12th December, 2018 Morning Brief

After a surprise rally for yesterday, market will open on a flat positive note today.

The market shrugged off the outcome of polls in five states and impact of Urjit Patel's resignation as RBI Governor and reversed all it's steep gap down opening losses in the afternoon session and closed higher on short covering.

Traders would remain cautious ahead of key economic data due on Wednesday evening and Federal Reserve meeting next week.

Asian equities climbed with U.S. stock futures and the offshore yuan after the senior executive of China’s tech giant Huawei Technologies Co. was granted bail, potentially improving the outlook for U.S.-China trade talks.

🎯 News & Impact 🎯

🎯 Dr. Reddy’s Laboratories will have to wait a little longer before it can start selling a generic version of Indivior Plc’s Suboxone Film opioid addiction treatment, a U.S. appeals court ruled Tuesday, according to Bloomberg report.

🎯 Reliance :
Reliance Industries’ telecom unit Reliance Jio Infocomm board approved transferring fibre and tower businesses into two separate companies. 

🎯 Cadila Healthcare / Zydus Wellness: Competition Commission of India approved acquisition of Heinz India jointly with Cadila Healthcare. It will be acquiring business related to the four brands—Glucon-D, Nycil, Sampriti Ghee and Complan.

🎯 IOC :
The Government of India reduced its stake in the company by 2.69 percent to 54.06 percent.

🎯 Tata Sponge Iron :
Competition Commission of India approved acquisition of Usha Martin’s steel division for around Rs 4,300-4,700 crore.

🎯 Unichem Laboratories :
Company received tentative approval for ANDA-Tadafil Tablets from U.S. FDA.

🎯 PNC Infratech :
Company arm submitted financing documents to NHAI regarding its HAM project in Karnataka worth Rs.1,157 crore. The company now has submitted documents for financial closure for all its 7 HAM projects.

🎯 UFO Moviez India :
Company’s non-promoter investors agree to sell their shares in Qube Digital Cinema Pvt. Ltd. to UFO Moviez and ICICI Ventures at Rs 264.88 per share as against an earlier decided price of Rs. 302.65.

🎯 Phoenix Mills :
Company entered into a SPA with Insight Mall Developers and Island Mall Developers for sale/disposal of the entire equity holding in Insight by the Company, in favour of Island.

🎯 Kaveri Seeds :
Company board meet on December 20 to consider merger of two wholly owned subsidiaries of the company.

🎯 Wipro :
Company launched Automotive Innovation Center in Detroit, Michigan.

🎯 Shalby :
Company signed MOU with International SOS for providing medical assistance to foreign travelers to India. 

Edited by Sharp.