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18
April 2018
I had mentioned in
Tuesday’s closing report that Nifty, Sensex might head higher if they do not go
below Tuesday’s low. The major indices of the Indian stock markets were
range-bound on Wednesday and closed with small losses over Tuesday’s close. On
the NSE, there were 697 advances, 1,041 declines and 307 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)
Breaking a nine-day gaining
streak, the key Indian equity indices closed Wednesday's trade in the red on
the back of selling pressure in banks, consumer durables and auto stocks.The Total Investment & Insurance Solutions
Commercial vehicle major
Ashok Leyland Ltd is expecting a revenue of around Rs 5,100 crore in six years
on the basis of orders in hand from the Indian defence sector, a company
official said on Wednesday. "In the last two years, we have doubled our
turnover from the defence sector. Based on orders in hand from 26 tenders we
won in two years, the company revenue is expected to be around Rs5,100crore,"
its Head-Defence Amandeep Singh told IANS on the sidelines of an event here.
Amandeep Singh said Ashok Leyland was focussed on the vehicles for mobility of
defence personnel or equipment like guns or gun-mounted vehicles in the defence
vertical. He said the potential orders from the defence sector for Ashok
Leyland were worth around Rs14,000crore in 10 years. The official said the
company had won 12 of the 15 tenders for supply of defence equipment. He said
tourism operators were looking with interest at one of the company vehicles
meant for the Indian Army to ferry tourists in deserts, adding that enquiries
have been received for the light specialist vehicle for use on sand dunes in
Dubai. The company’s shares closed at Rs149.40, up 0.23% on the NSE.
Retail gold sales are
noticeably down on the auspicious AkshayaTritiya this year owing to several
factors, said a leading jewellers association chief. Mumbai Jewellers
Federation President RakeshShetty said the reasons for the poor sentiments were
the higher rates of gold compared to 2017 and the global political
developments, including the West Asia crises. "Customers are only making
symbolic purchases in gold coins or very small jewellery items to mark the
auspicious occasion. Barring that, the outlook is not very bright since morning
among the retailers," Shetty said. In 2017, the gold prices hovered around
Rs28,000 per 10 gms, which has now shot up to Rs 32,000 per 10 gms. This has
made customers reluctant to go out shopping for gold. World Gold Council
(India) Managing Director P.R. Somasundaram was more optimistic when he said
that "the gold market is more stable now following the remonetisation of
the economy". With the significantly improved compliance following the
transition to the GST environment and other aspects, "activity points to
the return of positive sentiments", said Somasundaram. He added that the
seasonal wedding demand coupled with online and digital forms of buying gold is
becoming increasingly popular and augur well for sustainable growth compared to
2017. PC Jeweller shares closed at Rs293.80, down 3.95% on the NSE.
Fortis Healthcare said that
it has received "an unsolicited non-binding expression of interest
(EoI)" from Fosun Health Holdings. According to a BSE filing, Fortis
Healthcare's Board of Directors received the EoI from Fosun Health Holdings on
Tuesday for a possible due diligence. Fosun Health Holdings, in its letter to
the company's Board, made an offer of a "primary infusion at a price up to
Rs 156 per share, subject to due diligence to be completed within three weeks,
up to a total investment of $350 million" including a preliminary
investment of up to Rs100 crore.The Total
Investment & Insurance Solutions
The development assumes
significance as on April 14, the company reported that it has received EoI from
IHH Healthcare Berhad for possible due diligence and participation with the
company. The IHH in its letter to the company's Board on April 11, 2018 made an
offer of Rs160 per Fortis share. Besides IHH, Hero Enterprise promoted by Sunil
Munjal and the Burman family had on April 12 offered, in a joint letter, to
invest Rs1,250crore directly in Fortis Healthcare. Munjal said that the fund
infusion "will go beyond addressing the urgent liquidity needs of the
company and help the operations stabilise with immediate effect".
"Our offer is in the best interests of Fortis Healthcare.” The company’s
shares closed at Rs144.85, up 0.24% on the NSE.
Reliance Jiopipped its
rivals in 4G availability and the mobile network operator was able to provide
an LTE signal to testers more than 95% of the time in every single region in
India, a new report said on Wednesday. With a download speed of 6 Mbps, Airtel
emerged as the clear leader in OpenSignal's speed metrics across 4G providers
in the country. London-based OpenSignal, which specialises in
crowdsourced wireless coverage mapping all over the world, said that Jio won
its national 4G availability award by at least 27% points. "Our testers
were able to find an LTE signal on Jio's network 96.4 per cent of the time in
our latest test period, up from 95.6% in our October report," the report
said. "Jio remained the closest contender in overall speed due to its high
level of 4G access. It was able to deliver typical everyday download speeds of
5.1 Mbps in our tests, compared to Airtel's 6 Mbps," it added. Reliance
Industries shares closed at Rs938.00, down 0.69% on the NSE and BhartiAirtel
shares closed at Rs384.25, up 1.10% on the NSE.The Total Investment & Insurance Solutions
The top gainers and top
losers of the major indices are given in the table below:
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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
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Asian Indices (The Total
Investment & Insurance Solutions)
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