A gap-up opening can be witnessed today after a dicey week.
Asian stocks and U.S. equity futures climbed on Monday after President Donald Trump suspended his plans for tariffs on Mexico.
U.S. stocks rallied for a fourth day after weak jobs data added to bets the Federal Reserve will cut rates.
Nifty formed 'Doji Cross' kind of pattern on the daily chart. Doji also indicates indecisiveness which means the market needs a trigger to move on either side. 11960 to 12000 would be a resistance zone to think beyond the recent high.
🎯 News & Impact 🎯
🎯 State Bank of India :
Bank introduced new home loan product linked to repo rate. Cuts rate for cash credit /overdraft of above Rs 1 lakh by 25 basis points to 8 %.
🎯 Kotak Mahindra Bank :
The Reserve Bank of India imposed a penalty of Rs.2 crore for deficiencies in regulatory compliance.
🎯 Mindtree Open Offer Update :
Larsen & Toubro made cash offer of 5.13 crore shares, or 31 % of the voting share capital at Rs 980 per share, aggregating to Rs 5,027.4 crore, as reported in the exchanges. Open offer to begin from June 17. The offer price is at a discount of 1% from the current market prices. This action is being undertaken to comply with SEBI norms.
🎯 Manappuram Finance :
Company said that it has received a show cause notice from SEBI on May 29. The notice alleged that certain officials of the company had selectively disclosed unpublished price sensitive information to a research analyst firm. Company said it is currently examining the contents of the notice and seeking legal advice on the next course of action.
🎯 Zee Entertainment Enterprises : Brickwork Ratings reduced the credit rating of non-convertible preference shares issued as bonus to its equity shareholders in 2014 at BWR AAA, with credit watch turning from developing implications to negative implications.
🎯 Reliance Capital :
Company completed the payments and paid interest and principal on bonds due on June 6, a spokesman for the company said in a text message.
🎯 DHFL :
UTI MF increased markdown to DHFL’s debt securities to 100 %, introduced exit load in some schemes on a prospective basis. It sees more pressure and legal action on DHFL from creditors. (UTI Press Release)
🎯 Bharat Forge :
Company entered into a joint venture agreement with Germany’s Refu Electronik for developing, manufacturing and selling on board controllers and components for e-mobility vehicles. The company will hold 50 % stake by investment of Euro 11.35 million.
🎯 JSW Steel :
Mumbai bench of NCLT approved amalgamation of company’s 3 three units with self on June 6. Only 1 unit of JSW Steel (Salav) is now subject to approval from Ahmedabad NCLT for the amalgamation with the parent company.
🎯 Tata Power : CRISIL revised debt instruments and long-term facilities from ‘AA-(Stable)‘ to ‘AA-(Positive)‘. The company said that this move came after it cleared all dues on debentures worth Rs 1,082 crore and term loan of Rs 605 crore and an improved visibility seen due to implementation of the high-power committee’s recommendations for its arm-Coastal Gujarat.
Positive for the stock. 👍
🎯 UFO Moviez India Ltd. :
Board approved demerger of Valuable Digital Screen (Caravan Talkies) from UFO Moviez. Company says the proposed demerger will enable the company to cater to the needs of the advertisers across both rural and urban audiences thereby enabling them to plan their spends in a coordinated manner, through a common vendor.
🎯 Atul’s arms Atul Elkay Polymers and Lapox Polymers terminated joint venture agreement with Turkey’s Elkay for promoting stone care chemicals in India on June 7, due to changed circumstances and mutual consent of both parties.
🎯 Bank of Maharashtra :
Company reduced MCLR by 5 basis points and 10 basis points across various tenors. Three month MCLR at 8.40 percent and 1 year MCLR at 8.6 percent.
🎯 Srei Infrastructure Finance :
Company signed a memorandum of understanding with PTC India Financial Services Ltd. to facilitate financing, syndication, and advisory services in Energy Value Chain across industries in India.
🎯 Tourism Finance Corporation of India :
Company to incorporate a new subsidiary for undertaking the business of advisory and consultancy services.
🎯 Vadilal Industries :
Company clarified on the show cause notice issued by the United States Federal Food, Drug, and Cosmetic Act on March 31, stating that in the re-inspection undertaken on June 6. The FDCA officials have cleared all the earlier non-conformities and no material impact due to the show-cause notice will be seen for the company.
🎯 Indian Oil Corporation, ONGC, Oil India and Reliance Industries : Norwegian Government to consider selling shares in all global energy stocks on June 12 parliamentary meeting. Norway’s Government Pension Fund Global holds stake in Indian Oil Corporation, ONGC, Oil India and Reliance Industries Fund owns less than 1 % stake in each of the four companies.
⚠ Cautious over the price.
🎯 MOIL :
gets Environment Clearance (EC) of Ukwa Mine.
🎯 CG Power :
CG launches next generation of compact drives and advance series of products for the industrial automation.
🎯 Maruti Suzuki :
Company production for May 2019 lower by 18.1 percent to 1.51 lakh units.
🎯 M&M :
Company to observe no production days ranging between 5-13 days in various plants as part of aligning its production with sales requirements.
🎯 DHFL :
Company paid investors around Rs. 276.05 crore on its principal and interest obligations towards its non-convertible debentures.
🎯 PC Jeweller :
CRISIL downgraded long and short term rating to CRISIL BB+ and CRISL A4+ from CRISIL BBB+ and CRISIL A2 respectively. The downgrade reflects significant operating losses on account of an unexpected one time discount given to export customers following build-up of receivables outstanding as on March 31, 2019.
🎯 MOIL :
Company received environmental clearance for manganese ore mine in an area of 49 hectares for additional production capacity of 1.2 lakh tonnes per annum.
Positive for the stock. 👍
🎯 Gati :
Company promoter Jubilee Commercial created pledge of 5,000 shares on May 29.
🎯 Reliance Infrastructure :
Axis Trustee invoked pledge on 20 lakh shares or 0.76 percent equity held by promoter.
⚠ Cautious over the stock.
🎯 Reliance Capital :
Axis Trustee invoked pledge on 12 lakh shares or 0.47 percent equity held by promoter.
⚠ Cautious over the stock.
🎯 Zuari Agro Chemicals : Promoter released pledge on 15.6 lakh shares or 3.71 percent equity.
Positive for the stock. 👍
✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒
Edited by Sharp.
No comments:
Post a Comment