6th April, Morning Brief

Nifty may open in a negative note tracking SGX Nifty, down by 40 points.
All eyes will be on the outcome of the monetary policy committee decision on key interest rates which will be out later today during market hours.
Nifty has support at 9220 & 9090.

🎯 News & Impact🎯

🎯 US Fed minutes signaled tightening:

The Federal Reserve Board and the (FOMC) Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on March 14-15, 2017. The minutes released indicated that the Fed voted 9-1 to raise interest rates and also showed that the rate-setting committee had a broad discussion about whether to phase out or halt reinvestments all at once.

🎯 UK Visa Restrictions -
After losing their prospects of working in the US, Indian software professionals, at least 30,000 of them, will be impacted by the UK governments move to impose restrictions on work visas, including discontinuing the short-term visa category, said a media report.
Negative for

🎯 The rupee on Wednesday hit a fresh 17-month peak of 64.87 by gaining 16 paise against the dollar on heavy selling of the American currency by banks and exporters.
Negative for export companies' stocks.

🎯 Tata Motors :
March auto sales-

-JLR UK sales up 34.4 percent at 32,105 versus 23,893 units (YoY) 👍🏻

-Jaguar UK sales up 69.1 percent at 9,571 versus 5,659 units (YoY) 👍🏻

-Land Rover UK sales up 23.6 percent at 22,534 versus 18,234 units (YoY) 👍🏻

🎯 Bharat Forge :
March Class 8 truck sales in North America up 41% at 22,800 units YoY.

🎯 Force Motors :
March production at 3209 units, domestic sales at 4129 units, export sales at 233 units. 👍

🎯 Sun Pharma :
Subsidiary Taro gets US FDA nod for Tazarotene cream (used to treat plaque psoriasis in adults). 👍

🎯 Millitoons Entertainment :
to list bonus shares.

🎯 SBI :
SBI Associates to list shares post amalgamation.

🎯 SKF India's
ex-date for buy back eligibility.

🎯 Ansal Housing:
India Ratings & Research downgrades to non-cooperating category. 👎🏻

🎯 Jindal Steel & Power (JSPL) :
Records highest ever production & sales in FY17. 👍

🎯 Edelweiss Financial :
Subsidiary entered into special purchase agreement for acquiring 100 % stake in Alternative Investment Market Advisors.

🎯 Capital First :
Issued non-convertible debentures (NCDs) worth Rs.500 cr.

🎯 Reliance Defence :
Board meeting on April 11 to consider rights issue up to Rs. 1,200 cr. 👍

🎯 Power Grid :
Entered into loan agreement with Asian Development Bank for USD 225 million. 👍

🎯 Brahmaputra Infra :
Gets order worth Rs 44.8 crore from Government of Assam. 👍

🎯 IndusInd Bank proposal to issue NCDs worth Rs.1,000 cr. 👍

🎯 M&M :
Launched JIVO a new small tractor platform.

🎯 Bank of India :
Shareholder meeting on May 4 for approval of issue of shares to Government of India. 👍

🎯 Gallantt Ispat :
UP government may acquire land from Gallantt Ispat for metro project. 👎🏻

🎯 Repco :
Board meering on April 11 to consider issue of NCDs worth Rs 227 crores. 👍

🎯 Adani Power :
Adani's coal mine project in Australia granted water license.

🎯 MCX :
India's largest commodity bourse, will conduct a forensic audit of its trading systems following allegations of unfair trading access. MCX is the second exchange after the National Stock Exchange (NSE) to see a forensic audit of its trading systems due to allegations of preferential access to brokers. 

🎯 The Phoenix Mills: 
Canada Pension Plan Investment Board (CPPIB) and The Phoenix Mills Ltd. on Wednesday announced participation in a strategic investment platform, Island Star Mall Developers, to develop, own and operate retail-led mixed-use developments across India. 👍

🎯 Coal India: 
Coal India is actively looking to acquire coking coal assets in Australia, a senior company official told Reuters, as the country looks to beef up its foreign coal assets. 

🎯 Vedanta :
Cairn-Vedanta merger may be completed in next 1-2 weeks with RBI approval.
Possibility of reverse merging Hindustan Zinc with Vedanta to create large conglomerate. 👍🏻

🎯 Wonderla Holidays : 
The company is looking to expand its operations beyond southern states to Maharashtra, Goa and Gujarat. “After successfully establishing ourselves in three locations in South India and another one proposed in the fourth state, we are now exploring the prospects in the western part of the country,” said Arun K Chittilappilly, managing director of the company. 

🎯 Mahindra & Mahindra : 
Despite the not-so-encouraging initial forecasts about the monsoons, tractor major Mahindra & Mahindra on Wednesday sounded confident of maintaining last year's sales momentum and grow in double-digits. 👍