I had mentioned in Tuesday’s closing report
that Nifty, Sensex were under pressure again. The major indices of the Indian
stock markets were range-bound on Wednesday and closed with small losses over
Tuesday’s close. On the NSE, there were 743 advances, 983 declines and 324
unchanged. The trends of the major indices in the course of Wednesday’s trading
are given in the table below:
Moody's Investors Service report on Wednesday
has cut India's GDP growth forecast to 7.3% in 2018, from previous forecast of
7.5% due to higher oil prices and tighter financial conditions. "The
Indian economy is in cyclical recovery led by both investment and consumption.
However, higher oil prices and tighter financial conditions will weigh on the
pace of acceleration. We expect GDP growth of about 7.3% in 2018, down from our
previous forecast of 7.5%," the report said. It, however, kept growth
expectation for 2019 remains unchanged at 7.5%.
Budget passenger carrier SpiceJet said that
it will launch flight operations from Delhi to Kanpur under the air regional
connectivity scheme UDAN from July 3. "Tickets for the RCS seats on this
flight will be available at Rs2,313 (all in)," the company said in a
statement. "With the introduction of the daily direct flight services on
the Delhi-Kanpur-Delhi route, passengers from Kanpur can now conveniently
travel to a host of other cities both on SpiceJet's domestic as well as
international network via multiple onward connections from Delhi." The
airline’s shares closed at Rs125.00, up 2.33% on the BSE.
Fortis Healthcare's (FHL) Board has decided
to initiate a fresh round of bidding after the consortium of Hero Enterprise
Investment Office-Burman Family Office gave its consent to reopen the bidding
process. According to a BSE filing made on Tuesday, the Board in its meeting on
Tuesday "has decided to initiate a fresh, time-bound process to optimise
the company's and shareholders' short and long term interests".
"Further, based on the suitability of the offers evaluated earlier,
the Board has decided to invite 3 of the bidders namely Munjal-Burman
Consortium, TPG-Manipal Consortium, and IHH Healthcare Berhad to participate in
the process, subject to their confirming adherence to the process... no later
than 5 p.m. IST on 31st May 2018," the filing said. As per the
filing, other interested parties will be able to submit their Expression of
Interest (EOI) till this time. The company’s shares closed at Rs145.70, up
1.22% on the NSE.
Mahindra and Mahindra reported a rise of more
than 70% in its standalone net profit for the fourth quarter of 2017-18.
According to the company, its standalone net profit during the quarter under
review increased to Rs1,059 crore from Rs622 crore reported for the
corresponding period of 2016-17. In terms of the financial year, M&M's net
profit rose 19.57% in its standalone net profit to Rs4,356 crore from Rs3,643
crore earned during the previous fiscal. "The Board of Directors has
recommended a post bonus dividend of Rs7.50 (150%) per share of face value Rs5
and will be paid to those shareholders whose names stand registered in the
books of the company as on the book closure date," the company said in a
statement. The company’s shares closed at Rs894.50, up 2.79% on the NSE.
Budget passenger carrier IndiGo said that it
has decided to reintroduce fuel surcharge on the back of a sharp uptick in the
price of Aviation Turbine Fuel (ATF). The airline’s shares closed at
Rs1,241.00, up 1.88% on the NSE.
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:
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