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3rd Aug 2016
I had mentioned
in Tuesday’s closing report that Nifty, Sensex were still struggling to go up.
The major indices of the Indian stock markets suffered a sharp correction on
Wednesday of around 1% over Tuesday’s close. However, the losses were on
relatively thinner trading on the NSE. The trends of the major indices in the
course of Wednesday’s trading are given in the table below:
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Major Indices (The Total Investment & Insurance
Solutions)
On Wednesday, in line with global
cues from the Asian stock markets, the major indices of the Indian stock
markets suffered a correction of around 1%. Indian equity markets on Wednesday
succumbed to profit booking on uncertainties regarding the passage of the GST
(Goods and Services Tax) bill in the Rajya Sabha. Consequently, both the key
indices traded in the negative territory during the mid-afternoon trade session
as heavy selling pressure was witnessed in automobile, capital goods and fast
moving consumer goods (FMCG) stocks. The BSE market breadth was skewed in
favour of the bears -- with 1,815 declines and 914 advances. On the NSE, on
Wednesday, there were 423 advances, 1,178 declines and 243 unchanged. The Total Investment & Insurance
Solutions
Initially, the benchmark indices
opened on a negative note, as investors traded with caution on expectations of
approval of the GST bill in the Rajya Sabha later in the day. Investors are
hopeful about the bill's passage after the union cabinet last week approved key
changes in the proposed legislation. The amendments in the bill, scheduled to
be moved by Finance Minister Arun Jaitley in the Rajya Sabha, are expected to
sail through with the government scrapping the additional levy of 1% proposed
earlier. Technically called the Constitution (One Hundred and Twenty-Second
Amendment) Bill, 2014, it has proposed to delete Clause 18 of the original bill
that intended to compensate the manufacturing states with one per cent
additional duty for a period of two years or more for revenue losses. The
pan-India tax reform has been passed by the Lok Sabha but is stuck in the Rajya
Sabha, where the government lacks a majority.
Global software major Infosys Ltd on
Wednesday announced investing $4 million (Rs27 crore) in Cloudyn, an Israeli
corporation, providing software as a service (Saas) solutions for the
management and optimization of hybrid, multi-cloud deployments. "Cloudyn
enables enterprises to manage and optimise their hybrid, multi-cloud
deployments. The solution provides visibility into usage, performance and cost,
coupled with actionable recommendations for confident cloud growth," said
the IT major in a regulatory filing with stock exchange BSE in Mumbai. The
company did not disclose the minority holding in percentage equivalent to the
cash investment in the five-year-old Israeli firm, which has presence in the
US. "The investment is expected to be completed on August 15," the
filing noted. Infosys shares closed at Rs1,085.00, up 0.06% on the BSE. The Total Investment & Insurance
Solutions
Berger Paints India posted a
consolidated net profit of Rs120.30 crore for the first quarter of the current
fiscal, registering a jump of 54.6% over the corresponding year-ago period, the
company said on Wednesday. "Income from operations for the quarter ended
in June this year was Rs1,246.10 crore against Rs1,126.30 crore last year, an
increase of 10.6%," it said at its 92nd annual general meeting. "Net
profit for the quarter ended was Rs120.30 crore against Rs77.80 crore last
year, representing an increase of 54.60%," company chairman K.S. Dhingra
said. The company's standalone profits stood at Rs114.20 crore against Rs83.30
crore in the corresponding quarter, registering an increase of 37%. Dhingra
said the company has approved issue of bonus shares in the proportion of two
bonus shares for every existing fully paid up equity shares. Talking about the
expansion plans, CEO Abhijit Roy said the company was setting up two plants in
Assam. Berger Paints shares closed at Rs234.55, down 2.25% on the BSE.
Global IT services major HCL
Technologies Ltd on Wednesday reported a consolidated net profit of Rs2,047
crore for first (April-June) quarter of fiscal 2016-17, registering 14.8%
year-on-year growth. The Noida-based software firm said consolidated revenue
grew 15.9% year-on-year to Rs 11,336 crore under the Indian accounting
standard. Revenue in constant currency was up 11.2%. Under the International
Financial Reporting Standard (IFRS), consolidated net income was up 9.5% to
$305 million and consolidated revenue up 10% year-on-year to $1,691 million
($1.7 billion). On standalone basis, net income was Rs1,799 crore and revenue
Rs4,829 crore for the quarter under review (Q1). The company’s shares closed at
Rs825.90, up 3.16% on the BSE.
Public sector Indian Bank on Tuesday
said it closed the first quarter of the current fiscal with a net profit of
Rs307.35 crore. In a regulatory filing in BSE, the bank said it has posted a
net profit of Rs307.35 crore for the quarter ended on June 30, 2016 as compared
to Rs215.27 crore for the quarter ended on June 30, 2015. Indian Bank earned a
total income of Rs4,512.96 crore for the quarter ended on June 30, up from
Rs4,494.53 crore earned during comparable quarter the previous year. The bank’s
shares closed at Rs179.70, down 3.49% on Wednesday on the BSE.
The top gainers and top losers of
the major indices are given in the table below:
 |
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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