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Nifty slips below 10,850 mark; IT, Media stocks decline

Equity benchmark indices snapped five day’s winning streak on Tuesday amid a sell-off in global markets ahead of the US Federal Reserve monetary policy meeting. The Sensex dropped 165 points at 36,104, while the Nifty is down 50 points at 10,837. The market breadth was negative as 588 shares advanced, while 881 shares declined, and 599 shares remained unchanged. All sectoral indices are witnessing selling pressure, with maximum cuts seen among IT, banks, media, automobiles, and pharma stocks. Shares of HPCL, BPCL, Coal India, IOC,…

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Vedanta gains 3% as NGT favors Sterlite copper plant operations

Shares of Vedanta were trading 3% higher on Monday as the National Green Tribunal (NGT) dismissed an order passed by the Tamil Nadu government to close the company’s Sterlite copper plant in Thoothukudi. Despite noting various policy lapses and lack of clearances, the NGT allowed the plant to continue operations conditionally on Saturday. Meanwhile, the tribunal has asked Vedanta to deposit Rs2.5cr as a token amount for their failure in controlling emissions. Additionally, the tribunal has directed the company to spend Rs100cr…

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Stock Recommendations for December 17 to December 21, 2018

www.highlightinvestment.com Stock Pick Observation Company Gruh Finance Ltd The stock is on the verge of witnessing a double-bottom breakout on the daily charts. The stock has witnessed a positive bounce from its 89-period EMA on the weekly chart. We expect the positive momentum to sustain in the following week and recommend a buy with a target of 314. Recommendation Buy or Sell Buy (Cash) Range Rs298.5-301.5 Target Rs314 Stop Loss Rs292 Duration 1-week 200 D-EMA Rs297 NSE Code GRUH

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Infosys announces joint venture with Hitachi, Panasonic, and Pasona in Japan

As per an exchange notification, Infosys has formed a joint venture (JV) with Hitachi, Ltd., Panasonic Corporation, and Pasona Inc. wherein it will acquire 81% of the shareholding in Hitachi Procurement Service Co., Ltd (HIPUS). Hitachi Procurement is Hitachi’s fully owned subsidiary and handles indirect materials purchasing functions for the Hitachi Group. Hitachi, Panasonic, and Pasona will be minority shareholders of the entity. Infosys added that it would bring its global expertise in procurement processes, consulting, analytics, and digital technologies, such as…

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Pricol zooms ~15% after announcing JV with Pointer Telelocation

Shares of Pricol zoomed 15% in morning trade on Thursday after the company announced a joint venture with Pointer Telelocation for telematics solution. Pricol Limited (founded as Premier Instruments and Controls Limited) is an automotive component and precision-engineered products manufacturer based in Coimbatore, India. It manufactures automotive components for motorcycles, scooters, cars, trucks, buses, tractors, and off-road vehicles used in the construction and Industrial segment. The company also manufactures sintered components and products for fleet management solutions Pricol Ltd(Merged) ended at Rs91…

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PSU Bank, Financial stocks gain; Yes Bank surges 4%

Banking and non-banking financial companies (NBFCs) stocks gained on Wednesday after the government appointed a successor to Urjit Patel. After market hours on Tuesday’s trade, Shaktikanta Das, a former economic affairs secretary, was appointed as the new governor of the central bank. All banking stocks surged on expectations that Shaktikanta Das could support public lenders in the recapitalization process. Nifty PSU Banks was up 2% led by Bank of India, which has jumped over 6%, while Vijaya Bank, Union Bank, Central Bank…

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Nifty Bank, Financial Services slide after sudden exit of Urjit Patel

Nifty Bank and Financial Services indices were trading ~1.5% down each on Tuesday indicating the impact of an unexpected resignation of the Reserve Bank of India’s governor Urjit Patel. Accordingly, shares of ICICI Bank and HDFC Bank, which were trading 2% down each, led the fall in the indices. IndusInd Bank, IDFC Bank, and Kotak Mahindra Bank also contributed to the fall by declining 1% each. In a surprising turn of events, RBI Governor Urjit Patel tendered his resignation with immediate effect yesterday, after market hours. BEST…

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Kotak Mahindra tanks ~6% after it files petition against RBI

Shares of Kotak Mahindra Bank have fallen by ~6% following the news that it has moved the Bombay High Court after the Reserve Bank of India restricted it from reducing promoter holding using preference shares. The bank said that it has filed a writ petition to “protect its interests” as a “matter of abundant caution.” In August, Uday Kotak proposed to reduce his promoter holding in the bank using preference shares rather than bringing down his share of common equity. Within 10…

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Mangalam drugs zooms 14% on receiving WHO pre-qualification approval

Mangalam Drugs zoomed 14% in early morning trade on Monday after the company announced that it has received WHO pre-qualification for its Unit-1 facility. The drug manufacturer’s Unit-1 facility was recently inspected by a WHO pre-qualification team, which the company successfully cleared and received approval for as well. Mangalam Drugs is currently engaged in the manufacture of active pharmaceutical ingredients (API), intermediates, and specialty chemicals. Mangalam Drugs and Organics Ltd share price is currently at Rs80.35, up Rs7.15, or 9.77%, from its…

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Gold prices marginally lower ahead of US non-farm data

Gold prices were trading marginally lower in Friday morning trade amid caution ahead of the US non-farm payrolls report. A weaker-than-expected non-farm payroll data will keep gold prices up. On Thursday, gold prices on the US futures climbed to a nearly five-month-high on the back of a weak dollar. Investors’ appetite for the greenback-denominated commodity was boosted by expectations of a slowdown in the pace of the US interest rate hikes. MCX gold prices opened with a small cut of…

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