Contact Your Financial Adviser Money Making MC
9
August 2017
I had
mentioned in Tuesday’s closing report that Nifty, Sensex continued to look
weak. The major indices of the Indian stock markets suffered a further
correction this week on Wednesday and closed with losses over Tuesday’s close.
The trends of the major indices in the course of Wednesday’s trading are given
in the table below: The Total
Investment & Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Negative
global cues on the back of geo-political tensions, coupled with heavy selling
pressure in healthcare, automobile and banking stocks, pulled the key Indian
equity indices lower during the mid-afternoon session on Wednesday. Around 1
p.m., the NSE Nifty50 of the National Stock Exchange (NSE) traded below the
psychologically important 10,000-point mark at 9,942.25 points -- down 36.30
points or 0.36% from its previous session's close. On the NSE, there were 251
advances, 1,236 declines and 36 unchanged. The
Total Investment & Insurance Solutions
The
BSE Sensex opened lower today against the previous session's closing. The
broader NSE's Nifty, too, fell in the morning hours. The Indian rupee opened
lower against the US dollar, pointed out market analysts. The shares of Tata
Consultancy Services, Infosys, Mahindra and Mahindra rose, whereas the shares
of ICICI Bank and Sun Pharma fell. Stocks in Asia declined with US equity-index
futures and the South Korean currency tumbled as investors took a risk-off
approach after the US and North Korea exchanged threats amid escalating
tensions between the two nations, reported market observers. The Total Investment & Insurance Solutions
Chennai-based
Polaris Consulting and Services Ltd on Wednesday said it closed the first
quarter of the current fiscal with a 24.2% decline in its net profit despite a
growth in total income. The company in a statement issued here said its first
quarter revenues stood at Rs554.9 crore against Rs501.90 crore earned for the
period ended June 30, 2016. Polaris said its profit after tax for the period
under review was Rs30.21 crore, down from Rs39.85 crore posted during the
previous year's corresponding period. The company said the net profit for the
quarter was impacted due to proactive hiring and account level investments made
for supporting future growth. The company’s shares closed at Rs231.60, up 0.72%
on the BSE.
The
Naveen Jindal-led Jindal Steel and Power Ltd (JSPL) on Tuesday announced a
reduction in its consolidated loss to Rs420.4 crore for the first quarter of
the current fiscal ended June on the back of better operational performance.
JSPL had reported a consolidated loss of Rs1,238 crore for the corresponding
quarter of 2016-17. The company said in a release here that its consolidated
total income increased to Rs6,126.6 crore during the quarter in consideration,
from Rs5,124.7 crore in the same quarter a year ago. It also said the company
has commissioned its 4 million tonne (MT) blast furnace in Angul in Odisha
during the ongoing quarter. "Its production will gradually ramp up and is
expected to reach its full potential by the end of the current financial year.
Consequently, the volume of steel produced and delivered by JSPL is expected to
double its volume of Q1 by the end of this year," JSPL said.
"Financial year 2018, therefore, is expected to emerge as a turning point
for JSPL steel business," it added. In the company's power business, the
revenue for the first quarter increased by 62%, compared to the same quarter
last year, the statement said. Jindal Steel & Power shares closed at
Rs135.95, down 2.68% 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) |
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