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15
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 volatile on Tuesday ended flat
over Monday’s close. On the NSE, there were 580 advances, 1,117 declines and
349 unchanged. The trends of the major indices in the course of Tuesday’s
trading are given in the table below:
The
key Indian equity indices erased all their early gains and were trading in the
red zone on Tuesday afternoon. But, by the close of trading, the major indices
recovered to end flat. Expectations of a BJP victory in the Karnataka assembly
election had lifted the key Indian equity indices on Tuesday morning. But when
Congress and Jana Dal (Secular) got together to form a coalition and stake
claim to form the government, stocks fell.
Global
investors have priced in a "Modi win in 2019", and the government may
consider various stimulus options to support the rural economy in the run-up to
Lok Sabha elections next year, says a UBS report. "Our discussions with
investors and the market's multiples suggest that Prime Minister Narendra Modi
winning 2019 is being priced in," UBS Securities Head of India Research
Gautam Chhaochharia and Analyst Sanjena Dadawala said in a research note,
according to Moneycontrol.
The
National Company Law Tribunal today approved Tata Steel Ltd.’s bid for the
debt-ridden Bhushan Steel Ltd. It dismissed a plea filed by troubled
steelmaker’s employees who opposed the bid and imposed a fine of Rs1 lakh on
them. The bench comprising NCLT President Justice M M Kumar and S K Mohapatra
also dismissed Larsen & Toubro Ltd.’s plea seeking higher priority in recovery
of loans and imposed a Rs1 lakh fine on the engineering and construction major.
This comes after L&T, an operational creditor of Bhushan Steel, had sought
higher priority in recovery of debt in the resolution process on a par with
financial creditors or lenders. The tribunal also rejected Bhushan Energy’s
plea to continue its power purchase agreement with Bhushan Steel. The order was
pronounced in court on Tuesday and a detailed judgement is awaited, according
to Bloomberg Quint. Tata Steel shares closed at Rs627.00, up 2.73% on the NSE.
Shares
of PNC Infratech added 4% intraday on Tuesday as the company received Rs34
crore bonus for early completion of highway project. The company has received
Rs33.73 crore from National Highways Authority of India (NHAI) for early
completion of a highway stretch in Uttar Pradesh. PNC Raebareli Highways
received the amount as bonus for early completion of two-laning of 166.44 km
Raebareli-Jaunpur section of NH-231, PNC Infratech MD Yogesh Jain said in a
statement. This is the second bonus for the company in last three months.
"The scheduled date to complete the project was June 2, 2016, but we
completed it on February 27, 2016," Jain added. The company’s shares
closed at Rs171.35, down 0.35% on the NSE.
Petrol
price in the national capital touched Rs74.95 per litre on Tuesday, a fresh
high, since it hit Rs76.06 a litre in September 2013. Prices rose for a second
day in a row after Indian Oil Corp (IOC) resumed the dynamic pricing system on
Monday after a 19-day halt. In the other metropolitan cities of Kolkata, Mumbai
and Chennai also, petrol prices were at fresh multi-year high levels of
Rs77.65, Rs82.79 and Rs77.77 a litre respectively, data from the IOC website
showed. The shares of IOC closed at Rs167.60, down 0.48% 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: The Total Investment & Insurance Solutions
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Major Indices (The Total
Investment & Insurance Solutions)
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