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30
January 2018
I had
mentioned in Monday’s closing report that Nifty, Sensex were on an uptrend. The
major indices of the Indian stock markets suffered a correction on Tuesday and
closed with losses over Monday’s close. On the NSE, there were 334 advances,
1,202 declines and 29 unchanged. 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)
Weak
global cues coupled with selling pressure in consumer durables, banking and IT
(information technology) stocks pulled the key Indian equity indices lower on
Tuesday. The Total Investment & Insurance
Solutions
State-run
India Oil Corp (IOC) on Tuesday declared a near doubling in its net profit at
Rs7,883.22 crore for the third quarter ended in December over the same period
last year, mainly on the back of higher sales. The company had reported a net
profit of Rs3,994.91 crore in the same quarter of the last fiscal. The
rise was even sharper sequentially with the oil marketing company (OMC) posting
a profit after tax of Rs3,696 crore in the previous quarter. IOC's
revenue for the quarter in consideration increased to Rs1,30,865 crore as
compared to Rs1,15,630 crore in the corresponding quarter of 2017, the company
said in a stock exchange filing following a meeting of its board of directors.
The OMC posted a higher gross refining margin (GRM), on converting each barrel
of crude to petroleum products, for the April-December period of the fiscal at
$8.28 per barrel as against the GRM of $7.36 for the same nine months of 2017.
The refiner said it has accounted for a lower budgetary support of Rs2,249.92
crore for the first nine months of the current fiscal (April-December),
compared to Rs3,879.73 crore received in the corresponding period of 2017.
Indian Oil said that during the first quarter it settled its liability for
entry tax in Haryana. The company’s shares closed at Rs416.25, up 4.09% on the
NSE. The Total Investment & Insurance
Solutions
CK
Birla Group's Birlasoft and KPIT will merge to create a $700 million company,
which will later demerge into two separate IT entities focused on "digital
business IT services" and "automotive engineering and mobility
solutions". A statement released late on Monday said the new
"Birlasoft" -- one of the two specialised companies that will be
created at the conclusion of the deal -- would be a $500 million digital
business IT services company. It said the new Birlasoft will be created by
merging the KPIT ITSS (information technologies solutions and services)
business with the current Birlasoft and will be led by Anjan Lahiri as the CEO
and MD. According to the statement, the new "KPIT Technologies" will
be a $200 million focused engineering services company that will be created by
tapping into the current engineering business of KPIT to create a global leader
in automotive engineering and mobility solutions, and will be led by Kishor
Patil as the CEO and MD. "This company will deepen the relationship with
global automotive and mobility leaders in fulfilling their engineering needs.
"The company will continue to enhance its expertise in all the
features to deliver cleaner, safer and smarter solutions to the world of
automotive and mobility," it said. The statement said during the period
prior to the completion of the deal, Birlasoft and KPIT will continue to be run
by their current managements, in addition to which management from both the
companies will work together to familiarise Birlasoft with the ITSS business.
KPIT shares closed at Rs219.35, up 4.73% on the NSE. The Total Investment & Insurance Solutions
Housing
finance major HDFC said that its standalone net profit during the third quarter
of 2017-18 increased to Rs5,670 crore. According to the company, its standalone
net profit during the quarter under review included the proceeds from the IPO
of HDFC Life. The company had reported a net profit of Rs1,701 crore for the
corresponding period of the previous fiscal. "In the quarter ended
December 31, 2017, the Corporation received Rs5,250 crore (net of estimated
expenses, which are yet to be fully crystallised) from the initial public offer
(IPO) of HDFC Standard Life Insurance Company Limited (HDFC Life)," HDFC
said in a statement. "The Corporation also created an additional
special provision (as a charge to the statement of profit and loss) of Rs1,575
crore, being 30% of the pre-tax gains on this transaction, thereby building an
additional buffer against any unexpected risk in the future." The
company’s shares closed at Rs1,937.50, down 1.50% on the NSE. The Total Investment & Insurance Solutions
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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