3rd June, 2019 Morning Brief

Market will kick start with a positive move for the new week as well as a new month today.

Asian stocks began the week on the back foot in the wake of trade-war jitters from U.S. moves against Mexico and India to China’s retaliation against American measures.

India's gross domestic product (GDP) grew 5.8 percent in January-March, official data released on May 31 showed, confirming fears of a slowdown, as the new government assumed office amid expectations of a wide-ranging policy impetus to turnaround the economy that is nursing multiple pain points.
The growth in GDP was slowest since 2014-15.

Nifty formed a bearish candle with long lower shadow on the daily chart. Again 11960 proved to be a challenging level to conquer. 11800 can be considered as an immediate support for Nifty50.

🎯 News & Impact 🎯

🎯 Eicher Motors: Company's JV with Volvo Group, VE Commercial Vehicle sold 870 units in May 2019, down 37.6 % against 1,395 units sold in the same month last year.

Escorts: Agri machinery segment sold 6,827 tractors in May, down by 18 % against 8,325 tractors sold in May 2018. Domestic tractor sales down 19.8 % to 6,488 tractors and exports grow 42.4 % to 339 tractors YoY.

Atul Auto : Company sold 3,464 vehicles in May 2019, lower by 13 % against 3,983 vehicles sold in May 2018.

SML Isuzu : Company sold 1,689 vehicles in May, higher by 17 % over 1,442 vehicles sold in same month last year.

🎯 Dilip Buildcon :
Company executed an EPC agreement with the National Highways Authority of India for Saoner-Dhapewada-Kalmeshwar-Gondkhairi, NH-547E, Package -II on EPC mode in Maharashtra.

🎯 NTPC :
Unit-1 of 800 MW of Gadarwara Super Thermal Power Station (2 x 800 MW) has started its commercial operation. With this, the commercial capacity of Gadarwara Super Thermal Power Station, NTPC and NTPC group has become 800 MW, 46,525 MW and 54,326 MW, respectively.

🎯 Tata Steel BSL :
NCLT approved the resolution plan submitted by Tata Steel for acquiring the controlling stake in Bhushan Energy (BEL).

🎯 Vaibhav Global :
Company approved proposal to buyback 7.2 lakh fully paid-up equity shares, at a price up to Rs.1,000 per share, for an aggregate amount up to Rs 72 crore.

🎯 NLC India :
NLC India achieved yet another major milestone activity by lighting up the boiler of the second unit of the upcoming 2 x 500 MW lignite-fired Neyveli New Thermal Power Project (NNTPP).

🎯 Shri Dinesh Mills :
Company discontinued manufacturing of woolen & worsted fabrics at Ankleshwar and Vadodara units.
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Edited by Sharp.