Contact Your Financial Adviser Money Making MC
24
July 2017
I The
major indices of the Indian stock markets were range-bound on Monday and closed
with gains over Friday’s close. The trends of the major indices in the course
of Monday’s trading are given in the table below: The Total Investment & Insurance
Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
The
key equity indices -- the BSE Sensex and the NSE Nifty -- traded at record
highs during the mid-afternoon session on Monday, with the wider Nifty of the
National Stock Exchange (NSE) trading close to the 10,000-level. According to
market observers, investors' sentiments were boosted by hopes of healthy
quarterly results from index heavyweights such as Ambuja Cements and HDFC Bank,
and buying in consumer durables, banking, IT (information technology) and
FMCG (fast moving consumer goods) stocks. On the NSE, there were 807 advances,
860 declines and 308 unchanged. Reliance Industries hit new all-time high, with
shares of the Mukesh Ambani-led firm up as much as 2.4%.
Finance
Minister Arun Jaitley on Monday introduced a bill under which the Centre may
authorise the Reserve Bank of India to direct banks to initiate recovery
proceedings against loan defaulters. The Banking Regulation (Amendment) Bill
will replace an ordinance that earlier enabled this. The Total Investment & Insurance Solutions
The
recovery proceedings would be under the Insolvency and Bankruptcy Code, 2016
that provides for a time-bound process to resolve defaults. The S & P BSE
Bankex closed at 27,634.67, up 0.50% on the BSE. The Total Investment & Insurance Solutions
With
global economic recovery remaining on track on the back of better performing
emerging economies, growth in India is expected to pick up further in 2017 and
2018, the IMF has said. "Growth in India is forecast to pick up further in
2017 and 2018, in line with the April 2017 forecast," the International
Monetary Fund (IMF) said in its latest World Economic Outlook (WEO) report on
Monday. "Pick-up in global growth anticipated in the April World Economic
Outlook remains on track," the IMF report said. "While activity
slowed following the currency exchange initiative, growth for 2016 -- at 7.1%
-- was higher than anticipated due to strong government spending and data
revisions that show stronger momentum in the first part of the year," it
said, referring to India's demonetisation measure as well as to the base year
revisions in GDP calculations made by the Central Statistics Office.
"Growth out-turns in the first quarter of 2017 were higher than the April
WEO forecasts in large emerging and developing economies. “Inflation in
advanced economies remains subdued and generally below targets; it has also
been declining in several emerging economies such as Brazil, India and
Russia," it added. Market analysts forecast a long term bull market in
Indian stock markets based on projected growth in the Indian economy over the
next two years.
Financial
services major Reliance Capital on Monday said its shareholders have approved
the demerger scheme for Reliance Home Finance. According to the company, the
demerger scheme -- which will facilitate in the independent listing of Reliance
Home Finance -- was approved by 99.59% votes in favour of the
"Scheme of Arrangement" at the Tribunal-convened General Shareholders
Meeting held on Monday. "The demerger will facilitate the independent
listing of Reliance Home Finance on the stock exchanges in the next few
months," said Anmol Ambani, ED, Reliance Capital. "The proposal will
unlock substantial value for our shareholders, who will be allotted one share
free of cost in Reliance Home Finance for every share held in Reliance
Capital," he added. As per the scheme, Reliance Capital will hold 51%
stake in Reliance Home Finance, and will be adequately capitalised to grow the
lending book multi-fold in the next 18 months. Reliance Capital shares closed
at Rs650.30, down 0.02% on the BSE.
Hinduja
Group's flagship company Ashok Leyland on Monday said that it has bagged an
order for 3,019 buses worth Rs650 crore. According to the company, the order
has come from the Karnataka State Road Transport Corporation (KSRTC).
"This order, one of the largest from a state transport undertaking for a
single OEM (original equipment manufacturer), would be executed in the current
financial year, which would help Ashok Leyland in furthering its leadership
position in buses," the company said in a statement. Ashok Leyland shares
closed at Rs104.05, up 0.87% on the BSE. The
Total Investment & Insurance Solutions
State-run
Vijaya Bank Ltd on Saturday reported a Rs255 crore net profit for the first
quarter of fiscal 2017-18, registering a 57% annual growth from Rs162 crore in
the same period a year ago. Sequentially, net profit grew 25% from Rs204 crore
a quarter ago. Operating profit for the quarter under review (Q1) also zoomed
64% annually to Rs753 crore from Rs459 crore in the like period a year ago but
only 7% sequentially from Rs703 crore a quarter ago. "Total income,
however, grew 6.5% yearly to Rs3,510 crore in Q1 from Rs3,295 crore in the same
period year ago and was flat sequentially (0.14%) from Rs3,505 crore quarter
ago," said the bank in a statement here. The bank's provisioning for
non-performing assets (NPAs) shot up 63 per cent annually to Rs411 crore in Q1
from Rs253 crore in the like period a year ago and 19% sequentially from Rs345
crore a quarter ago. CASA deposits increased 30% annually to Rs36,318 crore,
with Current Accounts forming Rs7,998 crore and Saving Accounts Rs28,320 crore
during the quarter under review. "Focus on assets quality resulted in net
NPA declining marginally to 5.24% from 5.42% a year ago," added the
statement. Vijaya Bank shares closed at Rs72.70, down 0.82% 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)
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) |
No comments:
Post a Comment