Market Update for 22/07/2020: | Street-fluence

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WORLD MARKET

  • Senator Mitch McConnell cast doubt on reaching a fresh rescue bill before some current benefits expire.
  • After the success of a European rescue package this week, focus turns to negotiations in the U.S. between Republicans and Democrats on legislation to prop up the hobbled economy.
  • South Korea slipped into a recession in the second quarter, official data are expected to show Thursday, after its no-lockdown strategy and stimulus failed to offset a slump in exports.

STOCK WISE NEWS

AXIS BANK: Q1FY21 RESULT UPDATE

  • Net Profit Down 19% At 1,112.2 Cr Vs 1,370.1 Cr (YoY)
  • NII Up 20% At 6,985.3 Cr Vs 5,843.7 Cr (YoY)
  • Gross NPA At 4.72% Vs 4.86% (QoQ)
  • Moratorium declined to 9.7% of book vs 25-28%
  • Additional provisions for Covid-19 stand at 733 cr.

GOLDMAN SACHS DOWNGRADES AXIS BANK

GOLDMAN SACHS DOWNGRADES AXIS BANK

CLARIFICATION RELATED TO THE MORATORIUM BOOK FOR AXIS:

BROKERAGE UPDATE FOR AXIS

HUL: Q1FY21 RESULT UPDATE

  • Net Profit Up 7.2% At 1,881 Cr Vs 1,755 Cr
  • Revenue Up 4.4% At 10,560 Cr Vs 10,114 Cr
  • EBITDA Down 0.1% At 2,644 Cr Vs 2,647 Cr
  • EBITDA Margin At 25% Vs 26.2%
  • Personal care revenue down by 12% to 4,039 cr.
  • Volumes contract 8% vs Expectations of 11-13% decline
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Management Commentary:
Seeing some pick-up in demand in the latter half of the quarter
Difficult to estimate market growth and consumer demand
Rural market is more resilient.

BROKERAGE UPDATE FOR HUL

BAJAJ FINSERV: Q1FY21 RESULT UPDATE
– Total Income Up 15.6% to Rs 14192 cr vs Rs 12272.3 cr
– Net Profit Up 43.8% to Rs 1215.2 cr vs Rs 845.3 cr
– General insurance PAT Up 88.1% to Rs 395 cr
– Life insurance PAT Up 109.7% to Rs 130 cr
– Additional loss provision of 1,450 cr in this quarter.
– Gross written premium of general insurance down by 19% to Rs 2,289 cr
– GWP of Life Insurance down 7% to Rs 1,700 cr.

SYNGENE: Q1FY21 RESULT UPDATE:

  • Revenue flat at 421 Cr
  • Good operational performance despite flat revenues
  • EBITDA up 2.4% at 124cr vs 121cr
  • OPM at 29.4% vs 28.7% Up 70 Bps
  • PAT down 19% at 58cr vs 72cr
  • So Q1 revenue growth as guided by the company
  • Co says growth should return from Q2

RELIANCE: delays earnings date, to consider Q1 earnings on July 30. The previous date for board meeting was July 24.

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BEML: Received an order worth 557 crore to sell 1512 Mine Plough for T-90 tanks from MoD.

VEDANTA: Supreme Court to hear government’s plea today against a $ 499 Million Arbitral Award in favour of the company by Delhi HC.

Ex-date for Rights issue in M&M Financial Services

Earnings today: Bajaj Auto, L&T, JSPL, Alembic, ISec, Rallis

AGMs: Alembic Pharmaceuticals (3 p.m.), Aavas Financiers (3:30 p.m.), Bajaj Auto (12:15 p.m.), Bajaj Holdings (4 p.m.), Syngene International (4 p.m.)

FII bought 2250 cr (Big buying)
FIIs buy almost 5000cr in last 3 sessions
1700cr delivery buying in HDFC bank and 1200cr delivery buying in Reliance
Gold- 1857
DXY- 95.02
Crude- 44.12
Copper (LME)6,534.50 +0.72%
Aluminum (LME)1,696.50 +1.92%
Zinc (LME)2,245.00 +2.02%



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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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