9th November, 2018 Morning Brief

A flat negative opening expected on the track of weak global cues.

On the special session, a day before yesterday Nifty opened with a gap up and ended just below 10600 mark again. Failing to sustain and close above 10600 mark can show the exhaustion in the current pull-up rally.

The US Federal Reserve held interest rates steady on Thursday. Stocks fell and the dollar extended gains after the Federal Reserve left interest rates unchanged while confirming it was still on course to hike in December.

Asian stocks dipped on Friday as Wall Street took a breather after the Federal Reserve kept intact its plans to continue raising interest rates at a gradual pace, with a fourth hike for this year expected next month, according to a Reuters report.

🎯 News & Impact 🎯

Major Results Today :
Titan, Indian Bank

Results Updates :

🎯 Aditya Birla Capital (YoY) :
Revenue up 33.1 % at Rs.3,590.5 crore.
Net profit down 12 % at Rs.197.9 crore.

🎯 Mannapuram Finance (YoY) :
Net Interest Income up 19 % at Rs.697.1 crore.
Net profit up 39 % at Rs. 222.2 crore.

🎯 GAIL :
Company awarded contracts worth Rs. 1,100 crore for feeder gas pipeline project in Assam.
Positive for the stock. 👍

🎯 Bharti Airtel :
Moody’s placed the telecom operator’s current rating of Baa3 on review for downgrade.
Negative for the stock.

🎯 Glenmark Pharma :
Company launched Phase 1 trial for its Bispecific Antibody, aimed to cure solid tumors.

🎯 Majesco :
Company entered into an agreement with Indonesia-based PT PFI Mega Life Insurance to develop management solutions.

🎯 PNB :
Government of India increased stake in Punjab National Bank by 5.83 % to take its shareholding to 71.92 %.

🎯 Mphasis :
Company to acquire U.S.-based Stelligent Systems for $25 million. 

🎯 NMDC :
Lease deed for Donimalai Mine renewed for 20 years by Karnataka State Government with effect from Nov. 04.

🎯 Eris Lifesciences :
Company increased stake by 6.71 percent stake in Kinedex with total consideration of Rs.10.7 crore.

🎯 JSW Steel :
Crude steel production increases 8 % to 14.47 lakh tonnes in October 2018 against 13.43 lakh tonnes YoY.

🎯  Stride :
Company enters into a strategic partnership with SUDA Pharmaceuticals for the US market.

Edited by Sharp.
© 2018 Sharp Investment & Financial Advisers