Market Update on 28/08/2020: | Street-fluence

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WORLD MARKET

  • Treasury yields jumped after Jerome Powell said the Federal Reserve will remain accommodative and shift to a more relaxed approach on inflation.
  • The yield premium demanded by investors on long-maturity U.S. debt compared to short-term notes increased to the most in two months after Powell said the Fed will seek inflation that averages 2% over time, a step that implies allowing for periods of overshoots.
  • Reports showed that U.S. weekly jobless claims remained above 1 million and the economy contracted slightly less than forecast in the second quarter.

STOCK WISE NEWS

HDFC Bank, Kotak Bank & IndusInd Bank will not be included by the FTSE Russel in its indices as they fail to meet the minimum foreign headroom requirement.

Sun Pharma: Chairman Israel Makov stated in the company’s annual general meeting that the company is evaluating the potential of some existing products which can be useful in the treatment of Covid-19.

Allcargo Logistics: Board has considered the delisting proposal and has appointed Inga Ventures as the merchant banker. After receipt of the due diligence report from the merchant banker, the board will meet again to discuss the delisting proposal in detail.

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Repco Home Finance: Aditya Birla Sun Life Mutual Fund increased stake to 6.14% from 4.87%.

Hindustan Aeronautics: Government decides to utilise the greenshoe option with regards to the OFS. Retail investors to get a chance to bid for the OFS today at a 5% discount. OFS non-retail investors subscribed 1.6x.

National Stock of Exchange of India Ltd.’s plan to sell shares worth 100 billion rupees via an initial public offering will likely get approval from market regulator Securities and Exchange Board of India soon, the Mint reported, citing people it didn’t identify.

RESULT CORNER

NMDC Q1FY21

  • Revenue down 40.6% to Rs 1,937.5 crore
  • Net profit down 54.8% to Rs 532.9 crore
  • Ebitda down 59.6% to Rs 754.9 crore
  • Ebitda margin at 39% from 57.2%
  • Iron Ore segment revenue down 40% to Rs 1,922.9 crore Pellet, other minerals and services revenue down 71.6% to Rs 14.6 crore
  • Saw loss of 18.23 LT of production and 23.94 LT of sales of Iron Ore due to Covid-19
  • Lost sales revenue worth Rs 737 crore and PBT of Rs 317 crore due to Covid-19
  • Overall sales down 28% to 62.75 LT
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NMDC gives in-principle approved demerger of Nagarnar Iron & steel unit.

BofA on NMDC

BROKERAGE UPDATE

Goldman Sachs On Indian I.T.

  • Cyclical momentum remains strong for tech services going into FY22E
  • Number of structural tailwinds are emerging Indian I.T. companies are favourably positioned to benefit from the third wave of outsourcing
  • Raise FY22-23E sector revenue and earnings forecast by up to 7%
  • Expect U.S. Dollar revenue growth of 12.6% in FY22E

TRADING CORNER:

Chambal Fertilisers: Promoters release 91,00,000 pledge shares between 19th to 25th Aug.
Lists Today: Max India (post scheme of arrangement)
AGMS: Bajaj Electricals, JK Lakshmi Cement, Manappuram, Marico, Tata Communications

FII bought 1164
GOLD- 1939
DXY- 92.9
CRUDE- 45.6



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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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