Market will open with a gap up continuing Friday's bull rally backed by reduction in corporate taxes.
Asian stocks were mixed and yuan climbed along with U.S. equity futures as investors monitored signs of progress in trade discussions between America and China.
The Sensex posted its biggest one-day gain in 10 years, rallying 1,921 points to close at 38,014.62 on September 20. The massive rally was due to the announcements made by Finance Minister Nirmala Sitharaman primarily over the cut in corporate tax to 25.17 percent (including cess and surcharges for domestic companies) against the existing 30 %
Another big announcement was the rollback of enhanced surcharge announced in Budget on capital gains arising on sale of any securities including derivatives in the hands of foreign portfolio investors, and on sale of equity share in a company which may change the sentiment and help FPIs convert their outflows into inflows and to invest into quality stocks.
As Nifty50 has come out it's consolidation zone (10700 - 11180) now it can breath freely to hold the bull run. Now Nifty50 has to surpass the descending trendline which can be plotted somewhere between 11600 & 11700.
🎯 News & Impact 🎯
🎯 Thyrocare Technologies :
Company said that the company will not sell the shares of wholly owned subsidiary Nueclear Healthcare to A. Velumani, the promoter, chairman, MD and CEO.
🎯 Reliance Capital :
CARE Ratings downgraded rating on debt programmes worth Rs 17000 crore of company to Default.
Negative for the stock. 👎
🎯 Petronet LNG :
Tellurian Inc. said it signed a $7.5 billion agreement with the company to buy its proposed liquefied natural gas terminal in Louisiana, in what could potentially be one of the largest foreign investments in the U.S. to ship shale gas abroad.
🎯 Cipla :
Company received Establishment Inspection Report (EIR), indicating closure of the inspection, from the U.S. FDA for the company's API manufacturing facility in Virgonagar, Bengaluru.
🎯 Biocon :
Company received eight Form 483 by the U.S. Food and Drug Administration for two units in Bengaluru. The U.S. FDA had conducted a pre-approval inspection of these units from Sept. 10-19, and even gave one general observation after the inspection.
🎯 Hero MotoCorp :
Company might see a reduction in its earlier-projected capex of Rs 1,500 crore for the current financial year.
Negative for the stock. 👎
🎯 MCX :
Company will consider raising total limit in foreign investment in the company by up to the prescribed sectoral cap of 49 %.
🎯 Torrent Pharma :
Company is expanding its voluntary recall for tablets used to control hypertension in the U.S. due to detection of traces of N-Methylnitrosobutyric acid, according to health regulator U.S. FDA.
🎯 Filatex India :
Company said that it has increased its polymerization capacity from 900 TPD to 1,050 TPD and added machines for producing 170 TPD of Partially Oriented Yarn at Dahej unit, has commenced its operations.
🎯 Alkem Laboratories :
Company acquired Cachet Pharma from its subsidiary company for Rs 51.85 crore.
🎯 Commercial Engineers & Body Builders :
Company formed a joint venture company, Jupiter Kovis India, with Jupiter Wagons Limited, KOVIS D.O.O and KOVIS IND D.O.O. for manufacturing and sale of brake discs.
🎯 Sakthi Sugars :
Company agreed for one-time settlement (OTS) with one of the lenders, viz. Bank of India.
🎯 Rama Steel Tubes :
Company's subsidiary RST International Trading FZE, Dubai incorporated RST Industries Limited as subsidiary company in the Federal Republic of Nigeria to tap business opportunities and to cater diversified demand of the customers in that region.
🎯 Seamec :
Company stated that deployment of vessel SEMEAC II has extended the contract for a further period of 91 days, till Dec. 28.
🎯 Bombay Dyeing :
Bombay dyeing & Manufacturing promoter Jer Mavis Settlement sold 54,000 shares on Sept. 18.
Negative for the stock. 👎
🎯 Adani Ports :
Promoter created a pledge on 1.05 crore shares (0.5 % equity) of the company on September 16.
Negative for the stock. 👎
🎯 Godrej Industries :
Company promoter Anamudi Real Estates acquired 64,000 shares from Sept. 18-19.
Positive for the stock. 👍
🎯 HEG :
Company promoter RSWM sold 1.6 lakh shares on Sept. 18.
Negative for the stock. 👎
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Edited by Sharp.
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