12th February, 2019 Morning Brief

Market may open on a flat note after yesterday's negative session. Asian indices are trading positively but US market closed flat yesterday.

Nifty has plotted a negative candle on the daily chart and took support at 10850. It will be interesting to see whether Nifty is making base at that level by not breaching it for the session today.

🎯 News & Impact 🎯

Major Results Today :
Coal India, Hindalco, Sun Pharma, Oil India.

Results Updates :

🎯 Corporation Bank (Q3, YoY) :
Net Interest Income up 3.1 % to Rs.1303 crore.
Net profit at Rs 60.5 crore versus net Loss to Rs.1240.5 crore.
Provisions at Rs.842.3 crore (QoQ).
GNPA at 17.36 % vs 17.46 % (QoQ).
Positive for the stock. 👍

🎯 Edelweiss Financial Services :
Allianz Management to invest $200 million in the company’s Private Debt Platform.
Positive for the stock. 👍

🎯 Axis Bank :
Specified Undertaking of Unit Trust of India (SUUTI) plans to sell 1.98 percent stake on Feb.12, with total aggregate consideration of Rs 3500 crore. Offer to open for retail investors on Feb. 13.

🎯 United Bank of India :
Bank allotted more than 181.73 crore equity shares at a price of Rs 11.88 apiece to the President of India, aggregating Rs 2,159 crore.

🎯 SBI :
Bank of America is said to have bid for part of SBI’s $2.2 billion loans to Essar.

🎯 Dr Reddy’s Laboratories :
Indivior lost bid to stay mandate in the company’s Suboxone Case. 

🎯 KNR Constructions to sell entire shareholding in its SPV with Cube Highways and Infra for Rs 34.46 crore.

🎯 Alembic Pharma :
Company's JV (with Orbicular) received two observations from the U.S. FDA inspection at its Gujarat’s formulation manufacturing facility.
Cautious over the stock.

🎯 Indian Overseas Bank :
RBI levied penalty of Rs.1.5 crore on the bank due to non-monitoring of end use of funds and delay in reporting of fraud in respect of one of its borrowers.

🎯 Arshiya :
Company's two arms to acquired warehouses in Uttar Pradesh for Rs.118 crore.

🎯 Gulf Oil Lubricants :
Company announced association with Mahindra Logistics for supply chain solutions.

Edited by Sharp.