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16
February 2018
I had
mentioned in last Friday’s closing report that Nifty, Sensex might rally this
week. The major indices of the Indian stock markets were volatile during the
week and closed with minor gains/ losses on Friday over last Friday’s close.
The Bank Nifty closed in the red on Friday on a weekly basis due to the
volatility, after news about the PNB loan scam came out. The trends of
the major indices in the course of the week’s trading are given in the table
below: The Total Investment &
Insurance Solutions
 |
Weekly Indices (The Total
Investment & Insurance Solutions)
The
major indices of the Indian stock markets rallied on Monday and closed with
gains over Friday’s close. On the NSE, there were 1,252 advances, 296 declines
and 26 unchanged. The Total Investment & Insurance
Solutions
BSE
Sensex and Nifty opened on a positive note after Asian Indices opened in green.
Broadly positive Asian indices, coupled with buying in capital goods, auto,
healthcare and metal stocks pushed the key Indian equity indices higher.
Telecom
services provider Bharti Airtel on Monday said that it has tied up with
streaming platform Hotstar to bring digital content to its customers.
"This will further expand Airtel TV app's wide range of offerings and
expand the footprint for Hotstar's content across Airtel's large mobile
customer base," the telecom service provider said in a statement.
According to the company, all content on Airtel TV app will be free for its
prepaid and post-paid customers on a promotional basis till June 2018. Sameer
Batra, CEO-Wynk, Airtel said that Hotstar's "rich content library will add
immense value to our content play and add to the user experience." The
statement added that the Hotstar catalogue available to Airtel TV users will
include shows from channels across multiple genres, popular movies and shows in
Hindi and regional languages, along with access to sports content and live
matches. The Total Investment & Insurance
Solutions
On
Tuesday, the Indian stock markets were closed for trading on account of
Mahashivaratri. The Total Investment & Insurance
Solutions
The
major indices of the Indian markets suffered a correction on Wednesday and
closed with losses over Monday’s close. 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.
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. The Total Investment & Insurance Solutions
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.
The
major indices of the Indian stock markets rallied on Thursday and closed with
gains over Wednesday’s close. On the NSE, there were 372 advances, 1,174
declines and 38 unchanged. The Total
Investment & Insurance Solutions
Positive
global cues, coupled with buying in metals, banking and information technology
stocks, pushed the key Indian equity indices higher during the mid-afternoon
trade session on Thursday. Index heavyweights like ICICI Bank, Infosys, Yes
Bank, HDFC and State Bank of India added to the upward trajectory of the key
indices. The Total Investment & Insurance
Solutions
Shares
of the Punjab National Bank (PNB) on Thursday continued to slump for a second
consecutive day after a $1.8 billion fraud was detected in one of its branches
in Mumbai. Around 2 p.m., the scrips of the bank declined by 7.17% to trade at
Rs135.35 per share, less by Rs10.45 from the previous close at Rs145.80. Stocks
of jewellery companies like Gitanjali and PC Jewellers too declined after
authorities blamed billionaire diamond trader Nirav Modi for the fraud. Stocks
of Gitanjali Gems plunged over 18%, while those of PC Jewellers fell over 5.33%
on the BSE. The Total Investment & Insurance
Solutions
Passenger
carrier Jet Airways on reported a fall of 45.86% in its standalone net profit
for the third quarter of 2017-18. According to the company, its net profit
during the quarter under review fell to Rs165.25 crore from Rs305.20 crore
reported for Q3 of 2016-17. However, the company's total income rose nearly 7%
during the period ended December 31, 2017 to Rs6,349.34 crore from Rs5,940.63
crore earned in the corresponding quarter of 2016-17. On a consolidated basis,
Jet Airways Group reported a net profit of Rs186 crore for the third quarter of
FY18 against a net profit of Rs299 crore for Q3 FY17. The company said that its
net profit of Rs299 crore for Q3 FY17 "included a profit of Rs327 crore on
account of sale and leaseback of aircraft."
State-run
Allahabad Bank on reported a net loss of Rs1, 263.79 crore for the quarter
ended December 31, 2017, as compared to a net profit of Rs75.26 crore in the
year-ago period. The net loss was due to a massive increase in provisions to
cover rising bad loans. During the third quarter this fiscal, the bank's
provisions for non-performing assets rose over 150% over last year to
Rs2,044.23 crore as against Rs795.82 crore for the same period last fiscal.
Asset quality of the lender worsened further in the quarter under review as
Gross non-performing assets in absolute terms increased by 21.84% to
Rs23,260.81 crore.
Key
Indian equity indices on Friday traded in the negative territory during the
mid-afternoon session on the back of selling pressure in auto, banking, metals,
capital goods and consumer durables stocks. At the time of close of trading,
the correction in the major indices was around 0.80%-1% over Thursday’s close.
Two
days after the $1.8 bn fraud in Punjab National Bank (PNB) broke out, the
government on Friday suspended passports of Nirav Modi and Mehul Chinubhai
Choksi for four weeks. The CBI on Friday registered an FIR against the
Gitanjali Group of companies based on a complaint registered by the Punjab
National Bank in a multi-crore fraud case, sources said.
Reliance
Communications (RCOM) shareholders approved the resolution to monetise the
spectrum, towers, fibre, telecom infrastructure and other assets with
overwhelming majority of 99.91 per cent, a regulatory filing by the company
said on Friday. "RCOM's asset monetisation is proceeding on fast track to
close by March 2018, subject to lenders' consents and other regulatory
approvals. Post monetisation, the debt and liabilities of the company will
reduce by Rs 25,000 crore by prepayment of debts and transfer of Department of
Telecommunications' Spectrum Instalments," the company said. It added that
RCOM's continuing operations would comprise stable and profitable B2B focused
businesses, including Indian and Global Enterprise, Internet Data Centres and
"the largest private submarine cable network in the world."The Total Investment & Insurance Solutions
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