The United States Government on Wednesday signed a deal worth $1.97 Billion with Pfizer Inc and German biotech firm BioNTech SE, for the development and early procurement of a potential COVID-19 vaccine. The companies expect to seek approval as early as October and aim to produce 100 million doses by the end of 2020.
Currently there are 165 potential COVID-19 vaccines being developed around the world. Out of these 27 are undergoing human trials, including 2 by Indian firms Zydus Cadila and Bharat Biotech.
Amazon reportedly in talks to buy a 9.9% stake in Reliance Retail!
Spicejet has been designated as an Indian scheduled airline to operate services to the United States, a milestone that the airline claims is expected to help the company better chart its international expansion plans.
Wipro will acquire one of the largest Salesforce implementation partners “4C” for 68 million euros.
Cipla is all set to launch Favipiravir, developed by the Council of Scientific and Industrial Research (CSIR) in a cost-effective process, for the treatment of COVID-19 patients.
Biocon’s Q1FY21 consolidated revenue grew 14% to ₹1,690 crore from ₹1,483 crore in Q1FY20.
HDFC Asset Management Company reported 3.6% rise in net profit to Rs 302.36 crore in Q1 June 2020 from Rs 291.79 crore in the same period last year. Revenue from operations stood at Rs 411.49 crore in Q1 June 2020, falling 18.4% from Rs 504.39 crore in Q1 June 2019.
AU Small Finance Bank reported a 6% rise in its net profit at ₹201 crore in the April-June quarter of the current fiscal year.
ABB India reported about 76% decline in net profit at ₹16.75 crore for the June quarter, mainly due to lower revenues.
Major Q1 results today:
Asian Paints
Zee Entertainment
ITC
JSW Steel
Ambuja Cement
Coromandel International
Crompton Greaves Consumer Electricals
What to expect today?
Yesterday, the market regained whatever it lost the previous day, moved up and closed strongly at an all time post COVID high. The market was mostly supported by Reliance, which gave an exceptional bull run yesterday also.
US markets are down heavily, citing increasing unemployment! So are the Asian markets. SGX NIFTY is currently trading lower at 11,159, indicating a gap down opening in the Indian Market!
NIFTY is likely to trade between 11,000 and 11,250 today. There is support at 11,120 and 11,050 and resistance at 11,180 and 11,230.
Highest Call Open Interest at 11,500, followed by 11,000. Highest Put Open Interest at 11,000, followed by 10,800.
Reliance continues to be in watch. Results announcing majors ITC, ASIANPAINTS, ZEEL, JSWSTEEL need to be in watch. So is ICICIBANK, which is announcing result tomorrow.
