3rd December, 2019 Morning Brief

Market will open on a flat note today.

Asian stocks slumped Tuesday after a sell-off on Wall Street triggered by fresh tariffs announced by President Donald Trump, renewing concerns about global trade tensions.

The S&P 500 Index fell the most in almost eight weeks after the U.S. President Donald Trump announced that he is reinstating tariffs on steel and aluminium from Argentina and Brazil, nations he criticised for cheapening their currencies to the detriment of U.S. farmers.

🎯 News & Impact 🎯

🎯 Ujjivan Small Finance Bank IPO fully subscribed, gets 162 % demand 

🎯 Biocon :

Biocon and Mylan launched Trastuzumab biosimilar in the U.S. The Food and Drug Administration approved product was unanimously recommended by the regulator’s Oncologic Drugs Advisory Committee, Biocon said in an exchange filing. The drug is used to treat breast and stomach cancers.

🎯 United Spirits : 

Board approved merger of company’s listed arm Pioneer Distilleries with self. Ten equity shares of the company will be issued for every 47 equity shares held by shareholders of Pioneer Distilleries.

🎯 Oil & Natural Gas Corporation :

Company plans to invest about Rs 1.6 lakh crore and Oil India Rs.1,758 crore in domestic exploration and production in the next five years.

🎯 Crompton Greaves Consumer Electricals : 

Private equity firm Advent International and Singapore state investment company Temasek are offering to sell 4.485 crore shares of the company.

🎯 Aurobindo Pharma : 

Shareholders approved the merger of six arms of the company with self.

🎯 Bank of Baroda :

Bank to consider raising capital via debt instruments on Dec. 5.

🎯 Tata Motors :

Company has won an order to supply over 2,300 buses to five state transportation companies.

Positive for the stock. 👍 

🎯 Prime Focus : 

IDBI Trusteeship Services has invoked pledge of 7.33 crore shares or 24.5 % equity in the company.

Positive for the stock. 👍

🎯 Altico Capital :

Company has defaulted on Rs 72.5 crore debt obligation and also failed to pay Rs 138 crore obligations which were due on Nov. 28.

🎯 Piramal Enterprises :

PEL and Piramal Phytocare’s merger scheme has come into effect. Record date has been fixed as Dec. 12. Ratio 70:1.

🎯 IFCI :

Company said that it has received bids for the sale if its entire stake in NSE.

🎯 Electrosteel Castings :

Company promoter Electrocast Sales acquired 8 lakh shares from Nov. 27-29.

Positive for the stock. 👍 

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Edited by Sharp.