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10
May 2017
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were still trapped in
a narrow range. The major indices of the Indian stock markets rallied on
Wednesday and closed with handsome gains over Tuesday’s close. The trends of
the major indices in the course of Wednesday’s trading are given in the table
below:
 |
Major Indices (The Total
Investment & Insurance Solutions)
With
the IMD's (Indian Meteorological Department) prediction of 100% rainfall giving
a boost to investors' sentiments, the Indian equity markets zoomed higher
during the mid-afternoon trade session on Wednesday. The benchmark indices
touched record intra-day high levels, as positive global cues and buying in
automobile, capital goods and FMCG (fast moving consumer goods) stocks, too,
supported the upward trajectory. On the NSE, there were 917 advances, 569
declines and 97 unchanged. The BSE market breadth was bullish, with 1,560
advances and 1,054 declines. The Total
Investment & Insurance Solutions
The
equity benchmark indices started off the day on a firm note tracking positive
Asian cues, with the CNX Nifty hitting fresh all time high levels during the
morning session. IT (information technology) and banking sector stocks
currently traded with mixed sentiments due to profit booking at higher levels,
while media-entertainment and power sector stocks complimented the firmness of
the markets, pointed out market analysts.
India's
total food grains production in 2016-17 was estimated at a "record"
273.38 million tonnes, according to its third advance estimates, the
Agriculture Ministry said on Tuesday. It shows increase in the production
compared to the second advanced estimates -- issued in February - which had
projected 271.98 million tonnes for the same agriculture crop year, which start
from October. The ministry called the production numbers "a record"
as bumper harvest is expected in food grains such as rice, wheat, coarse
cereals, maize, pulses, toor (pigeon pea), and urad (split black gram). The
ministry arrived at these estimates after assessment of production of different
crops based on the feedback received from states and its validation using
information obtained from other sources. These developments indicate an
increase in aggregate demand in the Indian economy and the stock markets are
likely to see bullish trends in FY17-18.
Budget
passenger carrier IndiGo on Tuesday reported a decline of 24.6% in net profit
for the quarter ended March 31. According to the airline, the net profit during
the quarter fell to Rs440.30 crore from Rs583.78 crore reported for the
corresponding period of 2015-16. "For the last quarter, despite a 38 per
cent year over year increase in fuel prices, we have reported a profit after
tax of INR 4.4 billion," Aditya Ghosh, President and Director of IndiGo,
said in a statement. However, the low-cost carrier's total revenue, including
other operating income, grew 20.3% to Rs5,141.99 crore, from Rs4,275.87 crore
reported in the corresponding quarter of 2015-16. Besides, the firm's net
profit edged-lower by 16.5% for the full financial year 2016-17 to Rs1,659.18
crore from Rs1,986.16 crore earned during 2015-16. On the other hand, company's
total revenue grew 16.3% to Rs19,369.57 crore from Rs16,655.03 crore reported
in the corresponding quarter of 2015-16. The company’s shares closed at
Rs1,124.20, down 1.39% on the BSE. The Total
Investment & Insurance Solutions
Bharti
Airtel's net profit dropped by 71.7% to Rs373 crore in the fourth quarter of
2016-17 as compared to Rs1,319 crore in the corresponding period in previous
fiscal with the mounting competition from Reliance Jio, a company statement
said on Tuesday. "The sustained predatory pricing by the new operator has
led to a decline in revenue growth for the second quarter in a row. The telecom
industry as a whole also witnessed a revenue decline for the first time ever on
a full year basis. The Total Investment
& Insurance Solutions
"The
deteriorating health of the industry was compounded by the tsunami of incoming
voice traffic from the new operator as a result of which significant
investments had to be made just to carry the incoming traffic on our
network," Gopal Vittal, MD and CEO, India and South Asia, said in a
statement. "Our long term commitment to provide the best experience to our
customers continues to drive all our actions in every single aspect of the
business. This belief coupled with brilliant execution of our people has led to
acceleration in market share in an industry that is now rapidly consolidating,"
he added. The company's overall customer base in the fourth quarter stood at
372.4 million across 17 countries, up 8.5% as compared to the corresponding
period in 2015-16. However, the company’s shares closed at Rs372.70, up 7.87%
on the BSE.
State-run
UCO Bank on Tuesday said it is planning to issue 75 crore equity shares during
the current financial year in one or more tranches. The bank's board in its
meeting scheduled for Friday will consider the proposal of raising equity
capital. “The Board of Directors of our bank at its meeting scheduled to be
held on May 12, 2017, will, inter alia, consider the proposal for issue of 75
crore equity shares during the financial year 2017-18 in one or more tranches
through FPO (follow-on public offer), QIP (Qualified institutional placement)/
preferential issue/ESOPs (employee stock ownership plans) etc., at such an
issue price to be determined in accordance with the external guidelines,"
the UCO Bank said in a regulatory filing. The board, in March, had also
approved the proposal for issue of Tier II bonds of Rs1,000 crore from Life
Insurance Corporation of India (LIC), the country's largest insurer. The
company's Board of Directors has proposed a dividend of Rs34 per share, subject
to shareholders' approval. The bank’s shares closed at Rs41.75, down 2.11% on
the BSE. 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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