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19 September 2017
I had mentioned in Monday’s closing report that Nifty, Sensex were headed
higher. The major indices of the Indian stock markets were range-bound on
Tuesday and closed with minor 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) |
Key
Indian equity indices traded on a flat-to-negative note during the
mid-afternoon session on Tuesday on the back of broadly negative global cues
and profit booking in metals, consumer durables and banking stocks. According
to market observers, investors were cautious ahead of the two-day US Federal
Reserve meeting slated for later in the evening (India time). However, buying
in automobile and oil and gas stocks pared some losses. On the NSE, there were
833 advances, 821 declines and 305 unchanged.
SBI
Life Insurance is eyeing to achieve 35%-40% growth in the new business premium
collection in the current fiscal, said a company official. "We have
prepared strategies for growth in new business premium. We are targeting to
achieve 35%-40% growth in new business premium in the current fiscal,"
said Sanjeev Pujari, President (Actuarial & Risk), SBI Life Insurance Co
Ltd. He said the growth would be primarily driven by bancassurance channel that
would grow 52%. Besides, the company expects 32% growth in agency channel. The
life insurer will remain focused on banking and agency channel to achieve the
growth, he added. SBI Life Insurance proposes to open an initial public
offering (IPO) of up to 120 million equity shares of face value of Rs10 each on
September 20. It comprises of an offer for sale of up to 80 million equity
shares by State Bank of India and up to 40 million equity shares by BNP Paribas
Cardif S.A. SBI Life expects to mop up Rs8,400 crore from the IPO proceeds. SBI
(State Bank of India) shares closed at Rs267.80, down 0.87% on the BSE.
NMDC
Ltd, India's largest iron ore miner, will fast-track several key
under-implementation projects to substantially increase iron ore production and
shipment, said the Chairman-cum-Managing Director of the Navratna public sector
enterprise. "NMDC has a huge pool of skilled manpower as well as technical
expertise and the company will now fast-track all its ongoing projects,
including earlier commissioning of a 3 MTPA Nagarnar integrated steel plant in
Bastar (in Chhattisgarh)," N. Baijendra Kumar, who took charge as NMDC's
CMD early this month, told IANS. Kumar said: "NMDC will strive to raise
its iron ore output up to 50 MT (million tonne) in fiscal 2017-18. The target
is surely highly challenging but achievable." NMDC produces roughly 70% of
its total iron ore annually, before taking up the present post. NMDC has
several high quality iron ore mines at Bailadila hills in Maoist insurgency-hit
Dantewada district. Bailadila hills are made up of the sprawling Bacheli and Kirandul
iron ore deposits. The company’s shares closed at Rs132.75, down 0.34% on the
BSE.
Steel
Minister Chaudhary Birender Singh said the ministry was focusing on converting
thermal coal into coking coal which is considered to be an important ingredient
of steel making. "Some sort of innovation showed thermal coal can be used
as coking coal. For that, we wanted private sector to put up their washeries at
the pit-head. If, by 2020, at least 20 washeries would be in place....30 per
cent of coal available in India as identified or categorised as thermal coal
can be converted into coking coal and the country would be saving about
Rs10,000-12,000 crore of foreign currency," the minister told BTVi.
According to him, 80%-85% of coking coal, an important component of steel
making, has been imported. Of the total imports, 80%-85% comes from Australia.
In the last three year, the steel industry is in stress due to dumping of
imported steel from China and other countries and prices crashing. "When
we put minimum import price and anti-dumping duty, some improvements were
noticed in the production and also in the market," said Birender Singh.
He also said palletisation is also on the minsitry's focus and it is a
focus area. Speaking on the steel companies referring for insolvency cases, he
said, "...you saw the list of 12 companies which will be going into
insolvency proceeding. Of the 12 identified companies, 6-7 were of steel
sector. I hope they would sort out their own level. "This enactment
would give a new direction to the industry itself that you cannot inflate your
projects by taking loans to that extent and do not remain in the situation for
repayments." Tata Steel shares closed at Rs676.00, up 0.44% on the BSE and
Steel Authority of India shares closed at Rs62.50, up 1.38% 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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