WORLD MARKET-
- Netflix gave a disappointing future outlook for growth in subscriber count. Compared to the 5 million growth figure estimated for Q3, the forecast only came for 2.5 million. Netflix was down by almost 15% at the end of yesterday’s session.
- US initial jobless claims: 1.3M v/s 1.31M from the previous week. Retail Sales grew 7.5% MoM v/s an all-time-high of 18% in May.
- Kweichow Moutai the famous Chinese Liquor brand which is known for its price, fell 8% after People’s Daily accused that High-price alcohols tend to fend corruption in the industry. The fall was so big, it impacted the entire Chinese Stock Market and the SSE 50 Index fell by 4.6%. Other Chinese liquor companies were also affected.
STOCK WISE NEWS-
HCLTECH Q1FY21 RESULT EXPECTATION:
BRITANNIA Q1FY21 RESULT EXPECTATION:
- Revenue to be up by 21% at Rs. 3265 cr
- EBITDA margin expansion from 17.2% from 14.6%
- N.P. seen higher by 58% at Rs 417 crore
(Bloomberg estimates)
HDFC Securities: Brokerage and fee income see a 2x jump in this quarter.
AVIATION: International flights to US and France set to resume from today on an interim basis. India is working on similar agreements with the UK and Germany.
ALKEM LABS: Gets US FDA Nod for Brompheniramine Maleate, Dextromethorphan Hydrobromide. It also gets US FDA nod for Pseudoephedrine Hydrochloride. The combination is used to treat allergy & cold symptoms.
TORRENT PHARMA: Gets US FDA nod for Nystatin, Triamcinolone Acetonide Cream. This is a combination of an Antifungal Medication.
CADILA HEALTHCARE: Zydus gets US FDA nod for Betamethasone Dipropionate Ointment
It is used for treating itching & skin conditions such as Eczema.
SBI: The bank wrote off the following accounts:
TOBACCO: Delhi bans the manufacture, storage, distribution, or sale of tobacco for 1 year. Gutka, pan masala, flavoured/scented tobacco, kharra are banned.
PVR: Rights issue opens today. Rights entitlement to trade from July 17- July 24.
BROKERAGES UPDATES:
- Goldman Sachs raises Biocon’s target to 470 from 377.
- Spark increases Dabur’s target to 525.
- CLSA upgrades Torrent Pharma to Buy, TP 2920. India’s Pharma Market Growth Turns Positive; Chronic A Key Driver was their rationale behind it.
RESULTS TODAY: ICICIGI, Granules, Britannia, HCL Tech
FII sold 1091 cr
GOLD- 1796
DXY- 96.24
CRUDE- 43.38
Copper(LME) 6,436.5 +0.79%
Aluminium(LME) 1,670 -0.77%
Zinc(LME) 2,225 +1.14%
