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31 August 2017
I had
mentioned in Wednesday’s closing report that Nifty, Sensex would attempt to
head higher. The major indices of the Indian stock markets were range-bound on
Thursday and closed with small gains 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
 |
Major Indices (The Total
Investment & Insurance Solutions)
Shares
of Wipro and Reliance rose, whereas the shares of NTPC and Sun Pharma fell.
Reliance Industries gained 1% after the company said it will make an offer for
issuing non-convertible debentures (NCDs) worth Rs2,500 crore next week,
observed market analysts.
State-run
UCO Bank on Wednesday said it has Rs4,500 crore exposure in the identified 12
large non-performing accounts and additional Rs3,000 crore in the second list
of 21 stressed accounts. "In the initial list of 12 (companies or stressed
accounts), we have exposure in nine accounts and the exposure would be Rs4,500
crore...as far as the new list is concerned, our exposure would not be to that
extent and it would be less - around Rs3,000 crore," bank's MD and CEO
R.K. Takkar told BTVi in an interview. The Reserve Bank of India had identified
12 large accounts with exposure of more than Rs5,000 crore and more than 60% of
which is recognised as NPAs (non-performing assets). Banks were asked to refer
to the Insolvency and Bankruptcy Code (IBC) for these accounts. Subsequently,
the apex bank identified next set of 21 stressed accounts for initiating
insolvency process. According to Takkar, the apex bank has given time up to
December 13,to find a normal resolution and the lenders were directed to take
companies to National Company Law Tribunal if the normal resolution fails. He
said the banks which have been provisioning for bad loans will have to make
additional provisions for stressed accounts coming in the new list. "Most
of the debt exposure to 1st and 2nd list companies are recognised NPAs,"
he said. The bank’s shares closed at Rs30.95, up 0.65% on the NSE.
India
Inc on Wednesday expressed its disappointment over Union Cabinet's clearance of
an ordinance to increase the state compensation cess limit under GST on
automobiles. The ordinance raises the ceiling on GST cess for luxury vehicles
and SUVs from the current 15% to 25%. This can lead to a hike in prices of
high-end cars. "This will increase the post GST price of many vehicle
categories from pre-GST level and have a negative impact on sale of such
vehicle models in the market," the Society of Indian Automobile
Manufacturers (SIAM) said in a statement. "This is contradictory position
of the government that while on the one hand it has identified the automotive
industry as a sunrise sector of Indian economy, on the other hand it is being
treated as a demerit product." SIAM pointed out that all the vehicles that
were attracting 24% or 27% excise duty in pre-GST regime may potentially
attract higher tax under the GST regime because of Wednesday's decision.
"The GST implementation on July 1st removed the cascading impact of
multiple taxes applicable in the pre-GST regime... enabled the industry to
reduce prices and benefit the consumer as well as expand the market, which had
been declining because of high taxation," said Rohit Suri, President and
Managing Director, Jaguar Land Rover India. The S & P BSE Auto closed at
23,688.67, up 0.36% on the BSE.
US stocks closed higher as investors were
digesting a slew of major economic reports. The Dow Jones Industrial Average on
Wednesday added 27.06 points, or 0.12%, to 21,892.43. The S&P 500 gained
11.29 points, or 0.46%, to 2,457.59. The Nasdaq Composite Index was up 66.42
points, or 1.05%, to 6,368.31. US private sector employment increased by
237,000 jobs in August, well above the market consensus of 185,000, according
to ADP National Employment Report released on Wednesday. The US dollar rose on
Wednesday, as investors were digesting a batch of economic reports. 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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