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15
February 2018
I had
mentioned in Wednesday’s closing report that Nifty, Sensex were building a base
to head higher. 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 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)
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
On
Wednesday, PNB -- the second largest public sector bank in India - informed the
stock exchanges through a regulatory filing that it has detected a $1.8 billion
fraud in one of its branches in Mumbai. In the filing, PNB put the quantum of
fraudulent transactions at $1,771.69 million (around Rs11,515 crore), which is
equivalent to eight times the bank's net income of about Rs1,320 crore ($206
million).
The Total Investment & Insurance Solutions
India's
annual rate of inflation based on wholesale prices eased to 2.84% in January
from 3.58% in December 2017, official data showed here on Thursday.
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". "The process to
rationalise our cost structure is an ongoing one and will continue. Jet Airways
shares closed at Rs756.15, down 5.89% on the BSE. The Total Investment & Insurance
Solutions
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 term increased by 21.84% to Rs23,260.81
crore. Allahabad Bank shares closed at Rs54.95, down 2.31% on the BSE.
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 below: The Total Investment & Insurance
Solutions
 |
Asian Indices (The Total
Investment & Insurance Solutions)
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