16th May 2018, Morning Brief

Market may open with a gap down as SGX Nifty is trading down by 65 points.

As soon as the possibility of Congress to provide support to JDS to form the Govt in Karnataka state came into picture market started declining yesterday. 

Nifty has made a day high of 10929.2 initially and collapsed to 10781.4 and closed at 10801.85. This movement has plotted an inverted hammer pattern on the daily chart which shows a trend reversal pattern. Nifty has reached its immediate target of 10930 mentioned in previous blogs. 10630 is a crucial level to hold on the closing basis.

INR against US$ closed at 68.11, a lowest since Jan, 17.

US markets slid over healthcare and tech stocks yesterday. Asian markets also trading weak in the morning trades today.

🎯 News & Impact 🎯

Major Results Today :

Hindalco, ITC, Tata Steel, PTC, Tvs motors.

Results Updates :

🎯 Britannia :
Revenue up 13 % at Rs.2,537.5 crore.
Net profit up 25 % at Rs 264 crore.

🎯 Syndicate Bank :
Q4 Loss at Rs.2,195.12 crore vs Rs. 103.84 crore;
NII falls to Rs.1,678.77 crore vs Rs. 1,861.01 crore (YoY);
Gross NPA at 11.53 % vs 9.62 % and net NPA at 6.28 % versus 5.44 % (QoQ); Provisions for bad loans at Rs.3,544.68 crore vs Rs.1,948.80 crore (QoQ) and Rs. 1,192.54 crore (YoY).

🎯 Crompton Greaves Consumer :
Revenue up 8 percent at Rs.1,126 crore.
Net profit up 32 % at Rs.103 crore.

🎯 Gammon Infra :
ICICI Bank acquires nearly 18% stake in Gammon Infrastructure.
Positive for the stock. 👍

🎯 Uttam Galva :
ArcelorMittal parks Rs.7,000 crore with SBI to clear Uttam dues.

🎯 Rcom :
Reliance Communications admitted into insolvency by NCLT bench.
Sistema Shyam lowers stake in RCom to 4.43%.
Negative for the stock.

🎯 M&M subsidiary EPC Industries :
Company to form joint venture with Israel’s Top Greenhouse.

🎯 Shree Pushkar :
Company acquired 40,000 sq metre land at MIDC, Ratnagiri for expansion purpose

🎯 Union Bank :
Bank reviews the marginal cost of fund based lending rate (MCLR) for different tenors, effective from May 16.

🎯 Biocon :
Biocon to dilute up to 2 % stake in company during May 16-August 10, to meet minimum public shareholding norms.

🎯 Wockhardt:
CARE Ratings revises rating for long term banking facilities to A/Negative from A+/Stable.

🎯 MCX :
MCX commenced options trading in crude oil contract.

🎯 Glenmark :
Company announces grant of substitution and successful launch of generic Seretide Accuhaler in Denmark.

🎯 Archidply Industries :
Company will consider, a scheme of arrangement between the company and Archidply Decor on May 30.

🎯 TCS :
Company grows its presence in Arkansas, welcoming 200+ new employees to Little Rock.

🎯 Shreyas Shipping :
Company signs MOA for acquisition of one container vessel

🎯 Syngene International :
Company's promoter sale shares of the company in the open market for achieving minimum public shareholding.

🎯 Cyient :
Company signs definitive agreement to acquire the remaining 49% stake in its subsidiary, Cyient Insights.

🎯 NTPC :
Company sings MoU to buy three power plants in Bihar.

🎯 Jet Airways :
Company offers fares starting Rs.697 for Udan flights.

🎯 Uniphore Software :
Uniphore Software to foray into US market.

🎯 J&K Bank :
Jammu & Kashmir Bank cuts loan rates for women borrowers.

🎯 Thomas Cook :
Company eyes airports to set up forex counters.

🎯 SREI Infra :
Company to open more Sahaj e-Village centres.

Edited by Sharp.
© 2018 Sharp Investment & Financial Advisers