24th July, 2019 Morning Brief

Market will open on a flat note and may trade cautiously amid volatility ahead of derivative contracts expiry of the July month tomorrow.

Asian shares opened mixed Wednesday as investors weighed signs of progress in U.S.-China trade talks and prospects for the technology industry after the U.S. opened an antitrust probe.

Shares of Amazon, Alphabet and Facebook declined more than 1 percent in post-market trading after the Justice Department opened a broad antitrust review into whether dominant technology firms are unlawfully stifling competition.

Nifty formed a small bearish candle on the daily charts but closed above 11300 levels so going ahead, Nifty has important support around 11300.

🎯 News & Impact 🎯

Major Results Today :

Bharti Infratel, Asian Paints

Results Updates :

🎯 L&T (Q1, YoY) :
Profit grows 21.2 % to Rs.1,473 crore versus Rs. 1,215 crore,
Revenue increases 9.7 % to Rs 29,636 crore versus Rs.27,004.8 crore YoY. 
Positive for the stock. 👍

🎯 Zee Entertainment Enterprises (Q1, YoY) :
Consolidated profit jumps 62.6 % to Rs. 530 crore versus Rs.326 crore,
Revenue rises 13.3 % to Rs 2,008 crore versus Rs.1,772 crore YoY.
Positive for the stock. 👍

🎯 HUL (Q1, YoY) :
Profit rises 14.2 % to Rs.1,755 crore versus Rs 1,529 crore,
Revenue grows 6.6 % to Rs 10,114 crore versus Rs 9,487 crore YoY.
Positive for the stock. 👍

🎯 SBI Life (Q1, YoY) :
Gross Premium up 41 % at Rs 6,694 crore.
Net profit up 5 % at Rs.372 crore.
New Business Premium up 52 % at Rs 3,150 crore.

🎯 Dynamatic Technology :
Company successfully delivered the 5000th shipset of Single Aisle Flap-Track-Beam Assembly for Single Aisle Aircraft (A318, 431 9, 4320 & A321) Family to Airbus. The company is the global single source supplier of FlapTrack-Beam Assemblies. This is the first instance that a functional aero-structure of a major commercial jet is being manufactured by an Indian company.
Positive for the stock. 👍

🎯 Strides Pharma Science : Formulations facility (KRSG Gardens) in Bangalore which was inspected by the USFDA in May 2019, has received the Establishment Inspection Report (EIR), thereby confirming the successful closure of the inspections.
Negative for the stock. 👎

🎯 Vedanta :
A South African court ordered Zambia to halt plans to liquidate and sell copper mines controlled by Indian billionaire Anil Agarwal pending arbitration. 
Negative for the stock. 👎

🎯 Bharti Airtel :
India’s Department of Telecommunications seeks to challenge the merger of Tata Teleservices unit with Bharti Airtel in the Supreme Court in August.
Negative for the stock. 👎

🎯 Reliance Infra and Reliance Capital excluded from F&O Segment.

🎯 TV Today Network :
NCLT approved amalgamation of Mail Today Newspapers and India Today Online with the company.

🎯 Hotel Leelaventure :
SEBI stated that company’s proposed asset sale does not qualify as ‘related party transaction’ except for its plan to the transfer ‘Jamavar’ trademark to Brookfield.

🎯 MCX :
SEBI gives wholly owned subsidiary Multi Commodity Exchange Clearing Corporation Ltd nod to act as clearing corporation for a period of one-year with effect from July 31.

🎯 Mishra Dhatu Nigam :
Company supplied special ultra high strength steel & titanium alloys to Chandrayaan-2.
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Edited by Sharp.