- The U.S. and China postponed talks planned for over the weekend that had been aimed at reviewing progress at the six-month mark of their phase-one trade agreement.
- Minutes due to be released on Wednesday from the Federal Reserve’s most recent policy meeting may yield clues about whether officials plan to introduce new language in September.
- Chinese securities brokerages stage a strong rally, with a gauge tracking the sector surging 5%. The Shenzhen Stock Exchange said last Friday the first batch of listings on the Chinext board under the registration-based IPO system will debut on Aug 24.
STOCK WISE NEWS
ICICI Bank: Approves allotment of 41.89 crore shares of Rs 2 each to qualified institutional buyers at an issue price of Rs 358 per share. The lender has raised Rs 15,000 crore from the QIP issue. The issue price is a 1.9% premium to the floor price and a 1.5% discount to Friday’s closing price.
LUPIN: Presents phase 3 data for Solosec, demonstrating significant response rate in female patients with Trichomoniasis. Single-dose treatment resulted in a highly statistically significant response rate or microbiological cure in 92-95% of patients versus as compared to 1.5-1.7% in placebo.
GLENMARK PHARMA Q1FY21:
- Revenue up 1% to Rs 2,344.8 crore
- Net profit more than doubles to Rs 254 crore
- Other income rises to Rs 58.5 crore from Rs 1.7 crore
- Ebitda up 39.8% to Rs 478 crore
- Ebitda margin at 20.4% from 14.7%
- Lower cost of raw material and other expenses aid margin improvement
- India business revenue up 3.7% to Rs 779.8 crore
- Europe business revenue up 12.8% to Rs 273.8 crore
- U.S. business revenue up 1.6% to Rs 742.6 crore
- API business revenue up 1.8% to Rs 234.8 crore
- RoW business revenue fell 18% to Rs 212 crore
Prices of natural gas in India are likely to be cut to $1.9-1.94 – the lowest in more than a decade – from October. (Positive for Auto, Tiles and Fertiliser stocks Negative for ONGC)
- UK govt concluded that tata group is sufficiently financed.
- UK govt concluded that tata group does not qualify for taxpayer support.
- UK govt bailout talks with JLR and Tata Steel fail.
Maharashtra government plans to cut Stamp Duty by 2-3%.
BEL: Completes manufacturing milestone of 30,000 ventilators
AJANTA PHARMA: Promoters Releases 1,38,000 shares on 12th Aug
In his Independence Day speech on India, PM Modi said that in the next 1000 days, every village in India will get optical fiber internet. More than 6 Lakh villages to be connected via Optical fibre. (Sterlite Tech/ITI/TejasNetwork/Dlink/ Finolex cable)
MORGAN STANLEY: SEE INDIA CURRENT ACCOUNT SURPLUS AT 0.5% OF GDP THIS FY ON LOWER TRADE DEFICIT, ROBUST SERVICE BALANCE
FII bought 46 cr