- Investors this week will be looking to the Federal Reserve’s meeting for clues on what comes next for policy amid expectations for more accommodation ahead.
- Wrangling continues in Washington over a stimulus bill.
- On the virus front, cases fell in California, Arizona, Florida and New York.
- “The July FOMC meeting should kick off a period from August into mid-September in which markets should price in an increasingly dovish, forward-looking Fed policy via lower real rates,” Morgan Stanley strategists including Matthew Hornbach wrote in a report. “This should benefit breakeven inflation rates, support risk assets, and weigh on the U.S. dollar.”
- Policy makers are not expected to adopt a shift in strategy at their July 28-29 meeting, even as they review how the outlook has changed.
- Hang Seng Debuts New Index of Benchmark-Beating Tech Stocks.
- Japanese shares were set for a lower start after a two-day holiday.
- Earnings include, Apple, Amazon.com, Alphabet, Chevron, Rio Tinto, L’Oreal, Caterpillar, Samsung, Barclays and Credit Suisse.
- The Federal Open Market Committee holds its policy meeting on Tuesday, with an announcement due on Wednesday.
- U.S. second-quarter GDP is expected on Thursday.
- China PMI data comes Friday.
- Nifty rejig to happen on the 31st of July.
- Yes Bank FPO shares to list today.
- Mindspace Business Parks REIT IPO to open (Rs 274-275).
- Chemicals Minister D.V. Sadananda Gowda, to hold a press conference to announce new guidelines for setting up bulk drugs and medical devices’ parks.
STOCK WISE NEWS-
ICICI Bank Q1FY21 RESULT UPDATE:
- Net Interest Income up 19.9% to Rs 9,279 crore
- Net profit up 36.3% to Rs 2,600 crore
- Provisions up 27% to Rs 7,594 crore sequentially
- Gross NPA at 5.46% from 5.53% in the previous quarter
- Net NPA at 1.23% from 1.41% in the previous quarter
- Made additional Covid-19 related provisions worth Rs 5,550 crore this quarter
- Total provisions against Covid-19 now at Rs 8,275 crore
- Sold 3.96% stake in ICICI Lombard and 1.5% in ICICI Lombard – resulting in net gain of Rs 3,036.3 crore in the standalone results
- Advances up 6.5% to Rs 6.31 lakh crore
- Deposits up 21% to Rs 8 lakh crore
- Slippages worth Rs 1,160 crore this quarter
- Recoveries and upgrades at Rs 757 crore this quarter
- NIMs at 3.69% from 3.87% last quarter Loans under moratorium down to 17.5% of total loans by June 30 from 30% in March
- Board approved fund raising of Rs 15,000 crore which is pending regulatory and shareholder approval
- Will dilute 4% stake in ICICI Securities this year
ITC Q1FY21 RESULT UPDATE:
- Net sales down 17.4% to Rs 9,501 crore
- Net profit down 26% to Rs 2,343 crore
- Ebitda down 42% to Rs 2,646 crore
- Ebitda margin at 27.8% from 39.7%
- Cigarette segment revenue down 29.1% to Rs 3,853 crore; margins down to 61.1% from 70.8%
- FMCG – other segment revenue up 10.3% to Rs 3,375 crore; margins at 3.7% from 2.5%
JSW STEEL Q1FY21 RESULT UPDATE:
- Net loss of Rs 561 crore from net profit of Rs 1,028 crore
- Revenue down 41% to Rs 11,782 crore
- Ebitda down 64% to Rs 1,341 crore
- Ebitda margin down to 11.4% from 18.7% last year
- Output down 30% to 2.96 million tonnes
- Facilities operated at an average capacity utilisation of 80% in May and June
- Domestic steel prices declined in May and June
- Have seen modest increase in domestic steel prices in July and expect some more hike in August
- Coking Coal cost to come down $20-25 for September quarter sequentially.
AMBUJA CEMENTS Q2CY20 RESULT UPDATE:
- Revenue down 27% to Rs 2,176.8 crore
- Net profit up 10% to Rs 453.4 crore
- Ebitda down 14.8% to Rs 595.3 crore
- Ebitda margin at 27.3% from 23.4%
- Improvement in margins due to lower power, fuel and freight costs
- Master Supply Agreement with ACC contributes to margin expansion
- Sales volumes at 4.19 MT from 5.82 MT
COROMANDEL INTERNATIONAL Q1FY21 RESULT UPDATE:
- Revenue up 50.8% to Rs 3,213.2 crore
- Net profit up 4 times to Rs 250.6 crore
- Ebitda up 2.1 times at Rs 412.4 crore
- Ebitda margin at 12.8% from 9.2%
- Nutrient and other allied businesses revenue up 49% to Rs 2,807.2 crore
- Crop Protection business revenue up 55% to Rs 420.2 crore
- Expect good traction in the upcoming Kharif season
AARTI DRUGS Q1FY21 RESULT UPDATE:
- Revenue up 34% to Rs 544.7 crore
- Net profit more than triples to Rs 85.45 crore
- Ebitda up 2.5 times to Rs 134.1 crore
- Ebitda margin at 24.6% from 13.5%
MCX Q1FY21 RESULT UPDATE:
- Revenue down 14% to Rs 73 crore
- Net profit up 29% to Rs 56.4 crore
- Ebitda down 20% to Rs 26.5 crore
- Ebitda margin at 36.4% from 38.9%
- Higher other income aids net profit
- Other income up 92% to Rs 49.7 crore
- Average daily turnover of commodity futures traded on the exchange fell 16% to Rs 23,129 crore
- Market share in commodity derivatives space rose to 96.7% from 91.6% YoY.
TATA STEEL: UK Govt may inject nearly £900 Million and pick up an Equity Stake in Tata Steel UK
HDFC: HDFC Ergo General Insurance’s Gross written premium down 12% to Rs 1,612.9 crore while net premium up 5% to Rs 1,023.7 crore. Net income grew 84% to Rs 138.4 crore, on a year-on-year basis.
Aviation Stocks: Government extends domestic flight restrictions until November 24
HDFC Bank: Aditya Puri Sells 74.2 lakh shares at a price of 1,135.94 per share. Mr Puri received 842.9 cr through this transaction.
Cipla: Gets DCGI Approval To Launch Favipiravir In India For COVID-19. Gets Nod For Launch Of Favipiravir In India Under The Brand Name Ciplenza.
CSB Bank ~ RBI allows SBI Funds to take up to 10% stake in bank
MGL: Mahanagar Gas increases CNG prices by Re 1 to Rs 48.95/kg
ET reports that RBI questions Axis Bank on Max Life deal.
Earnings Today: Bharti Infratel, Kotak Mahindra Bank, Tech Mahindra, V-Guard, Marico, Escorts, Bharat Electronics, Havells, India Cements, Orient Electric, Tejas Networks, United Spirits.
FII bought 410 cr
Copper (LME)6,415.00 -1.98%
Aluminum (LME)1,700.00 -0.06%
Zinc (LME)2,218.00 -0.96%