29th May, 2019 Morning Brief

Market will open on a weak note today after a lacklustre session yesterday.

Stocks in Asia dropped after an afternoon sell-off on Wall Street as investors gauge the warning signals flashing in the bond market, where sovereign yields have slumped to multi-year lows. U.S. stocks fell to the lowest since March as a rally in 10-year Treasuries rekindled concern that a key recession signal has started to flash warnings amid what could be a protracted trade dispute with China.

Nifty formed a Hanging Man kind of pattern on daily charts. As said earlier, Nifty should hold the levels of 11900-11950 and to surpass 12050 level to achieve 12300 mark.

🎯 News & Impact 🎯

Major Results Today :

Power Grid Corporation, M & M, Adani Enterprises, United Spirits.

Results Updates :

🎯 Sun Pharma (Q4, YoY) :
Revenue up 2.7 % to Rs.7,163.9 crore.
Net profit down 52.6 % to Rs.635.9 crore.
Ebitda down 39.6 % to Rs 1,016.8 crore.
Margin at 14.2 % versus 24.1 %.
Negative for the stock.

🎯 IRB Infra (Q4, YoY) :
Revenue up 40.9 % to Rs.1,948.3 crore.
Net profit down 13.2 % to Rs 208.01 crore.
Ebitda up 15.4 % to Rs 760.1 crore.
Margin at 39 % versus 47.6 %.

🎯 NMDC (Q4, YoY) :
Revenue down 6.2 % to Rs.3,643.3 crore.
Net profit up 31.5 % to Rs.1,453.8 crore.
Ebitda up 10.1 % to Rs.2,092.3 crore.
Margin at 57.4 % versus 49 %.

🎯 Auropharma Q4:
Profit up 10.8 % at Rs.549.1 crore versus Rs 528.5 crore;
Revenue up 30.7 % at Rs.5,292.2 crore versus Rs. 4,049.1 crore (YoY).
Positive for the stock. 👍

🎯 IRB Infra Developers :
Hapur Moradabad Project received an appointment date from competent authority. Toll collection and construction on the project to start from May 29. The company received work orders for operation and maintenance for project SPVs of its trust for a further period of 10 years.

🎯 Tech Mahindra :
Tech Mahindra and MKI collaborate to develop solutions for Japanese market.

🎯 Zee :
Zee stake sale to be completed by July, says Punit Goenka.

🎯 Dilip Buildcon :
Company executes EPC agreement with NHAI for a UP highway project of Rs6.71bn

🎯 Bharti Airtel :
Airtel Africa plans IPO to cut debt, eyes London stock market listing

🎯 Mindtree :
Company opened its off-shore delivery centre in the U.S.

🎯 Karur Vysya Bank :
Bank signed a term sheet for a joint venture with Centrum Wealth Management to establish a private joint venture.

🎯 Eros Now :
Company announces a partnership with Amazon Prime Music India.
✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒

Edited by Sharp.