Contact Your Financial Adviser Money Making MC
28
March 2018
I had
mentioned in Tuesday’s closing report that Nifty, Sensex bulls might have to
struggle. The major indices of the Indian stock markets suffered a
correction on Wednesday and closed with losses over Tuesday’s close. On the
NSE, there were 567 advances, 1,176 declines and 283 unchanged. The trends of
the major indices in the course of Wednesday’s trading are given in the table
below: The Total Investment & Insurance Solutions
 |
| Major Indices (The Total Investment & Insurance Solutions |
Key
Indian equity indices traded on a lower note during the mid-afternoon session
on Wednesday following negative global peers, along with selling pressure in
metals, banking and healthcare stocks. According to market observers, investors
traded on a cautious note ahead of March derivatives expiry. US stocks had
already fallen sharply on Tuesday on the back of losses in technology names,
pointed out market analysts.
The
Reserve Bank of India (RBI) has announced special measures for transaction of
central and state government business by banks handling government accounts on
March 31 in view of the closing of the financial year on that day. In a release
late on Tuesday, the RBI also said special arrangements have been made to conduct
special clearing operations on March 31 in order to facilitate government
receipts and payments.
Currency
markets showed some movements, which could later be important for foreign
institutional investors investing in Indian stock markets. Amid rising tensions
over a global trade war, the US dollar has witnessed intense selling pressure
over the last two weeks. Currencies such the euro, Swiss franc and the Canadian
dollar have all rallied versus the greenback, but it is the cable, the British
Pound (GBP), which has seen the steepest gains.
Indian
biotech major Biocon on Wednesday said the biosimilar insulin glargine it
co-developed with US drug major partner Mylan received approval from the
European Commission and the Australian regulatory body for marketing it
globally. "Our co-developed insulin glargine Semglee has received
marketing approval of the European Commission on the recommendation of the
committee for medicinal products for human use of the European Medicines
Agency," said the city-based pharma company here. The Australian
regulatory body Therapeutic Goods Administration (TGA) also approved the
insulin in a pre-filled pen for diabetics in that country. The Pennsylvania
headquartered Mylan is an American global generic and specialty pharma firm registered
in the Netherlands, with a presence at Hatfield in Britain's Hertfordshire
county. Bicon shares closed at Rs594.25, down 1.41% on the BSE.
Fortis
Healthcare has announced plans to demerge its hospitals business (Fortis
Hospitals) into Manipal Hospital Enterprises Private Limited (Manipal
Hospitals). According to a statement issued on late Tuesday night, the company
said that the proposed transaction is subject to shareholders' approval,
creditor's approval, applicable regulatory approvals (including Competition
Commission of India, SEBI, stock exchanges and National Company Law Tribunal
(NCLT)) and other customary conditions precedent. The company's board has also
approved sale of its 20% stake in SRL Limited (SRL) to Manipal Hospitals.
"The resultant entity Manipal Hospitals will be a publicly traded company
listed on NSE and BSE. The remaining FHL will be an investment holding company
with 36.6 per cent stake in SRL," the statement said. "As part of the
proposed transaction, Dr. Ranjan Pai and TPG will invest RS 3,900 crore into
Manipal Hospitals." As per the statement, the funds will be utilised by
Manipal Hospitals to "finance the acquisition of 50.9% stake in SRL (20.0%
from FHL and 30.9% from other investors for which discussions are currently
underway)". Fortis Healthcare shares closed at Rs123.40, down 13.37% on
the BSE.
Automobile
major Mahindra & Mahindra said that it will form a joint venture company in
Sri Lanka with Ideal Motors. According to the company, its proposed investment
is subject to the RBI's approvals. "The company today has agreed to enter
into a joint venture agreement with Ideal Motors (Sri Lanka)
("Ideal") to form a joint venture company in Sri Lanka
("NewCo") and subscribe or acquire up to 35% of the share capital of
NewCo with the remaining proposed to be held by Ideal or any of its
affiliates," M&M said in a regulatory filing to the BSE. "The
proposed investment is subject to the requisite RBI approvals." The filing
said that M&M's investment in the new company will not be more than 25
crore Sri Lankan rupees. The JVC will be formed for the purpose of assembly of
vehicles in Sri Lanka. Mahindra & Mahindra shares closed at Rs745.00, up
0.03% 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) |
No comments:
Post a Comment