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20
July 2017
I had
mentioned in Wednesday’s closing report that Nifty, Sensex were trading in a
narrow range. The major indices of the Indian stock markets were range-bound on
Thursday and closed with small losses 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
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| Major Indices (The Total Investment & Insurance Solutions) |
Despite
positive global cues, the Indian equity markets erased their morning gains to
trade in the red during the mid-afternoon session on Thursday, as selling
pressure was witnessed in metal, auto and IT (information technology) stocks.
On the NSE, there were 648 advances, 779 declines and 45 unchanged. The Total Investment & Insurance Solutions
Equity
benchmarks erased early gains in the morning trade. Ahead of June quarter
earnings, Kotak Mahindra Bank, Reliance Industries and Wipro gained up to 1.7%,
while Bajaj Auto fell 0.4%, pointed out market analysts. Reliance Industries is
slated to announce its earnings for the April-June quarter (Q1) on Thursday and
hold its AGM (annual general meeting) the day after. Analysts expect the focus,
both in terms of the June quarter numbers and the AGM, would be on the
company's telecom business. The Total
Investment & Insurance Solutions
Reliance
General Insurance on Thursday said it closed the first quarter with its gross
written premium going up by 41% year-on-year and 22% growth in its profit after
tax. The company board also approved listing of the shares in the stock
exchanges to unlock value for the shareholders. In a statement issued here, the
company said it has booked a gross written premium of Rs1,278 crore and an
after tax profit of Rs44 crore for the quarter ended June 30. Reliance General
Insurance is a wholly owned subsidiary of Reliance Capital Ltd. According to
the insurer, its combined ratio for the period under stood at 104% down from
114% during the corresponding period of the previous year. Investment book
increased to Rs6,888 crore - a year-on-year increase of 22%. Reliance General
Insurance received mandates for Pradhan Mantri Fasal Bima Yojna in five states
-- Maharashtra, West Bengal, Chhattisgarh, Uttar Pradesh and Jammu and Kashmir,
the statement said. The company is also authorized under the Restructured
Weather Based Crop Insurance Scheme in Uttar Pradesh and Maharashtra. According
to the company, listing of the shares was expected to be completed by FY18,
subject to regulatory approvals. Reliance Capital shares closed at Rs660.00,
down 0.08% on the NSE.
State-run
Canara Bank reported Rs252 crore net profit for first quarter of 2017-18,
registering 10% annual growth over Rs229 crore in the same period last year.
"Net interest income for the quarter under review, grew 18% year-on-year
to Rs2,713 crore and non-interest income 33% to Rs2,109 crore," said the
city-based bank in a statement here. The bank's global business, however, grew
5.4% to Rs8.3 lakh crore, with Rs.4.9 lakh in deposits, up 4.4% from last year
and Rs3.4 lakh crore in net advances, up 6.7%. "Net Interest Margin for
the domestic business was 2.6% and 2.3% for overseas operations," said the
statement. With Rs1,331 crore cash recovery during the quarter, gross
non-performing assets (NPA) ratio stood at 10.6% and net NPA at 7.1%. "We
have resolved that the current fiscal would be a 'year of recovery and growth'.
Efforts are being made to improve the bank's financial health, as reflected in
the first quarter results," said Managing Director Rakesh Sharma in the
statement. The NPA ratios have, however, shown an increase due to time lags in
resolution. The bank’s shares closed at Rs352.40, down 5.08% on the NSE. The Total Investment & Insurance Solutions
Bajaj
Finance reported a surge of 41.98% in its standalone net profit after tax (PAT)
to Rs602 crore for the first quarter (Q1) of the 2017-18. On a standalone
basis, the company's net PAT for Q1 stood at Rs602 crore as compared to Rs424
crore reported during the corresponding quarter of last fiscal. During the
quarter under review, the company's total income stood at Rs3,165 crore -- up
39% -- up from Rs2,282 crore reported during the same period of 2016-17. The
company’s shares closed at Rs1,587.25, up 2.94% on the NSE.
The
Union Cabinet gave its in-principle approval to the merger of oil marketer
Hindustan Petroleum Corp Ltd (HPCL) with state-run explorer Oil and Natural Gas
Corp. (ONGC), official sources here said. The cabinet approved the sale of the
government's stake in HPCL to ONGC. Under the arrangement, the exploration
giant will not have to make an open offer after buying the 51.11% government
stake in HPCL, the sources added. The HPCL board will continue to be in
place, while it will be listed as a subsidiary of ONGC after the merger.
Earlier on Wednesday, Petroleum Minister Dharmendra Pradhan had informed
Parliament that ONGC had sent a proposal to acquire HPCL and that the
"process for in-principle approval for this proposal has been
initiated". Presenting the Union Budget 2017-18 in February, Finance
Minister Arun Jaitley had proposed the setting up of an integrated oil company
by merger of upstream and downstream entities. "We propose to create
an integrated public sector oil major which will be able to match the
performance of international and domestic private sector oil and gas companies,"
Jaitley said. ONGC shares closed at Rs165.50, up 1.53% on the NSE and HPCL
shares closed at Rs368.10, down 4.07% on the NSE.
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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