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10
August 2017
I had mentioned in Wednesday’s closing report
that Nifty, Sensex were headed lower. The major indices of the Indian stock
markets suffered a further correction on Thursday and closed with losses of
around 1% over Wednesday’s close. The trends of the major indices in the course
of Thursday’s trading are given in the table below: The Total Investment & Insurance Solutions
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Major Indices (The Total
Investment & Insurance Solutions)
The key
Indian equity indices -- the BSE Sensex and the NSE Nifty50 -- tumbled for the
fourth consecutive session on Thursday on the back of negative global cues and
heavy selling pressure in automobile, capital goods and banking stocks.
According to market observers, investors booked profits ahead of quarterly
results announcements of major companies like Bharat Heavy Electricals (BHEL),
GAIL and Adani Power, among others. During the mid-afternoon session, the NSE
Nifty50 of the National Stock Exchange (NSE) traded below the psychologically
important 9,900-level, which was breached on July 14. The Total Investment & Insurance Solutions
Indian
equities extended losses for the fourth straight session taking lead from Asian
markets, which traded in negative, following lower closing on the Wall Street.
In India, investors will keep an eye on any development on the Sebi's decision
to restrict trading in 331 shell firms, observed market analysts. Result calendar
for companies like BHEL, GAIL, Petronet LNG, Bharat Forge, IOB, Adani Power,
Union Bank Coffee Day Enterprises, GSPL and Gujarat Gas are among 340 companies
scheduled to report their June quarter earnings later today. Top gainers on the
NSE were Auropharma, Tech Mahindra and Lupin, while the losers for morning
trade were Tata Motors DVR, Tata Motors and Eicher Motors, pointed out market
analysts. The Total Investment &
Insurance Solutions
Stock
exchange major National Stock Exchange of India (NSE) on Wednesday said that it
has commenced the process to verify the credentials of firms on its platform,
on whom trade restrictions were imposed by regulator Sebi. "Sebi has
directed exchanges to shift 331 companies to the Graded Surveillance Measure
(GSM), Stage VI, with immediate effect. Of these 331 companies, only 48 are
listed on NSE. Of these 48 companies, 10 companies were suspended prior to this
directive of Sebi," the NSE said in a statement. "Sebi has asked NSE
to seek documents from these 48 companies and verify the credentials and
fundamentals of these companies. The exchange has already commenced the process
of collecting information, as advised by Sebi and will be reporting to Sebi
after completing the exercise." Stock market regulator Sebi had imposed
trade restrictions on 331 firms which are suspected of being "shell
companies" on Monday. The major indices consequently suffered a correction
on Thursday.
Commercial
vehicle manufacturer Eicher Motors reported a rise of 31.9% in its consolidated
net profit for the first quarter (Q1) of 2017-18. The consolidated net profit
of the commercial vehicle and motorcycle brand Royal Enfield's manufacturer
increased to Rs435 crore from Rs330 crore for the corresponding quarter of
2016-17. According to the company, its consolidated total income from
operations (net of excise) increased by 28.6% to Rs2,001 crore as against
Rs1,556 crore for the corresponding quarter last year. The company’s shares
closed at Rs30,111.70, up 3.62% on the NSE.
Full-service
passenger carrier Jet Airways on Wednesday announced the appointment of Vinay
Dube as its CEO after the receipt of all requisite government and regulatory
approvals. The company's Board of Directors at their last meet held on 30 May
2017 had approved Dube's appointment. Dube's last assignment was with Delta
Airlines as its Senior Vice President-Asia Pacific. The airlines’ shares closed
at Rs560.75, down 8.63% on the BSE. The
Total Investment & Insurance Solutions
The
National Aluminium Co Ltd (NALCO) has registered a net profit of Rs129 crore in
the first quarter (Q1) of the current fiscal 2017-18, compared to Rs135 crore
in the corresponding previous fiscal. According to the reviewed financial
results for the first three months of the this financial year, taken on record
by the Board of Directors in a meeting held here on Wednesday, operating income
is up by 45% compared to the same period the previous year. NALCO has achieved
remarkable growth in production on all fronts, said a statement. During the
quarter, bauxite production was 18.81 lakh tonnes, registering a 10.4% growth
over 17.04 lakh tonnes produced in the corresponding period of previous year.
Alumina hydrate production was 5.26 lakh tonnes, which is 0.4% higher as
compared to 5.24 lakh tonnes produced during the corresponding period of last
fiscal, the statement said. During the quarter, the company produced 1,00,695
tonnes of aluminium, which is 6.6% more than 94,496 tonnes produced in the 1st
quarter of previous financial year. The net power generated during the quarter
was 1,599 million units. This has gone up by 7.4%, against 1,489 million units
generated in the corresponding period of last year. Besides, in the field of
renewable energy, the company has generated 88 million units of wind power
during these three months. The total alumina sale during the quarter was 2.59
lakh tonnes and of aluminium 88,752 tonnes. Nalco shares closed at Rs64.80,
down 7.89% on the BSE.
Direct
tax collection was up by 19.1% to Rs 1.90 lakh crore in the April-July period,
the government said on Wednesday. "Direct tax collection during the said
period, net of refunds, stands at Rs1.90 lakh crore which is 19.1% higher than
the net collections for the corresponding period of last year," the Finance
Ministry said in a statement. The collection up to July 2017 indicates that
19.5% of the annual budget target of direct taxes (Rs9.8 lakh crore) had been
achieved, it said. Refunds amounting to Rs61,920 crore had been issued during
April-July 2017, which is 5.1% lower than the refunds issued during the
corresponding period of 2016-17. Government spending on projects is likely to
be healthy this fiscal and consequently, the long term trend of the Indian
stock markets is bullish.
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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