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25
July 2017
I had mentioned in Monday’s closing report that Nifty, Sensex were on an
uptrend. The major indices of the Indian stock markets were range-bound on
Tuesday and closed flat. The trends of the major indices in the course of
Tuesday’s trading are given in the table below:
 |
| Major Indices (The Total Investment & Insurance Solutions) |
After
touching record highs during the early morning session, the key Indian equity
indices succumbed to profit booking and traded with marginal losses during the
mid-afternoon session on Tuesday. Expectations of healthy quarterly results,
coupled with broadly positive global cues, lifted both the NSE Nifty and BSE
Sensex to experience "gap-up" opening from their previous session's
close and touch new record highs during early hours of trade. Besides, factors
such as hopes of a lending rate cut by the Reserve Bank of India in its next
policy review meet, along with inflows of foreign funds and consistent
projection of economic growth, enhanced investors risk taking appetite. The Total Investment & Insurance Solutions
Indian
shares have hit multiple records this year amid optimism about Prime Minister
Narendra Modi's policies. A big factor for the phenomenal rise in stock value
has been the shift of Indian savers to more financial assets as prices of gold
and property moderated after the government's ban on high-value currency notes.
Also, market participants expect healthy quarterly results going forward. On
the NSE, there were 621 advances, 851 declines and 59 unchanged.
Reliance
Infrastructure subsidiary Reliance Defence and Engineering Limited (RDEL) on
Tuesday announced the launch of its first two Naval Offshore Patrol Vessels
(NOPVs) at their shipyard in Pipavav, Gujarat. The two NOPVs -- 'Shachi' and
'Shruti' -- are among five ships being constructed by RDEL under the P-21 project
of the Indian Navy, the company said in a statement. Reliance Defence and
Engineering Limited is the first private shipyard in India to obtain defence
production licence and sign a contract for defence ships in 2011. The company
is also engaged in construction of one training ship and 14 Fast Patrol Vessels
(FPVs) for the Indian Coast Guard, the statement said. The company’s shares
closed at Rs60.95, up 0.49% on the BSE. The
Total Investment & Insurance Solutions
Tata
Communications reported a 22.27% fall in its consolidated net profit at Rs32.94
crore in the quarter ended June 30, as compared to Rs42.38 crore in the
year-ago period. Its total income also fell by 4.34% to Rs4,354.39 crore during
the quarter under review from Rs4,552.30 crore in the same period a year ago.
"On a year-on-year basis core revenues declined, as expected, primarily
due to de-growth in the voice business; in-line with the industry trends,"
the company said in a statement. It also said that its data services revenue
improved by 4.6% on year-on-year basis. The company’s shares closed at
Rs671.50, up 3.69% on the BSE.
Lending
major HDFC Bank reported a rise of 20.22% in its net profit for the quarter
ended June 30, 2017. The bank's net profit rose to Rs3,893.84 crore from
Rs3,238.91 crore reported in the fourth quarter of FY 2017-18. The income
increased by 14.81% on a year-on-year (YoY) basis to Rs22,185.38 crore during
the quarter under review from Rs19,322.63 crore in the quarter ended June 30,
2017. "Net interest income (interest earned less interest expended) for the
quarter ended June 30, 2017 grew by 20.4% to Rs9,370.7 crore, from Rs7,781.4
crore for the quarter ended June 30, 2016, driven by average loan growth of
20.7% and a core net interest margin for the quarter of 4.4%," the company
said in a statement. "Operating expenses for the quarter ended June 30,
2017 were Rs5,367.5 crore, an increase of 12.6% over Rs4,768.9 crore during the
corresponding quarter of the previous year." "The core cost-to-income
ratio for the quarter was at 42.7% as against 46.2% for the corresponding
quarter ended June 30, 2016." The bank’s shares closed at Rs1,739.35, up
0.28% on the BSE. The Total Investment & Insurance
Solutions
The
Competition Commission of India (CCI) has given approval for the Vodafone-Idea
merger. "Idea Cellular is pleased to confirm receipt of the letter from
the Competition Commission of India dated July 24, 2017, according approval to
the proposed merger of Vodafone India, Vodafone Mobile Services Limited, and
Idea Cellular under sub section (1) of section 31 of the Act," Idea
Cellular said in a statement. "The transaction is expected to close during
calendar year 2018 subject to customary approvals," it added. Vodafone
India and Aditya Birla Group-promoted Idea Cellular on March 20 announced their
much-awaited amalgamation. Kumar Mangalam Birla, Chairman of the Aditya Birla
Group, will be its Chairman. "Vodafone Group and Idea Cellular announced
they have reached an agreement to combine their operations in India (excluding
Vodafone's 42% stake in Indus Towers) to create India's largest telecom operator,"
a joint statement by the companies had earlier said. "The combined company
would become the leading communications provider in India with almost 400
million customers, 35% customer market share and 41% revenue market
share," it added. The merger will create an entity with over Rs80,000
crore revenue. "Vodafone will own 45.1% of the combined company after
transferring a stake of 4.9% to the promoters of Idea and/or their affiliates
for Rs3,874 crore in cash concurrent with the completion of the amalgamation,"
the statement said. "The promoters of Idea will hold 26% of the company
and the balance will be held by the public." Idea Cellular shares closed
at Rs97.80, up 6.48% on the BSE.
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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