23rd May, 2019 Morning Brief

Market will open on a positive note ahead of hopes on vote counting but will remain be volatile as counting progress.
Nifty has formed a doji kind of pattern on the daily chart yesterday because of consolidation and tugs between bulls and bears.

U.S. stocks fell Wednesday as trade tensions simmered, with the White House said to be preparing to blacklist more Chinese technology companies. Asian stocks declined early Thursday after ongoing trade-war tensions dragged U.S. equities.

In case of major contradiction between actual results and exit poll results, market will protest and may correct severely. If results come in line with exit polls, market may give an upside spike and settle in couple of days witnessing profit booking. In worst case Nifty may fall to 10550 level but a crucial support can be found at 11100 and 11400 levels. In case of clear majority of current Govt, upside can be capped around 12000 or 12200 levels.

🎯 News & Impact 🎯

Results Updates :

🎯 Bank of Baroda (Q4, YoY) :
Net interest income up 26.6 % to Rs. 5,066.96.
Net loss at Rs.991 crore versus net loss of Rs 3,102 crore.
Gross NPAs 9.61 % versus 11.01 %. (QoQ)

🎯 Thermax (Q4, YoY) :
Revenue up 43.7 % to Rs.2,073.7 crore.
Net profit up 67.6 % to Rs.126.9 crore.

🎯 Tata Elxsi :
Company licenses its AUTOSAR Adaptive
@platform to Great Wall Motors 

🎯 Quess Corp :
Company acquired additional 30 % stake in Golden Star Facilities and Services with an investment up to Rs.35 crore. 

🎯 SH Kelkar & Company :
Board to consider acquiring remaining 49 percent stake in Creative Flavours & Fragrances S.P.A 

🎯 Bodal Chemicals :
Company plans to acquire 80 % stake in Turkey based Sener Boya Kimya for Rs.32 crore. 

🎯 Fairchem Speciality :
Board approved demerger of specialty oleo chemicals and nutraceuticals business segments into a new wholly owned subsidiary company.

🎯 ITI :
Company inked an MoU with Department of Telecommunications for financial year 2020 for manufacturing of telecom equipment and digital products.

🎯 Biocon : Health Canada approved company’s and Mylan’s biosimilar product Ogivro. Mylan plans to launch the product this quarter in Canada. The product is used to treat breast and gastric cancer.

🎯 Wipro :
Company developed a block-chain based payment solution for Travacoin in the airline industry.

🎯 Mangalam Cement :
Company promoter groups revoked pledge of 6.3 lakh shares on May 17.

🎯 Emami :
Company promoter groups pledged 23,000 shares on May 16.

🎯 Max Financial Services :
Company promoter group Max Ventures Investment Holdings pledged 6.02 lakh shares on May 17.

🎯 Max India :
Company promoter group Max Ventures Investment Holdings pledged 16 lakh shares on May 17.

🎯 Sun Pharma :
Company promoter group Shanghvi Finance revoked pledge of 41.6 lakh shares on May 21.
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Edited by Sharp.