24th June, 2019 Morning Brief

Market will open on a flat note today.

Stocks in Asia opened mixed, while U.S. futures edged higher, as investors monitor geopolitical risks and plans for the high-stakes meeting between Presidents Donald Trump and Xi Jinping.

U.S. stocks closed lower after touching record highs as an escalation of tensions with Iran cooled this week’s rally in risk assets sparked by dovish central banks.

The last week was a volatile one for the Indian market. Nifty, after reclaiming 11,800, failed to keep the momentum going as geopolitical concerns spoiled the party for bulls. Going ahead, 11633 will be the support to consider and 11420 if it's broken.

🎯 News & Impact 🎯

New IPO : IndiaMart InterMesh.

🎯 CG Power :
Signed an agreement to sell remaining portion of land situated at Kanjurmarg to M/s. Evie Real Estate Pvt. Ltd. for Rs 499 crore.
Positive for the stock. 👍

🎯 Infy :
Nandan Nilekani seeks reappointment as Director of company.
Positive for the stock. 👍

🎯 Alkem Laboratories :
Company received tentative approval from the US FDA for Roflumilast drug that is used for the treatment of inflammatory conditions of lungs.
Positive for the stock. 👍

🎯 Gruh Finance / Bandhan Bank :
National Company Law Tribunal approves the merger of Gruh Finance with Bandhan Bank.

🎯 Jain Irrigation :
Company's long term issuer default rating downgraded to ‘B-’ from ‘B+’, and has been placed on rating watch negative. The downgrade reflects the deterioration in the company’s leverage and liquidity following a weaker than expected operating performance, stretched working capital position and management's aggressive focus on growth in the financial year ending March 2019.

🎯 Max India : Radiant Life completed the purchase of 49.7 percent stake in Max Healthcare from Life Healthcare. 

🎯 Glenmark :
The US FDA issued a Complete Response Letter for Ryaltris and cites deficiencies in the Drug Master File for the drug. The company sees resolution in the the next six to nine months.

🎯 Dr. Reddy :
Company launched Phytonadione Injectable Emulsion USP in the U.S. market. The product had combined U.S. sales of approximately $46.6 million in the last 12-months ending April 2019.

🎯 Dr. Reddy :
Audit of Vizag SEZ Plant 1 and Plant 2 at Duvvada, Visakhapatnam by the U.S. FDA was completed on June 21. Company has been issued Form 483 with two observations.

🎯 BHEL :
Won an order valued Rs 840 crore for emission control equipment from Nabinagar Power Generating Company Ltd. – subsidiary of NTPC Ltd. Order involves supply and installation of Flue Gas Desulphurization (FGD) system in Aurangabad district of Bihar.

🎯 Sobha Developers :
Promoter Sobha Menon sold 4.22 % stake.
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Edited by Sharp.