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29
June 2017
I had
mentioned in Wednesday’s closing report that Nifty, Sensex decline might
reverse. The major indices of the Indian stock markets were range-bound on
Thursday and closed with small gains over Wednesday’s close. The trends of the
major indices in the course of Thursday’s trading are given in the table below: The Total Investment & Insurance
Solutions
 |
| Major Indices (The Total Investment & Insurance Solutions) |
The
key Indian equity indices were trading higher on Thursday afternoon following
positive global cues. Asian markets were trading positive following positive US
markets closing on Wednesday. All sectors were trading in positive especially
metals, oil & goods, technology and bank. According to market
observers, positive global cues and healthy buying in metal, FMCG (fast moving
consumer goods) and capital goods stocks aided the key indices to trade on a
higher note. However, the major indices fell towards the end of trading on
account of profit booking, and the gains in the earlier part of the day were
not sustained. On the NSE, there were 952 advances, 452 declines and 61
unchanged. The trend of the market was bullish.
After
more than a decade-long journey, the biggest indirect tax reform since
Independence -- The Goods and Services Tax (GST) -- is finally set for a
midnight launch on Friday in Parliament's Central Hall in the presence of
President Pranab Mukherjee, Prime Minister Narendra Modi, Vice President Hamid
Ansari, Members of Parliament, state finance ministers and chief ministers.
Acknowledging the role of previous governments in readying the GST, the
government has also invited former Prime Ministers Manmohan Singh and H.D. Deve
Gowda, though the Congress still appears undecided over attending the special
midnight function in Parliament. The
Total Investment & Insurance Solutions
United
Bank of India is looking at a 12.8% growth in business to clock a figure of
Rs2.20 lakh crore in the current fiscal and the state-run lender is also
planning to raise up to Rs1,000 crore capital this year, an official said on
Thursday. "We are looking at a business of Rs2.20 lakh crore from the
current level of Rs1.95 lakh crore in the current financial year. The bank is
projecting a 10 per cent growth in advances and 8 per cent in deposits in
2017-18," United Bank of India MD and CEO Pawan Bajaj told shareholders here
at the 8th Annual General Meeting of the bank. With the growth projection in
place, the bank needs to raise more capital in order to become self-sufficient
in terms of capital by March 2019 when the Basel III norms become fully
applicable, he said. "We have decided to raise up to Rs1,000 crore capital
this year but in which modes it would be raised has not been decided," he
said on the sidelines of the AGM. The lender sought shareholders'
approval to raise up to Rs1,000 crore in tranches through different modes. The
shares of the bank closed at Rs19.00, up 0.75% on the NSE.
Moving
ahead on the proposal for privatisation, the Union cabinet on Wednesday gave
its in-principle approval for divestment of Air India, whose debt has mounted
to Rs50,000 crore besides huge losses. State miner Coal India (CIL) will
generate one gigawatt (GW) power from renewable energy during the current
fiscal as part of its plan to produce around 10 GW power overall from
renewables, Union Coal, Power and Renewable Energy Minister Piyush Goyal said
on Thursday. "This is a contribution towards a better planet, towards
greening the country and greening the world," Goyal said, while releasing
the first part of a report 'Pathways to Integrate 175 Gigawatts of Renewable Energy
into India's Electricity Grid' at an event here
The
top gainers and top losers of the major indices are given in the table below: The Total Investment & Insurance Solutions
 |
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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