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31
May 2017
I had
mentioned in Tuesday’s closing report that Nifty, Sensex might retreat a bit.
The major indices of the Indian stock markets were range-bound on Wednesday and
ended flat, as compared to 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
 |
| Major Indices (The Total Investment & Insurance Solutions) |
After
a negative start, the Indian equity markets on Wednesday traded at new highs
during the mid-afternoon session with buying in automobile, consumer durables
and capital goods stocks. Market observers opined that investors traded on a
cautious note ahead of the release of India's quarterly estimates of GDP growth
for the fourth quarter of 2016-17, and the index of eight core industries (ECI)
figures for April 2017. On the NSE, there were 938 advances, 702 declines and
311 unchanged. The Total Investment & Insurance
Solutions
The
S & P BSE Sensex touched a new intra-day high of 31,233.68 points. The BSE
market breadth was bullish -- with 1,384 advances and 1,119 declines.
All
the sectoral indices, led by realty, auto and consumer durables, traded in the
positive zone with gains up to 1%. Sensex and Nifty both remained range-bound
and market analysts do not expect any high volatility with consolidation on the
menu for the market.
Private
non-life insurer Cholamandalam MS General Insurance Company Ltd on Wednesday
said it has raised Rs100 crore by privately placing 1,000 unsecured redeemable
non-convertible debentures (NCD). In a statement, the company said the NCD's
will be listed in NSE. The 10-year NCD has a coupon rate of 8.75%. The NCD has
a call option after five years. "We have augmented our capital base by
issuing subordinated debt, post the recent measures announced by the Insurance
Regulatory and Development Authority of India (IRDAI), allowing alternative
forms of capital," Managing Director and CEO SS Gopalarathnam said in the
statement. Cholamandalam Investment and Finance Company closed at Rs1,026.10,
up 2.58% on the BSE.
State-run
steel manufacturer SAIL reported a net loss of Rs771.3 crore for the fourth
quarter ended March, which was lower than the loss incurred in the same quarter
of 2016, on the back of higher revenues during the last quarter. The company
suffered a net loss of Rs1,184.64 crore in the corresponding quarter a year
ago. For the entire fiscal 2016-17, SAIL has narrowed down its losses by 30%
and recorded an overall improvement, including in production, sales and
productivity, the company said in a stock exchange filing on Tuesday. During
the quarter in consideration, the company's total income increased to
Rs14,543.50 crore, as compared to Rs12,946.5 crore in the same period a year
ago. "The unprecedented increase in coal prices during FY17 impacted the
numbers and stunted the overall margins," SAIL said. Chairman PK Singh
said in a statement that despite sharp hikes in imported and domestic coal
prices, SAIL has "managed to compress the loss." "There is
an improvement in the performance on all accounts," he pointed out. The
company’s share price closed at Rs57.15, down 2.22% on the BSE.
Mahindra
and Mahindra reported a rise of 19.93% in its standalone net profit for the
fourth quarter (Q4) of 2016-17. According to the company, its standalone net
profit during the quarter under review rose to Rs725.16 crore from Rs604.63
crore reported in the corresponding period of 2015-16. The Q4 standalone total
income of the company inched higher by 4.04% to Rs12,319.64 crore from
Rs11,840.47 crore earned in the corresponding period of the previous fiscal. On
a full financial year 2016-17 basis, M&M reported that its standalone net
profit increased by 23.43% to Rs3,955.65 crore from Rs3,204.57 crore earned in
the previous fiscal. On the group level, the company reported a 13.95% surge in
its consolidated profit to Rs4,050.53 crore for the fiscal year from Rs3,554.50
crore reported in 2015-16. The company pointed out that the Supreme Court's 29
March 2017, orders on the sales issue of non BS-IV compliant vehicles caused a
negative impact of Rs171 crore. "The outlook for 2017-18 is much more
robust with a favourable domestic and global backdrop," the company said
in a statement. Mahindra & Mahindra shares closed at Rs1,416.35, up 3.99%
on the BSE.
The
Indian economy will grow at 7.5% in the current fiscal, which rate will
accelerate to 8% in about four years, US rating agency Moody's said on
Wednesday ahead of the release of GDP figures for 2016-17 later in the day.
"We expect marginally faster growth in India. According to our forecast
the economy will grow 7.5% in fiscal year 2017 (2017-18) and 7.7% in fiscal
year 2018 (2018-19)," Moody's Investors Service said in its Global Macro
Outlook. "Overall, we continue to believe that economic growth will
gradually accelerate to around 8% over the next three to four years," it
said. The American agency also said that the negative impact of the November 8
demonetisation of high-value currency on the economy was limited in size and
duration. "The ruling BJP's victory in the Uttar Pradesh state elections
indicates that the government has remained politically popular despite the
demonetisation exercise," the report said. This augurs well for medium
term investors in the stock markets and indirect investors who invest through
mutual funds. The Total Investment & Insurance
Solutions
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
 |
| Asian Indices (The Total Investment & Insurance Solutions) |
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