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17 May 2018
I had mentioned in Wednesday’s closing report that Nifty, Sensex might head lower if Wednesday’s lows break. The major indices of the Indian stock markets closed with losses on Thursday over Wednesday’s close. On the NSE, there were 906 advances, 809 declines and 330 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below: The Total Investment & Insurance Solutions
Reliance Power has divested its entire holding in Jharkhand Integrated Power Limited (JIPL) to Jharkhand Urja Vikas Nigam Ltd for Rs112.64 crore, a regulatory filing by the company said here. "The company has transferred its entire holding of 1,49,900 equity shares of Rs10 each, aggregating to Rs14,99,000/- held in Jharkhand Integrated Power Limited, a special purpose vehicle created for development of Tilaiya UMPP, to Jharkhand Urja Vikas Nigam Limited, the lead procurer, acting on behalf of procurers of Tilaiya UMPP," the regulatory filing said. According to sources, Reliance Power also got the bank guarantees of Rs600 crore released from the procurers. Reliance Power had announced the termination of power purchase agreement (PPA) of its 3,960 MW Tilaiya Ultra Mega Power Project (UMPP) in Hazaribagh district, in Jharkhand in April 2015. Based on tariff-based bidding managed by Power Finance Corporation (PFC), Reliance Power was awarded the Tilaiya UMPP in February 2009. JIPL, the Special Purpose Vehicle (SPV) for implementing the project, was handed over to Reliance Power by PFC in August 2009. JIPL had signed a PPA with 18 power off-takers in 10 states for 25 years. Reliance Power shares closed at Rs35.60, up 6.91% on the NSE. The Total Investment & Insurance Solutions
Birla Corporation Ltd, the flagship company of MP Birla Group, reported a 30% increase in its consolidated net profit to Rs131.12 crore in the quarter ended March 31, 2018, as compared to Rs100.89 crore in the year-ago period. Its income from operations during the quarter was at Rs1,650.6 crore, up 16% from Rs1,420.1 crore in the corresponding period last year. The cement maker said its earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter were Rs284.1 crore, up 5% from Rs269.7 in the corresponding period of previous year. It said its cement sales for the March quarter stood at 34.1 lakh tonne, compared to 32.8 lakh tonne in same period of previous year, reflecting an increase of 4%. Its board of directors proposed a dividend of Rs6.50 per share and the total outgo on account of dividend, including taxes, works out to Rs60.34 crore. The company’s shares closed at Rs734.00, up 5.80% on the NSE.
Aditya Birla Group company Hindalco Industries reported a 25% fall in its standalone net profit for the quarter ended in March. In a regulatory filing to the BSE, the company said its standalone net profit declined to Rs376.97 crore during the fourth quarter of 2017-18, against Rs502.52 crore reported in the corresponding period of 2016-17. The total standalone income of the company for the quarter under review stood at Rs11,886.02 crore, down 0.7% lower than Rs11,969.66 crore earned in the same quarter of financial year 2017. For the financial year 2018, the company reported a fall of 7.73% in its standalone net profit at Rs1,436.49 crore. The board of directors have recommended dividend of 120% or Rs1.20 per equity share of face value of Re1 each for the financial year ended on March 31, the company said. The company’s shares closed at Rs232.20, down 3.15% on the NSE. The Total Investment & Insurance Solutions
JK Lakshmi Cement reported a 62.3% rise in its standalone net profit for the quarter ended in March. The company said in a statement that its net profit for the fourth quarter of 2017-18 stood at Rs33.84 crore, against Rs20.85 crore reported in the corresponding period of 2016-17. However, the total income of the cement company in the period under review declined 0.78% to Rs923.32 crore, compared to Rs930.57 crore earned during the fourth quarter of 2016-17, it said. For the financial year 2017-18, the company reported a standalone net profit of Rs83.96 crore, 2.4% higher than Rs82 crore reported in the previous year. The company’s shares closed at Rs376.00, down 2.29% on the NSE.
British Columbia, the Canadian province that is a leader in technology and has one of the fastest growing tech ecosystems in the world, is looking at a shortfall of 30,000 skilled individuals to fill tech-related jobs, with India as an important catchment area for recruiting immigrant talent. This is likely to give an impetus to the information technology industry in India to grow in exports to countries other than the United States and make it broad-based. The S & P BSE Information Technology Index closed at 13,250.20, down 0.10% on the BSE.
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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