Contact Your Financial Adviser Money Making MC
25
April 2018
I had
mentioned in Tuesday’s closing report that Nifty, Sensex continued to trade
higher. The major indices of the Indian stock markets suffered a minor
correction on Wednesday and closed with small losses over Tuesday’s close. On
the NSE, there were 546 advances, 1,194 declines and 309 unchanged. 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)
The
key Indian equity indices traded on a flat-to-negative note on Wednesday
afternoon tracking weakness in the global markets coupled with selling pressure
on oil and gas, banking and capital goods stocks.
Two-wheeler
manufacturer Hero MotoCorp made an upward revision in the ex-showroom prices of
its motorcycles and scooters with immediate effect. "The upward revision
in the prices has been done to partially offset the consistently rising input
costs, including the prices of commodities," the company said in a
statement. "The increase in the prices of the two-wheelers is up to
Rs625. The exact quantum of the increase will vary, basis the model and the
specific market." The company’s shares closed at Rs3,717.20, down 0.20% on
the NSE.
IDFC
Bank reported a decline of 76% in its standalone net profit for the fourth
quarter of 2017-18. According to a BSE filing, the bank's net profit during the
quarter under review declined to Rs41.93 crore from Rs175.95 crore reported for
the corresponding period of the previous fiscal. On a financial year basis, it
reported that its standalone net profit decreased to Rs859.30 crore for the
year ended March 31, 2018 from Rs1,019.73 crore for the previous year. The
bank’s shares closed at Rs47.40, down 0.73% on the NSE.
The
Delhi High Court on Tuesday asked telecom major Bharti Airtel to file response
on a contempt plea moved by rival Reliance Jio, alleging that Bharti's campaign
for IPL violates the previous order. Bharti Airtel shares closed at Rs419.85,
up 2.90% on the NSE and Reliance Industries shares closed at Rs970.50, up
0.20% on the NSE. Also, Bharti Airtel's consolidated net profit for the
January-March (fourth) quarter of 2017-18 dropped by 77.8%, a company statement
said here. The company posted net profit of Rs83 crore for the Q4 of 2017-18
compared to Rs373 crore posted during the corresponding period a year ago. The
net revenue of the company during the quarter stood at Rs19,634 crore, down
10.5% from Rs21,935 crore posted during the corresponding quarter in 2017-18.
The statement said during the quarter mobile data traffic had grown more than
six times to 1,540 billion MBs in the quarter as compared to 225 billion MBs in
the corresponding quarter last year. Mobile broadband customers increased by
79.3% to 76.6 million from 42.7 million in the corresponding quarter last year.
Fortis
Healthcare (FHL) said that it has received two "improved" offers from
IHH Healthcare Berhad and KKR-backed Radiant Life Care. According to a late
night BSE filing on Tuesday, the company said that its board has received a
binding offer from Radiant to buy the healthcare major's Mulund Hospital,
without due diligence and "as a going concern at an enterprise value of
Rs1,200 crore". "This transaction would provide an immediate
liquidity of Rs680 crore for FHL (including proceeds from FHL's 30.04% stake in
RHT, as we believe that RHT would divest Fortis Mulund assets at the appraisal
value of Rs683 crore...)," Radiant's revised offer said. "This offer
presents immediate and guaranteed liquidity to FHL without any equity dilution
of FHL's shareholders." Besides its binding offer, the KKR-backed firm has
also made an independent non-binding proposal. Earlier in the day, the
healthcare major said that it has received an "improved offer" from
IHH Healthcare Berhad to directly invest in the company. Accordingly, IHH made
a binding offer, without the due diligence condition for an immediate
investment of Rs650 crore into the company "... by way of a preferential
issue and allotment of equity shares at a price of Rs160 per share for which
IHH would be given the right to appoint two directors on board," IHH
Healthcare Berhad's Managing Director and Group CEO Tan See Leng said in a
letter to the Fortis board. After the acceptance of its binding offer, IHH has
asked for an immediate access to carry out legal and financial due diligence of
the company. The non-binding aspect of the overall proposal is to invest
Rs3,350 crore with due diligence and other conditions. The new offers were made
a day after the company said that Hero Enterprise Investment Office and the
Burman Family Office have extended the validity of their "improved binding
offer" till May 4, 2018. Fortis Healthcare shares closed at Rs152.65, up
0.33% 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: The Total
Investment & Insurance Solutions
 |
| Asian Indices (The Total Investment & Insurance Solutions) |
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