9th March, Morning Brief

Another positive opening can be witnessed today as SGX Nifty is trading up by 41 points.

If Thursday’s low of 10146 is defended then eventually this pull back shall get extended up to 10440 levels. 

On the daily chart, a hammer, which is a bullish reversal pattern is formed after a decline. The long lower shadow of the Hammer signifies that it tested its support where demand was located and then bounced back.

Traders will get some encouragement with report that the direct tax collections jumped by nearly 20 % between April and February this fiscal as the Income-Tax Department races to meet its full year targets. The net direct tax receipts grew by a hefty 19.5 % in the first 11 months of the fiscal amounting to Rs.7.44 lakh crore. Net corporate income tax collections increased by 19.7 % in the period, while personal income tax receipts grew by 18.6 %

🎯 News & Impact 🎯

🎯 L&T Finance :
L&T hikes stake in L&T Finance to 66.1 % from 64.1 % earlier.
Positive for the stock. 👍
L&T Finance QIP opens today with a floor price of Rs.161.79 per share.

🎯 Equitas Small Finance Bank :
RBI Imposes Rs.10 lakh penalty on equitas Small Finance Bank
Penalty For Non-compliance With One Of The Licensing Conditions Stipulated By RBI.

🎯 Bank of Baroda :
Credit exposure of Rs.147 cr in 4 accounts, which is mere 0.03675% of total bank's advances.

🎯 Bank of India :
Lent Rs.23 cr to 2 Gupta companies.

🎯 PNB :
PNB may be given one year to provision against Rs.12,700 crore fraud.

India asks REC, PFC not to grant loan to discoms with heavy losses.

🎯 Fortis :
Axis Bank acquires 1.84 million shares in Fortis via invocation of pledge. It held 3.55 % in Fortis as of Feb. 23.

🎯 InterGlobe Aviation :
Company says it is in the process of reviewing the CCI penalty and is considering an appeal.

🎯 SpiceJet :
Company says it is examining the CCI penalty and is considering appeal.

🎯 IDFC Bank :
Bank raises MCLR by 15-25 bps across all tenors effective today.

🎯 TCS :
Gansu Bank, China goes live with TCS BaNCS for its fund and investment banking operations.

🎯 Global Offshore :
Company receives order worth Rs.10 crore for one of its vessels for three years, starting April 2018.

🎯 Filatex India :
Company starts commercial production of synthetic yarn at Dahej unit.

🎯 GTL Infra :
Company says Aircel has overdue outstanding of over Rs.384 crore towards infrastructure provisioning fees and past settlements.

🎯 Shree Renuka :
Board signs restructuring agreement with banks.

Edited by Sharp.
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