Nifty, Sensex Could Come under Pressure – Thursday’s closing report-The Total Investment & Insurance Solutions

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23 Aug 2018

I had mentioned in Tuesday’s closing report that Nifty, Sensex were struggling to head higher. The major indices of the Indian stock markets were range-bound on Thursday and closed with gains over Tuesday’s close.  On the NSE, there were 785 advances, 967 declines and 322 unchanged. The  trends of the major indices in the course of Thursday’s trading are given in the table below:

The key Indian equity indices - S&P BSE Sensex and the NSE Nifty50 - traded on a positive note on Thursday. However, broadly negative Asian markets due to investors' fears over a rise in trade protectionist measures had subdued the key indices. According to market observers, buying in capital goods, healthcare and IT (information technology) counters arrested the slide and supported the market's upward movement.

Jet Airways said that its Board will consider the unaudited financial results for the quarter ended June 30, 2018 on August 27. According to a BSE filing, the "Audit Committee and the Board of Directors" will, inter-alia, take up the matter in relation to the cost reduction initiatives and turnaround plan. The airlines management had earlier sought time and deferred the consideration of unaudited financial results for the first quarter of the current financial year 2018-19. On August 9, the company in a BSE filing said: "...Board of Directors of the Company, at its meeting held today (Thursday), deferred the matter of consideration of the unaudited financial results for the quarter ended 30 June, 2018." "It may be noted that the Audit Committee did not recommend the said financial results to the Board for its approval, pending closure of certain matters," it added. Recently, the airline said that it is regular in all its payment obligations to bank and statutory dues including PF obligations. It had pointed out that no differences of opinion existed between the company and its statutory auditors and that the airline has been working on various cost and revenue initiatives to mitigate the significant increase in fuel rates and depreciation in rupee. Jet Airways India shares closed at Rs280.50, down 4.10% on the NSE.

Dr Reddy's received establishment Inspection report (EIR) from the US FDA for its API Srikakulam Plant (SEZ), Andhra Pradesh, indicating closure of the audit. The audit on this facility was conducted by USFDA in June 2018. Dr Reddy’s Laboratories shares closed at Rs2,467.90, up 2.36% on the NSE.

The Larsen & Toubro Board approved proposal to buyback six crore equity shares at a maximum price of Rs1,500 per equity share for an aggregate amount of Rs9,000 crore. The company’s shares closed at Rs1,349.95, up 2.07% on the NSE.

Lupin has entered into the prescription dermatology segment in Brazil with the launch of Fillerina and Recrexina. The dermatology segment in Brazil, worth US$ 1.5 billion, and growing at 10% CAGR (cumulative aggregate growth rate) is one of the fastest growing segments in the country. Lupin shares closed at Rs903.00, up 1.62% on the NSE.

Two and three-wheeler maker TVS Motor Company Ltd has expressed hope to further increase its market share in the commuter motorcycle segment with its new 110cc model 'Radeon', said a senior company official. The company launched the new model here on Thursday. According to Sudarshan Venu, Joint Managing Director, the new bike will be the fourth one for the company in that segment after Sport, Star and Victor. He said the company plans to increase its market share in the commuter segment with the launch of Radeon. The commuter bike segment commands a market share of 45%. TVS Motor has a share of 7% and with the new model, the company plans to take it up to 10%. TVS Motor Company shares closed at Rs545.05, up 0.73% on the NSE.

Reliance Power said that its subsidiary Reliance Power Netherlands BV has won an international arbitration award of $56 million (Rs 390 crore) against Prestige Capital Holdings and Kokos Jiang. According to the company, Kokos Jiang is the owner of Sugico Group in Indonesia from whom Reliance Power had acquired the entire economic interest in three coal mining concessions in Indonesia in 2010. "These mining concessions have total coal resources of around 1.5 billion tonnes with potential to produce up to 30 million tonnes of coal per annum," the company said in a statement. "The Arbitration Tribunal constituted under Singapore International Arbitration Centre (SIAC) rules in Singapore, in its award on August 21, 2018, has ordered the respondents jointly and severally to pay $56 million (Rs390 crore) to Reliance Power Netherlands BV." Reliance Power shares closed at Rs34.00, up 0.74% on the NSE.

The Tech Mahindra board approved proposal to acquire 100% shareholding in Inter-Informatics spol, Czech Republic for a cash consideration of EUR 5.4 million. Inter-Informatics is an engineering services company with clients primarily in three industries -Aerospace, Rail and Machinery. Tech Mahindra shares closed at Rs728.90, up 2.75% on the NSE.

Suven Life Sciences secured product and process patents in Canada and USA corresponding to the New Chemical Entities for the treatment of disorders associated with Neurodegenerative diseases and patents are valid through 2034. 

Apollo Tyres has said that the production loss due to the natural calamity in Kerala is about 1500 metric tonnes. However, consequential loss of profit is not significant. The calamity is adequately covered under the insurance. 

The top gainers and top losers of the major indices are given in the table below:The Total Investment & Insurance Solutions

Major Indices (The Total Investment & Insurance Solutions)