Nifty, Sensex may head lower if today’s lows break – Wednesday closing report-The Total Investment & Insurance Solutions

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16 May  2018

I had mentioned in Tuesday’s closing report that Nifty, Sensex were still on course to head higher. The major indices of the Indian stock markets suffered a correction on Wednesday and closed with losses over Tuesday’s close. On the NSE, there were 632 advances, 1,078 declines and 339 unchanged. The trends of the major indices in the course Wednesday’s trading are given in the table below:The Total Investment & Insurance Solutions

Uncertainty over government-formation in Karnataka, along with weak global cues, suppressed the key Indian equity indices on Wednesday. No party achieved a clear majority in the election results announced on Tuesday, leading to uncertainty over the formation of the next government. According to market analysts, selling pressure was witnessed in oil and gas and banking stocks.

The CBI (Central Bureau of Investigation) on Wednesday filed a second chargesheet in the Punjab National Bank (PNB) fraud case against diamond merchant MehulChoksi and his Gitanjali Group's companies. The chargesheet was filed in a special CBI court in Mumbai, an official said. So far, 15 people have been arrested while Modi and Choksi are on the run. PNB shares closed at Rs75.70, down 11.93% on the NSE.The Total Investment & Insurance Solutions

Cigarette-to-FMCG (fast moving consumer goods) major ITC Ltd on Wednesday reported a close to 10% increase in net profit to Rs2,932.71 crore in the quarter ended on March 31, compared with Rs2,669.47 crore in the year-ago period. On a comparable basis, gross sales during the quarter stood at Rs17,933.48crore, representing a growth of 3.5%, over Rs17,315.75 crore in the corresponding period of 2016-17. Its board of directors recommended dividend of Rs5.15 per ordinary share of Re 1 each for the financial year ended on March 31, 2018. The company posted a standalone net profit of Rs11,223.25crore in 2017-18, up by 10% from Rs10,200.90 crore in previous financial year. ITC shares closed at Rs286.35, up 1.60% on the NSE.The Total Investment & Insurance Solutions

Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of Oil and Natural Gas Corporation (ONGC), reported a 72% fall in its standalone net profit to Rs542.08 crore in the quarter ended March 31, 2018 as compared to Rs1,942.42 crore in the year-ago period. The company said it posted the net profit after considering Rs162 crore as depreciation, Rs112 crore as interest cost and net foreign exchange loss of Rs147 crore during the three months ended March. During the quarter under review, MRPL has achieved a turnover of Rs18,746crore, up 4% from Rs18,100 crore in the corresponding period previous year. Its exports revenue grew by 31% to Rs5,128 in the March quarter of 2017-18, as against Rs3,913 crore in the year-ago period. "The company has achieved turnover of Rs63,067crore (exports of Rs16,996 crore) during 2017-18 as against Rs59,415 crore (exports of Rs14,457 crore) during the 2016-17," it said in a statement. It has posted net profit of Rs2,224crore (after considering Rs671 crore as depreciation, Rs440 crore as interest cost and net foreign exchange gain of Rs13 crore), as against profit after tax of Rs3,644 crore during FY17. MRPL shares closed at Rs105.80, up 0.33% on the NSE.

Tata Consultancy Services (TCS) on Tuesday said it has added more than 200 new employees in the US state of Arkansas, as part of its deal with insurer Transamerica. TCS shares closed at Rs3,497.00, up 0.42% on the NSE.

Britannia Industries Ltd., India's leading food company, on Tuesday reported a 25% increase in its consolidated net profit to Rs263.16 crore in the quarter ended March 31, 2018 as compared to Rs210.91 crore in the year-ago period. On a comparable basis, its revenue from sale of goods in the quarter under review, stood at Rs2,510crore, up by 13% from Rs2,230 crore in the corresponding period the previous year. The biscuit maker reported a 14% rise in its net profit for 2017-18 to Rs1,004crore. "We have witnessed positive momentum in the market growth over the last few months. Our double digit growth for the quarter is backed by a double digit volume growth on the back of investment in brands and widening our distribution network through focus on direct reach, rural market and weak states. We continued our premiumization and innovation journey," its Managing Director Varun Berry said. He said its international business grew in double digits despite a slow-down in many geographies like Middle East and Africa. While the growth in the dairy business has also been subdued due to its focus on driving value added products and reducing its play in the less profitable commoditised products, profitability has improved considerably. The company’s shares closed at Rs5,540.00, up 1.56% on the NSE.

Agriculture major Monsanto India reported a rise of 66.43% in its net profit on a year-on-year basis for the quarter ended March. In a regulatory filing to the BSE, the company said its net profit rose to Rs53.14 crore during January-March 2018, up from Rs31.93 crore reported in the corresponding period of the previous year. The total income of the company during the period under review stood at Rs161.18 crore, up 9.16% from Rs147.65 crore it had earned in the year ago period. "The board of directors has recommended a final dividend of Rs15 per share, for the year ended March 31, 2018," the company said. For the financial year 2017-18, the company's net profit rose 8.66% to Rs164.56 crore, it said. Monsanto India shares closed at Rs2,755.10, down 0.13% on the NSE.

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:

Major Indices (The Total Investment & Insurance Solutions)