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Market Update
NIFTY closed above 11300 today, while Sensex moved up by 224.93 and closed at 38407.01. All sectoral indices on NSE were green except NIFTY IT, Pharma, and Realty sector.
FII & DII Data for 11th August:
DII continued their profit booking and took away Rs. 1415.54 crores, while FII pours in Rs. 1013.66 crores in the market today as per the NSE website.
TITAN Q1 Results:
India’s largest jewelry and watchmaker TITAN suffered a major loss in earnings due to COVID-19. The share price plunged by almost 5.3% during intraday, but later recovered and closed at 1068 (- 3.57%). The next quarter will also follow the downtrend, as there is very little demand for luxury items in the retail sector.
We are maintaining our Buy rating on the stock for a Long term with 1010 Positional Stop loss Target 1120 1300 in Short term target.
ICICI Launches QIP (Qualified Institutional Placement):
ICICI bank is eyeing to raise Rs. 15000 crore by selling shares to institutional investors. This is in-line with the industry trend where earlier Kotak Mahindra Bank, Axis Bank, and HDFC ltd raised funds in the same way. Higher trade volumes were observed for ICICI bank today and the stock closed at Rs. 366.45.
AGR Verdict, Wait continues for staggered payment timeline for Telcos:
Supreme Court adjourned hearing to 14th August and asked the government to prepare a plan for recovery of dues from telcos under insolvency (RCom, Aircel, Videocon, etc.) There is a debate going on if the spectrums held by these telcos can be traded under IBC for recovery of dues. The government opposed such a move.
FADA Reports 25% decline in retail sales of passenger vehicles:
Federation of Automobile Dealers Associations (FADA) reported a decline of 25% in passenger vehicles, a 37% decline in Two-wheeler, and a big 72% decline in commercial vehicle sales for the month of July. With the festival season coming in this quarter, there are hopes that the auto industry will slightly recover.