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4
May 2018
I had
mentioned in last week’s closing report that the market has entered a round of
rally. The major indices of the Indian stock markets were range-bound during
the week and closed on Friday with small weekly losses over last Friday’s
close. The trends of the major indices in the course of the week’s trading are
given in the table below: The Total
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The
major indices of the Indian stock markets made a small rally on Monday and
closed with gains over Friday’s close. On the NSE, there were 799 advances, 648
declines and 42 unchanged. The Total
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The
key Indian equity indices traded higher on Monday, tracking firm cues from
Asian indices. Buying was witnessed in the IT (information technology), banking
and capital goods stocks. The Total
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Most
Indian industry sectors have reported negative growth in deployment of gross
bank credit, a fallout of banks' inability to lend being saddled with mammoth
non-performing assets (NPA), or bad loans, coupled with lack of appetite for
fresh investment by highly indebted corporate India, industry body Assocham
said on Sunday. The Total Investment
& Insurance Solutions
Macro-economic
data points, coupled with fourth quarter (Q4) earning results, were expected to
influence the Indian equity markets during the past truncated week. According
to market observers, the US Fed's open market committee meet along with the
trajectory of global crude oil prices and the rupee's movement against the US
dollar could have triggered volatility during the past week's trade sessions. The Total Investment & Insurance Solutions
Tuesday
was a market holiday on account of Maharashtra Day.
The
major indices of the Indian stock markets were range-bound on Wednesday and
ended with minor losses over Monday’s close. On the NSE, there were 402
advances, 1,126 declines and 47 unchanged.
Healthy
quarterly earnings and robust automobile sales pushed the key Indian equity
indices to trade higher during Wednesday's mid-afternoon session. According to
market observers, buying was witnessed in the banking, automobile and FMCG
(fast moving consumer goods stocks). But the gains were not sustained till the
end of trading at 3:30 pm and the markets ended on a flat-to-negative note. The Total Investment & Insurance Solutions
Asian
equities eased on Wednesday, while the dollar traded near a four-month high as
investors awaited the Federal Reserve's policy statement for clues on the
future pace of U.S. monetary tightening, according to Reuters.
Budget
passenger carrier SpiceJet launched daily direct flight services between Delhi
and Punjab's Adampur. According to the company, SpiceJet was awarded Adampur
under the first round of the regional connectivity scheme UDAN and the city is
the fifth destination for the airline under this scheme. In addition to
Adampur, SpiceJet also launched daily services between Leh and Delhi from
Tuesday. The Total Investment & Insurance Solutions
Software
major HCL Technologies on Wednesday reported Rs2,227 crore consolidated net
profit for the fourth quarter of fiscal 2017-18, posting 4.3% annual decline
from Rs2,325 crore in the same period year ago (2016-17) but up 1.5%
sequentially from Rs2,194 crore quarter ago. Net profit, however, grew 3.8%
year-on-year (YoY) to Rs8,780 crore for the fiscal under review (FY 2018) from
Rs8,457 crore in FY 2017. In a regulatory filing to the BSE, the Noida-based IT
firm said consolidated revenue grew 9.3% YoY to Rs13,179 crore for the quarter
under review (Q4) from Rs12,053 crore in the like period year ago and 2.9%
sequentially from Rs12,808 crore quarter ago. Revenue for FY 2018 grew 8.2% YoY
to Rs50,570 crore from Rs46,723 crore in FY 2017. Under the International
Financial Reporting Standard (IFRS), net profit for the quarter slipped 1.7%
YoY to $344 million from $350 million year ago but grew 1.1% sequentially from
$340 million quarter ago. Net profit, however, grew 7.7% YoY to $1,360 million
for the fiscal from $1,262 million year ago while revenue grew 12.4% YoY to
$7,838 million from $6,975 million year ago. Revenue for the fiscal (FY 2018)
grew 12.2% YoY to $ 7,838 million from $6,975 million in FY 2017.
State-run
Punjab National Bank (PNB) said that it will recover from the impact of the
recent fraud in six months' time and is actively working to improve its
internal systems by incorporating analytics and artificial intelligence (AI),
as Niti Aayog CEO Amitabh Kant ruled out privatisation of banks.
The
major indices of the Indian stock markets were range-bound on Thursday and
closed with small losses over Wednesday’s close. On the NSE, there were 460
advances, 1,264 declines and 320 unchanged.
The
key equity indices traded in the negative territory on Thursday following a
decline in the global markets. Selling pressure on the capital goods, consumer
durables and auto stocks also weighed on the indices. Asian shares opened in
the red ahead of the Sino-US trade talks. The US Federal Reserve has held
interest rates unchanged at its latest monetary policy review, while indicating
that inflation in America was rising towards the central bank's medium-term
target as a signal to investors of possible rate hikes later in 2018.
Demand
for gold in India for January-March quarter (first quarter) of 2018 was down by
12% at 115.6 tonne compared to overall Q1 demand for 2017 due to rising gold
prices, exaggerated by a weakening rupee, a World Gold Council statement said
here on Thursday. The Total Investment & Insurance Solutions
Sugar
production in the country crossed a record 31 million tonnes mark this year and
the total production will be around 32 million tonnes when the season ends, the
Indian Sugar Mills Association (ISMA) said on Thursday.
Budget
passenger carrier IndiGo reported a decline of 73.3% in its net profit for the
quarter ended March 31, 2018. According to the airline, the net profit during
the quarter under review fell to Rs117.64 crore from Rs440.30 crore reported
for the corresponding period of 2016-17. "Results include certain credits
received from manufacturers to offset some of the impact of aircraft groundings
and delivery delays," IndiGo said in a statement. However, the low-cost
carrier's revenue from operations grew by 19.6% to Rs5,799.11 crore for the
quarter ended March 2018 compared to the same period last year.
On
Friday, the major indices of the Indian stock markets suffered a minor
correction and closed with losses over Thursday’s close. On the NSE, there were
587 advances, 958 declines and 63 unchanged.
The
key Indian equity indices closed lower on Friday following broadly negative
global cues such as high crude oil prices and geo-political tensions in the
Middle East. The Total Investment & Insurance Solutions
Housing
finance company PNB Housing Finance reported a rise of 44% in its net profit
for the quarter ended March 31, 2018. According to the company, the net profit
during the quarter under review increased to Rs219.2 crore from Rs152.4 crore
reported for the corresponding period of previous year. Besides, the housing
finance firm's 'Net Interest Income' registered a growth of 36% to Rs451.8
crore from Rs332.7 crore. On the fiscal basis, the company reported a rise of
58% in its net profit for the financial year ended March 31, 2018 which
increased to Rs829.4 crore from Rs523.7 crore reported for the previous
corresponding period. "The cumulative provision for non-performing assets
and standard assets is Rs42.3 crore and Rs281 crore respectively as on 31st
March, 2018," the company said in a statement. "During the year, the
company made provision for contingencies of Rs62.5 crore. The cumulative
provision for contingencies is Rs102.0 crore, over and above the provisions
required to be maintained as per NHB Directions." The company's Board recommended
a final dividend of Rs9 per equity share of Rs10 for FY17-18. The company’s
shares closed at Rs1,395.10, down 0.39% on the NSE, on Friday.
Castrol
India reported a marginal rise of 2% in its net profit for the quarter ended
March 31, 2018. According to the company, the net profit during the quarter
under review increased to Rs181.8 crore from Rs179 crore reported for the
corresponding period of previous year. Commenting on the results, Omer Dormen,
Managing Director, Castrol India Limited said: "We continue to build
momentum on our strong performance and we have been delivering consistent
growth over the last two years.” The company’s shares closed at Rs184.65,
down 5.62% on the NSE, on Friday.The Total
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