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5
January 2018
I had
mentioned in last week’s closing report that Nifty, Sensex were headed higher.
The major indices of the Indian stock markets were directionless through the
week and closed on Friday with small weekly gains over last Friday’s close. The
trends of the major indices in the course of the week’s trading are given in
the table below:
 |
Weekly Indices (The Total
Investment & Insurance Solutions)
On
Monday, the major indices of the Indian stock markets suffered a correction.
Profit booking along with low volumes and higher crude oil prices depressed key
indices of the Indian equity markets on Monday -- the first trading day of
2018. According to market analysts, selling pressure was witnessed in banking,
auto, metals, oil and gas and IT (information technology) stocks.
Selling
pressure intensified in the last 45 minutes of trade. The indices traded in a
narrow range in the initial part of the session due to lack of any major
domestic and global cues and as most other Asian markets were shut due to the
New Year holiday, observed market analysts.
On
Tuesday, the key Indian equity indices were trading flat compared to Monday’s
close. On the NSE, there were 520 advances, 1,053 declines and 28 unchanged.
Commercial
vehicles major Ashok Leyland Ltd on Tuesday said its sales grew by 79% last
month on a low base. In a statement issued here, the company said it sold
19,253 vehicles last month, up from 10,731 vehicles sold in December 2016. For
the period April-December 2017, the company sold 116,141 vehicles up from
97,445 vehicles sold in December 2016.
State-run
gas transmission utility GAIL India (GAIL) said it has commissioned the
country's second biggest rooftop solar power plant in Uttar Pradesh. The 5.76
megawatt peak (MWp) captive solar plant at its petrochemical complex at Pata
will generate over 79 lakh kilowatt hour (KWh) of electricity, a GAIL statement
said here. "With an expected PLF (plant load factor) of around 15 per cent
annually, over 79 lakh KWh of electricity is targeted to be generated for
captive use of India's largest gas-based petrochemicals plant," it said.
Coal
India Ltd (CIL) reported that it has produced 383.93 million tonnes (mt) during
the April to December period, but missed the target by 6%. However, the
state-run miner achieved a 7.6% growth in off-take to 421.41 mt during the
first nine months of the current fiscal as compared to 391.78 mt during same
period last year. Its off-take for December only stood at 53.44 mt, missing the
target of 53.84 mt for the last month by only 1%. CIL, which had a target to
produce 406.58 mt during the nine month period, clocked a 1.6% growth in
production from 377.77 mt produced in the same period last year, its
provisional data showed.
On
Wednesday, the key indices of the Indian equity market closed on a flat note
after investors booked profits in automobile, healthcare and oil and gas
stocks. On the NSE, there were 1,177 advances, 602 declines and 80
unchanged.
Reliance
Industries (RIL) announced the successful commissioning of the world's largest
1.5 million tonne per annum (MTPA)-capacity ROGC complex at Jamnagar in Gujarat
along with downstream plants and utilities. According to a brokerage report,
monetisation of the ROGC complex, coupled with the petcoke gasification plant,
which was in an advanced stage of commissioning, would boost the EBITDA, or
operating income, of the company. However, RIL "should allow almost a full
year of benefit to flow in fiscal 2018-19. Stabilisation of these projects
would give a big boost to oil and gas earnings over 12-15 months", the
report said.
The
major indices of the Indian stock markets were range-bound on Thursday and
closed with gains over Wednesday’s close. On the NSE, there were 999 advances,
520 declines and 26 unchanged. Positive global cues, coupled with buying in
consumer durables, capital goods and metal stocks, lifted the key Indian equity
indices during the mid-afternoon trade session on Thursday. Index heavyweights
like Tata Steel, Larsen and Toubro, Dr Reddy's Lab, Coal India and State Bank
of India were the top gainers on the BSE.
Global
software major Infosys would pay its new Chief Executive Officer and Managing
Director (CEO & MD) Salil S. Parekh Rs16.25 crore salary per annum, the IT
(information technology) major said on Thursday. In a regulatory filing on the
BSE, the company said in addition to Rs6.5 crore fixed pay and Rs9.75 crore
variable pay, Parekh would get its restricted stock units (RSUs) or shares (Rs5
face value) equivalent to Rs3.25 crore as annual equity grant and annual
performance equity grant worth Rs13 crore, taking the total package to Rs32.5
crore ($5 million) per annum for five years. Parekh's overall annual
compensation ($5 million) is, however, 45% less than the $11.26 million (Rs73
crore) the company paid to Vishal Sikka per annum during his three-year tenure
from August 1, 2014 to August 24, 2017.
The
government on Thursday sought Parliament's approval for additional expenditure
of Rs80,000 crore for recapitalisation of public sector banks. Minister of
State for Finance P.P. Chaudhary tabled the third batch of supplementary demands
for grants for 2017-18 in Lok Sabha on behalf of Finance Minister Arun Jaitley.
The supplementary grants were later tabled in the Rajya Sabha. The additional
expenditure was being sought for meeting "additional expenditure towards
recapitalisation of public sector banks through issue of government
securities". The Union Cabinet had in October approved a Rs2.11 lakh crore
recapitalisation plan for state-run banks in a stimulus package aimed at
boosting economic growth. The government had moved the second batch of
Supplementary Demands for Grants of Rs66,113 for 2017-18 in December.
Key
Indian equity indices on Friday traded at record high levels, as positive
global cues and buying in auto, consumer durables and banking stocks gave a
boost to investors' sentiments. On the NSE, there were 991 advances, 733
declines and 278 unchanged. Sentiments were supported by a positive trend seen
in the Asian markets after the Dow Industrials on the Wall Street broke above
the 25,000-level for the first time overnight, pointed out market analysts.
Taking
the strictest action against Pakistan, the US has announced that it was
freezing most security aid and the delivery of military equipment because
Islamabad continues to shelter terrorists despite several warnings from
President Donald Trump and other leaders. This could lead to colder Indo-Pak
ties and could adversely affect the bull-trends in the Indian stock markets in
the medium term.The Total Investment & Insurance
Solutions
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