Contact Your Financial Adviser Money Making MC
7
November 2017
I had
mentioned in our Monday’s closing report that Nifty, Sensex was continuing to
trend up. The major indices of the Indian stock markets suffered a correction
on Tuesday and closed with 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)
A
massive bout of profit bookings in healthcare, consumer durables and banking
stocks subdued the key Indian equity indices during the mid-afternoon trade
session on Tuesday, with the BSE Sensex shedding over 300 points. Selling
pressure in index heavyweights like Lupin, Cipla, Sun Pharma, Tata Steel and
State Bank of India, among others, pulled the benchmarks lower to trade with
substantial losses, market observers said. However, the S&P BSE IT
(information technology) and Teck (media, entertainment and technology) indices
traded with gains. On the NSE, there were 340 advances, 1,100 declines and 37
unchanged.
Piramal
Enterprises Ltd reported a Rs384 crore consolidated net profit for the second
quarter of 2017-18, registering 25% annual growth from Rs306 crore in the same
period of last year. Sequentially, net profit rose 27% in Q2 from Rs306 crore
in the last quarter. In a regulatory filing on the BSE, the city-based
diversified firm of the Ajay Piramal promoted group said consolidated net sales
for the quarter under review at Rs2,536 crore was 29% up from Rs1,966 crore in
the like period of last year and 13% up sequentially from Rs2,254 crore in the
last quarter. "In spite of subdued performance in the industry due to the
introduction of the Goods and Service Tax (GST) from July 1, our consumer
product business grew 20% during the quarter," said the company in a
statement. The company raised Rs5,000 crore through Qualified Institutional
Placement of Convertible Debentures. "We continue to consistently deliver
quarter after quarter. Our loan book has grown at 69% annually to Rs33,261
crore in the quarter, with a healthy asset quality," said the group
Chairman Ajay Piramal in the statement. The company plans to raise up to
Rs2,000 crore through a Rights Issue. The company’s shares closed at
Rs2,707.15, down 2.40% on the NSE.
Tata
Chemicals announced the sale of its phosphatic fertilisers business to IRC
Agrochemicals for Rs375 crore. According to the company, its board of directors
accepted the recommendations of the "Committee of Directors" for
disposal and transfer of the phosphatic fertilisers business by way of a slump
sale. "The transaction would involve transfer of Haldia Plant, trading
business of bulk and non-bulk fertilisers along with immovable, movable
properties, working capital and product brands but excluding outstanding
subsidy amounts". "The lump sum consideration for the transfer
of the phosphatic business of the company by way of a slump sale is Rs375
crore, subject to certain adjustments after closing, as agreed between the parties
in terms of the business transfer agreement (BTA)." The company said that
this divestment is in line with its strategic direction to focus on specialty
chemical and food businesses, while maintaining leadership in inorganic
chemicals and exiting the fertiliser business. Tata Chemicals shares closed at
Rs711.35, down -3.22% on the NSE.
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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