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22
March 2018
I had
mentioned in Wednesday’s closing report that Nifty, Sensex might head higher if
the day’s lows hold. The major indices of the Indian stock markets were
range-bound on Thursday and closed with small losses over Wednesday’s close. On
the NSE, there were 309 advances, 1,149 declines and 29 unchanged. The trends
of the major indices in the course of Thursday’s trading are given in the table
below:
 |
Major Indices (The Total Investment
& Insurance Solutions)
Key
Indian equity indices traded on a flat-to-negative note during the
mid-afternoon trade session on Thursday with selling pressure observed in
capital goods, banking and auto stocks. The key indices had opened on a higher
note following the US Federal Reserve's raising the benchmark interest rate by
25 basis points, signalling two more rate hikes in 2018. ICICI Bank, Mahindra
and Mahindra, State Bank of India, Wipro and Yes Bank were the top losers on
the BSE.
Market
analysts pointed out that continued foreign institutional investors' fund
inflows will support local equities to trade higher.
Reliance
Infrastructure Ltd (RInfra) on Thursday said it has filed an application in a
North Goa commercial court seeking direction for the payment of the Rs292 crore
arbitration award it has won recently against the state government. "In
its application filed under section 9 of the Arbitration and Conciliation Act,
1996, Reliance Infrastructure Limited has sought the Court's direction to Goa
Government to pay an amount of Rs278.29 crore with interest totalling to Rs292
crore, which was awarded by the Arbitration Tribunal in its award on February
16, 2018," RInfra said in a statement. According to the company statement,
the Tribunal had ordered payment of interest at 15% per annum on the total
award amount if the Government of Goa fails to pay the entire award amount by
April 15, 2018. The development followed RInfra's winning a Rs292 crore
arbitration award in a case against the Goa government heard by a Joint
Electricity Regulatory Commission-constituted tribunal in February. Reliance
Infra shares closed at Rs430.40, down 4.35% on the NSE.
The
CBI on Thursday said that it was questioning the directors of Kanishk Gold Pvt.
Ltd. (KGPL) in connection with its ongoing probe into the alleged defrauding a
consortium of 14 banks led by the SBI to the tune of Rs824 crore. State Bank of
India shares closed at Rs241.55, down 2.62% on the NSE.
The
central government on Wednesday allowed defence communication major ITI Limited
to go in for a "prospectus based" Further Public Offer (FPO) to raise
working capital and to reduce its debt obligations. The development follows
Cabinet Committee on Economic Affairs' approval for a Department of
Telecommunication's proposal to allow ITI Limited to go in for the FPO.
Besides, the CCEA's move will allow ITI Limited to meet Sebi's requirement of
minimum 25% public shareholding. According to the CCEA, the FPO will provide
"the much needed working capital to the company and help it to timely
execute the orders that it has in hand and improve its margins".
"This, in turn, will help in protecting the current employment and
generating more job opportunities in the company particularly in the field of
new telecom technologies," the CCEA said in a statement. As on December
31, 2017, the issued and subscribed equity capital of the company stood at
Rs760 crore (76 crore of equity shares of face value of Rs10 each) out which
92.59% equity is held by the central government. The company is a listed
schedule "A" CPSE, under the administrative control of Ministry of
Communications, Department of Telecommunication. The company’s shares closed at
Rs118.65, up 0.77% on the NSE.
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:
 |
Asian Indices (The Total
Investment & Insurance Solutions)
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