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25Th July 2016
I had mentioned in Friday’s closing report
that Nifty, Sensex were in a bullish mode still. The major indices of the
Indian stock markets rallied on Monday and there were handsome gains of more
than 1% over Friday’s close. The trends of the major indices in the course of
Monday’s trading are given in the table below:
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Major Indices (The Total Investment & Insurance
Solutions)
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Short covering, coupled with expectations of
major economic legislation getting parliament's approval, buoyed the Indian
equity markets on Monday. The benchmark indices closed the day's trade with
substantial gains as healthy buying was witnessed in banking, automobile and
consumer durables stocks. On the NSE, there were 1,001 advances, 469 declines
and 63 unchanged. On the BSE, there were 1,724 advances, 990 declines and
unchanged 197. The Total Investment & Insurance
Solutions
Initially the benchmark indices opened on a
flat-to-positive note, in sync with their Asian peers. Besides, the equity
markets were pushed up by higher European indices, healthy quarterly earnings
and above average monsoon rain falls. In addition, hopes on the passage of the
GST (Goods and Services Tax) Bill during parliament's ongoing monsoon session
supported prices. Further, investors' expect US Fed to maintain its key lending
rates during the upcoming FOMC (Federal Open Market Committee) meet. A
hike in the US interest rates can potentially lead FPIs (Foreign Portfolio
Investors) away from emerging markets such as India. The Total Investment & Insurance Solutions
The Reserve Bank of India (RBI) has imposed a
penalty of Rs5 crore on the Bank of Baroda (BoB) for irregularities in
anti-money laundering (AML) provisions that came to light in October 2015, the
public sector lender said here on Monday. "Pursuant to the internal audit
of the bank, the RBI and investigative agencies in October 2015 were advised by
the bank of certain irregularities observed," the BoB said in a BSE
filing. The Central Bureau of Investigation (CBI) had conducted raids in
October 2015 at over 50 locations to probe the illegal transfer of Rs6,172
crore by the BoB's Ashok Vihar branch in Delhi in the names of 59 companies in
Hong Kong. The companies, it was later found, were registered on wrong
addresses. "The RBI carried out the investigation and noted the
deficiencies which were reflective of weaknesses and failures in internal control
mechanisms in respect of certain AML provisions such as monitoring of
transactions, timely reporting to FIU (Financial Intelligence Unit), and
assigning of UCIC (Unique Customer Identification Code) to customers," the
BoB said. The Bank of Baroda has implemented a comprehensive corrective action
plan, to strengthen internal controls and to ensure that such incidents do not
recur, it added. Bank of Baroda shares closed at Rs155.75, up 3.21%, on the
BSE.
Indian coffee production is likely to decline
by around 8% in the current fiscal owing to lack of timely rains, parliament
was told on Monday. "It has been estimated that there is a likelihood of
decline in coffee production in 2016-17 by 8% compared to that in 2015-16 due
to lack of timely rains and high temperature during the crucial flowering
stage," Commerce Minister Nirmala Sitharaman told the Lok Sabha during
Question Hour. Coffee Day Enterprises shares closed at Rs253.05, up 0.62%, on
the BSE. Tata Coffee shares closed at Rs116.25, up 3.29% on the BSE. The Total Investment & Insurance Solutions
Tata Metaliks on Saturday said it posted a
26% rise in net profit to Rs34.44 crore in the quarter ended June 30, 2016 and
has commissioned enhanced capacity of ductile iron (DI) pipe plant in
Kharagpur. Its EBITDA (Earnings before interest, tax, depreciation and
amortisation) in April-June quarter stood at Rs61.10 crore, up 28% compared to
the same period of the previous year. The company sold 99,130 tonnes of
pig iron (including molten metal) and 39,639 tonnes of DI pipes during the
quarter, said a Tata Metaliks statement. The expansion of the DI pipe plant
capacity in Kharagpur has been completed and the new finishing line of the DI
pipe plant was commissioned, the statement said. "The expansion of
capacity to potentially 200,000 tonnes per annum will give 50 per cent
additional volume to the company's value-added DI pipe business in the
future," it said. The company said demand for DI pipes remained stable
during the quarter and this is likely to persist in the coming few quarters.
However, downward trend in price of DI pipe in the domestic market is
continuing due to lower price of input materials and stiff competition from
manufacturers. Tata Metaliks shares closed at Rs458.90, down 4.17% on the BSE. The Total Investment & Insurance Solutions
The top gainers and top losers of the major
indices are given in the table below:
 |
Top Gainer (The Total Investment & Insurance Solutions)
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The closing values of the major Asian indices
are given in the table below: The
Total Investment & Insurance Solutions
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Asian Indices (The Total Investment & Insurance
Solutions)
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