22nd May, 2020 Morning Brief

Market will open on a negative side today after yesterday's volatile session in line with global weakness as tensions between U.S. and China is the latest addition to the already mounting concerns of economic recovery from Covid-19.

Wall Street ended lower on Thursday, a day after hitting two-month highs, on a fresh wave of China-US tensions that raised doubts about the trade deal reached early this year between the world’s two largest economies.

The Dow Jones Industrial Average fell 0.41% to end at 24,474.12 points, while the S&P 500 lost 0.78% to 2,948.51. The Nasdaq Composite dropped 0.97%, to 9,284.88.

🎯 News & Impact 🎯 

Major Result Today : UPL

🎯 Reliance Industries :                  KKR to invest Rs 11,367 crore in Jio Platforms becoming the fifth major investor on board.

🎯 Bharti Airtel :                      Company has acquired a strategic stake in Voicezen, an early stage startup focused on conversational AI technologies.

🎯 InterGlobe Aviation :                  Will be resuming domestic flights from May 25. 

🎯 Bandhan Bank :                                In the Bank’s area of operations, 49 banking units (micro banking outlets) in five districts were impacted due to cyclone AMPHAN, out of which 45 were operational on May 21. Bank expects these 5 outlets to resume operations shortly. Business of around 65,000 micro banking borrowers, amounting to an exposure of approximately Rs 260 crore, could be impacted due to the cyclone. Negative for the stock.  

🎯 GMR Infra :                            MIHAN India has cancelled the contract for development of Nagpur Airport awarded to the company, as reported by Bloomberg News.

🎯 ONGC and NTPC :                  Signed MoU to set up joint venture for renewable energy business. As per the MoU, NTPC and ONGC will explore and set up Renewable Power assets including offshore wind, in India and overseas, and explore opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects.

🎯 Indian Oil :                          Company has cut the run rate of its Haldia refinery in West Bengal to half its capacity after the cyclone disrupted electricity and fresh water supplies.                                      Negative for the stock. 

🎯 Bodal Chemicals :                            To consider amalgamation of wholly-owned subsidiary Trion Chemicals with itself and to re-appoint Suresh Patel as Chairman and Managing Director on May 27.                          

🎯 PFC :                                            Has incorporated 5 SPVs for development of transmission schemes in Rajasthan and Andhra Pradesh.

🎯 Emami :                                              CCI has approved acquisition of 100% stake in Emami Cement by Nuvuc Vistas.

🎯 GTL Infra :                                    Due to cyclon AMPHAN, 2,500 of its radiating towers have been affected.

🎯 Info-Edge :                              Invests Rs 7.2 crore to acquire stake in a tele health and an e-sports community platforms, respectively.

🎯 GMR Infra :                              Promoter GMR Enterprises released pledge of 3.72 crore shares on May 20.                                                Positive for the stock. 👍 

🎯 Adani Ports & SEZ :                Promoter Adani Tradeline revoked pledge of 4.84 lakh shares on May 19.                                               Positive for the stock. 👍

🎯 Max India :                        Promoter Max Ventures Holdings created pledge of 5 lakh shares on May 19. 
Negative for the stock. 

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Edited by Sharp