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11 July
2017
The
major indices of the Indian stock markets were range-bound on Tuesday and
closed with minor gains 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)
Positive
global cues and buying in automobile, capital goods and IT (information
technology) stocks pushed the Indian equity markets to fresh highs during the
mid-afternoon trade session on Tuesday. Equity benchmarks extended Monday's
gain and is trading positive due to global market. Sugar stocks made gains on
the back of government's decision to increase import duty in sugar, pointed out
market analysts. State Bank of India shares gained more than 1% intraday after
the central board of directors approved dilution of bank's stake in its life
insurance subsidiary. The Total Investment
& Insurance Solutions
Lending
major IndusInd Bank on Tuesday reported a rise of 26% in its net profit for the
first quarter (Q1) of 2017-18. According to the lending major, its net profit
during the quarter under review rose to Rs836.55 crore from Rs661.38 crore
reported for the corresponding period of last fiscal. "The quarter saw the
momentum of the economy gradually picking up as the process of remonetisation
moved towards completion," Romesh Sobti, MD and CEO, IndusInd Bank was
quoted as saying in a statement. "With consumption activity slowly picking
up, there is a sustained rise in credit uptake. Against the challenging
environment, the bank has shown consistent performance, riding on the positive
sentiment in the economy." Beside, IndusInd Bank reported that its net
interest income (NII) for Q1 augmented by 31% to Rs1,774.06 crore from
Rs1,356.42 crore in the corresponding quarter of the previous year. The bank’s
shares closed at Rs1,559.25, down 0.04% on the BSE.
At
a time when layoffs in the IT industry are dominating headlines, US-based IT
solutions company Advanced Technology Consulting Service (ATCS) has announced
it is expanding its operations in India by recruiting new staff and setting up
its first Innovation Lab (I-Lab) in Jaipur. Apart from Jaipur, ATCS has also
opened a new office in Bengaluru. "The I-Lab not only serves as a
functional space for approaching ideas and concepts in an alternative setting
but also embeds a spirit in our team that ATCS is expected to think
differently, creating solutions beyond one's peripheral views," said Jason
Castellani, partner at ATCS, in a statement on Tuesday. New Jersey-based ATCS
also has offices in China, Germany and Canada. It provides strategic guidance
to and implements software solutions for several Fortune 500 companies.
"As an agile, innovative company, we give immense importance to solution
creation for our customers. Now we have developed a space for our staff, which
can stimulate creative thinking among them," said Manish Krishnan, Global
CEO, ATCS. According to the company, the I-Lab would soon put Jaipur at par
with IT hubs of the country and serve as a functional space for approaching
ideas and concepts in an alternative setting. "For our customers, innovation
is a big drive. Having such a lab in our India office helps us in delivering
more inventive ideas to our clients," Krishnan added. S & P BSE
Information Technology Index closed at 10,163.74, up 0.91% on the BSE.
Explaining
the objective of the proposed merger between the financial services majors
Shriram Group and IDFC Group, Shriram Group Chairman Ajay Piramal on Monday
said both the organisations have lot of complementarities. Two groups had
already announced that the boards of Shriram Group and IDFC entered into an
exclusivity arrangement for 90 days to jointly explore the possibility of
merger. "If you look at it, both the organisations have lot of
complementarities in what they are doing. Shriram Group is strongly present in
retail segment while IDFC is strong as far as the wholesale is concerned. Both
the groups want to deliver to the customer something which was not done
before," Piramal told BTVi in an interview. He said the Group is serving
millions of customers who till now had not been any banking experience while
the products and the services which IDFC brings in to that will be unique.
Asked on the rationale for keeping Shriram Transport out of the proposed
merger, IDFC Bank's MD and CEO Rajiv Lall told BTVi: "The relative sizes
of the Shriram Transport and the bank are such that combining the two at once
would have created difficult challenges, both regulatory and financial point of
view." According to Lall, Shriram Transport will operate as an independent
NBFC. IDFC shares closed at Rs56.00, down 0.88% on the BSE and Shriram
Transport Finance shares closed at Rs1,014.30, down 3.80% on the BSE.
US
stocks closed mixed as investors got ready for the latest earning season. The
Dow Jones Industrial Average on Monday lost 5.82 points, or 0.03%, to
21,408.52. The S&P 500 gained 2.25 points, or 0.09%, to 2,427.43. The
Nasdaq Composite Index increased 23.31 points, or 0.38%, to 6,176.39.
Performance of large banks will come into the spotlight later this week as
JPMorgan Chase, Citigroup and Wells Fargo are set to report their earnings.
Meanwhile, Wall Street is also waiting for earning reports from large-cap
technology companies. There are no major economic data due Monday. Major
inflationary and retail sales data will due out by the end of this week. In
addition, Federal Reserve Chair Janet Yellen will give her semi-annual monetary
policy testimony before the House Financial Services Committee on Wednesday and
Thursday. Last Friday, US stocks rallied as Wall Street cheered over the
country's much-better-than-expected jobs report for June. The Total Investment & Insurance Solutions
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)
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| Asian Indices (The Total Investment & Insurance Solutions) |
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