18th March, 2020 Morning Brief

Market will open with a gap-up after a volatile session yesterday. 

U.S. stock futures dropped and the yen advanced, retracing some of the previous day’s moves as traders continue to test where fundamental valuations lie amid rapidly changing news flow. U.S. stocks rebounded from the biggest rout since 1987 as the U.S. government stepped up its efforts to offset the financial damage caused by the coronavirus. The Trump administration moved to send cheques to Americans as soon as in two weeks to stave off the financial effects of an unprecedented upheaval in social interactions that looks set to plunge the world into recession.

Asian stocks were mixed, with the Sydney market down more than 4 % and Hong Kong equities opening lower, while shares in Tokyo edged higher. S&P 500 futures were about 3 % down after the index gained 6 %

🎯 News & Impact 🎯

🎯 Metropolis Healthcare, Dr. Lal PathLabs, Thyrocare Technologies :

The government urges private labs to provide virus tests at no cost. ICMR to engage high-quality private labs which are NABL accredited labs. Private labs in India yet to acquire probes to test for coronavirus and are in the process of doing so.

🎯 Tata Consumer Product : 

Mitsubishi UFJ Financial Group reduced stake from 5.6 percent to 3.59 percent on March 13.

🎯 HSIL : 

HDFC Mutual Fund reduced its stake from 5.17 % to 3.14 % on March 16.

🎯 Apollo Tyres : 

HDFC Mutual Fund increased its stake from 5.05 % to 7.05 %.

🎯 Sterling and Wilson Solar : 

Board of directors approved amalgamation of wholly-owned arm Sterling and Wilson Waaree into the company. The appointed date for the scheme set on April 1.

🎯 Alkem Laboratories :

Company clarified that an individual has contested against the company for breaching provisions of the Competition Act, 2002 for indulging in anti-competitive practices.

🎯 M&M :

The company acquired around 5 percent of the share capital of Eurl LD Azouaou, Algeria ('LDA').

🎯 Vakrangee : 

Company introduced vHealth by Aetna primary care services through its network of Vakrangee Kendras.

🎯 Cambridge Technology : 

Company to sell subsidiaries to Tumuluru Sreenivasa Sastry & Prashanth Kumar Mettu.

🎯 Reliance Naval & Engineering :

Company has received a termination and evacuation notice from Gujarat Pipavav Port for termination of sub-concession agreement executed for land parcels owned by the Gujarat Maritime Board and sub-leased by Gujarat Pipavav Port to the company for shipbuilding activity.

Negative for the stock. 

🎯 Wipro : 

Gets deal to implement core banking solution for Canara Bank sponsored Regional Rural Bank.

🎯 NCC :

Company promoters acquired 15.75 lakh shares between March 11-13. 

Positive for the stock. 👍 

🎯 Great Eastern Shipping :

Company promoter Ravi Seth acquired 1.1 lakh shares on March 13. 

Positive for the stock. 👍 

🎯 Welspun India :

Company promoter Welspun Group Master Trust acquired 9.36 lakh shares on March 13. 

Positive for the stock. 👍 

🎯 JMC Projects :

Company promoter Kalpataru Power Transmission acquired 92,801 shares between March 13-16. 

Positive for the stock. 👍 

🎯 Ramkrishna Forgings :

Company promoter Riddhi Portfolio created a pledge of 14.5 lakh shares on March 12.

Negative for the stock. 

🎯 Arvind :

Company promoter Aura Securities revoked 42.5 lakh pledged shares on March 16. 

Negative for the stock. 

🎯 AGC Networks :

Company promoter Onir Metallics revoked 43 lakh pledged shares on February 28. 

🎯 Aurobindo Pharma :

Company promoter K Nityananda Reddy created a pledge of 20.58 lakh shares between March 12-13. 

Negative for the stock. 

🎯 Emami :

Company promoters created a pledge of 1.5 crore shares between March 11-13. 

🎯 Ajanta Pharma :

Company promoter Aayush Agrawal created a pledge of 2.2 lakh shares on March 16. 

🎯 DB Corp :

Company promoter DB Consolidated created a pledge of 36.52 lakh shares on March 16.

🎯 Adani Green Energy :

Company promoter SB Adani Family Trust created a pledge of 79 lakh shares on March 16.

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Edited by Sharp.