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24
Aug 2018
I had
mentioned in last Friday’s closing report that Nifty, Sensex would try to push
higher. The major indices of the Indian stock markets closed up over the week.
The trends of the major indices in the course of the week’s trading are given
in the table below: The Total
Investment & Insurance Solutions
The
major indices of the Indian stock market rallied and ended Monday with gains
over last Friday’s close. On the NSE, there were 956 advances, 782 declines and
346 unchanged. The Total Investment & Insurance
Solutions
The
key Indian equity indices of the S&P BSE Sensex and the NSE Nifty50 touched
fresh record levels Monday, supported by firm global cues and a recovery in the
domestic currency. Both the BSE Sensex and the Nifty50 of the National Stock
Exchange touched new all-time highs of 38,281.70 points and 11,551.85 points,
respectively, surpassing their previous benchmarks of 38,076.23 and 11,495.20
points. Buying activity was witnessed in capital goods, auto and oil and gas
stocks. The Total Investment & Insurance
Solutions
The
major indices of the Indian stock markets were range-bound on Tuesday and
closed with minor gains over Monday’s close. On the NSE, there were 892
advances, 926 declines and 76 unchanged.
The
key Indian equity indices ended at fresh record closing levels on Tuesday with
nominal gains amid a largely choppy trade. The trade was tepid as traders
booked profits after the indices hit record levels earlier in the day, analysts
said. Both the S&P BSE Sensex and the Nifty 50 on the National Stock Exchange
touched new all-time intra-day highs of 38,402.96 points and 11,581.75 points
respectively. However, broadly negative Asian markets along with investors'
fears over rise in trade protectionist measures and high crude oil prices
subdued the key indices later in the day. Conversely, a strengthened rupee
against the US dollar during the intra-day aided the key indices to arrest the
slide. It strengthened to an intra-day high of 69.53 to a greenback. Buying
activity was witnessed in healthcare, IT (information technology) and capital
goods stocks. However, selling pressure on consumer durables and metal stocks
limited the gains. The Total Investment & Insurance
Solutions
The
scrip of Jet Airways traded lower on Tuesday after reports claimed that the
government has initiated a probe against the airline. However, in a regulatory
filing to the BSE, the airline said that it has not received any communication
in this regard from the Ministry of Corporate Affairs (MCA). The stock exchange
had sought a clarification from Jet Airways on reports which claimed that the
MCA has commenced a probe against Jet Airways on suspicion of siphoning off of
funds. The Total Investment & Insurance
Solutions
Wednesday
was a stock market holiday.
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
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. The Total
Investment & Insurance Solutions
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.
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.
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 Total Investment
& Insurance Solutions
Commercial
vehicles major Ashok Leyland Ltd announced bagging a defence tender in the
tracked vehicle space. In a statement issued here, the company -- the largest
supplier of wheeled military vehicles to the Indian Army -- said it will
collaborate with the Combat Vehicles Research and Development Establishment
(CVRDE), Chennai for the manufacture, assembly and testing of a lightweight
clutch for the design and development of weight optimized 1500 hp Automatic
Transmission for Main Battle Tanks. According to Amandeep Singh, Head (Defence)
in Ashok Leyland, the tender win marks yet another milestone of starting work
on tracked vehicles that Indian soldiers use. "We are proud that we are
the only vehicle manufacturer in India having indigenously designed, developed
and manufactured power packs beyond 350 hp. The tracked combat vehicle
opportunity also exists in several other countries which use Russian-made
combat vehicles," Singh was quoted as saying in the statement. The
statement was silent on the value of the tender.
Reliance
Communications (RCOM) Bondholders have approved the "Tender and
Exchange" offer of $300 million Bonds, the company said. According to the
company, the offer got the approval of an overwhelming majority of over 83% of
Bondholders at a meeting held in London. "Pursuant to the offer as
approved, the Bondholders will receive cash proceeds of up to $118
million," the company said in a statement. "The Bondholders will also
get $55 million Bonds to be issued by Global Cloud Xchange Limited (holding
Company of GCX), a foreign subsidiary of RCOM." The Total Investment & Insurance Solutions
In
a partial relief to Cyrus Mistry, the National Company Law Appellate Tribunal
(NCLAT) on Friday stated that Tata Sons cannot force him to sell his shares.
However, the two-judge bench headed by Justice S.J. Mukhopadhyaya, declined
Mistry's appeal to stay the conversion of Tata Sons into a private company. The
court said it will decide on conversion of Tata Sons into a private company
after the final hearing on September 24. Further, NCLAT has admitted Mistry's
appeal against his removal from the post of Tata Sons' Chairman in 2016. The appeal
was against the order of the NCLT, Mumbai bench.The Total Investment & Insurance Solutions
 |
| Weekly Indices (The Total
Investment & Insurance Solutions) |
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