23rd January, 2020 Morning Brief

Market will open on a flat note today after three day's slide.

Asian stocks resumed declines and U.S. equity futures edged lower amid ongoing efforts to control the widening coronavirus outbreak.

The S&P 500 Index ended the day up less than 0.1 %, lifted by gains in technology shares and positive earnings reports but was held back by the concern of China's outbreak.

🎯 News & Impact 🎯

🎯 L&T (Q3, YoY) :

Revenue rose 6 % to Rs 36,243 crore. 

Net profit rose 15 % to Rs 2,352 crore.

🎯 Axis Bank (Q3, YoY) :

Net Interest Income rose 15 % to Rs 6,453 crore.

Net profit rose 5 % to Rs 1,757 crore.

🎯 Raymond (Q3, YoY) :

Revenue rose 12.5 % to Rs 1,885.4 crore.

Net profit rose 5.2 times to Rs 195.3 crore.

Positive for the stock. 👍 

🎯 Ujjivan Small Finance Bank (Q3, YoY) :

Net Interest Income rose 52.1 % to Rs 426.5 crore.

Net profit rose 98 % to Rs 89.7 crore.

Positive for the stock. 👍 

🎯 Adani Group Stocks : 

Adani Group plans to expand its renewable power capacity to 18 gigawatts by 2025 from over 2.5 GW now. 

🎯 Cipla :

Company gets USFDA observations for its Goa facility. 

🎯 Biocon :

Company gets USFDA nod for Diabetes drug Dapagliflozin. 

🎯 Tata Motors : 

Jaguar Land Rover cut 500 jobs or about 10 percent of the workforce at its Halewood Plant in England.

🎯 Asian Paints : 

Board approved the merger of its wholly-owned arm Reno Chemicals Pharma & Cosmetics with the company.

🎯 IL&FS Transportation Networks :unit entered into an agreement with MoRTH and project lenders for foreclosure of Beawar-Gomti Road Concession Agreement. 

🎯 CreditAccess Grameen : 

Company revised its exchange ratio to 157 shares of the company for every 100 shares of Madura Micro Finance.

🎯 Indian Oil Corporation :

Company will boost use of Ennore LNG Terminal from Mid-2021.

🎯 MRF :

Company partially commissioned Phase 1 of its greenfield unit in Gujarat.

🎯 Ashiana Housing :

Company said that it has obtained Real Estate (Regulation and Development) Act registration for its project in Jaipur.

🎯 Future Retail :

Company promoter Future Corporate Resources revoked pledge of 11.5 lakh shares on Jan. 21.

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Edited by Sharp.