Nifty, Sensex in for a Short Bounce – Thursday closing report-The Total Investment & Insurance Solutions

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16 Aug 2018

I had mentioned in Tuesday’s closing report that Nifty, Sensex might head higher. The major indices of the Indian stock markets were range-bound on Thursday and closed with losses over Tuesday’s close. On the NSE, there were 685 advances, 1,063 declines and 323 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below: The Total Investment & Insurance Solutions

The key Indian equity indices closed in the red on Thursday as investor sentiments weakened following broadly negative global cues and a weak Indian rupee. The rupee touched a fresh all-time low of 70.39 against the US dollar during the day surpassing the previous low of 70.08 hit. According to analysts, selling pressure was witnessed in metal, consumer durables and banking stocks.

Financially-challenged Jet Airways said its Chairman Naresh Goyal met Civil Aviation Secretary R.N. Choubey to discuss matters concerning the sector and the airline. The company that recently deferred its first quarter results has maintained that the Indian aviation sector, which has seen robust traffic growth, is passing through a tough phase primarily due to increase in Brent rates as well as a depreciating INR. According to the company, the meet took place. The airline has been evaluating various funding options to meet its liquidity requirements on priority. On certain concerns raised by its employees, the airline said that it "has a transparent and open culture and employees as well as the management regularly engage to discuss matters of mutual concern via internal, defined, consultative processes". "Over and above that, the management team conducts quarterly town hall sessions where our cost, revenue and customer service initiatives are discussed freely," the company said in a statement. "All of the airline's employees, including its pilots and engineers, have already publicly stated their resolve of standing loyal, committed and unified with the company and any external attempt to disturb that unity via rumours and speculations is in bad taste and needs to be curbed."  Jet Airways shares closed at Rs300.45, up 6.05% on the NSE. The Total Investment & Insurance Solutions

State-run IDBI Bank's standalone net loss has widened to Rs2,409.89 crore for the first quarter of 2018-19 on the back of a rise in the provision for non-performing assets (NPAs). The lender had reported a net loss of Rs853.01 crore in the corresponding quarter of the previous fiscal. As per the results, the bank's provisions (other than tax) and contingencies (net) for the June quarter stood at Rs5,236.07 crore from Rs2,035.96 crore reported for the like period of 2017-18. IDBI Bank's gross NPAs during the first quarter rose to Rs57,806.84 crore against Rs50,173.20 crore in the same quarter of 2017-18. However, the lender's "Net Interest Income" increased by 17% to Rs1,639 crore from Rs1,402 crore for the first quarter of 2018-19. The bank's "Net Interest Margin" improved by 45 basis points to 2.17% from 1.72% reported for the quarter ended June 30, 2017. IDBI Bank shares closed at Rs61.65, up 2.15% on the NSE.

Hospital operator Fortis Healthcare Ltd reported a consolidated net loss of Rs70.74 crore for the quarter ended June 30. The company, being acquired by Malaysian firm IHH Healthcare Berhard, had posted a net profit of Rs5.5 crore in the year-ago quarter, it said in a BSE filing. Income from operations fell 9.9% year-on-year to Rs1,042 crore for the April-June quarter from Rs1,156.6 crore in the corresponding quarter last fiscal. "The last quarter performance has been impacted severely due to the continuing challenges that the company had been facing over the last 18 months that have led to liquidity issues," Fortis CEO Bhavdeep Singh said. "Our shareholders have supported and approved the recommended IHH offer, the proceeds of which will allow us to normalize our working capital and strengthen the overall balance sheet," he added. Fortis Healthcare shares closed at Rs147.80, up 1.20% on the NSE.

Budget passenger carrier SpiceJet reported a standalone net loss of Rs38.06 crore for the quarter ended June 30, 2018. The airline had reported a net profit of Rs1,75.23 crore during the corresponding month of the previous fiscal. "The company has taken a provision of INR 63.5 crore as an exceptional item on account of an arbitration award that cited interest payable of INR 92.5 crore and interest receivable of INR 29 crore for SpiceJet," the statement said. "With this one time provision, SpiceJet has now fully provided for the maximum amount that may be payable under the arbitration award." In addition, SpiceJet accounted Rs51 crore as forex losses due to the depreciation of the Indian rupee. According to the low-cost carrier, total income from operations rose by 19.59% to Rs2,235.82 crore for the quarter ended June 2018 compared to Rs1,869.53 crore earned during the same period of previous fiscal. "The company additionally paid an amount of INR 203 crores on account of increase in cost of Aviation Turbine Fuel and an amount of INR 44 crores on account of forex losses as compared to Q1 2017," the statement added. "A superior revenue performance ensured that an amount of INR 99 crores of these losses was offset by an increase in revenue." SpiceJet shares closed at Rs86.75, down 2.20% on the BSE.

Ion Exchange has secured and signed a contract for Engineering, Procurement, Supply and Construction of Water Treatment plant worth Rs438.84 crore from Cairn Oil & Gas, a division of Vedanta Limited. Ion Exchange shares closed at Rs390.00, up 0.46% on the BSE.

NBCC has bagged an order from Steel Authority of India worth Rs250 crore for the construction of lspat Post-Graduate Medical Institute and Super-Speciality Hospital at Rourkela Steel Plant, Rourkela. NBCC will work as Project Management Consultant. NBCC India shares closed at Rs75.65, up 4.56% on the NSE. The Total Investment & Insurance Solutions

Ramco Systems bagged an order from Australia's leading Auto repair service company, to streamline HR & Payroll operations for its workforce across 40+ locations, nationwide. This is a mobile and Bot-friendly solution to eliminate manual processes and introduce Employee Self-Service. Ramco Systems shares closed at Rs379.90, down 0.43% on the NSE.

Sun Pharma has received US FDA approval for CEQUA™ (cyclosporine ophthalmic solution) 0.09%. CEQUA is indicated to increase tear production in patients with keratoconjunctivitis sicca (dry eye). Sun Pharma shares closed at Rs621.00, up 3.19% 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:

Major Indices (The Total Investment & Insurance Solutions)