8th April, 2020 Morning Brief

Market will open on a negative note today after about 10% single day pullback rally.

Markets in Japan, Hong Kong and Australia are declining while the U.S. futures edged higher on Wednesday morning.

The two-day rally in Asian markets came to a halt on Wednesday morning after U.S. equities gave up strong gains to end lower on Tuesday as investors are weighing signs of a slowing rate of the Covid-19 spread against more fatalities.

Benchmark indices in the U.S. gave up gains of as much as 3.5 percent to end lower. The S&P 500 briefly reached a 20 percent gain from its March low on Tuesday as New York recorded the highest death toll in a single day, yet the number of new cases slowed.

🎯 News & Impact 🎯 

🎯 SBI : 

Bank reduces MCLR by 35 basis points across all tenors with effect from April 10. One-year MCLR to be 7.40 %. Bank has also reduced interest in savings bank deposits by 25 basis points with effect from April 15.

🎯 Aurobindo Pharma :

PTI reports that a class action suit has been filed against some drug manufacturers, including Aurobindo and Emcure in a U.S. court for allegedly concealing facts about a cancer-causing agent N-nitrosodimethylamine's presence in Metformin medicine.

🎯 Deepak Nitrite :

Got approval from Vadodara District Industries Commissionerate to commence production of 2 Ethyl Hexyl Nitrate which is one of the essential raw material used in the refining process of diesel oil produced by various refineries.

Positive for the stock. 👍 

🎯 Maruti Suzuki :

Production in March 2020 drops to 92,540 units against 1,36,201 units in March 2019.

Negative for the stock. 👎

🎯 Adani Green Energy :

Company receives Rs 3,707 crore for formation of the JV with TOTAL SA.

Positive for the stock. 👍 

🎯 JSW Energy : 

CCI approved the acquisition of 100 % shareholding of GMR Kamalanga Energy.

🎯 Advanced Enzyme Technologies :

Continues to carry on production in its manufacturing units in India with the permission of the local authorities and the operations at its plants have been scaled down with reduced capacity utilization. 

🎯 Galaxy Surfactants :

Company partially resumed operations at its plants with effect from April 6, 2020

🎯 ABB India : 

CCI approved the acquisition of 80.1 % stake by Hitachi in its power grid business.

Positive for the stock. 👍 

🎯 Galaxy Surfactants : 

Has partially resumed operations of its plant from April 6.

🎯 VA Tech Wabag : 

Gets 5-year operation and maintenance contract in AMAS sewage treatment plant in the Kingdom of Bahrain for Rs 90 crore.

Positive for the stock. 👍 

🎯 Sanghvi Forging and Engineering : 

The company defaulted on loans worth Rs 171.64 crore.

Negative for the stock. 👎

🎯 Orient Paper & Industries : 

The company has restarted some plants partially. 

🎯 Embassy Office Parks REIT : 

Sponsor Embassy Property Developments created a pledge of 8.13 crore units (10.54 %) in favour of Catalyst Trusteeship for a period of 10 years.

🎯 Sun Pharma : 

Promoter Shanghvi Finance revoked pledge of 59.4 lakh shares on April 3. 

Positive for the stock. 👍 

🎯 Adani Transmission : 

Promoter SB Adani Family Trust revoked pledge of 1.61 crore shares on April 4.

Positive for the stock. 👍 

🎯 Adani Enterprises : 

Promoter SB Adani Family Trust revoked pledge of 16 lakh shares between April 3-4.

Positive for the stock. 👍

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Edited by Sharp.