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25
October 2017
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were likely to rally.
The major indices of the Indian stock markets rallied on Wednesday and closed
with significant gains 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)
Scrips
of public sector banks (PSBs) rose exponentially on Wednesday, a day after the
government announced a massive recapitalisation scheme. Almost all the major
PSBs (public sector banks) like State Bank of India, Punjab National Bank and
Bank of Baroda rose in the band of 20%-40%. Bank Nifty closed 3.36% higher and the
S & P BSE Bankex closed at 28,329.12, up 4.71%. On the NSE, there were 615
advances, 898 declines and 59 unchanged. ICICI Bank closed at Rs305.60, up
14.69% and HDFC Bank closed at Rs1,794.50, down 3.79% among the private banks. The Total Investment & Insurance Solutions
Today's
upmove was based on Tuesday evening's announcement on recapitalisation of
Public Sector Banks. Even the maximum (trade) volume during the day on the NSE
was concentrated towards the banking counters and especially the large PSBs.
Almost all PSBs' stocks like those of SBI, BoB and PNB rose dramatically to
touch their new 52-week highs. Many of them had hit 52-week lows just a few
days ago. The rise in PSB stocks not only lifted the sectoral index but also
the benchmark indices -- BSE Sensex and NSE Nifty -- to touch their all-time
highs. The Total Investment & Insurance
Solutions
HCL
Technologies on Wednesday reported a Rs2,188 crore consolidated net profit for
the second quarter (Q2) of fiscal 2017-18, registering 8.6% yearly growth and
0.8% flat quarterly growth in rupees. In a regulatory filing on the BSE, the
Noida-based software major said consolidated revenue for the quarter (Q2) under
review grew 7.9% yearly and 2.3% quarterly to Rs12,434 crore under the Indian
Accounting Standard. Under the International Financial Reporting Standard
(IFRS), net income for Q2 at $339 million is up 12.6% yearly but flat (0.7 per
cent) quarterly. Revenue in dollar terms grew 11.9% yearly and 2.3% quarterly
to $1,928 million for Q2. The company’s shares closed at Rs907.00, down 0.71%
on the BSE. The Total Investment & Insurance
Solutions
For
the second consecutive quarter, global software major Infosys Ltd reported that
its net hiring was negative in Q2, with more techies quitting than it recruited
as in the first quarter of this fiscal. "Our net addition is minus 113
despite recruiting 10,514 people, as 10,627 employees resigned in the second
quarter," a company official told IANS here. As a result, the company's
headcount worldwide declined again to 198,440 in Q2 from 198,553 quarter ago
and 199,829 year ago. According to the employee metrics, consolidated attrition
of the company and its subsidiaries increased to 21.4% in Q2 from 21% quarter
ago and 20 per cent year ago on annualised basis. Attrition of the parent
company (standalone) went up to 17.2% in Q2 from 16.9% in Q1 and 15.7% in the
same period year ago. In the first quarter (Q1), negative hiring was 1,811
despite gross addition of 8,645 new people, as a whopping 10,456 resigned,
lowering the headcount to 198,553 by June 30 from 200,364 by March 31. Employee
utilisation, however, was at an all-time high of 84.7% in Q2. The company’s
shares closed at Rs935.40, up 0.93% on the BSE. The Total Investment & Insurance Solutions
The
General Provident Fund (GPF) and other similar funds will carry an interest
rate of 7.8% during 2017-18 with effect from October 1 to December 31 this
year. "The government has announced that during 2017-18, accumulations at
the credit of subscribers to GPF and other similar funds shall carry interest
at the rate of 7.8% with effect from October 1 to December 31. This rate will
be in force w.e.f. October 1," an official release said. This is good news
for the urban employed and is likely to keep the long term trend in the stock
market bullish.
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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