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29
May 2018
I had
mentioned in Monday’s closing report that Nifty, Sensex gains might continue.
The major indices of the Indian stock markets were up in the morning but
suffered a correction on Tuesday and closed with losses over Monday’s close. On
the NSE, there were 783 advances, 953 declines and 315 unchanged. The trends of
the major indices in the course of Tuesday’s trading are given in the table
below: The Total Investment &
Insurance Solutions
Weak
global cues and profit booking by investors depressed the key equity indices on
Tuesday. Selling pressure was witnessed in banking, consumer durables and
healthcare stocks. However, buying in the capital goods, auto and oil and gas
stocks arrested further decline.
In
a second successive blow to Vedanta Ltd, the State Industries Promotion
Corporation of Tamil Nadu Ltd (SIPCOT) cancelled in "larger public
interest" the land allotted in Thoothukudi for the expansion of Sterlite
Copper's smelting plant. In its letter to Vedanta, the SIPCOT cited the public
protests against the plant's expansion on grounds of increased pollution and
expressed concerns over pollution caused by the first smelter plant. The
government agency said the price of 342.22 acres deposited will be refunded as
per the norms. Vedanta shares closed at Rs252.65, down 0.39% on the NSE.
ICRA
has downgraded the long-term rating of IL&FS Transportation Networks
Limited (ITNL) to A- from A. The ratings have been "placed on watch with
developing implications", an ICRA rating report of May 26 stated.
"ICRA has downgraded the long-term rating outstanding on the Rs2,000 crore
NCD programme and Rs490 crore term loans of IL&FS Transportation Networks
Limited to A- from A," the rating agency said in a statement. ICRA has
also downgraded the short-term rating outstanding on the Rs320 crore fund-based
bank facilities and Rs1,000 crore commercial paper programme of ITNL to A2+
from A1. Further, ICRA has downgraded the long-term rating outstanding on
the Rs760.0 crore preference share of ITNL to BBB+ from A-. ITNL was
incorporated in 2000 as a wholly owned subsidiary of IL&FS Limited as a
vehicle for housing and consolidating the surface transportation business of the
IL&FS Group. As of December 30, 2017, the IL&FS Group held 73.22% stake
in ITNL, of which 71.92% was held directly by IL&FS. The ICRA report said:
"The downgrade in the rating takes in to account the weakening of ITNL's
financial risk profile with more than anticipated increase in debt levels
driven by funding commitments (equity and sub-debt) towards under-construction
BOT (BuildOperate-Transfer) projects and additional funding support required
for some of the operational BOT projects." The company’s shares
closed at Rs55.10, down 0.72% on the NSE.
Over
10 lakh bankers in the government and private sectors are gearing up for a
two-day strike starting on May 30, as the Indian Banks' Association (IBA) did
not make any improved offer over the two per cent wage hike made earlier, an
All India Bank Employees Association (AIBEA) leader said. The S & P Bankex
closed at 29,410.74, down 1.61% on the BSE. The Total Investment & Insurance Solutions
The
rainy season arrived in India almost three days ahead of the forecast with
Kerala coasts receiving the first showers of the Southwest monsoon, the India
Meteorological Department (IMD) said on Tuesday. A favourable monsoon in India
could help the long term bullish trend of the Indian stock markets.
State-run
United Bank of India (UBI) reported a net loss of Rs260.62 crore in the quarter
ended March 31, due to higher provisioning for bad loans, against net profit of
Rs73.56 crore in the same quarter last year. United Bank shares closed at
Rs12.05, up 1.69% on the NSE. The Total
Investment & Insurance Solutions
Energy
exploration and production major Oil India’s net profit during the quarter
under review rose to Rs866.50 crore from Rs19.31 crore reported for the
corresponding period of 2016-17. In terms of financial year, Oil India reported
a rise of 72.27% in its 2017-18 net profit, which increased to Rs2,667.93 crore
from Rs1,548.68 crore earned in the previous fiscal. "Crude Oil price
realisation increased by $8.36 per BBL to $55.72 per BBL in FY 2017-18 as
compared to $47.36 per BBL during FY 2016-17," Oil India said in a
statement. The company proposed a final dividend of Re1 per share for FY
2017-18 on post-bonus equity share capital. "This is in addition to
Interim Dividend of Rs14 per share paid earlier on pre-bonus equity share
capital," the company said. The company’s shares closed at Rs225.00, up
2.20% on the NSE.
Budget
carrier IndiGo said it will launch 20 new flights across its domestic network.
According to the airline, effective from July 1, 2018, it will operate a second
daily flight on Bengaluru-Varanasi and Bengaluru-Chandigarh sectors, and a
third daily flight on Ranchi-Bengaluru and Indore-Bengaluru routes.
"6E will also operate an additional flight between Cochin and
Tiruchirappalli and Tiruchirappalli and Bengaluru effective June 28,
2018," the company said in a statement. Effective from July 15, 2018, the
airline would also introduce its first direct flight on Kolkata-Chandigarh and
Kolkata-Indore routes, and a non-stop flight between Chandigarh and Srinagar
(return), besides a second non-stop daily flight between Indore and Nagpur
(return), it said. The airline’s shares closed at Rs1,212.50, down 2.93% on the
NSE. The Total Investment & Insurance
Solutions
Diversified
conglomerate Larsen and Toubro (L&T) reported a rise of 4.6% in its
consolidated net profit for the fourth quarter of 2017-18. According to the
company, its consolidated net profit during the quarter under review rose to
Rs3,167 crore from Rs3,025 crore reported for the corresponding period of
2016-17. "The consolidated gross revenue in the quarter January to March
2018 totalled Rs40,678 crore recording an increase of 10% on a y-o-y
basis," the company said in a statement. In terms of financial year,
L&T reported a rise of 22% in its 2017-18 net profit which increased to
Rs7,370 crore. Besides, the company said that it won fresh orders worth Rs152,908
crore at the group level during the year ended March 31, 2018 registering a
growth of 7% over the previous year. "Consolidated order book of the group
stood at Rs263,107 crore as at March 31, 2018, with international order book
constituting 24% of the total order book," the statement said. The
company's Board recommended a dividend of Rs16 per share, subject to the
shareholders’ approval. The company’s shares closed at Rs1,381.00, up 0.33% on
the NSE.
Public
sector major NTPC reported a rise of 40.69% in its standalone net profit for
the quarter ended March 31. In a regulatory filing to the BSE, the company said
its standalone net profit for the quarter stood at Rs2,925.59 crore, against
Rs2,079.40 crore reported during the corresponding period of 2016-17. The standalone
total income of the company for the period under review was Rs23,617.83 crore,
13.08% higher than Rs20,886.85 crore earned in during the year ago period.
However, for the financial year 2017-18, the consolidated net profit of the
company fell marginally, by around 2% to Rs10,501.50 crore. The company further
said its board of directors has "recommended final dividend of Rs2.39 per
equity share for the financial year 2017-18". The final dividend is in
addition to the interim dividend of Rs2.73 per equity share for the FY18 paid
in February 2018, it added. The company’s shares closed at Rs166.05, down 0.98%
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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| Major Indices (The Total Investment & Insurance Solutions) |
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