11th March, 2020 Morning Brief

Market will open resuming its downside with a gap-down after yesterday’s holiday. 

U.S equity futures retreated with Treasury yields as investors awaited details from the Trump administration on planned stimulus measures to counter the coronavirus impact. Asian equities were mixed and the oil price surged, with no clear trigger.

Shares in Japan edged up, while declines resumed in Korea and Australia. 

U.S. Market rallied back from the worst rout since the financial crisis on expectations the Trump administration will implement stimulus measures to counter the economic impact from the coronavirus. 

Oil bounced back from its biggest plunge in 29 years on hopes the U.S. government will intervene to shield against the fallout of the coronavirus and a producer battle for market share.

🎯 News & Impact 🎯 

🎯 ABB India : 

The board has approved the proposal to sell the company’s solar inverter business to the group’s wholly-owned Italian arm ‘Fimer’ for Rs 100.6 crore. The business transfer agreement will be effective from April 1.

🎯 Tata Steel : 

Tata Steel Europe is planning to cut 1,250 jobs as it faces “challenging circumstances” and “needs to urgently improve profitability”, said a Reuters report. 

🎯 Biocon : 

The U.S. FDA has accepted the biologics license application for Mylan’s Avastin, which is used for cancer treatment, according to a Bloomberg report.

Narayana Hrudayalaya said that the company has agreed for non-extension of the contract with Karnataka Chinmaya Seva Trust to operate a heart centre in Bengaluru.

🎯 Firstsource Solutions : 

HDFC Mutual Fund increased its stake from 5.03 percent to 7.03 percent, on March 6.

🎯 HBL Power Systems :

Company received order worth Rs 155 crore technology solutions to Railways and the Indian Navy. The company also received export orders of $3.6 million dollars for the supply of Lithium Thermal Batteries.

🎯 Infosys :

Infosys has joined the Qualcomm Smart Cities Accelerator Program to offer end-to-end solutions for smart stadiums, smart venues and smart event management, the company said in an exchange filing.

Company said that it has completed the process of dissolution of its minority stake in Waterline Data.

🎯 Shriram Transport Finance : 

The Enforcement Directorate imposed a penalty of Rs 5 crore for contraventions in forex markets, and penalty of Rs 1.5 crore on three persons, the then directors of Shriram Holdings (Madras).

🎯 Wonderla Holidays : 

In the view of emerging cases of coronavirus in Kerala, the company has decided to temporarily close Kochi Park between March 11-20.

🎯 Asian Paints :

Company promoter Geetanjali Trading & Investments released pledge of 1.40 crore shares from March 3-9. 

🎯 Uflex promoters created pledge of 5.35 lakh shares on March 7. 

🎯 Max Financial Services :

Company promoter Max Ventures Investment created pledge of 12.79 lakh shares from March 5-6. 

🎯 Ganesha Ecosphere :

Company promoters released pledge of 22.8 lakh shares on March 4. 

🎯 Max India :

Company promoter Max Ventures Investment created pledge of 74.47 lakh shares on March 5.

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Edited by Sharp.