7th August, 2019 Morning Brief

Market will open on a flat-positive note ahead of monetary policy.

Stocks in Asia opened mixed despite U.S. shares clawing back some of Monday’s rout, with traders remaining cautious in the face of deepening trade tensions.

Market recovered to close into positive ahead of RBI policy. Market participants expect 4th consecutive rate cut of 25 bps by RBI. Sentiments also got a boost after China took steps to stabilise the yuan after the US tagged it as a currency manipulator. Nifty formed a long bullish candle on the daily chart yesterday. RBI policy outcome will decide the immediate path for the market today amid volatility. 10780 can be a crucial support.

🎯 News & Impact 🎯

Major Results Today :

Adani Ports & SEZ, Cipla, HCL Technologies, Mahindra & Mahindra, Tata Steel, Lupin, HPCL

Results Updates :

🎯 Indiabulls Housing Finance (Q1, YoY) :
Net revenue fell 12 % to Rs 1,522 crore. Net interest income fell 12.7 % to Rs 1,475 crore.

🎯 IRB Infra Developers (Q1, YoY) :
Revenue rose 15.3 % to Rs 1,773 crore.
Net profit fell 17.4 % to Rs 206.6 crore.

🎯 IRB :
IRB Infra Developers said it will sell stake in its road business to the Government of Singapore for Rs.4,400 crore.
Positive for the stock. 👍

🎯 Reliance and BP said it will form a new joint venture that will include a retail service station network and aviation fuels business across India. Fuel retailing outlets to increase to 5,500 outlets. Castrol’s lubricants will available across this venture’s network.

🎯 Tata Steel :
Company terminated the agreement to sell its equity stake in its Thailand arm, as HBIS Group could not procure approvals from the country’s government. 

🎯 Avenue Supermarts :
Promoter Radhakishan Damani will divest upto 1 % stake, or 62.3 lakh shares of the company.

🎯 Hindalco :
Novelis expected to complete the $2.6-billion acquisition of Aleris in the quarter ending December against its earlier target of three months ending September.

🎯 DHFL :
Company defaulted on payment of three non-convertible debentures principal and interest aggregating to Rs.43.3 crore, which were due on Aug. 6.

🎯 NLC India :
Board has decided not to pursue the setting up of pilot plant for its Coldry-Matmor integrated project on research and development collaborative mode as agreed between company, NMDC and ECT Australia. 

🎯 REC :
Board approved sale of four special purpose vehicles. Out of these, two transmission projects will be sold to Power Grid Corporation and Sterlite Grid and Adani Power will receive one project each.

🎯 Cox & Kings :
Company defaulted on payment of commercial papers worth Rs 5 crore, which were due on Aug. 6.
Negative for the stock.

🎯 Tokyo-based Mitsubishi UFJ Financial Group acquired minority stakes in multiple Indian companies including Tata Global Beverages, Dr Reddy’s, Marico and Godrej Consumer. This follows MUFG’s acquisition of global investment entities such as UK-based First State Investments, which held shares in the Indian companies.

🎯 Shoppers Stop :
Company promoter Ravi Raheja acquired 1.3 lakh shares on Aug. 5.