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11
January 2018
I had
mentioned in Wednesday’s closing report that Nifty, Sensex might decline if
they close below Tuesday’s lows. The major indices of the Indian stock markets
were range-bound on Thursday and closed with small gains over Wednesday’s
close. On the NSE, there were 848 advances, 728 declines and 63 unchanged. The
trends of the major indices in the course of Thursday’s trading are given in
the table below: The Total Investment
& Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Optimism
ahead of the release of key corporate earnings drove the Indian equity indices
higher during the mid-afternoon trade session on Thursday. According to market
observers, the IT (information technology) index gained the most among the
sectoral indices, followed by healthcare and Teck indices.
Equity
markets opened flat as investors remained cautious ahead of the release of key
corporate earnings later during the day. Tata Consultancy Services is due to
post December-quarter results later today, followed by Infosys tomorrow.
Lending
major IndusInd Bank on Thursday reported a rise of almost 25% in net profit for
the third quarter (Q3) of 2017-18. According to the lender, its net profit
during the quarter under review rose to Rs936.25 crore -- up 24.72% -- from
Rs750.64 crore reported for the corresponding period of last fiscal. The bank's
net interest income increased by 20% to Rs1,894.81 crore from Rs1,578.42 crore
earned during the corresponding quarter of the previous year. Further, the
lender reported that its net interest margin was "stable at 3.99%"
for the third quarter as against 4% in the corresponding quarter of the
previous year. The non-interest income for the quarter grew by 17% to
Rs1,186.76 crore as compared to Rs1,016.80 crore during Q3 of 2016-17. The
deposit growth of the bank was up 23% y-o-y, while the saving deposit growth
surged by 68%. However, the company's bad loans portfolio increased with the
net NPA (non-performing assets) level at 0.46%, up from 0.39% reported during
the corresponding period of 2016-17 and 0.44% in the second quarter of 2017-18.
"The bank has continued to show a steadfast performance again in this
quarter. All vectors for both topline and bottom line have progressed as per
plan," said Romesh Sobti, Managing Director and CEO, IndusInd Bank. The
bank’s shares closed at Rs1,698.60, down 2.08% on the BSE. The Total Investment & Insurance
Solutions
The
government is considering merger of Miniratna Indian public sector unit
Dredging Corporation of India (DCI) with another listed PSU company Cochin
Shipyard, TV channel BTVI reported citing sources. "The Shipping Ministry
may shelve its earlier plans for strategic disinvestment of Dredging
Corporation of India and is instead considering the possibility of merging the
two PSU companies," BTVI reported on Thursday. The government has already
begun the process of selling its entire stake in DCI. DCI is the only PSU
company in dredging business and could provide cost-effective dredging
solutions at competitive price for government projects to make inland waterways
navigable, and build and modernise ports. DCI shares closed at Rs825.80, down
5.60% on the BSE. Cochin Shipyard shares closed at Rs557.80, up 4.30% on the
BSE.
The
Union cabinet approved the closure of Tungabhadra Steel Products Limited
(TSPL). According to an official statement, the Union cabinet approved the
implementation of an earlier CCEA (Cabinet Committee on Economic Affairs)
decision on closure of TSPL. "It also provides for getting the name
of the company struck off from the Registrar of Companies after setting balance
liabilities of TSPL," the statement said. The CCEA had approved the
closure of the company in December, 2015 after discharging "all dues to
employees or workers and creditors". "Cabinet approved transfer
of plants to Government of Karnataka along with 20,000 square meter land,"
the statement said. "Cabinet also approved selling 82.37 acres of
land of the Company at Hospet to Karnataka Government for use of the Karnataka
State Housing Board."
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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