15th March, 2019 Morning Brief

Market will open on a flat note today after mixed signals from US markets yesterday as uncertainty over a trade deal between the United States and China kept investors on edge.

Yesterday, market opened positive, but remained rangebound for the entire session and closed on a flat note with thin gains yesterday. Rising inflation could rise hesitation on rate cut in coming months.

🎯 News & Impact 🎯

🎯 IDBI Bank :
ICRA revised the rating From ‘Developing Implications’ to ‘Negative Outlook’ driven by the pressure on asset quality and credit provisioning.
Negative for the stock.

🎯 Bank of India :
ICRA revised the rating From ‘Negative’ to ‘Stable’ due expectations of profitable operations, reduced asset quality pressures and improving solvency levels in financial year 2020.
Positive for the stock. 👍

🎯 Punjab National Bank :
ICRA revised the rating From ‘Negative’ to ‘Stable’ due to improvement in reduced asset quality pressure and a capital infusion of Rs.14,156 crore by the GOI.
Positive for the stock. 👍

🎯 Oriental Bank of Commerce, Bank of Maharashtra :
ICRA revised the rating From ‘Negative’ to ‘Stable’.
Positive for the stocks. 👍

🎯 Punjab and Sindh Bank :
ICRA revised the rating From ‘Stable’ to ‘Negative’ due to sizeable capital requirement.
Negative for the stock.

🎯 Vedanta :
Zambia unit halted copper-shaft operations after the contractor failed to secure funds to pay workers. 

🎯 Religare :
The SEBI ordered Religare Finvest Ltd. and Religare Enterprises Ltd. to recall loans worth over Rs 2,300 crore that were diverted to promoters Shivinder Mohan Singh, Malvinder Mohan Singh and 21 other entities after finding preliminary evidence of fund diversion.

🎯 Jubilant Foodworks :
Delhi High Court stayed an order of National Anti-Profiteering Authority against Jubilant Foodworks and penalty proceeding, subject to deposit of Rs.20 crores on Central Consumer Fund.

🎯 Tech Mahindra :
Company's arm acquired 100 % stake in Japan’s K-Vision for $1.5 million. The target is engaged in providing network services for mobile communication carriers in Japan.

🎯 CMI :
Company said that it received vendor approval for power cables from four government entities.
Positive for the stock. 👍

🎯 Axiscades Engineering :
NCLT approved merger of Explosoft Tech Solutions with Axiscades Engineering.

🎯 Reliance :
India Investment Trust, sponsored by Canadian investor Brookfield, will buy Mukesh Ambani’s privately owned East West Pipeline Ltd. for Rs.13,000 crore. RIL will have to offtake at least 22 MMSCMD of gas from this pipeline. If it fails to do so, then RIL will be liable to pay the differential amount to Pipeline Infrastructure.

🎯 Ranjeet Mechatronics :
Company received is a project for supply, installation, testing and commission of various equipments and items for fire fighting and gas flooding & fire suppression system works for the Airport Authority of India (AAI) for Rs.11.56 crore.

🎯 Kapashi Commercials :
Declared Bonus in the ratio of 3:2.
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Edited by Sharp.