29th May, 2020 Morning Brief

Market will open on a flat note today after yesterday's rally. All eyes are on GDP data to be announced. 

Asian shares were set to dip in choppy trade on Friday as worries about worsening US-China ties offset the fillip from hopes massive government stimulus can jump-start the world economy.

Wall Street ended lower on Thursday following a late-session reversal, with Facebook weighing on the market after President Donald Trump said he would sign an executive order related to social media companies and would hold a news conference on China on Friday.

The Dow Jones Industrial Average fell 147.63 points, or 0.58%, to 25,400.64, the S&P 500 lost 6.4 points, or 0.21%, to 3,029.73 and the Nasdaq Composite dropped 43.37 points, or 0.46%, to 9,368.99.

🎯 News & Impact 🎯 

🎯 LT Foods Q4 : Profit at Rs 54 cr versus Rs 19.7 cr, revenue at Rs 1,198 cr versus Rs 1,009 cr YoY.  Positive for the stock. 👍 

🎯 Vodafone Idea : Google is said to be exploring taking a minority stake in British telecom group Vodafone’s struggling India business, reports said. Positive for the stock. 👍 

🎯 Lupin : Company gets US FDA nod for Azithromycin Tablets used to treat number of bacterial infections. Positive for the stock. 👍 

🎯 Yes Bank : The bank will not be available for trading in Futures & Options segment from May 29.

🎯 Cadila Healthcare : Formulations manufacturing unit at Baddi received an Establishment Inspection Report (EIR) from USFDA.

🎯 HCL Technologies : Company and Broadcom expanded their global preferred services partnership to include Symantec Enterprise Security Consulting.

🎯 Pidilite Industries : Company completed acquisition of 70% equity shares of Tenax India Stone Products.

🎯 NHPC : Board approved the proposal of diversification of business by development of solar power projects as intermediary procurer through solar power developers.

🎯 D-Link India : Company received adjudication orders from ADG, DRI, partially setting aside the demand of duty pertaining to imports of goods and confirming determining the duty liability to Rs 5,453,755 excluding the interest. Positive for the stock. 👍

🎯 Bank of India, Karnataka Bank : The Reserve Bank of India (RBI) on May 28 imposed monetary penalties on three banks for various rule violations.

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Edited by Sharp.