30th October, 2019 Morning Brief

Market will open with a gap up today in continuation with yesterday's rally. 

Stocks in Asia were mixed early today with markets in a holding pattern awaiting the Federal Reserve’s policy decision.

U.S. stocks ended a lackluster session lower as trade headlines and a spate of corporate earnings weighed on shares ahead of tomorrow’s expected rate cut by the Federal Reserve.

The bulls strengthened their hold on Dalal Street yesterday on positive global cues and better-than-expected September quarter earnings till date. It opene hopes that the government may announce a slew of market-friendly sops in coming days 

including the existing structures of long-term capital gains (LTCG) tax, the securities transaction tax (STT) and dividend distribution tax (DTT) are being reviewed by the Prime Minister’s Office in consultation with the Finance Ministry’s Revenue Department and NITI Aayog.

🎯 News & Impact 🎯

Results Updates :

🎯 Petronet LNG (Q2, QoQ) :

Revenue up 8.7 % to Rs 9,361.2 crore. 

Net profit up 2 times to Rs 1,103.1 crore.

🎯 Infosys :

Financial services from ICICI Securities said the tech major doesn't have any perceivable inconsistency in data points shared by the company as alleged in whistleblower letter. 

Positive for the stock. 👍 

🎯 InterGlobe Aviation :

Company has placed an order for 300 A320 Neo family aircraft. This order takes IndiGo’s A320 Neo family aircraft orders to 730.

🎯 HDFC Life Insurance : 

Standard Life looking to sell up to 7.58 crore shares or 3.76 % stake in HDFC Life Insurance.

🎯 Lemon Tree Hotels :

Company has launched its first hotel under the new brand Aurika Hotel 7 Resorts in Udaipur.

🎯 Bandhan Bank : 

RBI imposed a penalty of Rs 1 crore on shareholding norms as per RBI licensing guidelines.

🎯 Lakshmi Machine Works :

Company said that it has commenced the assembly of machine tools at the Coimbatore plant for Japan’s DMG Mori.

🎯 Wipro :

Company launches next generation engineering and innovation center in Virginia. 

🎯 BEML : 

Government started divestment process for BEML, likely to do strategic stake sale -

🎯 Jindal Stainless :

Company promoters hold 68.1 percent stake in the company, out of which 34.51 percent of the total equity stake is encumbered as a pledge.

🎯 Saregama India : 

NCLAT has dismissed a plea filed by the company to initiate insolvency proceedings against Chennai-based Home Movie Makers observing that it is not a financial creditor under the Insolvency and Bankruptcy Code.

🎯 Mindtree :

Company promoter Kamran Ozair sold 6,300 shares on Oct. 25

🎯 Apollo Tricoat Tubes :

Company promoter Saket Agarwal sold 3 lakh shares on Oct. 24.

✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒ ✒

Edited by Sharp.