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31 May 2018
I had mentioned in Wednesday’s closing report that Nifty, Sensex were moving in a narrow range. The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 639 advances, 1,090 declines and 323 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
Predictions of normal southwest monsoon rains and expectations of an improved gross domestic product data due later in the day pushed the key Indian equity indices higher on Thursday. According to market analysts, buying was witnessed in the oil and gas and banking stocks. The Total Investment & Insurance Solutions
The National Company Law Appellate Tribunal allowed Reliance Communications (RCOM) to proceed with asset sales to Reliance Jio and Brookfield, for an aggregate value of Rs18,100 crore. "The Hon'ble National Company Law Appellate Tribunal (NCLAT) today stayed the orders of the Hon'ble National Company Law Tribunal (NCLT), Mumbai, dated 15 May 2018 and 18 May 2018, of IBC admission of RCOM, Reliance Infratel Limited (RITL) and Reliance Telecom Limited (RTL). RCOM's management and Board of Directors have been reinstated vide this order," the company said in a regulatory filing to the BSE. "RCOM's asset sale to Reliance Jio and Brookfield for an aggregate value of Rs18,100 crore has been allowed to proceed by the Hon'ble NCLAT. The assets sale includes spectrum, fiber, telecom towers, MCNs and certain real estate assets in Delhi and Chennai," it said. "RCOM expects to now complete the sale of its assets within the next few weeks, having removed legal hurdles of cases by minority investors of RITL, and Ericsson, thereby achieving an overall debt reduction of approximately Rs25,000 crore from the first phase of its asset monetization program, as detailed in the media release issued on December 26, 2017," it added. Reliance Communications shares closed at Rs18.70, up 6.86% on the BSE.
Canara Bank said it closed last year with a net loss of Rs4,222.24 crore on a total income of Rs48,194.94 crore. The bank’s shares closed at Rs257.20, up 0.49% on the BSE. The Total Investment & Insurance Solutions
The Enforcement Directorate (ED) attached a wind farm in Rajasthan valued Rs58.80 crore in connection with its ongoing probe in the multi-crore Punjab National Bank (PNB) fraud involving diamantaire Nirav Modi. PNB shares closed at Rs83.60, down 2.96% on the BSE. The Total Investment & Insurance Solutions
Tech giant IBM announced that its Artificial Intelligence (AI)-powered Enterprise Marketing Cloud services will now be available from its local Cloud Data Centre in India, thus allowing its customers in the country host their data locally. S & P BSE Information Technology Index closed at 13,452.83, up 0.75% on the BSE.
ICICI Bank's Board of Directors have decided to institute a "comprehensive enquiry" to look into an anonymous whistle blower's complaint alleging that Bank's MD and CEO Chanda Kochhar had not adhered to provisions relating to "code of conduct" of the bank. ICICI Bank shares closed at Rs285.60, up 0.12% 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 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 Investment & Insurance Solutions) |
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