17th Aug, Morning Brief

Market will open flat. Yesterday's rally mostly by short covering when Nifty sustained above 9850.

🎯 News & Impact 🎯

🎯 L&T :
Company has entered into definitive agreement for the divestment of its entire stake in L&T Cutting Tools, a whollyowned subsidiary.
Positive for the stock.

🎯 United Bank of India :
Deposit rate upto Rs 1 cr revised to 6.10 % from 6.25 %.
Deposit rate more than Rs.1 cr revised to 4.35 % from 4.5 %.

🎯 Piramal Enterprises :
Decision Resources inc a subsidairy of the co. acquired 100 % in Context Matters.
Context Matters is a health economics data and technology company delivering global market access insights into life sciences industry.

🎯 Infosys :
Company board will consider a proposal to buy back shares on August 19. The company had said it would pay shareholders up to $2 billion through dividends and share buybacks in FY18. 

🎯 Infibeam Incorporation Ltd. : 
Prem Watsa's Fairfax Financial Holdings is in advance negotiations with Infibeam Incorporation Limited, India's only listed and profitable ecommerce company , to pick up a minority 10-12% stake for around Rs 1,200-1,500 crore.
Positive for the stock.

🎯 United Spirits Ltd.: 
The operator of military canteens has slapped an over Rs.250 crore fine on United Spirits, accusing the nation's largest alcohol maker of violating a pricing agreement, two industry executives in the know of the matter said. 
Negative for the stock.

🎯 Parsvnath Developers :
CRISIL Rating assigned to the long term bank loan facilities of the Company from "CRISIL - C" to "CRISIL - D.
Negative for the stock.

🎯 Hospitals & General Insurance :
NPPA Brings Ortho Knee Implants Under Price Control.
Fixes Ceiling Price For Ortho Knee Implants Under Para 19 Of DPCO 2013.
Positive for insurance company (ICICI Prudential).
Negative for Hospitals (Apollo Hospital, Fortis Hospital).

🎯 Unitech :
Sanjay Chandra, the promoter of developer Unitech Ltd jailed in a cheating case, urged the Supreme Court to release him on bail for three months to mop up funds to pay back flat buyers, promising to even sell his house to help clear dues.

🎯 Ricoh India :
Company to consider and approve the matter of amendment / restructuring of terms of the existing Rs 200 crore Non Convertible Debentures.

🎯 Inditrade Capital :
IRDA grants of Life Insurance Broking Business License to Inditrade Insurance Broking (step down subsidiary of the Company).

🎯 Yes Bank :
Cuts savings account interest rate for Rs. 1 crore & above by 25 bps.
Keeps savings account interest rates for Rs 1 lakhto Rs 1 crore at 6 percent
Cuts savings account interest rate for below Rs.1 lakh by 100 bps To 5 %.

🎯 TTK Healthcare :
Cigna pumps 113cr into insurance JV with Co. hikes stake to 49%.

🎯 GMR Infra :
Company finds buyer for its barge- mounted power plant.

🎯 Prestige Estate Projects : 
Bengaluru-based realtor Prestige Estate Projects has promoted Venkat K Narayana as its chief executive officer.

Edited by Sharp.
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