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22
February 2017
I had mentioned in Tuesday’s closing report
that Nifty, Sensex were trending higher. The major indices of the Indian stock
markets were range-bound on Wednesday and closed with small gains 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
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| Major Indices (The Total Investment & Insurance Solutions) |
Positive
global cues, coupled with a strengthened rupee, pushed the Indian equities
markets higher on Wednesday. Besides, an exponential rise in Reliance
Industries Ltd (RIL) stocks, a day after Reliance Jio announced its tariff
plans, buoyed investors sentiments. However, caution prevailed ahead of the
release of minutes of the US Fed's Federal Open Market Committee (FOMC) and the
Reserve Bank of India's Monetary Policy Committee (MPC) as well as derivatives
expiry. In contrast, the BSE market breadth was tilted in favour of the bears
-- 1,748 declines and 1,092 advances.
The Total Investment & Insurance Solutions
Automotive
and industrial lubricant manufacturer Castrol India on Tuesday reported a rise
of 10.7% in its net profit for the quarter ended December 31, 2016. The company
informed the BSE that its net profit during the quarter under review increased
to Rs155.8 crore from Rs140.8 crore. On the contrary, the automotive and
industrial lubricant manufacturer reported a decline of 1.1% in its net sales
for the fourth quarter to Rs782.2 crore from Rs790.9 crore. For the financial
year ended December 31, 2016, the company reported that its profit from
operations was up by 12.2% at Rs959.9 crore, whilst net profit was higher by
9.7% to Rs674.9 crore. "We are delighted to announce that despite the
external challenges faced in the last few months of 2016, Castrol India
delivered a strong set of results for the financial year as well as Q4
2016," Omer Dormen, Managing Director, Castrol India was quoted as saying
in a statement. "These results have been delivered by excellent
performance across both automotive and industrial segments." However,
Dormen added that the company expects volatility to increase during the first
half of 2017, due to rising input costs and the continued impact of
demonetisation. Besides, the company's Board of Directors recommended a final
dividend of Rs4.50 per share and a special dividend of Rs2 per share for the
financial year 2016. "These are in addition to the interim dividend of
Rs4.50 per share paid on August 18, 2016. All dividends for the financial year
2016 aggregate to Rs11 per share," the statement added. Castrol India
shares closed at Rs423.70, down 2.22% on the BSE. The Total Investment & Insurance Solutions
Sheenlac
Paints, which entered into a joint venture with Jenson and Nicholson India, has
drawn up a five-year roadmap to achieve Rs350 crore revenue. The company may
explore the possibilities to increase its stake in the joint venture, a company
official said on Wednesday. The joint venture is in the form of a special
purpose vehicle (SPV) called Jenson and Nicholson Paints Pvt Ltd. Chennai-based
Sheenlac has 49% stake while Jenson & Nicholson India holds 51% equity in the
JV company. "The joint venture company has drawn up a five-year roadmap
and aims to achieve Rs350 crore revenue by end of the five years. As per
agreement, all the options are open, including the increase of our stake in the
JV. We will sit and negotiate after five years," Sheenlac's CEO Sridhar K.
said. Despite being the minority stakeholder, Sheenlac will have the managerial
control in the JV and plans to pump in initial investments of Rs50 crore,
Sridhar said. The JV will manufacture paints from four facilities with a
combined capacity of one lakh KL per annum. The JV is a strategic move in gain
traction in markets which are highly competitive like the North- East. Jenson
& Nicholson India shares closed at Rs8.09, down 0.37% 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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