24th Aug, Morning Brief

A positive start is expected but a challenge to maintain the gains.
Yesterday we saw a sharp bounce on Wednesday, mainly led by short covering, and this made the benchmark Nifty50 end the session with net gains of 86.95 points.

🎯 News & Impact 🎯

🎯 Infosys :
The clamour to bring Infosys co-founder Nandan Nilekani back to the company grew louder on Wednesday with the firm’s former CFO V Balakrishnan and a group of 12 major institutional investors seeking his return for the ‘clean up’.
Positive for the stock.

🎯 Reliance :
will import 1.6 million tonnes of ethane from the US in the current fiscal to replace natural gas and naphtha as feedstock at its petrochemical plants to boost petrochemical margins.
Positive for the stock.

🎯 SREI Infra :
Gets approval for Bharat Road Network IPO from registrar of companies.
IPO from 6th Sept - 8 Sept.

🎯 Alembic Pharma :
Company has sold its formulations manufacturing facility at Baddi on slump sale basis to Scott Edil Pharmacia.

🎯 Metal stocks :
Metal majors are likely to remain in focus as zinc and aluminium prices jumped to their highest levels in over 10 years. Copper is also hovering around its 3-year high.

🎯 United Bank of India :
Bank approves issue and allotment of Basel III compliant tier 2 bonds up to Rs 500 crores.

🎯 Hindustan Copper :
operations at its Surda copper mine in Jharkhand have been restarted following the appointment of a new contractor.

🎯 V Mart Retail :
V Mart has opened two new fashion stores in the state of Uttar Pradesh & Jharkhand.

🎯 Pfizer :
India grants patent for Pneumonia vaccine.

🎯 JPInfra :
Home buyers seek relief from SC.

 🎯 Fortis Healthcare :
Singh brothers seek SC nod to sell pledged shares.
Negative for the stock.

🎯 Schneider :
Schneider Eaton Corp want to acquire L&T's electric and automation unit for Rs 17,000 crore.
Positive for the stock.

🎯 Tata Power :
Tata Power to monetise non-core assets to trim debt.

🎯 Liquor companies :
Ban doesnt apply in municipal limits, clarifies.
Positive for the sector.

🎯 Shoppers Stop :
Shoppers Stop looks to exit JV with Nuance Group.

🎯 Dish TV :
Dish TV opposes Star move to bid for IPL rights.

🎯 Adani Transmission :
Company plans to raise Rs 3,000 crore via QIP.

🎯 Jyoti Infrastructure :
Company invites bids for investments.

Edited by Sharp.
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