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8
May 2018
I had
mentioned in Monday’s closing report that Nifty, Sensex might head higher. The
major indices of the Indian stock markets were range-bound on Tuesday and ended
flat over Monday’s close. On the NSE, there were 735 advances, 981 declines and
329 unchanged. The trends of the major indices in the course of Tuesday’s
trading are given in the table below: The
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The
key Indian equity indices traded marginally higher on Tuesday following broadly
positive cues in the global markets. Selling pressure on the capital goods and consumer
durables stocks restricted further gains, market analysts said. Finally, at the
end of the day’s trading the marginal gains were not sustained and the major
indices ended flat on Tuesday over Monday’s close.
Automobile
major Maruti Suzuki on Tuesday said that it will carry out a "Service
Campaign" for its new Swift and Baleno models to inspect for a possible
fault in their "brake vacuum hose". According to the company, around
52,686 new Swift and Baleno vehicles manufactured between December 1, 2017 and
March 16, 2018 will be covered in this campaign. "Starting 14th May
2018 owners of the vehicles included in this service campaign will be contacted
by dealers for inspection and replacement of the faulty part," the company
said in a notice on its website. "Service campaigns are undertaken
globally by automobile companies to rectify faults that may potentially cause
inconvenience to customers. The inspection and replacement will be done free of
cost for the customer." Maruti Suzuki shares closed at Rs8,775.20, up
0.30% on the NSE.
Indian
tea industry recorded the highest ever production of 1,325.05 million kg as
well as export of 256.57 million kg during the financial year 2017-18, official
figures released on Tuesday revealed. Tata Global Beverages shares closed at
Rs289.70, down 1.60% on the NSE.
New
tariffs imposed by US President Donald Trump on international imports of steel
have led to a sharp rise in the supply of commodity on European markets, the
Federation of the German Steel Industry warned on Monday. So far, there has
been no impact on the steel industry in India in this regard. Tata Steel shares
closed at Rs596.35, down 0.50% on the NSE.
Financial
services major DSP Group on Monday announced that it will buy out BlackRock’s
40% stake in joint venture DSP BlackRock Investment Managers Pvt. Ltd, subject
to regulatory approvals.
Battery
maker Exide Industries reported a 15.4% rise in its standalone net profit for
the fourth quarter of 2017-18. The company reported a standalone net profit of
Rs189.56 crore for the quarter-ended March 31, 2018 compared to Rs164.26 crore
reported during the corresponding period of 2016-17. Further, its total
standalone income during the period under review rose by 10.94% to Rs2,479.69
crore from Rs2,235.21 crore earned in the same period of the previous financial
year. However, for the last financial year, the company reported a fall of
3.65% in its net profit to Rs668.35 crore from Rs693.64 crore reported in the
previous fiscal.
Commenting
on the results, Exide Industries' MD and CEO G.Chatterjee said: "Volumes
in automotive, motorcycle, inverter, UPS, telecom and solar batteries as well
as in other infrastructure segments were strong during the fourth
quarter." The company added that its Board has recommended payment
of a final dividend of 80 per cent (Rs0.80 per share of face value of Re 1
each) for the financial year ended 31st March, 2018. "Consequently, the
total dividend for the year ended 31st March, 2018 including the interim
dividend of 160% (Re1.60 per share of face value of Re 1 each) paid during the
year amounts to 240% (Rs2.40 per share of face value of Re1 each)," the
company said in a statement. Exide Industries shares closed at Rs267.45, up
2.38% on the NSE.
After
reporting a 50% decline in its standalone net profit for the quarter ended
March 31, 2018, private sector lending major ICICI Bank said that it plans to
deploy a "preserve, change and grow" strategy to get back to the
growth trajectory. The announcement about the new policy comes after the
banking giant reported a massive decline in its net profit for the quarter and
financial year ended March 31, 2018. According to bank's MD and CEO Chanda
Kochhar the new policy entails growth of retail loan portfolio, reconciliation
and resolution of the stressed assets. "Going forward, ICICI Bank's
strategy will be anchored around three key anchors: The
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Preserve,
Change, Grow," Kochhar said during a press conference after the
announcement of the quarterly and fiscal earning results. She also informed
that the company's board meeting on Tuesday is a 'normal' one, to deliberate
upon budget and strategy for the financial year ahead. The bank reported a
massive decline of 49.63% in its standalone net profit for the fourth quarter
of 2017-18. The bank's net profit for the quarter under review decreased to
Rs1,020 crore from Rs2,025 crore reported for the corresponding period of the
previous fiscal. However, ICICI Bank's net interest income inched up to Rs6,022
crore in the quarter ended March 31, 2018 from Rs5,962 crore earned in the
period ended March 31, 2017. On consolidated basis, the company's net profit
for the fourth quarter declined by 45.17% to Rs1,142 crore from Rs2,083 crore
reported for the corresponding period of previous fiscal. As per a BSE filing,
the gross NPA (Non-Performing Asset) additions of Rs15,737 crore in Q4. This
includes Rs9,968 crore of loans which were under RBI schemes and were
classified as standard at December 31, 2017. "During Q4-2018, the gross
additions to NPA were Rs15,737 crore in Q4-2018. This included Rs9,968 crore of
loans which were under RBI schemes and classified as standard at December 31,
2017. The Revised Framework for Resolution of Stressed Assets issued in February
2018 discontinued these schemes," the company said in a statement.
"Recoveries and upgrades from non-performing loans were Rs 4,234
crore in Q4-2018." Besides, the company's standalone net profit for the
fiscal ended March 31, 2018 dropped by 30.85% to Rs6,777 crore from Rs9,801
crore for the year ended March 31, 2017 (FY2017). In addition, the company's
consolidated net profit for the fiscal under review declined by 24.30% to
Rs7,712 crore from Rs10,188 crore in FY2017. The company's Board has recommended
a dividend of Rs1.50 per share saying that the declaration of dividend is
subject to requisite approvals. ICICI Bank shares closed at Rs309.30, up 6.45%
on the NSE.
The
top gainers and top losers of the major indices are given in the table below: The
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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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