16th September, 2020 - Morning Brief

Market will open on a flat note today after a strong session on the hopes of LTCG tax abolishment. 

Asian markets are mixed and flat as investors await a Federal Reserve meeting. Commentary from the FOMC will be awaited to gauge the extent of central bank support for the economic recovery. Treasuries and the U.S. Dollar edged higher. Contracts of the Nasdaq declined after reports suggested that Facebook may face a possible U.S. antitrust lawsuit.

U.S. stocks rose on Tuesday as investors hoped the Federal Reserve would stick with its supportive policy stance as the central bank’s two-day meeting got under way.

The Dow Jones Industrial Average rose 2.27 points, or 0.01%, to 27,995.6, the S&P 500 gained 17.66 points, or 0.52%, to 3,401.2 and the Nasdaq Composite added 133.67 points, or 1.21%, to 11,190.32.

A government panel recommended that long term capital gains from investment in startups should be abolished, at least for the next two years, in the wake of the COVID-19 pandemic.

The Reserve Bank on September 15 proposed allowing foreign portfolio investors (FPIs) to undertake exchange-traded rupee interest rate derivatives transactions subject to an overall ceiling of Rs 5,000 crore.

🎯 News & Impact 🎯 

🎯 Indiabulls Housing Finance : Board approved allotment of 3.48 crore equity shares to qualified institutional buyers at an issue price of Rs 196.37 per share. Key allottees include HSBC, Tosca Group, Nomura, Think India Opportunities Master Fun, TIMF Holdings and Societe Generale. Positive for the stock. 👍 

🎯 Bharti Airtel : Partnered with Sterlite Technologies to build a modern optical fibre network for itself across 10 telecom circles. Positive for the sterlite. 👍 

🎯 Infosys : Selected by Essential Utilities - one of the largest publicly traded water, wastewater and natural gas providers in the U.S., as a strategic partner to drive its digital transformation.

🎯 Aurobindo Pharma : Announced a collaboration with the Council of Scientific and Industrial Research to develop vaccines against Covid-19. The company will undertake clinical development and commercialisation of the vaccines.

🎯 REC : Company to infuse Rs 150 crore as equity in a Joint Venture along with Power Finance Corporation, Power Grid Corporation and NTPC, for the purpose of establishment/creation of Common Backend Infrastructure Facility (CBIF) for smart meters in the country.  

🎯 IRB Infra : Arm has executed concession agreement with NHAI for an expressway project in Gujarat for a bid cost of Rs 1,724 crore.

🎯 Siti Networks : Company approved acquisition of 51 % equity stake in E-Net Entertainment, through the wholly owned subsidiary namely Siti Broadband Services. 

🎯 Waterbase : Promoter KCT Management Services acquired 3.25 lakh shares (0.78%) at Rs 105 per share. Positive for the stock. 👍 

🎯 Sequent Scientific : Promoter Tarini Kumar sold 1.57 lakh shares on August 26. Negative for the stock. 

🎯 Ceat : Promoters acquired 50,000 shares between September 10-11. Positive for the stock. 👍 

🎯 Ashapura Minechem : Promoter entity Ashapura Industrial Finance acquired 40,000 shares in company, taking total stake to 14.85 %. Positive for the stock. 👍 

🎯 Trident : Promoter entity Trident Capital Ltd & Others acquired 9.51 lakh equity shares in company. Positive for the stock. 👍 

🎯 Solara Active Pharma Sciences : Promoter Pronomz Ventures released pledge of 13.18 lakh shares on September 10. Positive for the stock. 👍 

🎯 Panacea Biotec : Promoters created pledge of 40 lakh shares on September 14. Negative for the stock. 

🎯 Apollo Hospitals Enterprises : Promoter PCR Investments released pledge of 10 lakh shares on September 11. Positive for the stock. 👍 

🎯 JSPL : Promoters released pledge of 27 lakh shares between September 9-10. Positive for the stock. 👍 

🎯 Uflex : Promoter Flex International released pledge of 2.7 lakh shares on September 14. Positive for the stock. 👍 

🎯 JSW Steel : Promoters created pledge of 18.8 lakh shares between Sept.9-11. Negative for the stock. 

🎯 Radico Khaitan : Promoter entity Sapphire Intrex released 15 lakh pledged shares. Positive for the stock. 👍 

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Edited by Sharp.