Market Update for 21/07/2020: | Street-fluence

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WORLD MARKET

  • Investors are keeping an eye on Washington, where lawmakers are starting to hammer out the next virus relief plan.
  • Nasdaq 100 jumped to a record after Amazon.com and Zoom Technologies soared on demand for companies that benefit from more people staying at home due to the pandemic.
  • Quarterly earnings gather steam, including Blackstone Group, Microsoft, Roche, Intel, Unilever, Canadian Pacific, UBS, Tokyo Steel, Daimler, Hyundai and Mattel.
  • As of 9:00 AM IST, the European Union has reached an agreement on their 750 billion euro Stimulus.

STOCK WISE NEWS-

MAJESCO: U.S. subsidiary is now sold off to a PR firm, Thoma Bravo LP for a value of $594 million. Majesco will receive $420.66 million for its stake. Shareholders will receive $13.1 in cash for each share which is a steep premium to the current price.

INDIGO– The company had to lay off 10% of its workforce. Impacted people will get a severance package.

ACC Q2CY20 RESULT:

  • Operational numbers are better than expected
  • Volumes were down by 33.3% to 4.8 MT
  • EBITDA Margin at 20.1% from 18.8%
  • Realisation at Rs 5,315 per tonne
  • EBITDA per tonne flat at Rs 1,094
BROKERAGE REVIEW ON ACC

CLSA On Telecom:

  • Raise Our Vodafone Idea AGR Risk Estimate To 12.40/Sh. Downgrade Vodafone Idea To Underperform From Buy, Target Cut To 9.20 v/s 14.
  • For Bharti Airtel, Raise AGR Risk Estimate To `48/Sh.Maintain Buy On Bharti Airtel, But Cut Target To 715 v/s 720.
Also Read on FinMedium:  4 Investing Lessons from Mohnish Pabrai

AGR case is now deferred to August 10.

PVR Limited RE:

  • NIPPON INDIA RETIREMENT FUND buys 20000 shares
  • SUNDARAM BNP PARBAS MF buys 35000 shares
  • SOCIETE GENERALE buys 25641 shares
  • GAOLING FUND L.P sells 31985 shares
  • TAIYO GREATER INDIA FUND sells 19144 shares
  • MULTIPLES PRIVATE EQUITY FUND sells 87000 shares

Biocon Biologics & Voluntis in agreement for global
collaboration on Digital Therapeutics for Insulins.

Jubilant Life: Gets DGCI nod to manufacture and distribute Remdesivir.

HDFCBANK: ET reports that six employees were sacked for corrupt practices in granting loans.

SBI CARDS Q1FY21 RESULT:

Nifty50 rebalance to be effective from July 31st.

Earnings today: Hindustan Unilever, Bajaj Finance, Bajaj Finserv, Axis Bank HDFC Life, ICICI Prudential, SBI Life, Syngene, Tata Elxsi, Polycab, IndiaMART InterMESH, Hindustan Copper, Hindustan Zinc

FII bought 1710
Gold- 1818
DXY- 95.65 (Dollar Breakdown)
CRUDE- 43.35
Copper (LME)6,487.50 +0.61%
Aluminum (LME)1,664.50 +0.18%
Zinc (LME)2,200.50 +0.82%



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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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