10th December, 2018 Morning Brief

A gap down opening expected today tracking US and Asian markets with an uncertainty over tomorrow's election results as exit polls indicated mixed results in key states.

Wall Street’s main indexes fell more than 2 % on Friday in a broad sell-off led by declines in big Internet and technology shares, and posted their largest weekly percentage drops since March as concerns over US-China trade tensions and interest rates convulsed Wall Street

Nifty50 has a proven support at 10600. Looking ahead considering the volatility the next support levels could be 10490,10360 & 10180. Whereas 10740, 10950 & 11090 are the key resistances.

🎯 News & Impact 🎯

🎯 Escorts :
Company transferred existing RT Crane business to its JV company with Japan-based Tadano for Rs 35 crore, on a slump sale basis.

🎯 HEG :
Company said in its investor presentation that there could be a window of opprtunity to export graphite electrodes to China till 2022 as new electrode capacities in China would take longer time to come up than steel capacity.
Positive for the stock. 👍

🎯 Tata Sponge :
Government gives environmental clearance to increase the production capacity of direct reduced iron plant to 4,65,000 TPA from 4,25,000 TPA.
Positive for the stock.

🎯 Sugar stocks :
Oil Ministry said that the ethanol blending in petrol would double to 8 %.
Positive for Sugar stocks. 👍

🎯 Adani Power :
MERC finds increase in billing for Adani electricity customers to be unduly high; to appoint fact finding panel to check why bill amounts have shown unusual increase.
Negative for the stock. 👎

🎯 Mangalam Drugs & Organics :
Unit-1 facility was recently inspected by WHO prequalification team and the company has received the WHO Pre-qualification approval for Unit-1.

🎯 Brigade Enterprises :
Brigade Group announces the launch of Parkside- Independent living for seniors, across Bangalore.

🎯 Seamec :
Company entered into a Charter Party with Supreme Hydro Engineering Pvt Ltd for charter hire of vessel 'Seamec Princess' for working at Mumbai High Offshore. The tenure of the contract is for a firm period of 150 days with option for extension. The value of Charter during firm period is $3.08 million.

🎯 Arrow Greentech :
Subsidiary Avery Pharmaceuticals Private Limited (Arrow Rx) received an approval for site plan to manufacture Mouth Dissolving Strips from Food & Drugs Control Administration (FDA).

🎯 Uflex :
Company has entered into an agreement to acquire 100 percent shares of Flex Chemicals Private Limited, Russia.

Edited by Sharp.