Market Update for 31/07/2020: | Street-fluence

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WORLD MARKET:

  • Government officials reported that gross domestic product shrank the most on record in the second quarter. The GDP drop — an astounding 32.9% when annualized — was widely anticipated at this point.
  • 17 million Americans claimed state unemployment benefits in mid-July. The almost 900,000 increase in the number of people claiming continued benefits provides the latest evidence that the nascent recovery from the collapse is being undermined by the resurgence of the virus across much of the U.S.
  • Initial filings for benefits rose slightly last week to 1.43 million, the second straight increase and still more than double the worst week during the last recession.
  • Apple, Amazon, Alphabet, Facebook beat analyst estimates.
  • Crucial lifelines in the pandemic, like the extra $600 in weekly unemployment benefits, are expiring, and lawmakers have made little progress on agreeing to another stimulus package.
  • President Donald Trump floated the idea of delaying the Nov. 3 election until after the pandemic eases.

STOCK WISE NEWS:

HDFC: Public shareholders give nod to raise up to Rs 1.25 lakh crore via NCDs. Shareholders also approve sale of shares held in HDFC Life Insurance which will be pursuant to RBI guidelines/approval.

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Dixon Technologies:

  • Government of India puts import of TV sets in restricted list. Importers will have to approach DGFT to apply for a licence before importing TV sets.
  • The company says- Demand has normalised hoping for a good Diwali. Govt step for putting TV imports on restrictions list very significant for Dixon. Acceleration expected in orders as global majors move their ops to India.
  • As per Industry estimates India imported $1.5 Bn worth of TV sets in FY20.

Tata Power: Shareholders give nod to the issuance of equity shares to promoter Tata Sons on a preferential basis.

NMDC: Hikes iron ore prices by 8% to 9% from today. Hikes prices on both lumps & fines by 200/tn. The company had hiked prices for July 2020 by 200/tn.

BROKERAGE UPDATE:

DABUR:

  • CLSA: Raise EPS Estimates By 4%
  • CS: Positive On Company’s Transformation Journey Into A More Innovation-focused Company
  • CITI: See Pick-up In Categories Like Juices/Certain HPC Segments
BROKERAGE UPDATE

HDFC:

  • CS: Cut Earnings Estimates By 6-7%
  • Macquarie: Decent Show In A Tough Quarter
  • CLSA: Expect Loan/NII Growth To Mean Revert To +10-12% Growth From FY22
BROKERAGE UPDATE

EARNINGS UPDATE:

TORRENT PHARMACEUTICALS Q1FY21 YoY

  • Sales Up 1.7% to 2056 v/s 2022 cr
  • EBITDA Up 22.2% to 661 v/s 541 cr
  • EBITDA margins Up to 32.15% v/s 26.76%
  • Profit Up 48.6% to 321 v/s 216 cr
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LAURUS LABS Q1 consolidated Q1FY21:

  • Revenue 974 cr, +77%
  • PAT 172 cr, 11.5X (+1047%)
  • Contribution in revenue: 54% API, 36% Formulation & 10% CDMO

RELIANCE Q1FY21:

  • Revenue down 43.8% to Rs 88,253 crore
  • Net profit up 31% to Rs 13,233 crore
  • Exceptional gain of Rs 4,966 crore on transfer of petrol marketing business to Reliance-BP Joint Venture contributes to profit
  • Gross Refining Margins at $6.3 per barrel from $8.1 per barrel
  • GRM impacted by lower product cracks and narrower light-heavy crude differential
  • Inventory loss of Rs 1,637 crore due to sharp drop in crude prices
  • JIO Ebitda margin at 42.3% from 41.6%
  • ARPU at Rs 140.3 from Rs 130.6
  • Reliance Industries to hold 66.48% stake in Jio platforms on a fully diluted basis.

Earnings Today: Indian Oil Corporation, State Bank of India, UPL, Tata Motors, Sun Pharma, Deepak Fertilisers, Dr Lal Pathlabs, Thyrocare, Godrej Agrovet, JSW Energy, Motilal Oswal, NIIT, Tata Chemicals, Teamlease.

FII bought 207 cr
Gold- 1961
DXY- 92.6
Crude- 43.4
Copper (LME)6,430.50 -0.67%
Aluminum (LME)1,720.00 -0.29%
Zinc (LME)2,286.50 -0.46%



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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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