Saturday, 26 Sep 2020

Indian Stock Market Daily News: 27th August 2020

Indian Stock Market Daily News 27th August 2020

Indian shares are likely to be muted on Thursday as US futures turn lower following mixed trade in Asia amid the Jackson Hole annual symposium. SGX Nifty trading at levels around 11,550 versus Nifty August Future’s Wednesday close of 11,548, also indicated a flat opening for Sensex, Nifty today.

Highlights:
Gold shot up from US$1917 to US$1962 after this news broke out.
China launched 4 medium range ballistic missiles in disputed are of South China Sea.

Airlines:

  • Air passenger traffic, airline departures doubled between May 4th week and August 3rd week

 

Automobile:

  • Eicher Motors expects its production to normalise by the end of August thereby lifting its monthly production volumes and helping sales going forward

 

Bank

  • Moody’s Investors Service has downgraded State Bank Of India’s baseline credit assessment to ‘ba2’ from ‘bat as it expects a delayed recovery in the bank’s financial metrics
  • ICICI Bank | The bank will sell up to a 2 percent stake in ICICI Securities in the open market.
  • Lakshmi Vilas Bank | The bank’s board has approved raising up to Rs 1,500 crore.
  • Punjab & Sind Bank/DHFL: The bank has declared Dewan Housing & Finance Corporation Ltd (DHFL) loan account worth Rs 820 crore as a fraud. The bank has already provided Rs 204 crore for the DHFL account.

 

Constuction/RealEstate

  • DLF will move into the mid income housing segment in an diversification exercise that will see the company develop 10 million sq ft of mid-income housing
  • Real Estate stocks | Oberoi Realty, Godrej Properties, among other realty stocks will be in focus after the Maharashtra government decided to temporarily reduce stamp duty on flats from 5 percent to 2 percent till December 31 and to 3 percent between January 1 and March 31.

 

Consumer Food

  • Britannia Industries is planning to invest about 3 billion rupees in its proposed greenfield plant in Uttar Pradesh


Electric Equipment:

  • Havells India will launch new refrigerators and washing machines over the next two months, in a bid to expand the product range under its Lloyd brand

 

Finance

  • Earnings | NMDC, Edelweiss Financial Services, IDFC, PNC Infratech, GMR Infrastructure, HCC, ICRA, Avanti Feeds, Gayatri Projects, Chennai Ferrous Industries, etc.

 

Finance-Housing

  • Can Fin Homes Q1 FY21 PAT at Rs 93 crore vs Rs 81 crore YoY. Income at Rs 522 crore vs Rs 484 crore YoY
  • Ansal Housing | The company’s net loss in Q1FY21 was at Rs 4.16 crore as against Rs 5.16 crore while revenue from operations stood at Rs 24.62 crore as compared to Rs 60.23 crore, YoY. (Image: Reuters)

 

Gas & Fuel

  • Indraprastha Gas Ltd | The company’s net profit in Q1FY21 fell 87.9 percent to Rs 35.2 crore from Rs 290.8 crore while revenue declined 58.9 percent to Rs 638 crore from Rs 1,552 crore, QoQ. EBITDA decreased 78 percent to Rs 83 crore while EBITDA margin contracted to 13 percent from 24.2 percent, QoQ.


Gold:

  • Gold shot up from US$1917 to US$1962 after this news broke out.

 

Household-Personal Products

  • P&G Hygiene: Mr. Rajendra A. Shah, Independent Director & Chairman and Mr. Mr. Bansidhar S. Mehta, Independent Director would be retiring from the Board of the Company with effect from September 23, 2020

 

IT Industry:

  • S&P revises TCS outlook to ‘Stable’ from Positive on weakening biz sentiment; ‘A’ rating affirmed. S&P says TCS to face slower revenue growth, profitability over 12-18 months

 

Logistics


  • Allcargo Logistics | The company’s board of directors will meet on August 27 to consider and approve the voluntary delisting of shares.


Pharmaceticuals & Drugs


  • Natural Capsules has incorporated a wholly owned subsidiary Company on 23.08.2020

 

Power Generation

  • Greenko and NTPC to partner for supplying on-demand green energy
  • CG Power & Industrial Solutions | The Murugappa Group-led Tube Investments remained the sole bidder for the company with no new suitors coming forward under the Swiss Challenge method, sources said. As per the securities subscription agreement, Tube Investments would buy 64.24 billion shares at Rs 8.56 each for a total of Rs 550 crore to take a 50.62 percent stake in the company.

 

Steel & Iron Products

  • JSW Group combines distribution & supply chain of steel & cement businesses as JSW One
  • Prakash Industries: FCCB Conversion Committee has allotted 317,986 equity shares to the said FCCB holder(s). Consequent upon the aforesaid conversion, the paid up share capital of the Company has increased from Rs 171.26 cr to Rs 171.58 cr
  • Jindal Stainless | The company’s board has approved raising funds up to Rs 162.80 crore through the issue of convertible equity warrants on a preferential basis.? (Image: Reuters)

 

Telecommunication:

  • Telecom stocks | Bharti Airtel and Vodafone Idea lost around 47 lakh mobile customers each in May. The total wireless customer base of Airtel and Vodafone Idea fell to 31.7 crore and 30.9 crore, respectively.

 

Textile:

  • Nandan Denim: ICRA has revised Lon-Term rating of the company from ICRA BBB+ to ICRA BBB

 

Trading:

  • Moodys Inv Svc : India’s GDP growth projected at -3.1% for FY21 & 6.9% for FY22
  • Adani Enterprises has acquired 5,100 (51%) Equity Shares of Rs. 10/- each of Adani Chendipada Mining Private Limited from ACB (India) Limited on 24th August, 2020 making it a wholly owned subsidiary of the Company

 

Others:

  • China launched 4 medium range ballistic missiles in disputed are of South China Sea.
  • Hindustan Aeronautics | The government will sell up to 15 percent stake in the stock via an offer for sale (OFS) at a floor price fixed at Rs 1,001 per equity share.
  • illette India | The company’s net profit fell to Rs 44.97 crore from Rs Rs 45.82 while total income declined to Rs 352.74 crore from Rs 466.39 crore a year ago. The company follows July to June as its financial year.

 

F&O BAN New Entries And Exits

Enters F&O Ban: Indiabulls Housing Finance

Out of F&O Ban: Nalco Stocks

In F&O Ban: Ashok Leyland, BHEL, Canara Bank, GMR Infra, Indiabulls Housing, LIC Housing Finance, PNB, SAIL, Vedanta, Vodafone Idea.

 

 

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