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26
June 2018
I had
mentioned in Monday’s closing report that Nifty, Sensex were trendless. The key
Indian equity indices traded in the green on Tuesday as they pared the losses
made in the early morning trade. The indices had opened on a flat-to-negative
note due to decline in the global markets and the ongoing trade war concerns.
FMCG (fast moving consumer goods) and IT (information technology) stocks
witnessed buying activity. At the close of trading, the major indices failed to
sustain their gains and closed on a flat-to-positive note. The indices were
tracking mixed global markets. On the NSE, there were 517 advances, 1,196 and
349 unchanged. The trends of the major indices in the course of Tuesday’s
trading are given in the table below:
Even
as most global rating agencies have kept India's growth forecast between 7.3%
and 7.4%, NITI Aayog Vice Chairman Rajiv Kumar has said the economy would grow
at least 7.5% in the current fiscal and may even go as high as 7.8%. This is
good news for the long term bullish trend in the Indian stock markets.
Fitch
Ratings on Tuesday affirmed India-based Bharti Airtel's Long-Term
Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating at
'BBB-' with the outlook on the IDR as stable. "The stable outlook reflects
our belief that revenue from Bharti's Indian mobile segment may recover on
higher data volume and its African and enterprise business segments will
continue to expand. We believe India's tariff levels are unsustainable in the
medium- to long-term in light of the low return on investment for telcos. In
addition, Bharti is committed to an investment-grade rating and may explore
stake sales in non-core assets to support its balance sheet," Fitch said.
Bharti Airtel shares closed at Rs379.10, up 1.32% on the NSE.
Fugitive
tycoon Vijay Mallya has sought the Karnataka High Court's permission to let him
and his holding firm UBHL sell their assets under judicial supervision and
repay creditors, including state-run banks. "UBHL (United Breweries
Holding Ltd) and myself have filed an application before the Karnataka High
Court on June 22, setting out available assets of about Rs13,900 crore,"
said Mallya in a letter released here on Tuesday. State Bank of India, which
has been a major lender to Kingfisher Airlines closed at Rs267.05, down 0.52%
on the NSE.
Battery
maker Exide Industries said it has entered into an agreement with Tudor India,
part of US-based Exide Technologies, for acquiring its Gujarat facility.
"The company has entered into an 'Asset Purchase Agreement' with Tudor
India towards acquisition of its immovable assets and movable assets of its
factory situated at Sabarkantha district in Gujarat," it said in a
regulatory filing. Tudor India is a manufacturer and provider of lead acid
batteries for automotive, two-wheeler and home-UPS applications. The asset
purchase transaction is expected to complete within a month, it said without
disclosing the financial details of the deal. In fact, Exide Industries had
entered into a "settlement agreement" with Exide Technologies in May last
year in relation to the usage of 'Exide' mark in India. The battery major was
in discussion with the US firm for an out of the court settlement to
"amicably resolve the long pending dispute" over ownership of the
trademark. Exide Industries shares closed at Rs251.40, up 0.24% on the
NSE.
US
stocks traded on a downbeat note on Monday as investors were concerned about
intensifying trade tensions between the US and its major trade partners. The US
dollar index decreased against most other major currencies as investors were
concerned about intensifying trade tensions.
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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