Market will open with a flat note with a negative bias. 9500 will be considered as a level of support and 9700 mark will be a strong resistance to cross.
US stocks closed at record closing highs, as technology stocks bounced back and investors positioned for an expected Federal Reserve interest rate hike.
The Reserve Bank of India has identified 12 non-performing accounts or assets (NPAs), totalling 25 % of India's gross NPAs, which can be immediately taken up under the Insolvency and Bankruptcy Code (IBC).
Some of the large stressed accounts that could be a part of the 12 are Essar Steel with Rs 44,000 crore stressed assets, Bhushan Power (Rs 35,000 crore), Bhushan Steel (Rs 35,000 crore), Alok Industries (Rs 24,000 crore) and Electrosteel Steels (Rs 10,000 crore).
🎯 News & Impact 🎯
🎯 Manpasand Beverages :
The company reported 22.43 % rise in net profit at Rs.31.33 crore vs net profit of Rs. 22.43 YoY.
Positive for the stock. 👍
🎯 Rcom :
Reliance Communications-Brookfield tower deal likley to close by next month.
Company said to approach Citic for sale of GCX business.
Positive for the stock. 👍
🎯 Gitanjali Gems :
Gitanjali arm Nakshatra gets SEBI nod for an IPO.
Positive for the stock. 👍
🎯 MCX :
SEBI issues guidelines on options on commodity futures Trading.
Bourses allowed to launch one option contract on pilot basis.
Rs 1,000 crore daily turnover must for non-farm options.
Rs 200 crore daily turnover must for options on farm futures.
Options to be allowed only for top 5 traded commodity futures.
Position limits in commodity futures, options to be separate.
Positive for the stock. 👍
🎯 Glenmark :
Gets tentative US FDA nod for Saxagliptin tablets (used for treating type-2 diabetes).
Positive for the stock. 👍
🎯 Emkay Global :
The company signs an agreement for co-branding and distribution of equity research with DBS Vickers.
Positive for the stock. 👍
🎯 M&M :
M&M approves sale of part shareholding in Mahindra Logistics through IPOs.
Positive for the stock. 👍
🎯 Hexaware :
Hexaware's revenue from client EY dips.
Cautious over the stock. 👎
🎯 Dr Reddy :
API manufacturing plant at Miryalaguda receives EIR from the US FDA.
Miryalaguda manufacturing plant was issued Form 483 with 3 observations on February 21.
Negative caution over the stock. 👎
🎯 Adani Transmission :
The company releases pledge on 3.03 crore shares.
Negative and cautious over stock. 👎
🎯 Tata Motors :
Appoints Girish Wagh as head of commercial vehicle business & member of executive committee.
Girish Wagh will continue to oversee M&HCV business.
🎯 Greaves Cotton :
Inks pact with Pinnacle Engines to grant license.
Grants license for manufacturing & sale of internal combustion engines.
🎯 JSW Energy :
The company appoints Prashant Jain as MD & CEO.
🎯 Ashok Leyland :
Allots 8.06 crore shares of Ashok Leyland to shareholders of Hinduja Foundries.
🎯 Wipro :
Acquires Drivestream inc, a management and IT consulting firm specializing in Oracle Cloud services.
Wipro has invested $809,690 (about Rs 5.12 crore) in management and IT consulting firm Drivestream. The cash consideration will see Wipro acquiring 19,679 preferred stocks and 27,865 common stocks.
🎯 JSW Steel :
The company reports crude steel production at 13.57 lakh tonnes for May 2017, growth of 1 percent YoY.
🎯 ONGC :
ONGC and directorate general of Hydrocarbons (DGH), the upstream oil and gas regulator, have told an official probe panel that they had no prior knowledge that the reservoirs of the state-run company and Reliance Ind. in KG Basin were connected, three people aware of the development told ET.
🎯 Kelton Tech :
Partners with BEC, a leading provider of automated data capture and voice solutions.
🎯 Gammon Infra :
Board meeting for approval of results adjourned to June 14.
🎯 Filatex India :
CARE upgrades long term bank facilities to BBB.
🎯 Magma Fincorp :
The board meeting on June 20 to consider and approve merger of Magma Advisory Services.
🎯 Infosys :
Infy flags activist shareholders as risk in SEC filing.
🎯 BHEL :
BHEL to get out of its Kasargod JV.
🎯 MMTC :
MMTC to exit ICEX, sell residual 9.5 % stake.
Edited by Sharp.
© Sharp Investment & Financial Advisers
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