Market Update for 23/07/2020: | Street-fluence

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WORLD MARKET

  • Shares rebounded modestly in Hong Kong, after news of the U.S. ordering China’s Houston consulate to shut hit markets on Wednesday.
  • Shares of Microsoft Corp. dropped and Tesla Inc. surged after the companies released earnings following the close of regular trading.
  • Tesla posted a fourth consecutive quarterly profit, a milestone that paves the way for the electric car-maker to join the ranks of the blue-chip S&P 500 Index. (Tesla currently is not a part of S&P 500).
  • Pfizer Inc. shares rallied after saying the government ordered up to 600 million doses of its vaccine candidate against Covid-19.
  • Trump administration officials are said to be discussing a short-term extension of unemployment insurance before the benefits lapse.
  • The Australian government is preparing to announce the nation’s biggest budget deficit since World War II today. Business investment is set to plunge this fiscal year, smothered by the economic shutdown and a renewed lockdown in Victoria.

WORLD EVENTS

  • Federal Reserve Interest rate decision will be announced on July 29 post Indian Markets.
  • U.S. Weekly Job claims is expected today.

DOMESTIC EVENT

  • Rossari BioTech to debut on bourses today. Its issue saw an overwhelming response. Subscribed 79x at Issue Price of Rs 425.
Also Read on FinMedium:  Want a smoother ride? Diversify your investment style!

STOCK WISE NEWS

VodaIdea: Tax Relief for the company as SC Directs For Tax Refunds Of Rs 833 Cr. SC dismisses plea By I-T Department challenging HC Order Directing Refund Of 833 Cr.

GLENMARK PHARMA: Phase 3 clinical trial of antiviral drug FAVIPIRAVIR in mild to moderate COVID patients demonstrated significantly faster time to clinical improvement. Patients given Favipiravir showed 40% faster recovery

L&T Q1FY21 RESULT UPDATE: (YoY CONS)

  • PAT Down 79.4% At 303 Cr Vs 1,473 Cr
  • Revenue Down 28.3% At 21,260 Cr Vs 29,636 Cr
  • EBITDA Down 47.2% At 1,620.5 Cr Vs 3,068.3 Cr
  • Margin At 7.6% Vs 10.3%
  • Order Inflow down to 23,574 Vs 57,785 Cr In Q4
  • No FY21 guidance
BROKERAGE COLLATION FOR LT

RALLIS INDIA Q1FY21 RESULT UPDATE: (YoY)

  • Revenue Up 6.3% At 662.7 Cr Vs 623.2 Cr
  • EBITDA Up 35.35 At 128.3 Cr Vs 94.8 Cr
  • EBITDA Margin At 19.4% Vs 15.2%
  • Net Profit Up 52.1% At 91.9 Cr Vs 60.4 Cr

HUL: The company gives double-digit revenue growth guidance for health food drinks in Medium-term.

ALEMBIC PHARMA: Expects to double U.S. sales in the next 3 years.
Plans to raise equity to expand its complex generics pipeline and facilities
expects US business sales at ~USD 70 mn/quarter
API segment: expects to see 15-20% YoY growth in FY21

Also Read on FinMedium:  My notes from various annual reports for 2020 – Ajanta Pharma – Factsbeyondnumbers

NIPPON INDIA AMC: CARE Ratings downgrades debt of Rs 106 cr issued by Morgan Credits.

BAJAJ AUTO: Q1FY21 RESULT UPDATE
– Rev down 58%, PAT margins flat
– Motor scooter Domestic 2W: share up in June (Vol down 70%)
– Motor scooter Domestic CV: flatshare in all segments (Vol down 93%)
– Motor scooter Exports: 45% of sales (Vol down 54%)
– Motor scooter For customers: extension of free service & warranty.

BROKERAGE UPDATE FOR BAJAJ AUTO

BALKRISHNA IND: Nomura gives Buy Rating, Target At 1,445/Sh. Agri Tyre Exports From India Rebound 57% YoY In June. Co The Key Beneficiary Of Recovery In The Agri Tyre Segment.

ISEC: RESULT UPDATE Q1FY21

  • Revenues Up 14%
  • PAT Up 24%
  • Profitability improves as expenses rose only 4.7% QoQ
  • Equity Market Share Up 260 Bps YoY to 10.7%
  • Derivative Market Share Up 150 Bps YoY to 8.9%

CLSA – BUY rating, TGT raised to 625 from 450/Sh
Retail Equity Participation Drives Growth; Sustainability Key For Earnings. Raise FY21 EPS Estimates By 18% To Factor In Strong Q1 Earnings.

LIFE INSURANCE COMPANY RESULT UPDATE

Earnings today: Mphasis, Biocon, HDFC AMC
The record date for M&M Fin rights issue is today.

Also Read on FinMedium:  The Story Drives the Stock

Fund Flow gets stronger as FII bought around 6400cr in last 4 sessions.
Strong Delivery based buying seen in:
Reliance -1,800 cr
Axis Bank-1,000 cr
ICICI Bank – 500 cr
FII bought 1666
GOLD- 1866
DXY- 94.9 (DXY at the lowest level since March)

Crude- 44.3
Copper (LME)6,486.00 -0.74%
Aluminum (LME)1,691.00 -0.32%
Zinc (LME)2,213.00 -1.43%



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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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