- 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
- 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
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
FII bought 1133 cr