29th May, Morning Brief

Market may open on a flat to negative note as SGX Nifty is trading down by 25 points today morning.

Yesterday Nifty50 registered a bullish candle on the daily chart but failed to sustain above 10700 mark. Immediate resistance will be 10740 and immediate support will be around 10580-10600.

Derivative expiry of the month is just 2 sessions away which may keep market volatile.

US markets were closed yesterday.

🎯 News & Impact 🎯

Major Results Today :
BPCL, Coal India, M&M, Power Grid, BEL, BHEL, Glenmark

Results Update :

🎯 L&T :
Revenue up 11 % at Rs.40,678 crore.
Net profit up 5 % at Rs 3,167 crore.

🎯 NMDC :
Revenue up 35.2 % at Rs.3,883 crore.
Net profit up 2.2 times at Rs.1,105.9 crore.
Positive for the stock. 👍

🎯 Bank of India :
Net interest income down 26.1 % year-on-year at Rs.2,563.8 crore.
Net loss at Rs.3,969.3 crore.
Provisions up 53.2 % at Rs.6,699.2 crore (QoQ).

🎯 Oil India :
Revenue up 5.1 % at Rs.2,998.4 crore.
Net profit up 22.9 % at Rs.866.5 crore.

🎯 Auropharma :
Revenue up 11 % at Rs.4,049 crore.
Net profit down 0.5 % at Rs.529 crore.

🎯 Vedanta :
Tamil Nadu government ordered to seal and permanently close the Copper Smelter plant of Vedanta.
Negative for the stock.

🎯 Ultratech Cement :
Binani Cement lenders vote in favour of Ultratech bid.
Positive for the stock. 👍

🎯 IDBI Bank :
Government of India increases its stake in IDBI Bank by 5 % by acquiring 109.7 crore shares to 85.96 %.

🎯 Arihant Superstructures :
Arihant Superstructures subsidiary gets loan sanction amounting to Rs.250 crore from HDFC for Panvel Project.

🎯 Fortis Healthcare :
Delhi High Court directs Fortis subsidiary to deposit Rs.503 crore in the account of the Delhi Government in favour of Director General of Health Services within a month.

🎯 REC :
REC approves proposal for incorporation of a project specific SPV, as wholly owned subsidiary of REC Transmission Projects.

🎯 Wipro :
Company ties up with IIT-Bombay for fabricating formula electric.

🎯 HUDCO :
Company recovers Rs.317 cr in old loan default case.

🎯 Idea :
Idea cellular completes 4G VoLTE roll out in 15 of 22 telecom circles.

🎯 Dalmia Bharat Sugar :
Company to sell its wholly owned subsidiaries' Dalmia Solar Power and Dalmia Sugar Ventures to the promoters.

Edited by Sharp.
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