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9 May
2018
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were in no man’s land.
The major indices of the Indian stock markets were range-bound on Wednesday and
closed with small gains over Tuesday’s close. On the NSE, there were 701
advances, 1,006 declines and 335 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
The
key Indian equity indices traded in a flat-to-positive note on Wednesday, even
though rupee turned weaker and oil prices rallied. According to market
analysts, the decline in major Asian equity markets and US President Donald
Trump's decision to pull out of the 2015 Iran nuclear did not deter the bulls.
Buying in capital goods, consumer durables and IT (information technology)
stocks supported the indices. The Total
Investment & Insurance Solutions
The
International Monetary Fund (IMF) reaffirmed on Wednesday that India will be
the fastest growing major economy in 2018, with a growth rate of 7.4% that
rises to 7.8% in 2019 with medium-term prospects remaining positive. The IMF's
Asia and Pacific Regional Economic Outlook report said that India was
recovering from the effects of demonetisation and the introduction of the Goods
and Services Tax and "the recovery is expected to be underpinned by a
rebound from transitory shocks as well as robust private consumption."
Medium-term consumer price index inflation "is forecast to remain within
but closer to the upper bound of the Reserve Bank of India's
inflation-targeting band of 4% with a plus or minus 2% change, the report said.
However, it added a note of caution: "In India, given increased inflation
pressure, monetary policy should maintain a tightening bias." It said the
consumer price increase in 2017 was 3.6% and projected it to be 5% in 2018 and
2019. "The current account deficit in fiscal year 2017-18 is expected to
widen somewhat but should remain modest, financed by robust foreign direct
investment inflows," the report said. This is likely to reflect in the
long term bullish trend of the Indian stock markets.
State-run
Indian Oil Corp (IOC) has kept prices of transport fuel unchanged since April
24, temporarily suspending the dynamic pricing regime and despite a rise in
international rates, to avoid panic among consumers, IOC Chairman Sanjiv Singh
said. Speaking to reporters here on the sidelines of the launch of bids for City
Gas Distribution (CGD) licenses, Singh said the decision is based on the belief
that current global prices "are not supported by fundamentals."
"We have decided to temporarily moderate retail prices by not passing on
the required increase as we believe the current international oil product
prices are not supported by fundamentals. So we have decided to wait for a
while," Singh said. "Passing them on to consumers will unnecessarily
create panic," he said. The price of petrol per litre, on Tuesday, was Rs74.63
and diesel was at Rs65.93 -- rates of both have remained unchanged since April
24. IOC shares closed at Rs167.00, up 0.24% on the BSE. The Total Investment & Insurance Solutions
As
India’s iconic Hero Cycles makes inroads into the UK and European markets with
the launch of 75 bikes under its new "Insync" brand, the world’s
biggest bicycle manufacturer aims to grow by over 60% over the next four years,
says Sreeram Venkateswaran, head of the company’s UK operations. He said that
from a $800-850 million company (across all its businesses, including
automotive), it is poised to become $1.3 billion to $1.4 billion company by
2022, with Europe and bicycles being an "extremely important
component" of that growth story. Sreeram told IANS in an interview that
with the launch of the Insync brand, the company not only aims to penetrate the
mid-premium segment of the European market but also transform the way it caters
to the Indian market. Hero MotoCorp shares closed at Rs3,657.35, up 0.02% on
the BSE.
ABB
India reported a 14% rise in its net profit to Rs102 crore in the quarter ended
March 31, 2018, as compared to Rs90 crore in the year-ago period. Its revenue,
during the quarter under review, increased 17% compared to the prior year
period to Rs2,525 crore. All divisions reported growth in revenues and the
increase in revenue is also supported by the large HVDC project of
Raigarh-Pugalur (RP) 800, which is starting to mature in its execution cycle,
the company said. "Cost savings, positive volume growth and higher
absorption contributed to the robust growth in operational EBITA for the
quarter," it said in a statement. Total orders during the first quarter of
2018 rose 10% year-on-year to Rs2,582 crore. The quarter posted the highest
growth in orders for the first quarter period in the last five years," it
said. ABB Managing Director Sanjeev Sharma said: "Significant uptrend in
revenue, increased orders and profits reflect customers' preference for our
digital and innovative offerings and deep domain knowhow, supported by our
expansive manufacturing and service footprint." Ongoing growth in
service and export orders played a significant role in bolstering the order
book. The company’s shares closed at Rs1,272.00, down 0.78% on the BSE.
Food
service company, Jubilant FoodWorks (JFL) reported a rise in its net profit for
the fourth quarter of 2017-18. According to Jubilant FoodWorks, its profit
after tax in the quarter under review increased to Rs68.06 crore from Rs6.71
crore reported for the like period of the previous fiscal. "The strong
performance in Q4 FY 18 was driven by the continued success of All New Domino's
product upgrade rolled out in August and the traction of the Every Day Value
pricing that provides customers attractive value for money," the company
said in a statement. "In addition, strong growth in online sales
also contributed to overall growth, with online sales now contributing to 63%
of delivery sales." Besides, the company's net profit for 2017-18 rose by
206.91% to Rs206.4 crore from Rs67.25 crore over FY17. Commenting on the result,
the company's CEO and Whole time Director Pratik Pota said: "Our key
strategic initiatives undertaken in the past one year such as the launch of All
New Domino's, Every Day Value and sharp focus on Digital sales drove strong
growth for us..." The company's Board recommended a dividend of Rs5 per
equity share of Rs10 each fully paid up for the financial year ended March 31,
2018 on existing share capital of the company subject to approval of the
shareholders in annual general meeting. JFL shares closed at Rs2,556.05, down
0.17% on the BSE. The Total Investment & Insurance
Solutions
The
top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices
are given in the table below: The Total
Investment & Insurance Solutions
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Major Indices (The Total
Investment & Insurance Solutions)
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