22nd June, Morning Brief

Markets are likely to open in green as SGX Nifty was trading 15 points up.

🎯 News & Impact 🎯

🎯 Godrej Consumer Products :
Ex-bonus (1:1)

🎯 HUL : 
Ex-dividend (Rs 10)

🎯 Kitex Garments :
Ex-bonus (2:5)

🎯 Arcotech :
Ex-split (From Rs 10 to Rs 2).

🎯 ICICI Bank, SBI, IDBI, Bank of Baroda :
SEBI for banks -
# 6-month average price rule won't apply for NPA resolution cases.
# Public offer exemption given in case of stressed assets.
# Share price during stake sale under NCLT not to be bound by SEBI rules.
Positive for ICICI Bank, SBI, IDBI, Bank of Baroda. 👍

🎯 Federal Bank :
Federal Bank to raise up to Rs. 2,500 crore via QIP issue at Rs 111.50-116.70/share.
Federal Bank QIP closed; strong demand from local & global investors.
Max demand for Federal Bank QIP at top end of the band.
Positive for the stock. 👍

🎯 Prism Cement :
Sanskar Ceramic, step down JV of the company has completed the expansion of vitrified tiles capacity.
Capacity now stands at 2.3 million per annum of wall tiles and 4.2 million per annum of vitrified tiles.
Positive for the stock. 👍

🎯 Petronet LNG :
Company in talks to buy stake in GSPCs Mundra LNG.
Positive for the stock. 👍

🎯 Axis Bank :
Plans to raise Rs 35,000 crore.
Positive for the stock. 👍

🎯 JP Associates :
Lenders approve loan recast.
Formal clearance to be announced today
Rs.13,000 crore will be transferred to a new special purpose vehicle.
Positive for the stock. 👍

🎯 IDFC :
RBI removes restriction on foreign investment in IDFC.
Positive for the stock. 👍

🎯 Fortis :
Delhi HC clears decks for potential deal by Fortis Healthcare to bring in new shareholders.
Positive for the stock. 👍

🎯 Glenmark :
Glenmark gets tentative US FDA nod for Solifenacin Succinate tablets (used for treatment of overactive bladders).
Positive for the stock. 👍

🎯 Reliance Defence :
Reliance Defence and Thales, to form JV for Rafale deal.
Positive for the stock. 👍

🎯 Tata Motors :
Committee approved offering for subscription, on a private placement basis, up to 5,000 Rated, Listed, Unsecured, 7.50% coupon, redeemable, non-convertible debentures (NCDs) of face value Rs 10 lakh each, at par, aggregating up to Rs 500 crore.
Positive for the stock. 👍

🎯 Zee Entertainment :
Global brokerage firm CLSA maintained ‘Buy’ on Zee entertainment with a target price of Rs 625. 
Positive for the stock. 👍

🎯 Pidilite : 
Credit Suisse maintained ‘Outperform’ on Pidilite with a target price of Rs 920. The global financial services firm prefers Pidilite due to its impregnable business moat. 
Positive for the stock. 👍

🎯 Nila Infrastructure :
The company on Wednesday received a work order from Ahmedabad Municipal Corporation (AMC) for slum rehabilitation and re-development for construction of 360 units on PPP basis.
Positive for the stock. 👍

🎯 Pharma Companies :
US FDA chief Scott Gottlieb says,
Can take steps to facilitate increased competition.
May address issue of high priced medicine via approval of generic medicine.
Working on a drug competition action plan.
Plan to solicit inputs for faster access to generic drugs.
Negative for DRReddy, Lupin, Sun Pharma. 👎

🎯 Ashok Leyland :
The company said that the board of directors of Hinduja Leyland Finance (HLFL) at its meeting held on May 23, 2017 has decided to withdraw the draft red herring prospectus (DRHP) and accordingly the DRHP had been withdrawn from Securities Exchange Board of India (Sebi) on June 16, 2017.
Negative for the stock. 👎

🎯 HDFC :
HDFC has filed term sheet for issuing secured redeemable non-convertible debentures worth Rs 700 crore on private placement basis @ 7.21 p.a.

🎯 Medicamen Biotech :
Medicamen issues 3.06 lakh warrants to promoters and non promoters at Rs.543 per share.

🎯 Ramky Infra :
To sell non-civic waste unit.

🎯 Coal India :
Coal India allows arms to reduce reserve price at auctions.

🎯 Idea :
Idea cellular moves Bombay HC for stay on CCI probe.

🎯 Larsen & Toubro :
The government on Wednesday sold its 2.5 per cent stake in Larsen & Toubro (L&T) to state-run entities, including SBI and LIC, for about Rs 4,200 crore. 

🎯 Premier Ltd :
The company has received Rs 83.51 crore (net) as a part payment towards compensation from the DFCC (a subsidiary of the Indian Railways) for compulsorily acquiring a part of the company’s land. 

Edited by Sharp.
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