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18
July 2017
The major indices of the Indian stock markets
suffered a correction on Tuesday and closed with losses over Monday’s close.
The trends of the major indices in the course of Tuesday’s trading are given in
the table below: The Total Investment
& Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
After
a day of trading at a record high, the Indian equity markets on Tuesday fell
mainly due to the decline in ITC, coupled with negative global cues. According
to market analysts, the key equity indices were dragged lower by a free fall
witnessed in the stocks of the largest FMCG company ITC, following which the
S&P BSE FMCG index plunged by 637.54 points or around 6%. The plunge in the
stocks of the blue chip firm followed the increasing of compensation cess rates
on cigarettes by the GST Council on Monday in view of the reduction in tax on
the demerit good under the new indirect tax regime. On the NSE, there were 479
advances, 966 declines and 52 unchanged. The shares of Bharti Airtel, Sun
Pharma and NTPC rose, whereas the shares of ITC and Reliance Industries (RIL)
fell. ITC fell 13% to Rs282.65 after most of the brokerages downgraded the
stock and also cut its target price after government increased cess on
cigarettes. RIL was pressured after the news of arbitration award going against
it.
Despite
the government's concentrated efforts towards making India a manufacturing hub,
the median hourly salary in the manufacturing sector decreased by 16%, from Rs251.90
in 2014 to Rs252.10 in 2015 and Rs211.7 in 2016, a report said on Tuesday.
"The rate at which the salaries in the sector are dipping could pose a
challenge to attract new talent entering the marketplace," the Monster
Salary Index (MSI) for 2016 stated. The findings of the report indicate that
manufacturing is the lowest paid sector with a median gross hourly salary of
Rs211.70. Analysing various parameters, the report highlights that employees in
the manufacturing sector with only secondary education earn Rs101.40, which is
62.6% less than post-graduates at Rs270.80. "Manufacturing sector is the
backbone for a mature economy as it fuels growth, productivity, employment and
strengthens agriculture and service sectors," the report said. The S &
P BSE Manufacturing Index closed at 426.88, down 1.42% on the BSE.
Bata
India is aggressively penetrating into footwear markets of tier-III and -IV
cities to reach out to consumers in untapped markets, a company official said
on Tuesday. "We have increased our focus to improve the performance of the
single-town Bata stores," company Chairman Uday Khanna told shareholders
at the 84th annual general meeting here. He also said that the footwear retail
industry in India was accelerating and it provided immense scope for the
company to reach out to different kinds of consumers in untapped markets of
semi-urban and rural areas. Khanna said the footwear major had adopted a dual
strategy of driving same-store growth while adding new retail stores in malls,
high street locations. According to the company's latest annual report, it
plans to add around 100 new retail stores and 50 new franchise stores during
the current year to increase its presence in the malls, high street markets and
in tier-II and -III cities across India. The shares of Bata India closed at
Rs569.85, up 2.65% on the BSE.
Reliance Commercial Finance Ltd on Tuesday
said it closed the first quarter of the current fiscal with a net profit of
Rs65 crore logging a growth of 44%. In a statement issued here, the company, a
subsidiary of Reliance Capital Ltd, said it had earned a total income of Rs490
crore and a net profit of Rs65 crore for the quarter ended June 30. Reliance
Commercial Finance's total disbursement were Rs3,579 crore and the outstanding
loan book was Rs13,839 crore. The Assets under Management (AUM) stood at
Rs17,450 crore logging a year-on-year growth of 6%. The gross non-performing
asset was at 4.1%. Reliance Capital shares closed at Rs669.00, down 0.23% on
the BSE. The Total Investment &
Insurance Solutions
Automobile major Tata Motors on Monday said
that it will launch SUV Nexon during the upcoming festive season with two new
engine options. According to the company, it has added two new engines - the
1.2L turbocharged petrol and the 1.5L diesel -- to its powertrain portfolio.
These engines will debut in the new SUV. "Both these engines have been
designed and developed post extensive feedback from auto enthusiasts, expert
drivers, followed by extensive testing across India, on different
terrains," said Mayank Pareek, President, Passenger Vehicle Business Unit,
Tata Motors. The shares of the company closed at Rs456.05, up 0.39% 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)
 |
| Asian Indices (The Total Investment & Insurance Solutions) |
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