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8
August 2017
I had
mentioned in Monday’s closing report that Nifty, Sensex might give up some
gains. 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)
Shedding
all their morning gains, the key Indian equity indices -- the BSE Sensex and
the NSE Nifty50 -- traded in the red during the mid-afternoon session on
Tuesday. According to market observers, broadly negative global cues and
selling pressure in banking, oil and gas, and capital goods stocks dragged the
key indices lower. On the NSE, there were 257 advances 1,240 declines and 29
unchanged. The Total Investment & Insurance
Solutions
Equity
benchmarks erased opening gains, with the Nifty testing 10,000 level due to
selling pressure in banking and financials and oil stocks. Tata Steel gained as
much as 3.44% after it reported a net profit of Rs921 crore during the
April-June period, pointed out market observers. The top gainers on the NSE
were Hindalco, Tata Steel and Vedanta, while top losers were Infratel, NTPC and
Indian Oil Corporation. The Total Investment
& Insurance Solutions
State-run
Syndicate Bank reported a Rs263 crore net loss for the first quarter of 2017-18
as against Rs79 crore net profit in the like period year ago and Rs104 crore
net profit in the last quarter of 2016-17. "Our net profit has turned
negative due to higher provisioning for the quarter under review, which shot up
79% annually to Rs1,386 crore from Rs774 crore in the same period year
ago," Bank Managing Director Melwyn Rego told reporters here. Provisioning
for the gross non-performing assets (NPAs) also increased 16% sequentially from
Rs1,193 crore last quarter. Operating profit, however, increased 27% annually
to Rs980 crore from Rs774 crore but declined 35% sequentially from Rs1,514
crore. Total income for Q1 also declined 3.8% annually to Rs6,172 crore from
Rs6,419 crore and 11% sequentially from Rs6,913 crore. Gross NPA grew 31%
annually to Rs20,184 crore from Rs15,434 crore and 15% sequentially from
Rs17,609 crore. Similarly, net NPA grew 21.3% to Rs12,188 crore from Rs10,051
crore over last year and 17% from Rs10,411 crore last quarter. Gross NPA ratio
stood at 9.96% and net NPA ratio at 6.27%. Syndicate Bank shares closed at
Rs69.70, down 2.58% on the NSE. The Total
Investment & Insurance Solutions
Tata
Steel reported a net profit of Rs921 crore for the quarter ended June 30, as
compared to a net loss of Rs3,183 crore during the corresponding period of the
last fiscal. According to a regulatory filing, the consolidated net profit
included the effect of exceptional items. "Exceptional items for the
quarter were Rs617 crore mainly relating to provision for mining related
litigation," the company said in a statement. "Consolidated EBIDTA
(earnings before interest, taxes, depreciation and amortisation) at Rs4,939
crore for Q1FY18 with an EBITDA margin of 16%." The company's consolidated
quarterly revenues increased by over 19% to Rs30,973 crore from Rs25,971 crore
earned during the like period of 2016-17. "Tata Steel Group witnessed an
increase in revenues of 19 per cent compared to last year, due to increased
capacity in India and ongoing restructuring in Europe," Koushik
Chatterjee, Group Executive Director, Finance and Corporate, was quoted as
saying in a statement. "During the quarter, we sold our stake in Tata
Motors for a gross consideration of around Rs3,778 crore. With this sale, we have
monetised over Rs14,266 crore of divestments over the last 5 years." The
company added that its consolidated deliveries stood at 5.83 million tonnes,
with India contributing to 47% of the group deliveries. Tata Steel shares
closed at Rs616.45, up 2.32% 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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