22nd May, 2019 Morning Brief

Market will open on a flat note today after a slide on profit booking under doubtful environment.

U.S. stocks rebounded on Tuesday as the trade-war driven back-and-forth that has dominated markets this month showed few signs of lessening.

After touching a record high, markets witnessed profit booking which pulled Nifty down by over 1% to close at 11,709.  It looks like the market seems to have factored in a victory of NDA on May 23, but an adverse result could lead to steep correction in markets. Nifty formed a Dark Cloud Cover on daily candlestick charts. 11400 could be an immediate support and the level can be considered to enter for those who have missed the rally.

🎯 News & Impact 🎯

Major Results Today :
Cipla, IndusInd Bank, BoB, Canbk

Results Updates :

🎯 Tech Mahindra (Q4, QoQ) :
Dollar revenue up 0.6 % to $1,268 million.Revenues down 0.6 % to Rs 8,892 crore.Net profit down 6.6 % to Rs.1,127 crore.

🎯 DLF (Q4, YoY) :
Revenues up 81.5 % to Rs.2,500.4 crore.
Net profit up 76.3 % to Rs.436.6 crore.
Ebitda profit at Rs. 533.6 crore versus Ebidta loss of Rs. 13.8 crore.

🎯 Jindal Steel & Power (Q4, YoY) :
Revenues up 18.1 % to Rs.10,159 crore.Net loss at Rs. 2,145.8 crore versus net loss of Rs 308.1 crore.
Ebitda down 13.7 % to Rs 1,844.8 crore.

🎯 Bharat Financial Inclusion (Q4, YoY) :
Net Revenue up 46.5 % to Rs.670.1 crore.
Net profit up 50.5 % to Rs.321.2 crore.
Loan Disbursements up 14 % at Rs 6,568 crore.

🎯 Reliance :
Jio adds 9.4 mn customers in March.

🎯 Alembic Pharma :
Company gets USFDA nod for overactive bladder treatment drug.

🎯 Cox & Kings :
Meininger Hotels signs contract for hotel in Marseille.

🎯 Glenmark Pharma :
Company gets USFDA nod for overactive bladder treatment drug.

🎯 Steel Strips :
Company gets Rs200mn exports orders.

🎯 BHEL :
Company commissions two more units of Kaleshwaram project.

🎯 Vedanta :
Declared as preferred bidder for two copper blocks with a combined area of 1585 HA area in Maharashtra.

🎯 Edelweiss Financial Services :
U.S. based insurance firm Arthur J. Gallaghar & Co. to acquire minority stake in company’s arm Edelweiss Insurance Brokers.

🎯 Asian Granito :
To sell its 50 % stake in its JV with Italian based Panaria Group and exit the agreement. 

🎯 Future Supply Chain Solutions :
Executed its agreement to acquire 77.15 % stake in Leanbox for Rs 9.4 crore.

🎯 UFO Moviez :
Board approved dissolution of the company’s Sri Lankan arm, due to non-operations seen in it.

🎯 Sintex Plastics :
Company approved to explore the sale of Auto Division of Sintex-BAPL, the wholly owned material subsidiary of the company.

🎯 Infosys :
Finacle and Global Treasure Bank announced the successful implementation of the Finacle Core Banking solution at the Bank.

🎯 Cyient :
Cyient and OneStrand Inc. announce partnership to offer interactive technical publication solutions.

🎯 Alkali Metals :
Company received an Establishment Inspection Report (EIR) from United States Food and Drug Administration (US FDA) for its Visakhapatnam Unit in Andhra Pradesh.

🎯 Bombay Burmah Trading Corporation :
Company promoter Bombay Dyeing & Manufacturing Co pledged one lakh shares on May 16.

🎯 JSW Steel :
Company promoter groups pledged 14.5 lakh shares on May 16.

🎯 Delta Corp :
Company promoter Aryanish Finance and Investments pledged 10.5 lakh shares and revoked pledge of 50,000 shares from May 16-17.

🎯 Kesoram Industries :
Company promoter Manav Investment and Trading Co pledged 1.02 crore shares on May 17.

🎯 JSW Energy :
Company promoter group Indusglobe Multiventures pledged 41.5 lakh shares on May 16.
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Edited by Sharp.