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
CLARIFICATION RELATED TO THE MORATORIUM BOOK 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
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.
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.
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%
