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7Th September
2016
I had mentioned
in Tuesday’s closing report that Nifty, Sensex were in a strong upward
momentum. The major indices of the Indian stock markets were range-bound on
Wednesday and closed with small losses over Tuesday’s close. The trends of the
major indices in the course of Wednesday’s trading are given in the table
below:
The Total Investment & Insurance Solutions
Profit booking subdued the Indian
equity markets on Wednesday, as the key indices closed the day's trade on a
flat note. Selling pressure was witnessed in consumer durables, oil and gas,
and finance stocks. The BSE market breadth was tilted in favour of the bulls --
with 1,404 advances and 1,356 declines. On the NSE, there were 801 advances,
807 declines and 68 unchanged.
State-run power equipment
manufacturer Bharat Heavy Electricals (BHEL) on Wednesday reported a rise of
54.21% in its standalone net profit for the first quarter of 2016-17. The
company's Q1 net profit stood at Rs77.77 crore from Rs50.43 crore reported in
the corresponding quarter of 2015-16. The company posted a net profit after
three consecutive quarters of losses. BHEL’s total income from operations for
the quarter under review increased by 28.72% to Rs5,622.46 crore from
Rs4,367.70 crore for the corresponding period of last fiscal. Its net sales
edged up by 29.03% to Rs5,522.76 crore from Rs4,280.02 crore during the first
quarter of 2015-16. According to the company, it has an outstanding order book
position of Rs108,000 crore at the end of Q1 2016-17. The company’s shares
closed at Rs159.80, up 15.50% on the BSE. The Total Investment & Insurance
Solutions
Global software major Wipro Ltd on
Wednesday announced bagging a three-year IT contract from Norway's largest
transportation firm NSB Group. "As part of the deal, we will implement
NSB's boundary-less data centre and Live workspace solutions and utilise its
next-generation delivery framework ServiceNXT to deliver services, which will
help variablise their IT operations," said the city-based IT outsourcing
major in a statement. The Oslo-based NSB operates rail and bus services and
carries freight by rail and maintains trains. "As the proposed state
reforms in the Norwegian railway are expected to provide a fillip to its
efficiency, our backbone of IT infrastructure services will enable NSB to
achieve greater flexibility, scalability, cost efficiency and offer an enhanced
end-user experience," asserted the statement. The reforms will also help
NSB become future-ready and competitive, in keeping with the spirit of the
reforms. "Our partnership and engagement with NSB will have a positive
impact on the Nordic transportation sector and the customer experience of its
passengers," said Srini Pallia, Wipro's consumer business president. Wipro
shares closed at Rs482.15, down 0.13% on the BSE.
The State Bank of India (SBI) may
relocate some branches after the merger of its associate banks into its fold,
but none of them will be shut down, Chairperson Arundhati Bhattacharya has said
in a bid to put rumours to rest and assuage the staff. "I don't believe we
will be closing down any branches. This is one area that is getting a lot of
adverse publicity. We will be working with the synergies," Bhattacharya
told IANS, referring to the plans to merge five associates and Bharatiya Mahila
Bank. "Obviously, if the same building has branches of three associate
banks, it doesn't make sense to keep them open. If that branch is moved away 60
km, it will have a better reach. We will be relocating a few of them," the
Chairperson told IANS over the phone. The merged entity, which will have a
network of more than 24,000 branches, will continue to have the same number of
branches. The idea is to leverage the synergies, she added. "Not only the
productivity can improve, with the same number of people, we can also ensure
better footprints. We can move apart branches, send out sales teams. The
customer will also have access to a lot of cutting-edge products," she
said. The country's largest lender is looking to add $120 billion (Rs8 lakh
crore) in assets after the merger of State Bank of Bikaner and Jaipur, State
bank of Travancore, State Bank of Patiala, State Bank of Hyderabad and State
Bank of Maharashtra, besides the Bharatiya Mahila Bank. SBI’s shares closed at
Rs266.55, up 2.74% on the BSE.
The top gainers and top losers of
the major indices are given in the table below:
The closing values of the major
Asian indices are given in the table below:The Total Investment
& Insurance Solutions
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