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24
January 2017
I had mentioned in Monday’s closing report
that Nifty would have to close above 8,450 to regain upward momentum. The major
indices of the Indian stock markets rallied on Tuesday and closed around 1%
higher than Monday’s close. The trends of the major indices in the course of
Tuesday’s trading are given in the table below: The Total Investment & Insurance
Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Indian
equities surged during the mid-afternoon trade session on Tuesday as rupee
appreciation, coupled with positive Asian markets, lifted investors'
sentiments. Buying was witnessed in the automobile, capital goods and oil and
gas stocks and the trend lifted the key indices to trade with substantial
gains. The BSE market breadth was tilted in favour of the bulls -- with 1,474
advances and 1,052 declines. On the NSE, there were 885 advances, 517 declines
and 69 unchanged on Tuesday. The CNX Nifty maintained its morning gains and
most of the sectors, barring FMCG, traded in the positive territory. The Indian
rupee continued to hold on to its gain against the US dollar, whereas the US
dollar index fell near its seven-week low as (President Donald) Trump formally
withdrew the United States from the now 11-nation Pacific Rim Trans-Pacific
Partnership (TPP), distancing America from its Asian allies. Looking at the
market volume and rollover data, it seems there might not be heavy volatility
tomorrow (on Wednesday) during F&O (futures and options) expiry, pointed
out market analysts.
HDFC
Bank Ltd on Tuesday closed the third quarter of current fiscal with higher net
profit of Rs3,865.33 crore. In a regulatory filing with the BSE, the bank said
it posted the net profit for the quarter which ended on 31 December 2016, as
compared to Rs3,356.84 crore for the quarter ended 31 December 2015. The bank
earned a total income of Rs20,748.27 crore for the quarter ended up to 31
December 2016, up from Rs18,283.31 crore in the corresponding period the
previous year. HDFC Bank shares closed at Rs1,267.75, up 1.84% on the BSE.
The
cabinet on Tuesday approved a new housing scheme to provide interest subsidy
for loans up to Rs2 lakh for construction of new houses or renovation of
existing ones in rural areas. The decision to improve "housing stock and
create employment opportunities in rural housing sector" was taken at a
cabinet meeting here chaired by Prime Minister Narendra Modi, an official
statement said. However, the scheme will not be extended to those who have
already availed benefits under a similar programme, the Pradhan Mantri Aawas
Yojana-Grameen (PMAY-G). "The Union Cabinet has approved a new scheme for
promotion of rural housing in the country. The government would provide
interest subsidy under the scheme. Interest subsidy would be available to every
rural household not covered under the PMAY-G," the statement said.
"The beneficiary who takes a loan under the scheme would be provided
interest subsidy for a loan amount up to Rs2 lakh," it said. The scheme
would be implemented by the National Housing Bank -- a wholly-owned subsidiary
of the Reserve Bank of India. The central government would provide "net
present value of the interest subsidy of 3% to the National Housing Bank
upfront which will, in turn, pass it to the primary lending institutions
(scheduled commercial banks, NBFCs). As a result, the equated monthly
instalment (EMI) for the beneficiary would be reduced". The cabinet also
decided that it would take necessary steps for proper convergence with PMAY-G,
including technical support to beneficiaries through existing arrangements.
Housing finance companies’ shares are likely to improve in value over
FY2017-18.
Global
software major HCL Technologies Ltd has retained its annual double-digit
revenue growth for fiscal 2016-17 in dollar terms. In a regulatory filing to
the stock exchanges, the Noida-based outsourcing firm said revenue for this
fiscal (FY 2017) would grow 10%-12% in dollar terms based on the December 31
exchange rates. "We expect our FY2017 revenue to be in the middle of this
(10%-12%) range," said the filing. The company had earlier guided revenue
to grow 12%-14%, based on the average exchange rates of fiscal 2015-16.
"The acquisitions and Intellectual Property-led partnerships during the
third quarter are likely to contribute 0.6%-1 1.0% in revenues depending upon
the date of consummation of Geometric deal," noted the filing. The
operating margin - earnings before interest and tax (Ebit) is expected to be
19.5%-20.5% post-acquisitions. "We expect the margin to be in the same
range for the fourth quarter (January-March) of FY2016-17," added the
filing. The company’s shares closed at Rs849.20, down 0.93% on the BSE. The Total Investment & Insurance Solutions
The
CBI (Central Bureau of Investigation) on Monday arrested four former IDBI Bank
officials, including a former Chairman, and four former executives of
now-defunct Kingfisher Airlines in its ongoing probe into the Vijay Mallya loan
default case, officials said. A senior CBI official requesting anonymity told
IANS: "The agency on Monday arrested former Chairman of IDBI Bank Yogesh
Agarwal from Delhi and three other former employees -- S.K.V Srinivasan, O.V.
Bundelkhand and Sridhar -- from other places." "The four former
employees of the Kingfisher Airlines, who were also arrested included its former
CFO A. Raghunath, Shailesh Borkar, Amit and A.C. Shah," the official said.
Earlier in the day, the CBI raided at over 11 places in Delhi, Bengaluru and
Mumbai. IDBI Bank shares closed at Rs76.35, up 0.33% on the BSE on Tuesday.
The
top gainers and top losers of the major Indian 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
 |
| Asian Indices (The Total Investment & Insurance Solutions) |
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