10th April, 2019 Morning Brief

Market will open on negative side after a bounce-back on yesterday.

US as well as Asian markets were under pressure on renewed concerns about slowing global growth and an escalation of trade tensions which resulted into higher treasury yield.

The rupee on Tuesday strengthened by 37 paise to close at 69.30 against the US dollar in line with firming Asian currencies and sustained foreign fund inflows which led to bounce back in Indian equity market. Nifty will have resistance at 11700 to 11770 zone where we have witnessed selling pressure in last few sessions. Similarly, 11550 can act as a good support for the near term. Anyside breach of above levels can give another 200 points of momentum immediately.

🎯 News & Impact 🎯

🎯 Praj Industries :
Company signed a construction license agreement with the U.S. based ‘Gevo’ to commercialize technology for production of lsobutanol using sugary-based feedstocks, such as juice, syrup and molasses.

🎯 Tata Sponge Iron :
Company completed the acquisition of steel business including captive power plants of Usha Martin, pursuant to cash consideration of Rs 4,094 crore to Usha Martin. 

🎯 JSW Steel :
Gagandeep Credit Capital increased its stake in the company from 1.91 % to 1.97 %, by acquiring additional 15 lakh shares.

🎯 Panacea Biotec :
Company has done one-time settlement with consortium lenders to resolve the current debt situation of the company. 

🎯 Mahindra CIE Automotive :
Company said that it completed 100 percent acquisition of Aurangabad Electricals.

🎯 M&M :
Ford Motor Co is nearing a deal with Mahindra & Mahindra to form a new joint-venture company in India, a move that will see the U.S. automaker cease its independent operations in the country.

🎯 Max Financial Services :
Promoter group Max Ventures Investment Holdings created pledge of 23.3 lakh shares on April 4.
Negative for the stock.

🎯 Ashok Leyland :
Promoter Hinduja Automotive created pledge of 3.9 crore shares on April 8.
Negative for the stock.

🎯 Adani Enterprises :
Promoter group Gautam Adani revoked pledge of 23.2 lakh shares on April 5.
Positive for the stock. 👍

🎯 Emami :
Promoter groups released pledge of 12.77 lakh shares on April 5.
Positive for the stock. 👍

🎯 Bajaj Consumer Care :
Promoter Bajaj Resources created pledge of 35.6 lakh shares on April 5.
Negative for the stock.

🎯 Adani Transmission :
Promote group Gautam Adani released pledge of 31.48 lakh shares on April 5.
Positive for the stock. 👍

🎯 Max India :
Promoter group Max Ventures Investment Holdings created a pledge of 12 lakh shares on April 4.
Negative for the stock.
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Edited by Sharp.