21st May, Morning Brief

Nifty continued its losing streak for the fourth consecutive session. Nifty closed below 10600 and registered a bearish candle on the daily charts. 10530-10540 would be the next level to watch as a support.

🎯 News & Impact 🎯

Major Results Today :
DLF

🎯 Reliance :
Company gets green nod for Rs.2,338 cr expansion project in Maharashtra.

🎯 Century textile :
Company to demerge cement division and merges it with UltraTech Cement.
Positive for the stock. 👍

🎯 Parag Milk Food :
The Reserve Bank of India allowed non-resident Indians to raise their stake in company up to 24 % from earlier limit of 10 %.
Positive for the stock. 👍

🎯 Glenmark Pharma :
Company receives ANDA approval for Colesevelam Hydrochloride Tablets, 625 mg.

🎯 Dabur :
Dabur to invest Rs.250-300 crore in capacity expansion in FY19.

🎯 Hindalco :
Company plans to raise Rs.5000 crore to repay bank loans.

🎯 Endurance Tech :
Company says entitled for Rs. 283 crore industrial promotion subsidy.

🎯 Alembic Pharma :
Company gets one Form 483 observation on Karkhadi API unit.

🎯 Strides Shasun :
Board approved merger of Arrow Remedies and Fargis Medica with self.

🎯 Indoco Remedies :
Company received three observations under Form 483 for API plant at Patalganga.

🎯 Union Bank of India :
Dai-Ichi Life Holdings Inc, Japan invests in Union Asset Management Company Private Limited through compulsorily convertible preference shares (CCPS). Dai-ichi Life Holdings Inc. holds 39.62 percent stake in Union AMC and consequently, Union AMC is now co-sponsored by Union Bank of India and Dai-ichi Life Holding Inc., Japan.

🎯 Indiabulls Real Estate :
Company to buy back 2.6 crore equity shares (5.45 %) at Rs.240 each.

🎯 South Indian Bank :
RBI imposed monetary penalty of Rs. 5 crore on South Indian Bank.

🎯 Tata steel :
Tata steel completed acquisition of 72.65 % in Bhushan Steel.

🎯 AU Small Finance Bank :
Bank to raise Rs.1,000 crore from Temasek via share sale.

🎯 Ashok Leyland :
Board approved scheme of amalgamation of Ashok vehical, Ashley Powertrain and Ashok technology with company.

🎯 Inditrade Capital :
Board approved additional stake acquisition in its material subsidiary JRG Fincorp Limited of upto 10 % for Rs.24 crore.

🎯 Indian Metals & Ferro Alloys :
Announced unplanned shutdown of plant for 90 days; production loss of around 12000 tonnes & company initiated the process under insurance.

🎯 Precision Camshafts :
Acquisition of 51 percent equity shares of EMOSS Mobile Systems BV, Netherlands through PCL (International) Holding BV, Netherlands, a wholly owned subsidiary of the company.

🎯 Thermax :
Board approved to enter into a preliminary understanding with Babcock & Wilcox India Holdings Inc. (B&W) to acquire shareholding of the latter in the JV, Thermax Babcock & Wilcox Energy Solutions Private Limited (TBWES).

🎯 Skipper :
Board has approved a capex plan for capacity expansion of its engineering products division.

🎯 Kotak Mahindra Bank :
Board approved raising of funds by way of non-convertible debentures / bonds for an amount not exceeding Rs.5,000 crore and by way of non-convertible preference shares for an amount not exceeding Rs 500 crore etc.

🎯 OCL India :
Board decided to set up a new cement plant in Odisha along with waste heat recovery system and split cement manufacturing units in the eastern part of India with cement manufacturing capacity of 8 Mn TPA with a total investment of Rs.3,720 crore. The project is estimated to be completed within 24 months.

🎯

Edited by Sharp.
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