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24 May 2018
I had mentioned in Wednesday’s closing report that Nifty, Sensex have turned weaker still, but a bounce is likelier. The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. IT (information technology), banking and Teck (technology, entertainment and media) stocks gained the most. However, selling pressure on auto, consumer durables and oil and gas stocks arrested further gains. On the NSE, there were 800 advances, 916 declines and 333 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
Automobile major Tata Motors said that it has reduced its net loss to Rs499.94 crore during the fourth quarter of 2017-18. According to the automobile major, its standalone net loss during the quarter under review declined to Rs499.94 crore from Rs805.93 crore reported for the corresponding period of 2016-17. In terms of financial year, Tata Motors reported a standalone net loss of Rs1,034.85 crore from a net loss of Rs2,429.60 crore. Natarajan Chandrasekaran, Chairman Tata Sons commented: "In the domestic business, the 'Turnaround' results are clearly visible. We gained market share in both CV and PV with strong improvement in profitability and positive cash flows." "With 'Turnaround 2.0' we will accelerate our efforts to 'Win Decisively' in CV, 'Win Sustainably' in PV and embed the turnaround culture in the company. With these focused efforts, I am confident that Tata Motors Group shall deliver Competitive, Consistent and Cash Accretive Growth in the coming years". On a consolidated basis, the automobile major reported a decline in its Q4 net profit to Rs2,176.16 crore from Rs4,336.43 crore. However, the company's consolidated net profit for 2017-18 increased to Rs9,091.36 crore from Rs7,555.56 crore for the previous fiscal. Besides, the company reported that for the fiscal year 2018, its subsidiary Jaguar Land Rover's retail sales grew 1.7% year-on-year to 614,309 cars due to healthy demand in China, North America and in overseas markets. JLR's revenues increased by 6 per cent to £25.8 billion, while pre-tax profits were £1.5 billion including a one-off £437 million pension credit reported in the first quarter partially offset by engineering charges in Q4 '18. Tata Motors shares closed at Rs289.85, down 6.33% on the NSE. The Total Investment & Insurance Solutions
Tamil Nadu Chief Minister K. Palaniswami said on Thursday that his government was taking all steps to close the Sterlite factory at Thoothukudi after 13 people were killed in protests against it. Palaniswami told the media that the AIADMK government was taking the legal route to ensure that the Sterlite Copper Smelter plant was shut down. He said people in the region had been protesting peacefully for long against the company, alleging that it was causing health hazards and depleting the water table, but this time the opposition and "anti-social elements" had turned the movement violent. "It is because of this instigation that so many people have died. And we are really saddened by the deaths," he said. He added that in April Sterlite approached the Tamil Nadu Pollution Control Board to continue running the factory but the permission was denied. But the management got a favourable order from the National Green Tribunal. The Tamil Nadu government had moved the Supreme Court against the NGT ruling. Vedanta shares closed at Rs251.00, down 0.65% on the NSE.
Airline major Jet Airways reported a standalaone net loss of Rs1,036 crore for the fourth quarter of 2017-18. According to the airline, its standalone net loss during the quarter under review stood at Rs1,036 crore from a net profit of Rs602.42 crore reported for the corresponding period of 2016-17. In terms of financial year, Jet Airways reported a standalone net loss of Rs767.62 crore from a net profit of Rs1,482.52 crore reported for the previous fiscal. On a consolidated basis, the automobile major reported a net loss of Rs636.45 crore in 2017-18 from a net profit of Rs1,498.68 crore in 2016-17. Jet Airways shares closed at Rs392.95, down 6.68% on NSE. The Total Investment & Insurance Solutions
Budget passenger carrier SpiceJet said it will launch 10 new flight services across south India region from May 25 to June 16. According to the airline, it will deploy its Bombardier Q-400 aircraft on these new routes. SpiceJet plans to enhance its operations on the Hyderabad-Rajahmundry, Chennai-Kozhikode, Bengaluru-Kozhikode routes with an additional evening flight on each of these sectors and introduce its third flight on the Chennai-Hyderabad route. "SpiceJet is on the path of a major fleet expansion which means new routes and destinations for our customers," said Shilpa Bhatia, Chief Sales and Revenue Officer, SpiceJet. "We have introduced evening flights on key sectors which will operate in addition to the existing morning flights and help business travellers conveniently plan same day trips." SpiceJet shares closed at Rs97.05, down 5.55% on the NSE. The Total Investment & Insurance Solutions
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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