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28
May 2018
The
major indices of the Indian stock markets rallied on Monday and closed with
gains over Friday’s close. On the NSE, there were 1,260 advances, 493 declines
and 311 unchanged. Buying was observed in capital goods, banking and oil and
gas stocks. The trends of the major indices in the course of Monday’s trading
are given in the table below: The Total
Investment & Insurance Solutions
Ratings
agency ICRA downgraded the Airline major Jet Airways' credit rankings to junk
status on the back of a net loss reported for 2017-18. The airline's long term
rating assigned to "Long term Loans" and "Non-Convertible
Debentures" was revised to lCRA BB+ (negative outlook) from ICRA BBB-
(negative outlook). BB+ Rating is just below the investment grade rating of
BBB-. It is considered as highest junk rating. According to a BSE filing made
on Monday, the company said that ICRA has revised its short term rating to
"ICRA A4+" from "ICRA A3". However, thanks to falling oil
prices, Jet Airways shares closed at Rs434.45, up 7.27% on the NSE. The Total Investment & Insurance Solutions
The
New Delhi Municipal Council has announced the e-auction of three premium hotels,
including Taj Mansingh, for a licence period of 33 years. The last date for
submission of bids for Taj Mansingh, with 292 rooms, The Connaught, with 85
rooms and Hotel Asian International, with 38 rooms, is June 7 and the auction
will be conducted on June 19, 20 and 21, respectively. The e-auction will be
conducted through MSTC, a government company. The Indian Hotels Company shares
closed at Rs142.55, up 4.32% on the NSE. The petrol price in the country's
financial capital of Mumbai breached the Rs86-a-litre mark on Monday as fuel
prices across the country increased for the 15th day in a row after the
resumption of the dynamic pricing system on May 14.
Tamil
Nadu Deputy Chief Minister O. Panneerselvam on Monday said here that the
government will take necessary steps to permanently shut down the copper
smelter plant of Vedanta Ltd, popularly known as Sterlite Copper. However,
Vedanta shares closed at Rs253.50, up 0.68% on the NSE.
Industry
chambers Confederation of Indian Industry (CII) on Monday said that it expects
India's economy to grow at 7.3%-7.7% in 2018-19 on the back of "sustained
structural reforms", recovery in global markets and a normal monsoon. The
industry body in a statement said that "sustained structural reforms"
have led to a rebound in the country's economy as businesses across several key
sectors experience firm growth trends. "The impact of sustained structural
reforms is now being felt on the ground as a mammoth economy is turning
around," CII President Rakesh Bharti Mittal was quoted as saying in a
statement. The Total Investment & Insurance
Solutions
National
Aluminium Company Ltd (NALCO) on Sunday said it is preparing a game-changing
business model that will bring an additional Rs935 crore net profit to the
company. "The model provides for focusing operation of Utkal-D coal block,
commissioning of 1 million tonne alumina refinery, setting up of Wire Rod Mill
3, bringing into stream Caustic Soda Plant and others," said NALCO
Chairman-cum-Managing Director Tapan Kumar Chand. The one million tonne per
annum capacity fifth stream alumina refinery brownfield project at existing
alumina refinery at Damanjodi is expected to be completed by April 2021, said
Chand. The estimated project cost is Rs5,540 crore, he added. The development
of Utkal D and Utkal E coal mines at Angul is expected to be completed by
2019-20 and 2022-23 respectively. During the 2017-18 financial year, the
company achieved the highest net profit in the last 10 years of Rs1,342 crore
against Rs669 crore in the previous year. In the fourth quarter, the company
has earned a net profit of Rs257.06 crore. NALCO shares closed at Rs72.80, down
0.34% on the NSE. 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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