21st February, 2019 Morning Brief

Market will open on a negative note today after flat closing in US markets yesterday and with a mixed Asian cues.

US markets ended positively after minutes from the Federal Reserve’s last meeting reaffirmed for investors that the US central bank would be “patient” with respect to further interest rate hikes.

As expected yesterday market closed higher after 9 consecutive negative sessions with the Nifty holding 10,700 levels, backed by positive global cues, value buying and appreciation in INR against US dollar. 10900 and 11000 levels will again act as a resistance and 10580-10600 zone as a strong support for Nifty50 in coming sessions. Market may trade cautiously ahead after yesterday's bounce.

🎯 News & Impact 🎯

🎯 Allahabad Bank, Corporation Bank, Bank of India, Bank of Maharashtra, Punjab National Bank, Union Bank, Andhra Bank, Syndicate Bank, Central Bank, United Bank, UCO Bank and IOB :
The government on February 20, announced final recapitalisation tranche amount of Rs.48,239 crore for as many as 12 public sector banks, in a bid to take them out of Reserve Bank of India’s (RBI) prompt corrective action framework.
Positive for the stocks. 👍

🎯 Government extends exemption on some imported grades of steel until April 17, 2019.
Positive for the steel sector. 👍

🎯 Yes Bank :
Moody's affirms bank's ratings; outlook changed to stable from negative.
Positive for the stock. 👍

🎯 Dr. Reddy :
Company said that they are re-launching Buprenorphine and Naloxone Sublingual Film better known as the generic version of Suboxone Film in the U.S. markets.

🎯 JSW Steel :
Moody’s changed its outlook on JSW Steel’s rating to positive from stable and affirmed ‘Ba2’ rating on corporate family rating and senior unsecured notes.
Positive for the stock. 👍

🎯 Shakti Pumps :
Company said that the after CCEA approved launch of KUSUM scheme and Phase II of grid connected solar rooftop solutions and it will positively impact the company as well as the industry.

🎯 Dynamatic Technologies :
Company signed an MoU with JSC Russian Helicopters to build fabrication and ancillary parts.

🎯 SCI :
Shipping Corporation of India gave physical delivery of one bulk carrier to its buyer.

🎯 Reliance :
Saudi Aramco, the world's largest oil exporter, said today it is in talks with Reliance Industries and other Indian companies for investing in petrochemicals and refinery projects in the country.

🎯 Innovative Ideals & Services India : Company has bagged a new order for FTTH & Video Door Phones for supplying & executing for EPSILON Tower, SD CORP, Shapoorji Pallonji group. The value of the order is Rs 1 crore which is expected to be completed by the end of this year.

🎯 Sharon Bio :
Company has received recovery notice under the Maharashtra Value Added Tax Act amounting to Rs 11.17 crore for the period April 1, 2015 to November 3, 2015 and Rs 2.47 crore for the period April 1, 2011 to March 31, 2012.

🎯 Grasim Industries :
Company completed acquisition of the chlor-alkali business of KPR Industries.

Edited by Sharp.