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Nifty ends above 11,270 mark; L&T, private banks lead
(17:23, 10 Aug 2020)

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Key-domestic-equity-benchmarks-ended-with-decent-gains-after-a-volatile-session-on-Monday.-The-Sensex-and-the-Nifty-sharply-came-off-the-day's-high-as-profit-booking-emerged-at-higher-levels.-Global-stock-markets-were-upbeat-as-an-improvement-in-Chinese-factory-data-calmed-nerves.

The-barometer-index,-the-S&P-BSE-Sensex,-was-rose-141.51-points-or-0.37%-at-38,182.08.-The-Nifty-50-index-added-56.10-points-or-0.5%-at-11,270.15.-Both-these-indices-witnessed-profit-selling-in-afternoon-trade-after-rising-over-1%-in-mid-morning-trade.-

Larsen-&-Toubro-(up-4.81%),-ICICI-Bank-(up-1.61%),-HDFC-(up-1.17%),-HDFC-Bank-(up-0.67%)-and-Mahindra-&-Mahindra-(up-4.75%)-were-major-index-movers.-

The-broader-market-outperformed-the-key-benchmarks.-The-BSE-Mid-Cap-index-rose-1.42%-and-the-BSE-Small-Cap-index-gained-1.47%.-

Buyers-outnumbered-sellers.-On-the-BSE,-1763-shares-rose-and-999-shares-fell.-A-total-of-169-shares-were-unchanged.-

COVID-19-update:

Total-COVID-19-confirmed-cases-worldwide-stood-at-19,862,599-with-731,349-deaths.-India-reported-6,34,945-active-cases-of-COVID-19-infection-and-44,386-deaths-while-15,35,743-patients-have-been-discharged,-according-to-the-data-from-the-Ministry-of-Health-and-Family-Welfare,-Government-of-India.

Economy:

Prime-Minister-Narendra-Modi-on-Sunday-launched-a-₹-1-lakh-crore-Agriculture-Infrastructure-Fund-to-support-community-farming-assets-across-the-country-and-said-this-would-enhance-India's-ability-to-compete-globally-in-the-agriculture-sector.-The-farm-infrastructure-will-enable-farmers-get-higher-value-for-their-produce-as-they-will-be-able-to-store-and-sell-at-better-prices-as-per-market-conditions,-reduce-wastage-and-increase-processing-and-value-addition.-PM-also-released-₹-17,000-crore-to-nearly-8.5-crore-farmers-under-the-sixth-installment-of-the-PM-Kisan-scheme.

AGR-Case-Hearing:

India's-Supreme-Court-(SC)-today-(10-August)-reportedly-adjourned-the-hearing-on-telecom-companies-under-insolvency-to-14-August,-while-observing-that-the-government-must-come-prepared-with-a-plan-for-recovery-of-dues-from-the-telcos-under-insolvency.-

While-Bharti-Airtel-and-Vodafone-Idea-had-sought-15-years'-time-for-repayment-of-dues,-the-government-had-suggested-a-time-frame-of-20-years.-The-SC-had-on-20-July-reserved-its-order-on-permitting-telecom-companies-to-make-staggered-payments-over-15-years.

Shares-of-Bharti-Airtel-fell-0.40%)-while-Vodafone-Idea-rose-2.94%-in-today's-trade.-

Numbers-to-Watch:

The-yield-on-10-year-benchmark-federal-paper-rose-to-5.895%-as-compared-with-5.886%-at-close-in-the-previous-trading-session.

In-the-foreign-exchange-market,-the-rupee-edged-higher-against-the-dollar.-The-partially-convertible-rupee-was-hovering-at-74.90,-compared-with-its-close-of-74.93-during-the-previous-trading-session.

In-the-commodities-market,-Brent-crude-for-October-2020-settlement-rose-45-cents-at-$44.85-a-barrel.-The-contract-fell-69-cents,-or-1.53%-to-settle-at-$44.40-a-barrel-in-the-previous-trading-session.

Foreign-Markets:

Most-markets-in-Europe-and-Asia-edged-higher-on-Monday,-brushing-off-tensions-between-the-US-and-China.-Japanese-and-Singaporean-markets-were-closed-for-public-holidays.

Data-showed-Chinese-factory-deflation-slowing-in-July.-The-producer-price-index-(PPI)-fell-2.4%-from-a-year-earlier-in-July,-the-National-Bureau-of-Statistics-(NBS)-said-in-a-statement-on-Monday.-However,-PPI-rose-0.4%-on-a-monthly-basis,-unchanged-from-the-increase-in-June.

International-investors-are-also-keeping-an-eye-on-stimulus-measures-in-the-US.-House-Speaker-Nancy-Pelosi-and-Treasury-Secretary-Steven-Mnuchin-on-Sunday-signaled-a-willingness-to-restart-negotiations-on-a-new-coronavirus-relief-bill.

In-US,-the-S&P-500-retreated-from-a-near-six-month-high-in-choppy-trading-on-Friday-with-data-showing-a-sharp-slowdown-in-US-employment-growth,-while-US-China-tensions-escalated-with-President-Donald-Trump's-move-to-ban-WeChat-and-TikTok.

US-President-Donald-Trump-signed-two-executive-orders-banning-WeChat,-owned-by-Chinese-tech-giant-Tencent,-and-TikTok-in-45-days'-time-while-announcing-sanctions-on-11-Chinese-and-Hong-Kong-officials.

Trump-signed-a-series-of-executive-orders-to-extend-unemployment-benefits-after-talks-with-Congress-broke-down.-The-orders-would-provide-an-extra-$400-per-week-in-unemployment-payments,-less-than-the-$600-per-week-passed-earlier-in-the-crisis.-

Buzzing-Segment:

Shares-of-eight-defence-companies-rose-by-2.94%-to-10%-after-defence-minister-Rajnath-Singh-on-Sunday-announced-import-ban-on-101-defence-items.-

Dynamatic-Technologies-(up-10%),-Bharat-Electronics-(up-9.17%),-Hindustan-Aeronautics-(up-8.74%),-Astra-Microwave-Products-(up-5.48%),-Bharat-Dynamics-(up-4.16%),-Premier-Explosives-(up-4.04%),-BEML-(up-3.42%)-and-Bharat-Forge-(up-2.94%)-advanced.

The-defence-ministry-has-decided-to-put-101-items-put-on-embargo-to-boost-indigenisation-of-defence-production.-The-embargo-on-imports-is-planned-to-be-progressively-implemented-between-2020-and-2024.-The-deadline-has-been-set-for-December-2025.-The-list-of-101-embargoed-items-comprises-some-high-technology-weapon-systems-like-artillery-guns,-assault-rifles,-corvettes,-sonar-systems,-transport-aircraft,-light-combat-helicopters-(LCHs),-radars-and-many-other-items.-

Stocks-In-Spotlight:

Cipla-jumped-9.20%-after-the-company's-net-profit-rose-21%-to-₹-578-crore-on-9%-increase-in-total-revenue-from-operations-to-₹-4,346-crore-in-Q1-FY21-over-Q1-FY20.-EBITDA-margin-stood-at-24.1%-as-30-June-2020-as-against-22.7%-as-30-June-2019.-Cipla-said-that-it-has-achieved-zero-net-debt-position-led-by-strong-collections-and-improved-EBITDA.

India-business-grew-by-16%-YoY-with-strong-growth-across-the-three-businesses.-Overall-South-African-business-continued-the-strong-growth-momentum-to-deliver-growth-of-17%-on-a-YoY-basis-in-local-currency;-private-business-continues-to-outpace-the-market.-The-US-business-reported-$135-million-led-by-Albuterol-ramp-up;-14%-QoQ-growth.

Divi's-Laboratories-surged-11.95%-after-the-company's-consolidated-net-profit-jumped-81%-to-₹-492-crore-on-a-47%-increase-in-total-income-to-₹-1748-crore-in-Q1-FY21-over-Q1-FY20.-The-company-has-been-able-to-have-near-normal-operations-during-the-quarter-and-there-was-minimal-impact-due-to-COVID-19-pandemic.

The-company-further-said-that-while-a-significant-part-of-the-ongoing-capex-programs-has-been-completed-during-the-last-financial-year,-due-to-the-COVID-19-pandemic,-there-has-been-delay-in-implementing-the-balance-part-of-the-capex-programs-taken-up-by-the-company-due-to-non-availability-of-workmen-of-some-contractors-implementing-the-projects.-It-expects-to-complete-the-capex-programs-by-second-half-of-the-financial-year.

IPCA-Laboratories-surged-7.36%.-The-company's-net-profit-surged-to-₹-445.68-crore-in-Q1-June-2020-from-₹-129.43-crore-in-Q1-June-2019.-Net-total-income-increased-by-41%-YoY-to-₹-1,546.49-crore-during-the-quarter.-

Abbott-India-jumped-5.01%-after-standalone-net-profit-surged-54.2%-to-₹-180.35-crore-on-6.5%-jump-in-net-sales-to-₹-1,064.27-crore-in-Q1-June-2020-over-Q1-June-2019.-Profit-before-tax-(PBT)-soared-29.7%-to-₹-242.50-crore-in-Q1-June-2020-as-against-₹-186.95-crore-in-Q1-June-2019.-Current-tax-expense-for-the-quarter-dropped-10.2%-to-₹-63.60-crore-as-against-₹-70.80-crore-in-Q1-June-2019.-

REC-gained-2.03%-after-the-consolidated-net-profit-rose-22.29%-to-₹-1,845.30-crore-on-20.44%-rise-in-total-income-to-₹-8,450.36-crore-in-Q1-June-2020-over-Q1-June-2019.

Meanwhile,-the-board-of-directors-of-REC-approved-the-proposal-of-raising-of-funds-through-issue-of-unsecured/secured-non-convertible-bonds/debentures-through-Private-Placement,-upto-an-amount-of-₹-85,000-crore,-in-one-or-more-tranches,-subject-to-approval-of-shareholders-in-this-regard-in-the-ensuing-Annual-General-Meeting.

Birla-Corporation-tumbled-7.37%-after-consolidated-net-profit-tanked-53.2%-to-₹-65.77-crore-on-35.1%-decline-in-net-sales-to-₹-1,221.97-crore-in-Q1-June-2020-over-Q1-June-2019.-

Revenue-for-the-quarter-declined-as-sales-by-volume-dropped-33.9%-to-2.4-million-tons-(mt).-EBITDA-slumped-37%-to-₹-252-crore-in-June-2020-as-against-₹-402-crore-in-June-2019-amid-severe-disruptions-in-key-markets-and-manufacturing-centres-due-to-the-Covid-19-pandemic.

Affle-(India)-hit-an-upper-circuit-of-10%-at-₹-2025.95-after-the-company's-consolidated-net-profit-jumped-42.3%-to-₹-18.77-crore-on-20%-increase-in-net-sales-to-₹-89.77-crore-in-Q1-June-2020-over-Q1-June-2019.-EBITDA-margin-remained-unchanged-at-25%-in-Q1-June-2020.

The-firm-said-that-the-growth-has-been-broad-based-coming-from-both-cost-per-converted-user-(CPCU)-business-and-non-CPCU-business.-The-CPCU-business-continued-its-positive-momentum-delivering-a-total-of-1.7-crore-of-converted-users-in-Q1-FY21.

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Key-domestic-equity-benchmarks-ended-with-decent-gains-after-a-volatile-session-on-Monday.-The-Sensex-and-the-Nifty-sharply-came-off-the-day's-high-as-profit-booking-emerged-at-higher-levels.-Global-stock-markets-were-upbeat-as-an-improvement-in-Chinese-factory-data-calmed-nerves.

The-barometer-index,-the-S&P-BSE-Sensex,-was-rose-141.51-points-or-0.37%-at-38,182.08.-The-Nifty-50-index-added-56.10-points-or-0.5%-at-11,270.15.-Both-these-indices-witnessed-profit-selling-in-afternoon-trade-after-rising-over-1%-in-mid-morning-trade.-

Larsen-&-Toubro-(up-4.81%),-ICICI-Bank-(up-1.61%),-HDFC-(up-1.17%),-HDFC-Bank-(up-0.67%)-and-Mahindra-&-Mahindra-(up-4.75%)-were-major-index-movers.-

The-broader-market-outperformed-the-key-benchmarks.-The-BSE-Mid-Cap-index-rose-1.42%-and-the-BSE-Small-Cap-index-gained-1.47%.-

Buyers-outnumbered-sellers.-On-the-BSE,-1763-shares-rose-and-999-shares-fell.-A-total-of-169-shares-were-unchanged.-

COVID-19-update:

Total-COVID-19-confirmed-cases-worldwide-stood-at-19,862,599-with-731,349-deaths.-India-reported-6,34,945-active-cases-of-COVID-19-infection-and-44,386-deaths-while-15,35,743-patients-have-been-discharged,-according-to-the-data-from-the-Ministry-of-Health-and-Family-Welfare,-Government-of-India.

Economy:

Prime-Minister-Narendra-Modi-on-Sunday-launched-a-₹-1-lakh-crore-Agriculture-Infrastructure-Fund-to-support-community-farming-assets-across-the-country-and-said-this-would-enhance-India's-ability-to-compete-globally-in-the-agriculture-sector.-The-farm-infrastructure-will-enable-farmers-get-higher-value-for-their-produce-as-they-will-be-able-to-store-and-sell-at-better-prices-as-per-market-conditions,-reduce-wastage-and-increase-processing-and-value-addition.-PM-also-released-₹-17,000-crore-to-nearly-8.5-crore-farmers-under-the-sixth-installment-of-the-PM-Kisan-scheme.

AGR-Case-Hearing:

India's-Supreme-Court-(SC)-today-(10-August)-reportedly-adjourned-the-hearing-on-telecom-companies-under-insolvency-to-14-August,-while-observing-that-the-government-must-come-prepared-with-a-plan-for-recovery-of-dues-from-the-telcos-under-insolvency.-

While-Bharti-Airtel-and-Vodafone-Idea-had-sought-15-years'-time-for-repayment-of-dues,-the-government-had-suggested-a-time-frame-of-20-years.-The-SC-had-on-20-July-reserved-its-order-on-permitting-telecom-companies-to-make-staggered-payments-over-15-years.

Shares-of-Bharti-Airtel-fell-0.40%)-while-Vodafone-Idea-rose-2.94%-in-today's-trade.-

Numbers-to-Watch:

The-yield-on-10-year-benchmark-federal-paper-rose-to-5.895%-as-compared-with-5.886%-at-close-in-the-previous-trading-session.

In-the-foreign-exchange-market,-the-rupee-edged-higher-against-the-dollar.-The-partially-convertible-rupee-was-hovering-at-74.90,-compared-with-its-close-of-74.93-during-the-previous-trading-session.

In-the-commodities-market,-Brent-crude-for-October-2020-settlement-rose-45-cents-at-$44.85-a-barrel.-The-contract-fell-69-cents,-or-1.53%-to-settle-at-$44.40-a-barrel-in-the-previous-trading-session.

Foreign-Markets:

Most-markets-in-Europe-and-Asia-edged-higher-on-Monday,-brushing-off-tensions-between-the-US-and-China.-Japanese-and-Singaporean-markets-were-closed-for-public-holidays.

Data-showed-Chinese-factory-deflation-slowing-in-July.-The-producer-price-index-(PPI)-fell-2.4%-from-a-year-earlier-in-July,-the-National-Bureau-of-Statistics-(NBS)-said-in-a-statement-on-Monday.-However,-PPI-rose-0.4%-on-a-monthly-basis,-unchanged-from-the-increase-in-June.

International-investors-are-also-keeping-an-eye-on-stimulus-measures-in-the-US.-House-Speaker-Nancy-Pelosi-and-Treasury-Secretary-Steven-Mnuchin-on-Sunday-signaled-a-willingness-to-restart-negotiations-on-a-new-coronavirus-relief-bill.

In-US,-the-S&P-500-retreated-from-a-near-six-month-high-in-choppy-trading-on-Friday-with-data-showing-a-sharp-slowdown-in-US-employment-growth,-while-US-China-tensions-escalated-with-President-Donald-Trump's-move-to-ban-WeChat-and-TikTok.

US-President-Donald-Trump-signed-two-executive-orders-banning-WeChat,-owned-by-Chinese-tech-giant-Tencent,-and-TikTok-in-45-days'-time-while-announcing-sanctions-on-11-Chinese-and-Hong-Kong-officials.

Trump-signed-a-series-of-executive-orders-to-extend-unemployment-benefits-after-talks-with-Congress-broke-down.-The-orders-would-provide-an-extra-$400-per-week-in-unemployment-payments,-less-than-the-$600-per-week-passed-earlier-in-the-crisis.-

Buzzing-Segment:

Shares-of-eight-defence-companies-rose-by-2.94%-to-10%-after-defence-minister-Rajnath-Singh-on-Sunday-announced-import-ban-on-101-defence-items.-

Dynamatic-Technologies-(up-10%),-Bharat-Electronics-(up-9.17%),-Hindustan-Aeronautics-(up-8.74%),-Astra-Microwave-Products-(up-5.48%),-Bharat-Dynamics-(up-4.16%),-Premier-Explosives-(up-4.04%),-BEML-(up-3.42%)-and-Bharat-Forge-(up-2.94%)-advanced.

The-defence-ministry-has-decided-to-put-101-items-put-on-embargo-to-boost-indigenisation-of-defence-production.-The-embargo-on-imports-is-planned-to-be-progressively-implemented-between-2020-and-2024.-The-deadline-has-been-set-for-December-2025.-The-list-of-101-embargoed-items-comprises-some-high-technology-weapon-systems-like-artillery-guns,-assault-rifles,-corvettes,-sonar-systems,-transport-aircraft,-light-combat-helicopters-(LCHs),-radars-and-many-other-items.-

Stocks-In-Spotlight:

Cipla-jumped-9.20%-after-the-company's-net-profit-rose-21%-to-₹-578-crore-on-9%-increase-in-total-revenue-from-operations-to-₹-4,346-crore-in-Q1-FY21-over-Q1-FY20.-EBITDA-margin-stood-at-24.1%-as-30-June-2020-as-against-22.7%-as-30-June-2019.-Cipla-said-that-it-has-achieved-zero-net-debt-position-led-by-strong-collections-and-improved-EBITDA.

India-business-grew-by-16%-YoY-with-strong-growth-across-the-three-businesses.-Overall-South-African-business-continued-the-strong-growth-momentum-to-deliver-growth-of-17%-on-a-YoY-basis-in-local-currency;-private-business-continues-to-outpace-the-market.-The-US-business-reported-$135-million-led-by-Albuterol-ramp-up;-14%-QoQ-growth.

Divi's-Laboratories-surged-11.95%-after-the-company's-consolidated-net-profit-jumped-81%-to-₹-492-crore-on-a-47%-increase-in-total-income-to-₹-1748-crore-in-Q1-FY21-over-Q1-FY20.-The-company-has-been-able-to-have-near-normal-operations-during-the-quarter-and-there-was-minimal-impact-due-to-COVID-19-pandemic.

The-company-further-said-that-while-a-significant-part-of-the-ongoing-capex-programs-has-been-completed-during-the-last-financial-year,-due-to-the-COVID-19-pandemic,-there-has-been-delay-in-implementing-the-balance-part-of-the-capex-programs-taken-up-by-the-company-due-to-non-availability-of-workmen-of-some-contractors-implementing-the-projects.-It-expects-to-complete-the-capex-programs-by-second-half-of-the-financial-year.

IPCA-Laboratories-surged-7.36%.-The-company's-net-profit-surged-to-₹-445.68-crore-in-Q1-June-2020-from-₹-129.43-crore-in-Q1-June-2019.-Net-total-income-increased-by-41%-YoY-to-₹-1,546.49-crore-during-the-quarter.-

Abbott-India-jumped-5.01%-after-standalone-net-profit-surged-54.2%-to-₹-180.35-crore-on-6.5%-jump-in-net-sales-to-₹-1,064.27-crore-in-Q1-June-2020-over-Q1-June-2019.-Profit-before-tax-(PBT)-soared-29.7%-to-₹-242.50-crore-in-Q1-June-2020-as-against-₹-186.95-crore-in-Q1-June-2019.-Current-tax-expense-for-the-quarter-dropped-10.2%-to-₹-63.60-crore-as-against-₹-70.80-crore-in-Q1-June-2019.-

REC-gained-2.03%-after-the-consolidated-net-profit-rose-22.29%-to-₹-1,845.30-crore-on-20.44%-rise-in-total-income-to-₹-8,450.36-crore-in-Q1-June-2020-over-Q1-June-2019.

Meanwhile,-the-board-of-directors-of-REC-approved-the-proposal-of-raising-of-funds-through-issue-of-unsecured/secured-non-convertible-bonds/debentures-through-Private-Placement,-upto-an-amount-of-₹-85,000-crore,-in-one-or-more-tranches,-subject-to-approval-of-shareholders-in-this-regard-in-the-ensuing-Annual-General-Meeting.

Birla-Corporation-tumbled-7.37%-after-consolidated-net-profit-tanked-53.2%-to-₹-65.77-crore-on-35.1%-decline-in-net-sales-to-₹-1,221.97-crore-in-Q1-June-2020-over-Q1-June-2019.-

Revenue-for-the-quarter-declined-as-sales-by-volume-dropped-33.9%-to-2.4-million-tons-(mt).-EBITDA-slumped-37%-to-₹-252-crore-in-June-2020-as-against-₹-402-crore-in-June-2019-amid-severe-disruptions-in-key-markets-and-manufacturing-centres-due-to-the-Covid-19-pandemic.

Affle-(India)-hit-an-upper-circuit-of-10%-at-₹-2025.95-after-the-company's-consolidated-net-profit-jumped-42.3%-to-₹-18.77-crore-on-20%-increase-in-net-sales-to-₹-89.77-crore-in-Q1-June-2020-over-Q1-June-2019.-EBITDA-margin-remained-unchanged-at-25%-in-Q1-June-2020.

The-firm-said-that-the-growth-has-been-broad-based-coming-from-both-cost-per-converted-user-(CPCU)-business-and-non-CPCU-business.-The-CPCU-business-continued-its-positive-momentum-delivering-a-total-of-1.7-crore-of-converted-users-in-Q1-FY21.

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