a tax rate as high as 45% — up from about 15% previously.

WORLD EVENTS

  • The EIA crude oil inventory report is due today.
  • 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.
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STOCK WISE NEWS

RELIANCE: Google is in advanced talks to buy a $4 billion stake.

AGM expectations for Reliance are:

  • OIL BIZ- RIL Aramco deal update on stake sale announced last year.
  • O2C business further outlook on growth and investments.
  • JIO Platforms:
    -Update on any more stake sale
    -Scaling Up Broadband Services
    -roadmap to Target of 50 m connections
    Retail: Next in line for big value unlock
    -Update on Stake Sale In Reliance Retail and listing road map
    -JioMart roadmap for Pan India Presence
  • Details on JioMart-Whatsapp partnership benefits

WIPRO: RESULT UPDATE

  • Company reports a 55% dip in travel and hospitality. – – Travel and hospitality revenue contribution down from 16% to 8% QoQ.
  • BFSI revenue down by 9.5%,
  • Retail revenue down by 7.7%
  • Tech & manufacturing up by 7.6%
    Announces Acquisition: To Buy Brazil’s lVlA Servigos De Informitica For $22.4 m (Rs 170 Cr). New CEO Thierry Delaporte says “Profitable growth will be the most important priority on my agenda”. But Company refrains giving guidance for next quarter

OIL INDIA: Receives communication from DoT about withdrawal of Demand Notices amounting to Rs 48,489 Crore issued against the Company for the financial year 2007-08 to 2018- 19

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BHARTI AIRTEL: Company comes in partnership with Verizon to offer range of video conferencing solutions
‘Airtel BlueJeans’ is their answer to Jio Meets.

HDFC AMC: MSCI increases weight after Standard life did stake sale in the company. Effective buying of about 8 lakh shares as of close of 15th July.

YES BANK: FPO Opens Today
Price Band: Rs 12–13/ Share
Company is Looking to raise 15000 Cr
Anchors Investors check in with 4100cr
Yes Bank allots 341.54 cr shares to Anchor investors at the price of Rs 12

INFOSYS: Announces Strategic Partnership with VANGUARD. Together with Infosys, Vanguard will provide a cloud-based recordkeeping platform, enabling greater insights and unprecedented personalization to help deliver for nearly 5 mln participants and 1,500 sponsors.

RESULT EXPECTATION FOR Q1FY21:

  • U.S. Dollar revenue seen 4.6% lower at $3,051 million
  • Revenue seen 1.3% lower at Rs 22,957 crore
  • Ebit seen 3.2% lower at Rs 4,568 crore
  • Ebit margin seen at 20.8% from 21.2%
  • Net profit seen 9.1% lower at Rs 3,941 crore

More factors to watch for:

  • See little sequential cross currency impact
  • Lower revenue to weigh on operating margins
  • Ebit margins to see small benefit from rupee depreciation, cost optimisation
  • Demand in BFSI, manufacturing, retail to remain mixed
  • Potential pricing pressure could weigh on revenue
  • Watch for reinstatement of guidance for FY21
  • Revenue guidance (if given) may be in the range of 0 to -4% for FY21 Eveready Industries: Dabur’s promoters acquired 61.68 lakh shares (8.49%) at Rs 81.8 per share. IL&FS Financial Services sold 51.48 lakh shares (7.08%) at Rs 81.8 per share while Vistra ITCL sold 12.19 lakh shares (1.68%) at Rs 81.85 per share.
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IPO Update: Rossari Biotech gets about three times the demand as compared to the shares offered. The issue closes today.

Q1 Results Today: Infosys, L&T Infotech, Bandhan Bank, Federal Bank

SBI: Shareholders give nod to raise Rs 20,000 crore through FPO, private placement, QIP or any other method thereof.

EMAMI: Transaction completed with Nuvoco for Emami Cement.

FII Sold 1566 cr in Cash and 3184 cr in Derivatives Market
GOLD- 1811
CRUDE- 43.12
DXY- 96.14
Copper (LME) 6,498.50 -1.10%
Aluminum (LME) 1,688.50 -0.09%
Zinc (LME) 2,194.50 -2.96%



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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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