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23
November 2017
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were on course to head
higher. The major indices of the Indian stock markets were range-bound on
Wednesday and closed with gains over Tuesday’s close.The Total Investment & Insurance
Solutions
Key
Indian equity indices on Wednesday provisionally closed in the positive
territory as higher auto stocks buoyed investors' sentiments. However, profit
booking in metals and healthcare sectors capped gains. According to market
observers, index heavyweights on the BSE like State Bank of India, Adani Ports,
HDFC, Mahindra and Mahindra, and Asian Paints drove the upward rally of the
indices. The Total Investment & Insurance
Solutions
Leading
Indian private lender Yes Bank said it was raising $400 million (Rs2,600 crore)
through two syndicated loans from Taiwan and Japan. "The first loan of
$250 million is from 17 Taiwanese banks and second (Samurai) loan of $150
million from 8 Japanese banks," said the bank in a statement here. The
Mumbai-based bank has tied up a 5-year commercial loan in a syndication led by
CTBC Bank, Bank of Taiwan, Mega International Commercial Bank and Land Bank of
Taiwan. "The syndication for an initial size of $200 million, with a
green-shoe option saw a total subscription of $355 million from 13 banks
besides the four mandated lead arrangers," noted the statement. The issue
was closed with the loan upsized to $250 million. "This is our second
strategic loan syndication transaction in Taiwan after a maiden transaction in
2016 for a 5-year $130-million syndicated loan from 10 banks, including the
lead arrangers - CTBC Bank and Taiwan Cooperative Bank," said the
statement. The raising of maiden Samurai loan for one year was led by Bank of
Tokyo Mitsubishi UFJ as lead arranger and book runner. The issue was closed
with over-subscription, with participation by 8 Japanese banks. "Our
maiden Samurai transaction in Japan and strategic syndications in Taiwan
demonstrate our ability to tap varied resource pools at competitive
prices," said Yes Bank Chief Executive Rana Kapoor on the occasion. As the
fifth largest private bank, the bank operates in 29 states and seven Union
Territories across the country. Yes Bank shares closed at Rs309.85, down 0.69%
on the BSE. The Total Investment & Insurance Solutions
FMCG
(fast moving consumer goods) major Dabur India said it has cut prices of
existing stocks across categories such as shampoos, skin care and home care by
9% as an act of passing on the benefits of the recent reduction in GST rates to
the consumer. The FMCG major made the announcement a day after the Central
Board of Excise and Customs (CBEC) Chairperson wrote to the Fast Moving
Consumer Goods (FMCG) companies asking them to follow the revised maximum
retail price (MRP) rate list as per the recent tax reduction by the GST Council
last week. Dabur India in a statement said it had last weekend conveyed the
price revision to all its trade and business associates and directed them to
pass on the benefits to the end consumer with immediate effect. "The
company is passing on the benefits on existing stocks by providing primary
discount of 9% to its trade partners. In accordance with the GST laws, we had
last week communicated to all our business and trade associates directing them
to start charging the revised lower GST rates, wherever applicable, on all
existing stocks," said Lalit Malik, Chief Financial Officer of Dabur
India. "We have also directed them to pass on the GST benefit to the end
consumer," said Malik. The company said it had also revised downwards the
MRPs of fresh production with immediate effect and these stocks would hit the
shelves by next month. According to the company, the average price reduction
across categories, covering shampoo, home care and skin care, range between
8%-10%. "The revision in GST rates is a welcome move and we feel it will
help boost consumer and business sentiments," Malik added. Dabur India’s
shares closed at Rs337.90, down 0.44% on the BSE.
State-run
explorer Oil and Natural Gas Corp (ONGC)'s overseas arm ONGC Videsh Ltd (OVL)
on Tuesday said it has acquired 15% stake from UK's Tullow Oil in an oil block
in Namibia. "This is OVL's second acquisition in as many months in the
African nation," a company statement said here. OVL said its indirect
subsidiary ONGC Videsh Vankorneft Pte Ltd (OVVL)) had signed binding agreements
with Tullow Namibia Ltd, a wholly owned subsidiary of Tullow Oil Plc, for
buying the 15% participating interest in Namibia Petroleum Exploration License
(PEL) 30, covering Block 2012A. "The licence is currently under First
Renewal Exploration Period and the joint venture partners are carrying out data
evaluation for identifying a drill prospect," the statement said. Eco Oil
and Gas Namibia Ltd, Azimuth Namibia Ltd and National Petroleum Corp of Namibia
are the other partners in the licence. In October, OVL had acquired from Tullow
30 per cent stake in PEL-37 covering three offshore blocks. The latter held 65
per cent interest in PEL-37 while Pancontinental Namibia Ltd held 30% and the
remaining 5% is with Paragon Oil and Gas. OVL said: "Eco is the operator
of PEL-30 and Tullow will acquire another 15% participating interest from Eco
to assume operatorship." ONGC shares closed at Rs180.75, down 0.06% on the
BSE.
Car
maker Honda Cars India hopes to close this fiscal with 17% growth in volumes
sales and will launch six models over the next three years, said a senior
official. "Between April and October 2017, we sold 105,503 units logging
l7% volume growth. We hope to retain the same growth percentage for the whole
year," Jnaneswar Sen, Senior Vice President-Marketing and Sales, told
reporters here. Last fiscal, Honda Cars India sold around 157,000 units.
According to Sen, the company would also launch six models - upgrading existing
models and new ones - over the next three years. He said the company will
expand its distribution network to 360 outlets from the current 348 by the end
of this fiscal. Sen added that India had become the leading car market for
Honda in the Asia Oceania region -excluding Japan and China - in 2017.
According to him, Honda Cars India exports a good volume of components and
engines out of India to 16 countries. "Last fiscal we exported Rs 1,140
crore worth of automobile components like crank shafts, forgings, manual transmissions
and others." Sen said the company had started exports of 1.6 litre diesel
engines to Thailand from its Rajasthan plant. "Our car exports are small.
Around 5,000 units a year," Sen said. Sen said the company's two plants -
one in Greater Noida in Uttar Pradesh and the other in Tapukara in Rajasthan -
with a total capacity of 240,000 units per annum had a capacity utilisation of
around 77%. Speaking of the company's Amaze model sales, Sen said it was
slowing down as the entry level sedan segment itself was on the decline. The S
& P BSE Auto closed at 25,290.61, up 0.30% on the BSE.
The
top gainers and top losers of the major indices are given in the table below: The Total Investment & Insurance Solutions
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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
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| Asian Indices (The Total Investment & Insurance Solutions) |
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