30 Nov, Morning Brief

Market likely to open gap-down as SGX Nifty is trading 50 points down.

As mentioned into yesterday's blog, Nifty failed to sustain over 10400 and result is in front of us.

Today's derivative contract expiry and Q2 GDP data may keep the session volatile. Forthcoming RBI's move will drive the trend for the market.

🎯 News & Impact 🎯

🎯 Insurance Companies :
IRDA Board Suggests 5-yr Lock-in For PE Invst Of Over 10% In Insurance Companies.
IRDA Subjects PE Invst Of Over 10% In Ins Cos Via SPV Route.
Positive for the sector (SBI Life, HDFC Standard Life, ICICI Prudential Life, ICICI Lombard).

🎯 SBI :
Hikes Int Rates By 100 Bps On Bulk Deposits B/W `1 Cr & `10 Cr Fm Nov 30.

🎯 ICICI Lombard :
ICICI Lombard and National Insurance Company Limited may take a combined hit of Rs 300 crore from the fire that gutted the manufacturing unit of Haldiram.
Negative for the stock.

🎯 Infosys :
Buyback opens today.

🎯 Aurobindo Pharma :
Gets Tentative US FDA Nod For Tadalfil Tablets.

🎯 Dr Reddy's Laboratories :
Dr Reddy’s Laboratories said it has been served a securities class action lawsuit in the US for alleged violations of federal securities laws. 

🎯 M&M Financial ;
Issue 2.5cr shares to M&M at Rs.422 aggregating to an amount of 1055cr.

🎯 Indiabulls Housing Finance :
Crisil has upgraded long-term rating to the highest rating of '[CRISIL] AAA/ Stable', from AA+/Positive.
Positive for the stock.

🎯 Usha Martin :
India Rating and Research has downgraded the Company Long-term Issuer Rating from existing 'IND BBB-' to 'IND BB+.
Negative for the stock.

🎯 Lupin :
Lupin recalls cholesterol drug in USA.

🎯 Allahabad Bank :
Cuts 1-Year MCLR From 8.30% To 8.25%

🎯 Lakshmi Vilas Bank :
Sets 1-Year MCLR At 9.20% With Effect From Dec 1.

🎯 Uttam Galva Steels :
Billionaire Lakshmi Mittal’s company ArcelorMittal said its 29% equity stake in Uttam Galva Steels will not impede them from participating in bidding for stressed steel assets in India.

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Edited by Sharp.
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