Market Update for 24/07/2020:

stock exchange board

WORLD MARKET

  • Initial jobless claims through regular state programs increased to 1.42 million in the week ended July 18, up 109,000 from the prior week. Economists in a Bloomberg survey had forecast 1.3 million initial claims.
  • Japan remains closed for a holiday
  • Unilever’s results beat expectations with the company saying sales of hand sanitizer and ice cream helped fuel revenue. Twitter Inc.’s results will be the focus premarket after the company suffered a recent hacker attack.
  • AT&T Inc., Blackstone Group Inc., Southwest Airlines Co., American Airlines Group Inc., AllianceBernstein Holdings LP and Union Pacific Corp. are among the many, many companies reporting results.

STOCK WISE NEWS

HPCL: Sale of petroleum products in May was at 77% compared to last year while the figure in June stood at 91%. LPG demand saw a sharp rise during the lockdown period. Increased the production of LPG by optimising operations. Supplied an average of 12.5 lakh cylinders per day during the April-June period. Overall capacity utilisation of almost 100% for its Mumbai and Visakh refineries.

BIOCON Q1FY21 RESULT UPDATE:

  • Revenue up 14.5% to Rs 1,671 crore
  • Ebitda down 5.5% to Rs 413 crore
  • Ebitda margin at 24.7% from 30%
  • Net profit down 26% to Rs 168 crore
  • Higher taxation weighs on profit
  • Revenue from generics business up 16% to Rs 599 crore
  • Revenue from Biosimilars business up 19% to Rs 691.6 crore
  • Revenue from Research Services flat at Rs 421.6 crore

HDFCAMC Q1FY21 RESULT UPDATE:

P&L STATEMENT OF HDFC AMC
BROKERAGE UPDATE FOR HDFCAMC

CLSA On Indian Telecom:

  • India mobile active subscribers declined 33 million in FY20
  • Jio’s divergence between active and reported subscribers was up 310 basis points to 19% year-on-year
  • Bharti Airtel maintained active subscriber share at 32%
  • Forecast sector mobile data penetration will rise 19 percentage points to 77% by FY22 CL.

ITC EARNING EXPECTATION:

  • Net sales seen 29.5% lower at Rs 8,106 crore
  • Net profit seen 33% lower at Rs 2,130 crore
  • Ebitda seen 41% lower at Rs 2,675 crore
  • Ebitda margin seen at 33% from 39.7%

ASIAN PAINTS EARNINGS EXPECTATION:

  • Revenue seen 55% lower at Rs 2,324 crore
  • Ebitda seen 73% lower at Rs 313 crore
  • Ebitda margin seen falling to 13.5% from 22.5%
  • Net profit seen 86% lower at Rs 91 crore
  • Volume growth in domestic paints business (Estimates range for a de-growth between 50-55%)

JSW STEEL EARNING EXPECTATION:

  • Likely to report first consolidated net loss since Q2FY14
  • Revenue seen 38% lower at Rs 12,192 crore
  • Ebitda seen 72% lower at Rs 1,039.9 crore
  • Ebitda margin seen at 8.5% from 18.8%
  • May report net loss of Rs 709 crore as compared to a net profit of Rs 1,028 crore

RELIANCE: Amazon is in talks with Reliance to buy 9.99% stake in Reliance Retail.

JP Morgan downgrades India.

Credit Suisse on Steel: Indian steel mills took price hikes in July and may take further hikes in Aug , in a seasonally weak monsoon quarter. Expect China steel demand strength to stay.

REAL ESTATE COS: FM Holds Review Meet On special Window For Stressed Residential Projects To Boost Realty Investments. Government has said that Rs 8767 Cr Approved For 81 Projects; Enable Completion Of Almost 60,000 Homes.

SUN PHARMA: Says Taro Achieves Global Resolution Of DoJ Antitrust Investigations.

Axis Bank and Max Life Insurance to make some changes to their previous deal.

Earnings Today: Asian Paints, ITC, JSW Steel, Zee Ent, Ambuja Cements, Atul, CCL Products, Coromandel International, Crompton Greaves Consumer, GHCL, TCI Express, Welspun India

FII Bought 1740 cr (8000 cr buying since last friday)
GOLD- 1887
DXY- 94.5
CRUDE- 43.4
Copper (LME)6,544.50 +0.90%
Aluminum (LME)1,701.00 +0.59%
Zinc (LME) 2,239.50 +1.20%

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