1. Share Market Cues | Nifty hovering around the 11,500 mark and Sensex at 38,929. 721 advances as against 257 declines. ONGC Q1 numbers out today. Bharti Idea up by 1%. Vodafone Idea stocks see a 5.6% rise after it sinking yesterday. M&M stocks on an uptick too.
Maruti Suzuki and Escorts stocks continue to remain in focus. TVS sees a month of revival and the uptick has come in by 14%. Hero Motor also sees an uptick of 13%. Divi's Lab also in the green. Coal India to invest 1.22 lakh rupees by 2023. ONGC first numbers say the profitability has been affected.
2. Vodafone - Idea will be looking for fundraising on 4th September. The Supreme Court allowed telecom players, including Vodafone Idea, a 10-year timeline to pay adjusted gross revenue (AGR) dues of Rs 53,000 crore ($7.5 billion)
The loss-making operator has started a restructuring drive to help save Rs 4,000 crore on an annualised basis over the next 18 months. The steps include cutting IT costs, centralising decision making, lowering distribution costs by pushing digital recharges and automating functions.
The company reported a record loss of Rs 50,921 crore for the September quarter, as it made a provision for the payment of statutory dues.
3. Supreme Court to hear loan moratorium issue. The centre has told Supreme Court that let the Centre, RBI as well Bankers association need to sit together a class of borrowers needs to be identified, loan moratorium is extendable by 2 years, need to identify the stressed accounts to deciding the relief.
The GDP figures came in lower by 23% other aspects also need to be looked at. Deepak Parekh, Uday Kotak has given statements on not extending the moratorium because it is essential to normalise the banking sector. It is crucial that everyone gets a clear sense of where the credit market is moving.
4. Mr. Sharad Kumar Saraf the President of Federation of Indian Export Organisation (FIEO) joined ET Now to have an exclusive chat about the export sector. He shared his views on the decision taken by the government to CAP the MEIS which will ultimately benefit exporters. Mr. Saraf clarified that is not one but actually two CAPS one being the two crore CAP per exporter and a CAP of five thousand crore rupees on the total payout.
Mr. Saraf also discussed the implications of this decision for other sectors like auto and OEMs. According to him, this is better than nothing for companies like Bajaj and TVS while benefiting small companies.
5. Jubilant Food Poll to release its FY21 Q1 numbers. The numbers are expected to be weak given to the lockdown situation. The revenue is expected to be at Rs 380 crores and is down by 60%. The loss is expected to be at Rs 53 crores vs the profit of 174.8 crores ON YoY basis.
Operational performance is also expected to be weak. EBIDTA loss expected to be Rs 11 crores on a YoY basis. The dominos SSSG to see a decline of 605 this year. The revenue of the company is also impacted by the lockdown. The delivery front to be in focus which can hold out at 60%.