24th April, 2019 Morning Brief

Market will open on a flat note today after witnessing a slide yesterday in the last hour of trade.

U.S. stock gauges closed at record highs on the back of better-than-forecast earnings while the dollar strengthened and Treasury yields dipped.

Nifty formed another bearish candle after failed to cross 11650 level zone in trading yesterday.

Nifty has immediate support at 11550 and it may bounce back from the level. Failing to sustain above the 11550 zone could drag Nifty towards 11150 level.

Major Results Today :

Bharti Infratel, Indiabulls Housing Finance, UltraTech Cement, ICICI Prudential, Tata Elxsi.

New IPO :
Neogen Chemicals.

Results Updates :

🎯 ACC Q1 :
Profit jumped 38.3 % to Rs.346 crore versus Rs. 250.1 crore,
Revenue grew 8.1 % to Rs.3,919.1 crore versus Rs. 3,624.6 crore YoY.
Positive for the stock. 👍

🎯 Coromandel International (Q4 Consolidated, YoY) :
Revenue up 9.4 % to Rs.2638.1 crore.
Net profit up 23.2 % to Rs.110.4 crore.

🎯 Indiabulls Real Estate (Q4, Consolidated; YoY) :
Revenue down 43 % to Rs.1821.5 crore.
Ebitda down 94 % to Rs.165.8 crore.
Ebitda margin at 9.1 % vs 82.7 %.
Net profit down 95 % to Rs.108.6 crore.

🎯 Sterlite Tech (Q4 Consolidated, YoY) :
Revenue up 111.6 % to Rs.1791.2 crore.
Net profit up 47 % to Rs.165.2 crore.

🎯 Tata Global Beverages Q4 :
Profit fell 61.5 % to Rs.22.9 crore versus Rs. 59.4 crore,
Revenue grew 5.2 % to Rs.1,775.5 crore versus Rs. 1,688.4 crore YoY.
Negative for the stock.

🎯 News & Impact 🎯

🎯 Lupin :
USFDA classifies the inspection of Lupin's Pithampur (Indore) Unit-2 facility as Official Action Indicated (OAI).
Positive for the stock. 👍

🎯 Dhunseri Tea / Tata Global Beverages :
Tata Global Beverages entered into a non-binding term sheet to acquire the branded tea business of Dhunseri Tea & Industries for an aggregate consideration of up to Rs.101 crore. 
Positive for the stock. 👍

🎯 Bandhan Bank / HDFC :
HDFC received the Reserve Bank of India’s nod to acquire up to 9.9 percent stake in Bandhan Bank upon the effective date of the scheme for the amalgamation of its arm Gruh Finance into Bandhan Bank.
Positive for the stock. 👍

🎯 Tata Power :
Company arm sold 32MW operating wind assets in Maharashtra.
Positive for the stock. 👍

🎯 NBCC :
Company signs agreement with Mauritius Government for consultancy on construction of three public buildings. These projects are being funded by Exim Bank of India and the cost of these projects stand at $44 million.

🎯 Dilip Buildcon :
Company arm received appointed date (April 22) by NHAI for HAM project in Maharashtra. The project had received financial closure on March 26 and the project stands at Rs.1029.4 crore.

🎯 UCO Bank :
Bank increases its authorized capital from Rs.6,000 crore to Rs.10,000 crore.

🎯 JSW :
India Tribunal reserved order on JSW’s offer for Bhushan Power. 

🎯 Future Retail :
Company promoter Future Corporate Resources revoked pledge of 66.63 lakh shares on April 18.
Positive for the stock. 👍

🎯 Mercator :
Company promoter and director Harish Kumar Mittal invoked pledge of 50.15 lakh shares from April 15-22.
Positive for the stock. 👍
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Edited by Sharp.