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18Th Aug 2016
I had mentioned
in Wednesday’s closing report that Nifty, Sensex were directionless. The major
indices of the Indian stock markets were on a mildly bullish trend on Thursday
and closed with gains of around 0.5%. However, trading volumes on the NSE were
low indicating caution among traders. The trends of the major indices over
Thursday’s trading are given in the table below: The Total Investment
& Insurance Solutions
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| Major Indices (The Total Investment & Insurance Solutions) |
Indian equity markets were lifted by
positive global cues and short covering during the mid-afternoon trade session
on Thursday. Healthy buying was witnessed in banking, automobile and healthcare
stocks. The BSE market breadth was skewed in favour of the bulls -- with 1,610
advances and 865 declines in the mid-afternoon session. On the NSE, on
Thursday, there were 977 advances, 444 declines and 71 unchanged. The Total Investment
& Insurance Solutions
Initially on Thursday, both the key
indices opened on a higher note prompted by positive cues from Asian and US
markets. The investors' sentiments were also boosted by the decision of the US
Federal Open Market Committee (FOMC) to maintain its key lending rates. In
addition, short covering and value buying at lower levels aided the key indices
to sustain the upward movement. Besides, foreign institutional investors have
been continuously on the buying side for the last couple of days, which has extended
the support to the Indian markets. The Total Investment & Insurance
Solutions
Tata Motors Ltd on Thursday
delivered 241 buses to the Karnataka State Transport Corporation (KSRTC) under
the Jawaharlal Nehru National Urban Renewal Mission. To be deployed on
inter-state and intra-state services, the buses are equipped with
new-generation Tata Cummins engines, air suspension and multiplex wiring, said
a statement issued by Tata Motors. The company did not disclose the value of
the deal. Karnataka Chief Minister Siddaramaiah took part in a ceremony
representing "handing over" of the vehicles to KSRTC for deploying
them on new and existing routes, replacing old buses that have run their
course. KSRTC operates a whopping 13,000 Tata buses across the state. Tata
Motors shares closed at Rs511.15, up 0.18% on the BSE.
At a time when banking majors are
finding it difficult to raise capital, Maharashtra-based RBL Bank is expected
to hit the market with a premium initial public offer on August 19. Formerly
known as the Ratnakar Bank Ltd, the bank is hoping to raise over Rs.1,200
crore, basically to shore up its capital base. According to the
prospectus, the bank will pursue inorganic growth initiatives to strengthen its
competitive position, including stakes in small finance and payments bank. The
IPO comprises a fresh issue of Rs.832.5 crore and an offer of sale of shares by
existing shareholders up to 16,909,628 equity shares. The public issue is the
first by a private bank in the past couple of years. The Total Investment
& Insurance Solutions
Reliance Industries has strongly
refuted the claims of the Cellular Operators' Association of India (COAI) that
its members are providing sufficient inter-connection points for Jio's 4G
services, saying the reality was that such access was grossly inadequate. The
reaction follows a statement by the industry body on Wednesday on behalf of its
members, including Airtel, Vodafone and Idea, rejecting the request from
Reliance Jio for additional points of inter-connect from its member companies
on the ground that optimal links have already been provided. "Based on
industry practice, 12,500 E1 ports (interconnect points, with technical
parameters) are required for 22 million subscribers, which details have been
provided to the COAI member operators," said a Reliance Industries
statement. "As against this, the top 3 operators have released only 1,400
ports so far," the company said. A rough calculation suggests Jio, as per
the above, would need a little over 8,500 ports given a subscriber base of 15
million -- thus, a shortfall of over six times. Jio has set a target of
achieving 100 million subscribers in the first year of commercial rollout of
its service. Reliance Industries shares closed at Rs1,016.60, up 0.26% on the
BSE.
Oil prices rallied for a fifth
straight session on Wednesday as official data showed US crude stockpiles
dropped last week. US oil inventories fell 2.5 million barrels last week,
surprising analysts who had expected a build of 522,000 barrels, the Energy
Information Administration (EIA) said in its weekly report on Wednesday. US
gasoline stockpiles also fell 2.7 million barrels, more than expectations of a
1.6 million-barrel drop, the EIA report showed. US oil has rallied more than
12% over the past five sessions as speculation raised that the talks of
Organization of the Petroleum Exporting Countries next month could result in a
crude output freeze. This is likely to set the Indian stock markets on a
bullish trend.
Singapore Telecommunications
(Singtel) on Thursday said it will pick up 7.39% stake in Bharti Telecom, the
holding company of India's largest telecom service provider Bharti Airtel, a
company statement said. “Singtel today entered into conditional share purchase
agreements with Temasek to acquire 21% of Intouch Holdings Public Company
Limited and 7.39% of Bharti Telecom Limited for a total consideration of S$2.47
billion ($1.8 billion),” the statement said. It mentioned that the acquisitions
will be settled fully in cash. “This transaction will be funded through
internal cash, short-term debt and proceeds from a share placement of 386
million new Singtel shares to Temasek totalling S$1.605 billion at a price of
S$4.16 per new share,” the statement said. The acquisitions are in line with
Singtel's long-term strategy to increase its exposure to high-performing
associates in its portfolio of leading telecom businesses in the region, it
added. Bharti Airtel shares closed at Rs352.40, up 2.07% on the BSE.
The top gainers and top losers of
the major indices are given in the table below:
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Top Gainer (The Total
Investment & Insurance Solutions)
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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