Market Update for 19/08/2020: | Street-fluence

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WORLD MARKET

  • The dollar dipped to a more than two-year low while Asian stocks began Wednesday with diverging moves despite a record close for U.S. equities.
  • The U.S. State Department is asking colleges and universities to divest from Chinese holdings in their endowments, warning schools in a letter Tuesday to get ahead of potentially more onerous measures on holding the shares.
  • While stimulus talks have stalled, better-than-feared economic data and corporate earnings have instilled optimism that a recovery is taking shape.
  • Minutes of the latest FOMC meeting are due today.
  • Homebuilders also rose as a report showed housing starts increased the most since 2016.
  • The correlation between currency and stock volatility fell below zero this month to the lowest since 2009.

STOCK WISE NEWS

ZEE ENTERTAINMENT Q1FY21:

  • Revenue down 35% to Rs 1,312 crore
  • Net profit down 94% to Rs 29.2 crore
  • Ebitda down 85% to Rs 108 crore
  • Ebitda margin at 8% from 36%
  • Advertising revenue down 65% to Rs 421 crore
  • Subscription revenue up 5% to Rs 744 crore
  • Rise in subscription revenue led mainly by Zee5

MANAGEMENT COMMENTARY-

  • Will deliver more than 50% profit to free cash flow conversion from FY22
  • FY21 will see significant reduction of working capital and movie buying
  • Receivables will reduce in the coming quarters
  • Margins will go back to 30% or more in FY22
  • Expect ad-revenue to grow starting Q3FY21
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Hindustan Aeronautics Q1FY21:-

  • Revenue up 1% to Rs 10,239.3 crore
  • Net profit down 1% to Rs 1,226.1 crore
  • Ebitda down 5% to Rs 2,470.8 crore
  • Ebitda margin at 24.1% from 25.6%
  • Higher provisions impact margins

Ajanta Pharma: Promoter Ravi Agrawal released pledge of 2.4 lakh shares on August 17. A total of 14.28 lakh shares have been released from pledging. Total pledged shares prior to release were 98 lakhs.

Reliance Industries: Reliance Retail acquires majority stake in digital pharma market place Netmeds for a cash consideration of nearly Rs 620 crore

AstraZeneca Pharma: Gets import and market permission from the DGCI for Olaparib Film-coated tablets 100 mg and 150 mg for additional indication. The drug is used as a monotherapy for the treatment of adult patients with prostate cancer.

Vedanta: To approach Supreme Court and appeal against the order of Madras High Court which dismissed the plea challenging closure of the company’s Thoothukudi plant.

Dixon Tech: To consider raising funds via debt / equity on August 21.

Times Group Is Said to Mull Minority Stake Sale (10%) in Internet Unit reports Bloomberg.

EARNINGS TODAY: Muthoot Finance

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FII bought 1133 cr
Gold- 2004
DXY- 92.28
CRUDE- 45.2



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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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