30th March, 2020 Morning Brief

Market will open with a gap-down.

Asian markets along with U.S. equity futures are declining on Monday morning after a late-session decline on Wall Street on Friday. The Aussie traded lower after the country limited public gatherings to only two people.

U.S. President Donald Trump extended the Coronavirus Guidelines in the U.S. to April 30. Treasury Secretary Steve Mnuchin expects to have the small business loan program functional in the coming week while workers can expect aid from the $2 trillion stimulus package signed by Trump on Friday.

The S&P 500 posted a 10 percent gain in the last week, the best since March 2009, despite snapping a record three-day rally on Friday. The Dow Jones had its best week since 1938.

🎯 News & Impact 🎯

🎯 SBI : 

Cuts lending rates by 75 basis points to 7.05 %. Repo linked lending rate reduced to 6.65 %.

🎯 Sun Pharma : 

Gets OAI from U.S. FDA for its Halol facility. The OAI classification implies that the U.S. FDA may withhold the approval of any pending product applications or supplements filed from this facility till the outstanding observations are resolved. 

🎯 Coffee Day Enterprises : 

Gets first tranche payment of Rs 2,000 crore after divesting the Global Village Tech Park to entities belonging to Blackstone Group and Salarpuria Sattva Group for Rs 2,700 crore.

🎯 Delta Corp : 

Board approves buyback of shares worth Rs 125 crore at a price of Rs 100 per share.

🎯 IndusInd Bank : 

Makes timely interest payment of Rs 156.4 crore towards additional Tier-1 bonds. 

🎯 Future Retail : 

Clarifies that there is no such activity of Kishore Biyani selling stake.

🎯 Tata Power : 

JV with International Finance Corporation in Georgia begins commercial operation of 178MW Hydro Power Project. 

🎯 Godrej Agrovet : 

Signs sale deed with Godrej Properties to sell land parcel in Bengaluru for Rs 134.68 crore.

🎯 Lupin : 

The company along with Mylan has stated that the European Medicines Agency's Committee for Medicinal Products for Human Use have recommended the approval of Nepexto, used in the treatment of Arthritis.

🎯 HDFC Life : 

Standard Life Insurance sold 5 crore shares or 2.48 % stake at Rs 441.24 per share.

🎯 Cipla : 

Gets final approval for generic version of Nexium, as reported by Bloomberg News.

🎯 Mahindra and Mahindra : 

Suspends all manufacturing operations across India.

🎯 Maruti Suzuki : 

Enters into an arrangement with AgVA Healthcare to scale up production of Ventilators. 

🎯 Tata Coffee, Tata Consumer : 

Shut down manufacturing and plantation operations. 

🎯 Tata Metaliks : 

Suspends production of Pig Iron and DI Pipes at Kharagpur plant.

🎯 Hero MotoCorp : 

Extends suspension of closure of its manufacturing plants till April 14.

🎯 Abbott India : 

Receives approval for the test that can detect coronavirus in 5 minutes. The company will begin making said tests available to healthcare providers next week.

Positive for the stock. 👍 

🎯 SpiceJet, InterGlobe Aviation : 

Aviation Ministry allows the use of passenger aircraft for cargo movement. IndiGo and GoAir have expressed interest in cargo movement.

🎯 Auto Sector : 

The Supreme Court has relaxed the March 31 deadline for sale of all BS-IV vehicles with conditions.

🎯 Eris Life sciences : 

Promoter Himanshu Shah sold 19 lakh shares or 1.38 percent stake at Rs 360 per share while Emerald Investments acquired 17.94 lakh shares or 1.3 % stake at Rs 360 per share.

🎯 Adani Enterprises : 

Promoter SB Adani Family Trust created a pledge of 2.45 crore shares on March 24. 

Promoter Adani Tradeline LLP created a pledge of 33 lakh shares on March 24. 

Negative for the stock. 

🎯 Aurobindo Pharma : 

Promoters created a pledge of 13.5 lakh shares on March 23.

Negative for the stock. 

🎯 JBM Auto : 

Promoter SMC Credits acquired 81,000 shares between March 24-25. 

Positive for the stock. 👍 

🎯 Sadbhav Infra : 

Promoter Sadbhav Engineering acquired 36,021 shares on March 26.

Positive for the stock. 👍 

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Edited by Sharp.