Market update for 16/07/2020: – Street-fluence

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WORLD MARKET-

  • S&P 500 contracts slipped after the index gained almost 1% on Wednesday amid optimism about progress in developing a vaccine for the coronavirus.
  • Twitter Inc. fell in after-hours trading after accounts of some of America’s most prominent political and business leaders were hacked.
  • While the Chinese economy returned to growth in the second quarter, retail sales in June missed estimates and continues to contract.
  • President Donald Trump has indicated to aides that he doesn’t want to further escalate tensions with Beijing, and has ruled out additional sanctions on top officials for now.
  • It’s shaping up to be a bumper quarter for large banks, with Goldman Sachs on Wednesday reporting the most revenue from trading stocks and bonds in 11 and nine years, respectively. That was after JPMorgan and Citigroup reported their own blow-out quarters for trading profits earlier in the week.
  • Apple Inc. won its court fight over a record 13 billion-euro ($14.9 billion) Irish tax bill in a crushing blow to European Union Competition Commissioner Margrethe Vestager’s crackdown on preferential fiscal deals for companies.

STOCK WISE NEWS-

INFOSYS Q1 RESULT:

  • U.S. Dollar revenue down 2.4% to $3,121 million
  • Revenue up 1.7% to Rs 23,665 crore
  • Ebit up 8.9% to Rs 5,365 crore
  • Ebit margin at 22.7% from 21.2%
  • Net profit down 1.5% to Rs 4,272 crore
  • BFSI Revenue up 2.4% to Rs 7,457 crore
  • Retail revenue down 6.4% to Rs 3,391 crore
  • Communications revenue up 4.9% to Rs 3,165 crore
  • Energy revenue up 1.2% to Rs 3,027 crore
  • Manufacturing revenue down 4.5% to Rs 2,256
  • Digital revenue at $1,389 million (44.5% of total revenue); up 25.5% growth in constant currency terms
  • FY21 revenue growth guidance in the range of 0-2% in constant currency
  • Operating margin in FY21 to be in the range of 21-23%
Brokerage updates on Infosys’s result

State Bank of India: Board approves raising additional tier-I capital up to Rs 4,000 crore and fresh tier-II capital up to Rs 10,000 crore. It will redeem Rs 11,015 crore of existing tier-II bonds with call dates in FY21 and sell new bonds to replace them. The bond sale for redemption will be over and above the proposed tier-II capital raising.

Also Read on FinMedium:  The Most Important Thing - by Howard Marks (Part 2)

Yes Bank: FPO subscribed 24% on day 1. Retail book subscribed 9% while the Qualified Institutional Buyers (QIB) portion was subscribed 66%.

IPO Update: Rossari Biotech’s IPO received 79 times demand on the last day of the offer.

L&T INFOTECH:

  • U.S. Dollar revenue down 4.8% to $390.3 million
  • Revenue down 2.1% to Rs 2,949.2 crore
  • Net profit down 2.4% to Rs 416.6 crore
  • Ebitda up 2.4% to Rs 592 crore
  • Ebitda margin at 20.1% from 19.2%
  • Lower operating expenses aid margins

SUGAR: India hikes MSP on Sugar by 2/kg to now 33/kg. The effect comes in on the 1st of October.

Announcements that happened in Reliance’s AGM:

  • Path to 5G+handset plans with Google.
  • Google comes in a strategic investor
  • Net debt free.
  • Retail blooming further.
  • OTC biz to get new tieups.
  • Jio IPO.
  • New products: VR glasses (Jio Glass)

FII sold 222 cr.
GOLD 1811
CRUDE 43.5
DXY 96.1
Copper (LME) 6,386.00 -1.73%
Aluminum (LME) 1,683.50 -0.30%
Zinc (LME) 2,200.50 +0.27%



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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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