18th March, 2019 Morning Brief

Market will open on a higher side backed by strong Asian markets' start up.

US stocks rose on Friday, led by technology companies, as a report on progress in US-China trade talks lifted sentiment.

Nifty has formed a spinning top look a loke pattern on the daily chart.
Rising for the fifth straight session, the INR jumped 24 paise to close at 69.10 against the US dollar on sustained foreign fund inflows and heavy buying in domestic equities. This could be the reason behind the strength of the bulls on the street. Nifty has already surpassed it's target of 11440 and 11500 in now on the rise.

🎯 News & Impact 🎯

🎯 Bandhan Bank :
Bank received ‘No Objection’ from the Reserve Bank of India for amalgamation of Gruh Finance with the bank.
HDFC received the RBI approval to acquire shareholding of 9.9 % or less of the paid-up voting capital of Bandhan Bank post amalgamation of Gruh Finance with Bandhan Bank.
Positive for the stock. 👍

🎯 Cadila Healthcare :
Zydus Cadila received a final approval from the U.S. FDA for Valsartan and Hydrochlorothiazide tablets.
Positive for the stock. 👍

🎯 Wipro :
Company launched artificial intelligence and machine learning solutions which will be powered by Amazon web services to develop supply chain management solutions.
Positive for the stock. 👍

🎯 Lupin :
U.S. FDA classified inspection of Lupin’s arm Novel Laboratories’ U.S. facility as Official Action Indicated.
⚠ Cautious over the stock.

🎯 Oil India :
Company arm entered into a long-term sale and purchase agreement with Tokyo Gas, CNOOC, Centrica and BPCL arm.

🎯 MSTC :
Company board approved extension of the bid period for the IPO from March 15 to March 20 and revising the price band from Rs.120 to Rs.128.

🎯 Jubilant Foodworks :
Company launched Domino’s Pizza in Bangladesh.

🎯 Reliance Communication :
NCLAT said in its order that it cannot direct banks to release the company’s Rs 2,600 crore income tax refund money for payment to Ericsson.
Negative for the stock.

🎯 Religare :
The Securities and Exchange Board of India 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.
Negative for the stock.

🎯 HUDCO :
Company raised Rs 5,320 crore via government bonds and the proceeds will be utilized for lending to Ministry of Housing and Urban Affairs’ arm.

🎯 Prakash Industries :
NCLT approved demerger of Prakash Industries’ PVC pipes and fittings and flexible packaging business into Prakash Pipes.

🎯 Grasim Industries :
Company received demand worth Rs 5,872.13 Crore from the Income Tax Department. 

🎯 DHFL :
Global PE Firm Warburg Pincus’ Arm to Acquire 80 percent stake in Avanse Financial Services, a DHFL promoted company.

🎯 Majesco :
Company board approved to sell company’s India Insurance Products and Services to its arm for Rs.24.4 crore.

🎯 Jammu & Kashmir Bank :
Bank approved sale of 4.1 crore equity shares of PNB MetLife Insurance to Oman India Joint Investment Fund II for Rs.185 crore.
Positive for the stock. 👍

🎯 Inox Leisure :
Opens four news screen in an existing multiplex. 

🎯 IRB Infrastructure :
Has been issues provisional certificate for partial toll collection. Concession period is 26 years, while the project cost is Rs.3,370 crore.

🎯 Lumax Auto Technologies :
Company decided for discontinuation of the PCB manufacturing w.e.f. April 1, 2019.

🎯 Indo Amines :
No observation' letter has been received from BSE for proposed amalgamation amongst Core Chemical (Mumbai) Private Limited and Key Organics Private Limited with Indo Amines Limited, so as to enable the company to file the scheme with NCLT.

🎯 Zuari Global :
Company has acquired around 48.98 percent shares of Forte Furniture Products India Private Limited (FFPL) from Indian Furniture Products Limited (IFPL), subsidiary of the company.
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Edited by Sharp.