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Latest Updates

ICICIdirect Research Posted on 09:13am 20-Nov-2020

Infosys has built a vaccine management cloud solution on the Salesforce Platform in collaboration with Salesforce Work.com

* Market Outlook

Indian markets are likely to see a flattish opening tracking weak global cues amid renewed concerns about new restrictions and lockdowns as a result of the surge in Coronavirus cases. However, global news flows and sector specific developments will be key monitorables.


* Markets Yesterday

• Domestic markets ended lower on the back of losses mainly in banking stocks amid weak global cues

• US markets ended higher tracking gains in tech stocks amid rising Covid-19 infections and renewed restrictions in certain areas

 

* Key Developments  

• The Supreme Court (SC) heard a batch of petitions seeking interest waiver during the loan moratorium period. During the hearing, it disposed petitions where petitioners were satisfied with compound interest waiver. The apex court has also directed power producers and other petitioners to submit suggestions before RBI counsels. Further, it has asked the Centre and RBI to reply to suggestions put forth before the bench on November 19. The SC then directed the case to be listed next week

• Larsen & Toubro (L&T) and Bhel are among the 102 companies to have made it to second level request for proposal (RFP) of selection process after qualifying in request for qualification (RFQs) for attracting private investment to run passenger train services in PPP mode for 12 clusters that comprise more than 150 origindestination pair of routes through introduction of 151 modern trains

• The government is reassessing the previously made future oil demand projections and refining capacity needs due to change in demand and energy transition towards cleaner fuels. The Petroleum Secretary said PPAC is preparing a report on the same

• Mphasis has acquired Datalytyx Ltd, a leading UK based, Snowflake and Talend partner specialising in NextGen Data Engineering and consultancy company for consideration up to £13.3 million (~| 130 crore) for 100% stake. The acquisition is expected to provide access to strengthen Mphasis Next-Gen Data GTM Strategy and provide higher value partnership status with Snowflake and Talend for cloud-based data services. The acquisition closed on November 19, 2020 consequent to signing of the definitive agreement

• Infosys has built a vaccine management cloud solution on the Salesforce Platform in collaboration with Salesforce Work.com. The companies have created an end-to-end vaccine management solution to help support the federal government’s mandate for states to be ready to distribute a Coronavirus vaccine. Infosys vaccine management solution built on the Salesforce Platform covers a broad spectrum of vaccine management, including campaign management, citizen registration, prioritisation, provider enrollment, supply chain visibility, forecasting, vaccine administration, wellness surveys and adverse event monitoring

• Tata Consultancy Services (TCS) has expanded its partnership with Kingfisher plc, a leading home improvement company in the UK and Europe, to provide consolidated application management and infrastructure support services, to accelerate the retailer’s transformation to be a digital first organisation

• Axis Bank has partnered with Bangalore Water Supply and Sewerage Board (BWSSB) to manage various epayment collections through digital and offline modes. The integrated payment solutions will help BWSSB authorities to collect payments from its 10 lakh plus customers in a seamless and effective way. All BWSSB customers can now pay digitally through Bharat Bill Payment System (BBPS), BHIM UPI/QR Code or deposit cash/cheque/DD at BWSSB kiosks

• The Indian Railways has completed the request for qualifications (RFQ) evaluations for PPP in the passenger train operations project. The companies that have made the cut for the RFP stage include road players like PNC Infratech, IRB Infra, Cube Highways and Infrastructure, etc, among others

• Dr Reddys has commenced a detailed probe through an independent US law firm into an anonymous complaint regarding healthcare professionals in Ukraine and potentially in other countries being provided with improper benefits

• Syngene and Deerfield Discovery and Development (3DC) have signed a five-year strategic collaboration to advance therapeutic discovery projects. This collaboration will unite core skills of the investment management company Deerfield, through its drug discovery and development arm 3DC, and Syngene’s integrated drug discovery (IDD) services.

• Airtel Payments Bank is expanding its footprint in West Bengal to take banking services to unbanked villages in remote areas and to contribute to financial inclusion in the state. The bank has a network of over 30,000 neighborhood banking points spread across West Bengal, and plans to expand its banking points in the state by 50% by March 2021

• Emami has announced its foray into the home hygiene space with the launch of a new brand ‘Emasol’. Buoyed by increased demand for hygiene products amid the Covid-19 pandemic, the company has entered five categories of the home hygiene segment. The organised market size of these five categories — disinfectant floor cleaner, toilet cleaner, bathroom cleaner, dish wash gel and all-purpose sanitiser — is around | 3000 crore

• The Oil Minister has said Indian companies will invest | 10000 crore to set up 1000 LNG stations across highways and industrial corridors in next three years

• As per media reports, a consortium of investors comprising Oaktree Capital Management and Varde Partners has proposed investing at least $2 billion in cash-strapped Vodafone Idea (VIL) by buying hybrid debt securities. The talks, however, are in initial stage. Any fund raising will ease near term liquidity crunch for VIL

• As per media, State Bank of India (SBI), the lead lender to Dewan Housing Finance Corp (DHFL) has asked fellow lenders to persuade all four suitors to the bankrupt home financier to upgrade their offers as an improvement in the asset quality of the mortgage lender has made it more valuable

• Cinema halls in Kerala will continue to remain shut due to the ongoing pandemic

• Media reports indicate number of Hindi film releases will reduce by 50% in 2021 as film shoots were delayed due to the Covid-19 led lockdown

 

* Today's Highlights

Events: UK retail sales MoM, EU consumer confidence, India forex reserves, India bank loan growth