News and Impact
Expect market to open on a weak note on account of global cues. Asian market declined sharply after the ECB announced to halt bond buying program and concern of trade war between US and China. Hong Kong, Taiwan and Nikkei Index slipped over 1% each. US Future declined 158 points or 0.7%. Profit booking may not be ruled out after the Nifty gained over 3% in the three trading sessions.
Traders buy on dips in the market. Overall market sentiment is positive on account of fall in oil price, fall in USDINR and 10-Year G-Sec Yield.
Major events today – RBI Board meeting will be held today (Banks and NBFC stocks) and *IOC share BUY-BACK of 3% equity, dividend Rs6.7 a share (record date 25th December)*.
The European Central Bank has reached consensus to halt its €2.6tn ($3tn) bond-buying program, capping massive monetary support even though the euro-zone economy looks vulnerable again. Policymakers led by President Mario Draghi confirmed that they’ll stop net purchases this month, ending almost four years of quantitative easing.
New Guv Shaktikanta Das to lead his first RBI board meet today - The RBI board is expected to discuss liquidity challenges, the much-debated PCA norms, the Economic Capital Framework as well as the NPA burden dragging banks' profitability. The new governor is open to discussing all issues with respects to a prompt corrective action framework, capital norms, etc for banks – expects Banking and NBFC stocks will be momentum today.
Watch on Cement stocks – GST Council meeting will be held on 22nd December on expectation of cut GST rate on Cement and Infrastructure sector according by media news (Current GST 28%).
Brokers Radar – CITI BUY on United Breweries TGT 1550, YES Bank – Neutral TGT 215. Deutsche Bank – BUY L&T TGT 1650
Yes Bank finalized recommendation for non-executive part-time chairman - Yes Bank Ltd. today said its board chose a new non-executive, part-time chairman and shortlisted names for the chief executive officer’s job. The lender will now seek requisite approvals from the Reserve Bank of India, it said in an exchange filing. The names of candidates for CEO’s post, one of whom will succeed Rana Kapoor, will be submitted to the central bank after the next board meeting on Jan. 9, 2019. The lender didn’t disclose any of the names - Market expectation that the Yes Bank will be announce on 13th December 9Yesterday) ... Traders wait on Jan 9 till announcement of Chairman and CEO.
IOC to buy back 3 pc equity shares for Rs 44.35bn - Indian Oil Corp (IOC) Thursday said its board has approved buyback of 3.06 per cent of equity shares for Rs 44.35bn. IOC will buy back 29.76 crore shares at Rs 149 apiece - Buy-back price 10% premium against the yesterday closing. We are positive on the stock.
Block deal – Jyothi Labs - Ramachandran Panchan Moothedath BUY 3366K shares (0.9% stake) while sell 3620K shares (1% stake) by Sathyanarayan Raghunandan.
Max Financial Service – SELL by Max Ventures Investment Holdings (1.8% stake) at Rs429.5 a share while BUY New York Life Insurance Company of 1.8% stake at Rs429.5 shares.
Ashapura Intimates Fashion - DSP Small and Mid-Cap Fund sold 17.3 lakh shares (6.88 percent) at Rs 19.2 each while Victory Expedition Emerging Markets Small Cap Fund sold 3.6 lakh shares (1.42 percent) at Rs 19.25 each
Sonata Software to acquire US based Sopris Systems - Positiv for Sonata Software
Unichem Labs - Litigation against company and US Unit, company to consider filing in EU Court of Justice - Negative
Telecom tribunal sets aside TRAI’s tariff order of February on predatory pricing and discounted tariff. This brings relief to Bharti Airtel and Vodafone Idea as they continue to offer segmented plans. The tribunal said TRAI cannot impose penalty and has asked the telecom regulator to reconsider the provisions within six months – Positive for Bharti and Vodafone
Adani Enterprises’ defence arm acquired 1.3 crore shares in Alpha Design Technologies for Rs4bn. The target company belongs to the aerospace and defence industry which develops and manufac
By: via @AlliesFin Serve T.ME/ALLiESFiN
