10th July, Morning Brief

Market will open positively as SGX Nifty is trading up by 18 points at 8691.

Nifty once again failed to cross the crucial psychological level of 9,700 last session. It formed a Doji pattern on the charts as it closed just around the opening level in the previous trading session last week. It would be interesting to see if it succeeds in breaking the jinx and climbs to a new high in the coming weeks. If Nifty manages to close above 9,675 or surpasses its triple top hurdle of 9,700 zones then a fresh leg of the rally may start to take the index on new high territory which initially will be led by short covering.

🎯 News & Impact 🎯

🎯 AU Small Finance Bank :
Listing today.

🎯 Biocon :
Biocon Gets GMP Nod For Biologics Drug Substance Units From French Regulator.
Positive for the stock. 👍

🎯 IDFC, Shriram Capital :
To Announce Merger To Create $10 Bn Company.
Merged Entity To Have Co-branding IDFC Shriram.
Shriram Transport Fin & Shriram City Union To Merge With IDFC Bank. Which will become largest retail-focused bank.
Positive. 👍

🎯 Satin Creditcare :
Capital First subscribes to 12.3 lakh warrants of Satin Creditcare at Rs.284.
Capital First intends to make strategic investment in Satin for accessing the widespread distribution channel of the co.
Positive for the stock. 👍

🎯 Fortis Healthcare :
Fortis Healthcare receives approval to enhance FII limit on total holdings to 75%.
Positive for the stock. 👍

🎯 Cadila Healthcare :
Zydus receives Final Approval from the USFDA for Doxazosin Table.
Positive for the stock. 👍

🎯 Navin Fluorine :
Navin fluorine passes resolution for subdivision of equity shares in the ratio of 5 shares for every 1 share held.
Positive for the stock. 👍

🎯 Tata Teleservices :
Crisil revises rating to A/Stable from A-/Negative for long term facilities.
Tata Sons to inject 12k cr more in telecom arm.
Positive for the stock. 👍

🎯 Tata Power :
Tata Power, Essar plants in Gujarat fit for takeover says NTPC.
Positive for the stock. 👍

🎯 CARE Ratings :
After Crisil, now Fitch looking to buy into CARE ratings.
Positive for the stock. 👍

🎯 Jyoti Resins :
Board approves stock split 10 shares for every 1 share held.
Positive for the stock. 👍

🎯 Ferro Alloys :
REC (Financial Creditor) files application under Section 7 of insolvency and bankruptcy code against Ferro Alloys.
Negative for the stock. 👎

🎯 Pokarna :
CRISIL revises rating to BBB-/Stable from BB /stable for long term credit facility.

🎯 Syndicate Bank :
Revises overnight MCLR to 8.05 from 8.3
Revises One Month MCLR to 8.1 from 8.35

🎯 Adlabs Imagica
CARE revises rating to BBB- from D for long term Bank Facilities.

🎯 Monnet Ispat :
IDFC Bank has invoked the pledge of shares of Monnet Power Company Limited held by the Company.

🎯 Sun Pharma :
Sun Pharma enters into settlement with Apotex corporation ltd regarding Modafinil antitrust Litigation.

🎯 FAG Bearings :
FAG bearings to change Name of co to Schaeffler India Ltd.

🎯 Asian Granito :
Company launches new range of tiles.

🎯 Surya Roshni :
Company launches super-efficient BLDC Fan SS-32.

🎯 Siyaram Silk :
BM on July 26th To consider stock split.

🎯SCI :
Shipping Corp of India has taken physical delivery of 'MV SCI Saraswati', a secondhand multi-purpose support vessel (MPSV) of 3,719 DWT capacity.

🎯 RCom :
Reliance Communications presents long term plan to lenders for reducing debt.

🎯 Gati, TVS logistics - Gati, Peepul, TVS logistics keen to acquire Vulcan from snapdeal

🎯 Bhushan steel :
Bhushan essar lenders to tap global investors.

🎯 HPCL :
Hind Petro raises 500mn$ through overseas bond.

🎯 Fertilizer Stocks :
Fertiliser subsidy, DBT may begin in August.
Positive for Chambal, NFL, GSFC, GNFC, RCF.

🎯 United Bank Of India :
Proposes To Approve Allotment Of Unsecured Basel III Complaint Listed Tier-2 Bonds Worth Upto Rs.500 Cr

🎯 Emami :
Emami Says Will Pass On GST Benefits To Consumers & Have Cut Prices Of Emami 7 Oils.

Edited by Sharp.
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