Market Update for 03/08/2020: | Street-fluence

Reading Time: 4 minutes


  • On Friday, U.S. stocks extended their July rally aided by a surge in technology shares.
  • American lawmakers are continuing talks over a virus-relief package.
  • A senior Federal Reserve official on Sunday urged Congress to act to support those laid off due to the pandemic and suggested a fresh lockdown.
  • The Trump administration will announce measures shortly against “a broad array” of Chinese-owned software deemed to pose national-security risks, U.S. Secretary of State Michael Pompeo said. The comments suggest a possible widening of U.S. measures beyond TikTok, the popular music-video app owned by ByteDance, one of China’s biggest tech companies.
  • In late-night negotiations with congressional Democrats on Thursday, White House officials offered a short-term extension of the popular unemployment benefit paying out-of-work Americans $600 per week, a CARES Act provision that formally expired on Friday. But House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer rejected the offer.


  • Federal Reserve presidents speaking on the economy Monday: St. Louis Fed President James Bullard, Chicago Fed President Charles Evans and Richmond Fed President Tom Barkin.
  • Australia interest rate decision due Tuesday.
  • Reserve Bank of India and Bank of England rate decisions due Thursday.
  • Dallas Fed President Robert Kaplan discusses the U.S. economy at Thursday event.
  • July U.S. employment report expected Friday.
Also Read on FinMedium:  Do you work for money?


DIXON TECH AND AMBER ENT: Government’s PLI scheme for 5 years to boost local production, gets commitments to make mobile phone, parts worth Rs11.5 lakh cr. Domestic value addition will grow from to 35-40% from 15-20%

Bandhan Bank: Promoter Bandhan Financial Holdings intends to sell 33.7 crore shares in a block deal as per the term sheet. The floor price of Rs 311 per share is a 9.9% discount to Friday’s closing price. The promoters intend to raise over 10,000 crore or over $1.4 billion from the stake sale.

MOIL: Reduces prices of all grades of Ferro, SMGR grades (Mn30% & Mn25%), Fines and Chemical grades by 15%

Coal India ~ July Numbers

  • Production down 3% to 37.36 mt v/s 38.51 mt
  • Offtake down 6.9% to 43.39 v/s 46.59 mt

(Actual v/s expected)

  • MARUTI- 108,064 v/s 105,000
  • HEROMOTO- 514,509 v/s 520,000
  • M&M Auto- 25,678 v/s 28200
  • M&M Tractor- 25,402 v/s 22,500
  • TVS Motor- 252,744 v/s 205,000
  • Eicher- 40,334 v/s 39,000
  • ESCORTS- 5322 v/s 5500


Tata steel long products Q1FY21, YoY

  • Sales down 7.3% to Rs 653.1 v/s Rs 704.6 cr
  • EBITDA down 65.6% to Rs 8.3 v/s Rs 24.1 cr
  • EBITDA margins down to 1.3% v/s 3.4%
  • Loss of Rs 131.3 v/s loss of Rs 73.9 cr
Also Read on FinMedium:  Intelsense Capital Blog: A Year of Quantletters

Thyrocare Q1FY21, YoY

  • Revenues down 52% to 52.7 v/s 109.7 cr
  • EBITDA down 81.5% to Rs 8.5 cr v/s Rs 45.6 cr
  • EBITDA margins down to 16% v/s 41.6%
  • Profit down 99.2% to 0.23 cr v/s Rs 27.47 cr

Tata chemicals Q1FY21, YoY

  • Sales down 9.1% to Rs 2348.2 v/s Rs 2584 cr
  • EBITDA down 30.1% to Rs 359.8 v/s Rs 514.9 cr
  • EBITDA margins down to 15.3% v/s 19.9%
  • Profit down 67.2% to Rs 74.2 v/s Rs 226.3 cr



  • CLSA Buy Target raised to 660 from 560
  • HSBC Raises Target to 585 to 485
  • Macquarie raised target to Rs 578 from Rs 516

CONCALL Highlights :
– Can expect breakeven in some products from FY22 in the speciality portfolio
-Co continues to update US FDA on Halol plant with remediation almost complete

– CLSA Q1 Results Above Estimate Driven By Strong Growth In India & Rest Of The World
– MS Co Tgts Rev & EBITDA Growth Of 6-8%, 10-12%; We Expect 6% & 8%



– CLSA Increase FY22/23 Estimates By 40%/6% & Expect RoE Of 8.5%/11% In FY22/23
– Nomura Banks Should Be Able To Navigate Current Cycle Well
– MS Raise FY21/22/23 EPS Estimates By 10%/5%/5%


EARNINGS TODAY: Exide, MRPL, Kansai Nerolac, KPIT Tech, VST Ind, Dhanlaxmi bank, Solara pharma, Bank of India, Wheels India, BSE India

Also Read on FinMedium:  Manappuram Finance FY20 Takeaways – Investometry

FII Sold- 959 cr
GOLD- 1979
DXY- 93.45 ( 1 dollar gain from Friday)
CRUDE- 43.27

Source link

Disclaimer: The opinions expressed in this publication are those of the authors. They do not purport to reflect the opinions or views of the FinMedium or its members. The presentation of material therein does not imply the expression of any opinion whatsoever on the part of the FinMedium concerning the legal status of any company, country, area, or territory or of its authorities. For more info. please read our ToU & Privacy Policy here. If you have any concerns regarding this post, please reach out to us at

Every Wednesday and Saturday, we send Info-Graphic and FinMedium Weekly Digest newsletters to our 25000+ Subscribers.

Join Them Now!

Akshada Deo

Akshada Deo

Akshada posts the daily market updates in a summarized format. Stock Market, Literature, Music, and Design are her passions.
Please Share Now :)