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23
May 2018
I had mentioned in Tuesday’s closing report
that Nifty, Sensex might try to rally. The major indices of the Indian stock
markets suffered a sharp correction on Wednesday and closed with losses over
Tuesday’s close. On the NSE, there were 693 advances, 1,036 declines and 322
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
Equity
markets opened mixed in the morning following Asian indices, after the US
markets closed in red following negative reactions by President Trump on the
ongoing US-China talks, and sudden change in decisions of not having the peace
talks with North Korean leader in Singapore. But persistent outflow of foreign
funds along with weak global cues and depreciation in the rupee plunged the key
Indian equity indices on Wednesday. The
Total Investment & Insurance Solutions
Shares
of Vedanta declined both on the BSE and NSE as protests against its Sterlite
Copper project in Tamil Nadu took a violent turn and nine people died,
including a girl, in police firing on Tuesday. The Madras High Court on
Wednesday stayed the construction work at Vedanta Ltd's second copper smelter
plant at Thoothukudi, around 650 km from here. Hearing a public interest
petition (PIL) against the company's application for renewal of environmental
clearance for the second copper smelter plant project, the Madurai Bench of the
High Court ordered that the application be processed after mandatory public
hearing.
The
court said the application shall be decided by competent authority on or before
September 23. The company had planned to double its smelting capacity to
800,000 tonnes per annum at the Sterlite copper smelter plant. The court also
ordered the company to stop construction and other related activities
concerning the second copper smelter plant till a decision was taken by the
Environment Ministry. On Wednesday, Vedanta shares closed at Rs250.50, down
7.21% on the NSE. The Total Investment
& Insurance Solutions
The
Tamil Nadu government on Wednesday ordered a probe by former Madras High Court
judge Aruna Jagadeesan into the violence that killed 10 people in Thoothukudi
during protests against the Sterlite Copper Smelting plant.
The
petrol price in India's financial capital Mumbai touched Rs84.99 a litre on
Wednesday. Petrol prices in Mumbai, Delhi and Chennai have already reached
unprecedented levels, and are now setting a new benchmark every other day.
Higher inflation, higher interest rates and correction in stock markets are a
natural fall-out, when oil prices are so high.
Fortis
Healthcare will disclose the outcome of its Extraordinary General Meeting (EGM)
on Wednesday, a company spokesman said. The EGM, which was held on Tuesday,
sought shareholders’ approval on a resolution filed by a minority shareholders'
group to induct and remove certain Board members among other clearances. The
resolution sought Fortis' shareholders’ approval to replace Brian W. Tempest,
Harpal Singh, Sabina Vaisoha and Tejinder Singh Shergill from the company's
Board. However, Non-Executive Director Harpal Singh and Non-Executive
Independent Directors Shergill and Vaisoha resigned on Sunday due to personal
reasons. The company’s shares closed at Rs144.75, down 0.31% on the NSE. The Total Investment & Insurance
Solutions
German
auto component major Bosch Ltd on Tuesday reported Rs 1,371 crore consolidated
net profit for fiscal 2017-18, a 5.1% decline from Rs1,444 crore in the
previous fiscal from continuing operations. In a regulatory filing on the BSE,
the city-based Indian subsidiary of Bosch GmbH said consolidated revenue from
operations, however, grew 12% annually to Rs11,690 crore in the fiscal under
review from Rs10,435 crore last year. Net profit for fiscal 2018 after
discontinuing operations, however, declined 21% annually from Rs1,741 crore
year ago. "The net profit for the previous fiscal includes profit from
sale of the Starter Motors and Generators Business on August 1, 2016,"
noted the filing. For the fourth quarter (Q4), net profit declined 1.6% to
Rs434 crore from Rs441 crore in the same period year ago but shot up 55%
sequentially from Rs281 crore quarter ago. Revenue for the quarter under review
grew 22.6% to Rs3,158 crore from Rs2,575 crore in the like period year ago and
2.8% sequentially from Rs3,0732 crore quarter ago. The company’s shares closed
at Rs18,003.05, down 1.15% on the NSE. The
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The top
gainers and top losers of the major indices are given in the table below: 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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Major Indices (The Total
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