Contact Your Financial Adviser Money Making MC
1
November 2017
I had
mentioned in Tuesday’s closing report that Nifty, Sensex could be losing
momentum. The major indices of the Indian stock markets rallied on Wednesday
and closed with 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)
Positive
global cues, coupled with a strong rupee and as well as the latest report that
India for the first time has moved into the top 100 in the World Bank's Ease of
Doing Business global rankings riding, gave a boost to investors' sentiments.
Buying in banking, metals and FMCG (fast moving consumer goods) stocks, propelled
the key Indian equity indices to new record highs during the mid-afternoon
trade session on Wednesday. On the NSE, there were 813 advances, 689 declines
and 37 unchanged. The Total Investment & Insurance
Solutions
Two
wheeler maker Eicher Motors Ltd on Wednesday said it logged 18% sales growth last
month as compared to the same period last year. In a regulatory filing in the
BSE, the company said it sold 69,492 units last month, up from 59,127 units
sold in October 2016. For the period April-October 2017, the company has sold
456,355 units up from 373,551 units sold during the corresponding period in
2016. The company’s shares closed at Rs30,931.00, down 4.04% on the NSE.
State
Bank of India (SBI) has cut is benchmark lending rate only by 0.05% across
maturities, effective from Wednesday, according to an announcement by the
state-run lender, despite a fall of 25 basis points in deposit rates. The
reduction in marginal cost of funds based lending rate (MCLR) by the largest
Indian bank, last made on January 1 this year, has thus brought its MCLR down
to 7.95% from 8%, the SBI website said. The MCLR on overnight borrowings has
been reduced to 7.70% from 7.75%, while the rate for three-year tenures has
been lowered from 8.15% to 8.10%. On Tuesday, another public sector lender, the
Kolkata-headquartered Allahabad Bank reduced their MCLR rate by 0.15% across
maturities. The reduction has brought down the one-year MCLR to 8.30%, as
against 8.45%, effective November 1. SBI shares closed at Rs320.00, up 4.64% on
the NSE. The Total Investment & Insurance
Solutions
Pharma
major Dr Reddy's Laboratories reported a 3.42% drop in net profit during Q2,
primarily due to price erosion in its US market. The net profit during the
quarter ended September was Rs284.90 crore against Rs295 crore in the
corresponding quarter of last year. The revenues at Rs3,546 crore declined by
1% year-on-year but improved 7% over the previous quarter. The revenue growth
in North America, the biggest market, fell by 11% year-on-year to Rs1,431.8
crore from Rs1,613.4 crore in the same quarter last year. The
quarter-on-quarter decline was 4%. Saumen Chakraborty, Chief Financial Officer,
Dr Reddy's told reporters that during the quarter the company had four launches
in North America. As of September 30, cumulatively 103 generic filings are
pending for approval with the USFDA (US Food and Drugs Administration). He said
while there was decline in revenues from North America, there was good
improvement in Pharmaceutical Services and Active Ingredients (PSAI) segment
and also in Indian market. Revenues from emerging markets grew year-on-year
14%, while from the Europe it improved by 37%. He believes that the price
erosion in North America will offset with new product launches. Stating that
the first half of current fiscal saw some good launches, he said the impact of
this could be seen in the next quarter. "We expect some good launches in
the second half," he said. The company’s shares closed at Rs2,360.90, down
2.90% on the BSE.
The
top gainers and top losers of the major Asian indices are given in the table
below: The Total Investment & Insurance
Solutions
 |
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) |
No comments:
Post a Comment