4th June, Morning Brief

A gap up opening expected as SGX Nifty is trading up by 41 points.

Nifty May consolidate this week between 10770 and 10600 levels. Market may be volatile on the outcome of RBI policy which will be announced on Wednesday, 6th June. A 0.25 rise in rates has been partially factored into the market. But it is important what the outcome will signal about the guidance.

US markets rose on Friday after the latest monthly jobs report pointed to strength in the US economy and geopolitical tensions eased. Asian markets trade positively on US market track.

🎯 News & Impact 🎯

🎯 HDFC Bank :
FII limit for HDFC Bank open for 4.3 crore shares.

🎯 IDBI Bank, OBC, Central Bank, Bank of Baroda :
Government weighs on mega-merger of IDBI Bank, OBC, Central Bank and BoB (Mint).

🎯 Cadila Healthcare :
Cadila Healthcare’s Zydus received final approval from the U.S.FDA for Doxycycline Hyclate Capsules.
Positive for the stock. 👍

🎯 Biocon :
Mylan and Biocon to present new data at the American Society of Clinical Oncology (ASCO) Annual Meeting reinforcing the Efficacy, Safety and lmmunogenicity of Ogivri, the first biosimilar for Herceptin, approved by US FDA.

🎯 Whirlpool :
Company approved acquisition of 49 % stake in Elica PB India for Rs 180 crore in cash.

🎯 Future Retail :
Company completed acquisition of the Retai Business Undertaking operated under the brand name Foodworld from Foodworld Supermarkets.

🎯 Dilip Buildcon :
Company received letter of award by NHAI for project valued at Rs.1,313.9 crore in Karnataka.

🎯 Dr Reddy :
U.S. FDA completed inspection at Dr. Reddy’s Srikakulam Plant with no observations.
Positive for the stock. 👍

🎯 Hero MotoCorp :
Sales up 11 percent year-on-year to 706365 units in May 2018.

🎯 SBI :
SBI hiked MCLR by 10 basis points across tenors with effect from June 1.

🎯 Kotakbank :
Kotak Mahindra Bank has hiked MCLR by 10-20 bps across tenors effective June 1, one-year MCLR has been hiked by 20 bps to 8.90 %.

🎯 PNB :
Punjab National Bank has raised MCLR by 10 bps effective June 1.

🎯 ICICI Bank :
Company has raised MCLR by 10 bps effective June 1.

🎯 Karnataka Bank :
Bank raises deposit interest rates.

🎯 Mcleod Russel :
Company approves buyback of equity sjares at Rs.210 per share.

🎯 Shivam Autotech :
Company said that the company has achieved 8 percent increase in sales in May.

🎯 GNA Axles :
HDFC MF acquired additional 0.46 % equity in GNA Axles.

🎯 Kajaria Ceramics :
Company to acquire 8 % equity in Clean Solar Power (Jaipur) for Rs.2 crore.

🎯 Som Distilleries :
Company to raise Rs.100 crore by preferential issue of equity shares and to raise Rs 36 crore by preferential issue of warrants to promoters.

🎯 Punj Lloyd :
Company divested balance shareholding of 51 % in three units.

🎯 Karnataka Bank :
Bank raised interest rates on domestic & NRE rupee term deposits to 7.25 % from 7.10 % from May 31.

🎯 Coal India :
Coal India May production at 47.14 million tonne versus target of 51.16 million tonne. Offtake at 52.86 million tonnes versus target of 58.18 million tonne.

🎯 ONGC, Deep Industries :
CBI registered case against 13 officials of ONGC, Rajahmundry and Deep Industries.

🎯 HDFC increased its Retail Prime Lending Rate on it Home Loans by 10 basis point with effect from June 2.

🎯 Idea Cellular :
Company seek shareholders approval to change name to Vodafone Idea Ltd.

Edited by Sharp.
© 2018 Sharp Investment & Financial Advisers