Market Update for 27/07/2020: | Street-fluence

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WORLD MARKET

  • 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.

WORLD EVENTS

  • 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.

DOMESTIC EVENTS-

  • 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
BROKERAGE UPDATE

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%
BROKERAGE UPDATE

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.
BROKERAGE UPDATE

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
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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

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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 HAVE BEEN NET BUYERS IN INDIAN MARKETS SINCE MAY

FII bought 410 cr
GOLD- 1924
DXY- 93.9

Copper (LME)6,415.00 -1.98%
Aluminum (LME)1,700.00 -0.06%
Zinc (LME)2,218.00 -0.96%



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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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