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14
February 2018
I had
mentioned in Monday’s closing report that Nifty, Sensex might head higher. The
major indices of the Indian markets suffered a correction on Wednesday and
closed with losses over Monday’s close. Tuesday was a market holiday for
Mahashivaratri. The trends of the major indices in the course of Wednesday’s
trading are given in the table below:
 |
Major Indices (The Total
Investment & Insurance Solutions)
Broadly
positive global markets and bargain hunting lifted the key Indian equity
indices -- S&P BSE Sensex and NSE Nifty50 -- during the morning and
mid-afternoon trade session on Wednesday. However, the market sold off towards
due to a sell-off in banking sector stocks. At 3.30 p.m. the barometer 30-scrip
Sensitive Index (Sensex) of the BSE receded by 144.52 points or 0.42% to
34,155.95 points from Monday's close. The equity markets were closed on
Tuesday. Similarly, the wider Nifty50 of the National Stock Exchange declined by
38.85 points or 0.37% to 10,500.90 points.
Punjab
National Bank, the second largest public sector bank in India, has detected a
$1.8 billion fraud in one of its branches in Mumbai, the bank said in a
regulatory filing to the stock exchanges on Wednesday. "The bank has
detected some fraudulent and unauthorised transactions (messages) in one of its
branch in Mumbai for the benefit of a few select account holders with their
apparent connivance," the filing by the bank said. It had quoted the quantum
of such transactions was to the tune of around $1,771.69 million (around
Rs11,515 crore). The amount of fraudulent transactions is equivalent to eight
times the bank's net income of about Rs1,320 crore ($206 million). This case
has happened at a time when the Indian banking system is already grappling to
tackle its swelling non-performing assets. Bank Nifty closed at 25,341.25, down
1.40% on the NSE.
Bharat
Heavy Electricals (BHEL) on Wednesday said it has bagged an order worth Rs560
crore from NTPC for setting up a system for emission control. BHEL has secured
the order for "supply and installation of the flue gas desulphurisation
(FGD) system from NTPC for 2x490 MW National Capital Power Station at Dadri in
Uttar Pradesh", the company said in a regulatory filing to the BSE.
Previously, BHEL installed the FGD system at Tata Power's Trombay Unit 8 in
2008, and is currently installing FGD systems at NTPC's 3x250 MW Bongaigaon
project, it said. Bhel shares closed at Rs97.60 on the BSE.
Real
estate firm Unitech has reported a consolidated net loss of Rs103.42 crore for
the third quarter of 2017-18. According to the company, its consolidated net
loss during the quarter under review increased to Rs103.42 crore from Rs17
crore loss reported for the corresponding quarter of the previous fiscal.
"The company has entered into various agreements to sell certain land
parcels towards the compliance of the orders of the Honourable Supreme Court of
India," a spokesperson for the company said. "We are also pushing for
recoveries from state governments of West Bengal, Telangana and Andhra Pradesh.
While in the last quarter we have been able to substantially increase the pace
of construction across most of our projects, we will be able to expedite our
construction activity further across all projects once these funds get
released." "The company has raised further working capital in some of
its ongoing projects to meet with the need of the deliveries." Unitech
shares closed at Rs8.15, up 7.24% on the NSE.
Home
textiles firm Welspun India reported a 47.08% fall in its consolidated net
profit to Rs79.51 crore during the third quarter (Q3) of 2017-18 from Rs150.24
crore reported in the Q3 of 2016-17, the company said in a regulatory filing to
the BSE. The company reported a total income of Rs1,414.30 crore during the
quarter under review, down 7.07% from Rs1,521.82 crore earned in the
corresponding period of FY17. The stand-alone net profit of Welspun India stood
at Rs84.77 crore in Q3, FY18, down 29.18% from Rs119.69 crore reported in Q3,
FY17. Welspun India shares closed at Rs67.90, down 5.37% on the BSE.
The
top gainers and top losers of the major indices are given in the table below: The Total Investment & Insurance Solutions
 |
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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