Contact Your Financial Adviser Money Making MC
10
November 2017
I had
mentioned in last Friday’s closing report that Nifty, Sensex might come under
some selling pressure. The major indices of the Indian stock markets suffered a
minor correction during the week and closed with losses on Friday over last
Friday’s close. The trends of the major indices in the course of the week are
given in the table below: The Total
Investment & Insurance Solutions
 |
| Weekly Indices (The Total
Investment & Insurance Solutions) |
Key
Indian equity indices, which opened on a flat note, traded at fresh highs on
Monday with robust buying in consumer durables and automobile stocks. According
to market observers, buying in index heavyweights like ONGC, Mahindra and
Mahindra, Tata Motors, Maruti Suzuki and Tata Consultancy Services, among
others, aided in the upward trajectory of the benchmark indices. On the NSE,
there were 714 advances, 736 declines and 41 unchanged.
Public sector Indian Bank on Monday said it
closed the second quarter which ended on September 30 with 11.45% growth in its
net profit over the comparable period in the previous fiscal. In a statement
here, Indian Bank said it posted a net profit of Rs451.54 crore for the
quarter, up from Rs405.15 crore in the quarter that ended on September 30,
2016. The bank's total income for the quarter was Rs4,874.17 crore, up by 6.45%
over Rs4,579.02 crore for the quarter ended on September 30, 2016. The Total Investment & Insurance
Solutions
Reliance
Communications (RCOM) on Monday entered into a binding Memorandum of
Understanding with Veecon Media and Television Limited, for sale of its
subsidiary Reliance BIG TV Limited (RBTV), engaged in the business of Direct to
Home (DTH) services across India, a company statement said here. Pursuant to
the transaction, the buyer will acquire the entire shareholding of RBTV with
business on "as-is where-is" basis, along with all existing trade
liabilities and contingent liabilities, the statement said. The existing DTH
licence of BIG TV shall be renewed with the submission of the required bank
guarantees with the Ministry of Information and Broadcasting by the
buyer.
A
bout of profit bookings in healthcare, consumer durables and banking stocks
subdued the key Indian equity indices 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.
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.
Short-covering, along with positive Asian
markets and buying in pharmaceuticals’ stocks led the key domestic equity
indices to trade on a flat-to-positive note during the noon session on
Wednesday. According to market observers, buying support was witnessed for the
banking, IT (information technology) and capital goods counters, whereas
selling was seen in consumer durables, metals and oil and gas stocks. As the
trading session came to its conclusion the gains were not sustained and there
were small losses over Tuesday’s close for the major indices. On the NSE, there
were 429 advances, 989 declines and 38 unchanged. The Total Investment & Insurance Solutions
Public sector Indian Overseas Bank (IOB) said
it closed the second quarter of the current fiscal with a higher net loss of
Rs1,222.50 crore, up from Rs765.13 crore posted during the corresponding
quarter of the previous year. In a regulatory filing in the BSE, the bank also
said its total income stood at Rs5,610.35 crore for the quarter ended September
30, 2017 down from Rs5,961.62 crore for the same quarter last year. The bank's
gross and net non-performing assets (NPA) as on September 30, 2017 stood at
Rs34,708.59 crore and Rs18,949.55 crore respectively against a Rs34,724.12
crore and Rs20,765.31 crore respectively in the same quarter last year. The Total Investment & Insurance
Solutions
Selling pressure in healthcare, auto and
capital goods counters suppressed the key Indian equity indices during the
mid-afternoon trade session on Thursday. Trading was listless through most of
the trading day and major indices ended flat over Wednesday’s close. On the
NSE, there were 862 advances, 635 declines and 109 unchanged. The Total Investment & Insurance
Solutions
Auto
components major Bharat Forge reported a 60.5% jump in its standalone net
profit to Rs203.72 crore for the quarter ended September 30, as compared to
Rs126.89 crore in the year-ago period. Its total revenue during the quarter
under review stood at Rs1,258 crore, up by 41.2% from Rs890.9 crore in the
year-ago period. "The company's performance in Q2 FY18 has been strong
with all round growth across domestic and export business. Total revenue grew
by 41.2% driven by 26% growth in domestic revenues and 56% growth in export
revenues," said its Chairman & Managing Director B.N. Kalyani.
On Friday, the major indices of the Indian
stock markets were range-bound and closed with small gains over Thursday’s
close. Key Indian equity indices traded lower during Friday's mid-afternoon
session on the back of negative global cues, coupled with a weak rupee and
selling pressure in automobile, metal and oil and gas stocks. Index
heavyweights like Tata Motors, Sun Pharma, Adani Ports and Asian Paints, among
others, traded in the red. According to market observers, investors traded on a
cautious note ahead of the GST (Goods and Services Tax) Council's decision on
tax rates. However, by the close of trading the major indices recovered
to close with small gains. The Total
Investment & Insurance Solutions
