Markets are likely to open higher on Friday tracking SGX Nifty which is trading at 9175, up by 15 points.
Hang Seng & Nikkei were trading higher by 66 and 159 & points respectively, in morning trade.
On Wall Street, US stocks rallied on Thursday, with the Nasdaq closing at a record, as a round of solid earnings led by American Express pushed equities higher. The Dow Jones Industrial Average gained 174.22 points, Nasdaq gained 53.74 & S&P 500 gained 17.67 points.
FTSE & DAX closed flat gaining 4.18 & 10.87 points and CAC rose by 74.18 points yesterday.
Results today:
ACC, FAG Bearing, HDFC Bank, Amal Ltd, Shree Digvijay Cement Company, Soma Paper, Tata Metaliks, and Walchand Peoplefirst Ltd.will announce their results for the quarter ended March 31, 2017 on Friday.
🎯 News & Impact 🎯
🎯 Reliance Industries :
Successfully commissioned final phase of para-xylene units at Jamnagar. With commissioning, company to become world's 2nd largest producer of para-xylene. Set to commission one of the largest & integrated ethylene cracker globally.
Positive for the stock. 👍🏻
🎯 Vedanta :
Fire at power plant in Punjab resulted in shut down of 3 units for 60 days.
Jharsuguda-I plant had a pot outage incident earlier this week.
Negative for the stock. 👎🏻
🎯 Tata Steel :
Board approves issue of debt securities of up to Rs. 9,000 crore. Funds to be deployed towards re-financing debt, capex requirements.
🎯 Infosys:
Rajiv Bansal, former CFO of Infosys, has dragged his former employer to arbitration to claim the remaining Rs.12 crore of his severance pay.
🎯 Coal India:
Coal India expects to invite bids for long-term coal supplies to the power sector in the next few weeks as the government is close to finalising the policy for such auctions.
🎯 Mind Tree :
Reported 5.72 % quarter-on-quarter (QoQ) fall in consolidated net profit figures at Rs. 97.20 crore for the quarter ended March 31, 2017. It had posted a net profit of Rs 103.10 crore in the same quarter last year.
Negative for the stock. 👎🏻
🎯 Diamond Power and Infrastructure:
Diamond Power on Thursday reported widening of its consolidated net loss to Rs.316.83 crore for the March quarter. The loss was higher than the Rs.203.85 crore the company had posted in the January-March period of the previous financial year, 2015-16.
Negative for the stock. 👎🏻
🎯 Wipro:
Wipro is trimming its workforce by 600 employees after a rigorous appraisal process as India's information technology industry sector grapples with slowing growth and mounting visa costs amid immigration curbs in the US.
🎯 Max Financial Services:
Goldman Sachs will sell shares worth up to $123 million in Max Financial Services Ltd on Friday, according to a deal term sheet seen by Reuters.
Book launched for share sale up to USD 123 million, floor price Rs 607/share. Max Financial share sale floor price of Rs 607, a 6.75 percent discount to Thursday's closing price of Rs.650.95.
🎯 Indian Hotels :
Supreme Court permits auctions of Taj Mansingh.
🎯 Spice Mobility :
Incorporates subsidiary in Dubai to undertake business of software and IT.
Positive for the stock. 👍🏻
🎯 ICICI Bank:
Warburg Pincus is the frontrunner to acquire a minority stake in insurer ICICI Lombard General Insurance Co. from Prem Watsa’s Fairfax Financial Holdings, according to reports. ICICI Lombard is a joint venture formed in 2001 between ICICI Bank and Fairfax.
🎯 PVR :
Multiplex operator PVR said that it has sacked its Chief Business Development Officer Vijay Kapoor on disciplinary grounds. The company has asked Kamal Gianchandani, Chief Business Planning & Strategy, to take over Kapoor's responsibilities immediately.
🎯 Nalco:
State-run National Aluminium Company (Nalco) offer for sale (OFS), got overwhelming response from investors with the retail portion subscribed 3.17 times on the second and last day of the offer on Thursday, the government announced.
Positive for the stock. 👍🏻
🎯 Bajaj Finance:
The company on Thursday said it has raised over Rs.500 crore by issuing bonds on private placement basis.
🎯 Bharti Infratel:
Credit Suisse maintained ‘Outperfrom’ rating on Bharti Infratel and raised target price to Rs 400 from Rs 335 earlier. 👍🏻
🎯 Dhampur Sugar :
Dolly Khanna buys 1.18 % stake in company in March 2017 against nil in December 2016. AK Goel increase stake in company to 7.78 % in March 2017 against 5.90 % in December 2016.
🎯 Hathway Cable :
To invest Rs.1,000 crore in 3 years.
🎯 Radico Khaitan :
Madhuri Madhusudan Kela buys 7.04 lakh Radico Khaitan shares at Rs 117/share
🎯 Brigade Enterprises :
Board to meet on April 25 to consider fund raising.
🎯 Bombay Rayon :
Board meet on April 25 to approve S4A scheme.
🎯 Teva Pharma :
Gets tentative US FDA nod for Dabigatran Etexilate capsules (Used to reduce risk of stroke & serious blood clots in patients with arterial issues). [Not listed in India].
Edited by Sharp.
© Sharp Investment & Financial Advisers
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