Market Update for 01/09/2020: | Street-fluence

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WORLD MARKET-

  • The S&P 500 Index edged lower, still notching a fifth consecutive monthly advance in August.
  • The Dow Jones Industrial Average led losses after its components were revamped, with Microsoft and Walmart slumping on concern China could block a possible sale of the video app TikTok.
  • Apple’s surge as the stock split 4-for-1 lifted the Nasdaq 100 past 12,000 for the first time.

WORLD EVENTS

  • ISM manufacturing data is due Tuesday in the U.S,
  • U.S. jobless claims for the week ended Aug. 29 are due Thursday.
  • U.S. jobs report Friday is forecast to show payrolls continued to rebound in August from virus lows.

DOMESTIC EVENTS

  • Justice Mishra in SC to announce AGR verdict at 11:30 AM
  1. Will SC give telecom co’s 15-20 yrs to make payments
  2. Who will pay AGR dues for co’s in NCLT
  • India’s GDP contracted 23.9% from April to June. The expectation was a -18% contraction. In line with world contraction.

AUTO EXPECTATIONS FOR AUGUST 2020
(expectations ac to Nomura)

  • Ashok Leyland= 6,076
  • Bajaj Auto= 315,000
  • Royal Enfield= 53,000
  • HeroMoto= 590,000
  • Maruti= 130,000
  • M&M(Tractor+Auto)= 49,450
  • TVS= 286,000
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RBI steps in to cool yields:

  • Banks allowed to keep more bonds under Held-To-Maturity
  • RBI to buy long bonds & sell one-year bonds (twist)
  • Term repos of 1 lakh cr

STOCK WISE NEWS

Bharti Infratel: Gets nod from the board of directors to proceed with the Scheme of Arrangement with Indus Towers. The company will now approach the NCLT to make the scheme effective, subject to certain procedural condition precedents. The deal will be done for Vodafone Idea’s 11.15% shareholding in Indus Towers, for a cash consideration of Rs 4,000 crore.

Reliance Industries – Tower InVit Deal approved by DoT:

  • Brookfield & GIC announce completion of buying 100% in RIL’s tower assets (under InVit) for $3.4 billion – deal that was announced in Oct-19
  • Rel Jio will be anchor tenant for 135,000 towers & has signed a 30 yr service agreement

Larsen & Toubro: Announces closure of strategic divestment of its electrical and automation business to Schneider Electric. Schneider Electric to use related brand Insignia for a specified period due to its popularity and strong brand recall in the switchgear market. The transaction was of an all-cash deal worth Rs 14,000 crore.

Also Read on FinMedium:  Interview with Jinesh Gopani, Head of Equities, Axis Mutual Fund – The Eighty Twenty Investor

Grasim: Moves NCLAT challenging CCI’s order which found the company guilty of abusing its dominant position. The CCI in March held that the company abused its dominant position under provisions dealing with the imposition of unfair prices in purchase or sales of goods, imposing a penalty of Rs 301 crore on the company.

Biocon: Biocon Biologics and Mylan launch an insulin glargine injection (Semglee) in the U.S. for diabetes patients.

BEML: Received order worth Rs 842 crore from Ministry of Defence.

Defence Ministry signed contracts with BEML, Tata Power L&T supply of Six Pinaka Regiments to the Regiment of Artillery of the Indian Army at an approximate cost of 2580 Cr.

MOIL: Raises prices of all grades of Ferro, SMGR Grades, Fines and Chemical Grades by 10% as compared to the prices on August 1. The new prices will take effect today.

Maharashtra Government says that Hotels & Lodges Can Operate At 100% Capacity from 2 September. Separate SoPs Will Be Issued For Hotels & Lodges.

Vedanta: The company ties up with SBI for a long-term syndicated loan of Rs 10,000 cr.

RESULT CORNER

JK Cement Q1FY21

  • Revenue down 27.3% to Rs 965 crore
  • Net profit down 49.5% to Rs 77.7 crore
  • Ebitda down 29.1% to Rs 215.3 crore
  • Ebitda margin at 22.3% from 22.9%
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Bharat Dynamics Q1FY21

  • Net Loss At 78 Cr Vs 65.5 Cr
  • Revenue down 93.6% At 31.4 Cr v/s 491.6 Cr
  • EBITDA Loss At 118.6 Cr Vs 111.7 Cr

FII sold 3395 (MSCI rebalancing was the main reason for trend change)
GOLD 1992
DXY- 91.8
CRUDE- 45.12



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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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