26th April, Morning Brief

An SGX Nifty indicates a flat - negative opening today as SGX Nifty is trading down by 19 points.

Selling pressure on major stocks pulled the index to make a low of 10536 after opening at 10612 but it managed to close at 10570. Hanging man type of pattern has been plotted on the daily chart of Nifty50.

As posted yesterday, at the level of 10640 Nifty has made a double top pattern and failed to cross it repeatedly shows the resistance for the bulls.

Derivative expiry of the month may keep market volatile today.

10 Year treasuries yield which is above 3% will keep global markets on the check.

🎯 News & Impact 🎯

Major Results Today :
Axis Bank, Yes Bank, Biocon, Relcapital.

🎯 Aluminum price bounced back on LME after a fall in the last two days. Aluminum price on LME gained 1%.
Positive for Nalco and Hindalco. 👍

🎯 Hind Zinc / VEDL :
Hindustan Zinc Considers Spinning Off Its Silver Business: The move can “unlock substantial value,” Hindustan Zinc said in its proposal, Economic Times reports citing company’s letter to the govt.  Plan needs consent of the federal govt, which owns 29.5% stake in Hindustan Zinc. Positive for Hindustan Zinc and Vedanta (Major share holders) 👍

🎯 Ultratech Cement :
Company's Q4 profit sheds 29%; sales volume grows 31%.

🎯 Wipro :
Revenue up 0.7 % at Rs.13,769 crore.
Profit down 6.7 % at Rs.1,800 crore.
Wipro to sell hosted data center service operations for $450 million to Ensono.

🎯 ICICI Lombard :
Gross domestic premium up 10 % at Rs. 2,926 crore.
Profit up 18 % at Rs.212 crore.

🎯 Indiabulls Real Estate :
Revenue at Rs.2,028 crore versus Rs.437 crore.
Net profit at Rs. 1,648 crore versus Rs. 80 crore.

🎯 Cadila Healthcare :
Zydus gets final approval from U.S. FDA for Methylprednisolone.
Positive for the stock. 👍

🎯 Emami :
Company to consider bonus issue on May 3.
Positive sentiment.

🎯 Kitex Garments :
Company will form two new subsidiaries and invest Rs.200 crore in each of them.

🎯 Relcapital :
Company issued NCD worth Rs. 30 crore.

🎯 IDFC Bank :
IDFC Bank to raise up to Rs.5,000 cr via bonds.

🎯 Future Retail :
Company says NCLT’s Mumbai bench approves scheme of arrangement with Hypercity.

🎯 Indoco Remedies :
Company gets statement of GMP non-compliance from UK-MHRA for Goa plant-1.

🎯 Soril Holdings & Ventures :
Company approves issue of shares worth up to Rs.330 crore to FPIs including Steadview Capital Mauritius, ABG Capital and LTR Focus Fund.

🎯 Shah Alloys :
Company signs settlement pact with ARCIL.

🎯 Bharti Airtel :
Company to transfer core network infra assets to unit Nxtra Data and sell submarine cables to Network i2i.

🎯 Fortis :
Company says Manipal-TPG sought to impose onerous conditions on the company that would cap ability for competitive bid process. Ramnath resigned from Expert Advisory Committee of Fortis Healthcare formed for evaluating binding offers.

🎯 Uniply :
Company to allot 45.14 lakh equity shares at a premium of Rs.400.85 per share on a preferential basis to non-promoters. It will also allot 96.28 lakh convertible warrants at a premium of Rs. 400.85 per warrant on a preferential basis.

Edited by Sharp.
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