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24 April
2017
I mentioned
in Friday’s closing report that Nifty, Sensex may rise a bit. The major indices
of the Indian stock market ended started the week with good gains. The trends
of the major indices in the course of Monday’s trading are given in the table
below: The Total Investment
& Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Trading
for the week began on a strong note as domestic stocks rallied in tandem with
global markets; S&P BSE Sensex jumped 290.54 points or 0.99% to settle at
29,655.84. The Nifty 50 index rose 96.55 points or 1.06% to settle at 9,215.95.
Both the Sensex and the Nifty settled at almost two-week high. The Total Investment & Insurance Solutions
HCL
Technologies announced an agreement to acquire 100% stake in US based Urban
Fulfillment Services, a provider of mortgage business process & fulfilment
services. It employs over 350 highly skilled professions, operating out of its
3 centres in the US. This acquisition would immediately bolster HCL's presence
into the mortgage business process outsourcing (BPO) market. The acquisition is
likely to be completed in June 2017. The total cash consideration for 100%
stake in UFS is up to $30 million, including contingent payments subject to
certain financial milestones. The Total
Investment & Insurance Solutions
UltraTech
Cement rose 4.42%. The company's consolidated net profit declined 11.24% to Rs
726 crore on 2.59% growth in net sales to Rs 6922 crore in Q4 March 2017 over
Q4 March 2016. The result was announced during market hours today, 24 April
2017. The company's consolidated profit before interest, depreciation and tax
(PBIDT) fell 1.74% to Rs 1577 crore in Q4 March 2017 over Q4 March 2016.
UltraTech said that work on setting up the 3.5 million tonnes per annum (MTPA)
integrated cement plant at Dhar, Madhya Pradesh is on track. Commercial production
is expected to commence from Q4 of FY 2019. With this expansion and the
acquisition of the cement plants of Jaiprakash Associates, the company's cement
capacity will stand augmented to 95.4 MTPA, including its overseas operations.
Cement
major ACC surged 7.36%. The company's consolidated net profit fell 9.05% to Rs
211 crore on 7.76% rise in sales to Rs 3108 crore in Q1 March 2017 over Q1
March 2016. The result was announced after market hours on Friday, 21 April
2017. ACC said that cement volumes rose 3.77% to 6.6 million tonnes in Q1 March
2017 over Q1 March 2016, as the impact of demonetisation declined and benefits
were delivered from ongoing customer excellence initiatives and higher sales
from the expanded capacity at Jamul and Sindri plant. The company in its
outlook said that increased government spending on infrastructure development,
housing, roads, railways, irrigation and other schemes as announced in the
Union Budget are expected to reinvigorate the construction sector and boost
demand for cement and concrete during 2017.
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)
Overseas,
European markets were trading sharply higher while most Asian stocks ended
higher after the centrist Emmanuel Macron won the first round of the French
presidential election. Centrist candidate Emmanuel Macron won the first round
of the French presidential election with 23.75% of the vote, advancing to the
second and final vote with far-right Marine Le Pen who took 21.53%, which will
take place on 7 May 2017.
Tension
on the Korean peninsula, however, concerned investors. North Korea reportedly
arrested an American citizen in Pyongyang. The hermit state also indicated that
it was prepared to sink a US aircraft carrier to showcase its military prowess.
The
BSE market breadth was bullish with 1608 advances, 1280 decline and 187
unchanged. Similarly, on NSE, there were 985 advances, 694 declines and 95
unchanged. 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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