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17 Aug 2018
I had mentioned in last Friday’s closing report that Nifty, Sensex might give up some gains. The major indices of the Indian stock markets were range-bound during the week and closed with minor gains on Friday over last Friday’s close. The trends of the major indices in the course of the week’s trading are given in the table below:
The major indices of the Indian stock markets suffered a correction on Monday and closed with losses over Friday’s close. On the NSE, there were 573 advances, 1,179 declines and 326 unchanged.
The indices opened on a negative note on Monday tracking a similar trend in the Asian markets. Selling pressure was witnessed in banking, auto and metal stocks, analysts said. Broadly negative global cues along with weakness in the Indian rupee and caution ahead of the release of macro-economic inflation data point subdued the key Indian equity indices on Monday. The rupee touched an all-time low of 69.80 per US dollar on Monday following weakness in global peers.
State-run Indian Oil Corporation (IndianOil) posted a consolidated net profit of Rs7,175.59 crore, up 51% year-on-year, for the quarter ended June 30, 2018. The consolidated net profit for the corresponding quarter of the previous fiscal stood at Rs4,736.15 crore, the company said in a BSE filing.
Cadila Healthcare has entered into an agreement with Windlass Healthcare Private Limited to acquire 51% share capital of Windlass for a consideration of Rs155.55 crore.
The major indices of the Indian stock markets were range-bound on Tuesday and closed with gains over Monday’s close. On the NSE, there were 848 advances, 877 declines and 349 unchanged.
Easing wholesale inflation lifted the key Indian equity indices on Tuesday with the benchmark S&P BSE Sensex rising over 200 points. According to market observers, buying activity was witnessed in banking, auto and IT (information technology) stocks. India's annual rate of inflation based on wholesale prices eased to 5.09% in July from a rise of 5.77% in June, official data showed here on Tuesday. However, weakness in the Indian rupee limited the gains on the indices. The rupee on Tuesday touched an all-time low of 70.08 per dollar.
Tata Chemicals reported a 14% increase in its consolidated net profit from operations to Rs270 crore in the quarter ended June 30, 2018 as compared to Rs236.52 crore in the year-ago period. Its income from operations on consolidated basis was at Rs2,769 crore, up by 10% from Rs2,527 crore in the corresponding period last year. The company reported that its income from operations for basic chemistry products at Rs63 crore was up 3%, consumer products segment at Rs108 crore, up 33%, and specialty products at Rs116 crore, up 25%. Company's Managing Director R. Mukundan said: "Our India's Basic Chemistry products business registered a robust performance on the back of improved operational efficiencies, a better sales mix and better realisations.” On the global front, performance of the North American operations reflects planned shut down and Kenyan operations were impaired by heavy rains." He also said the consumer business reported a robust growth on the back of higher volumes from Tata Salt.
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 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."
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.
Firm global cues lifted the key Indian equity indices on Friday with the benchmark S&P BSE Sensex rising around 300 points. According to the market observers, buying in the banking, metal and healthcare stocks lifted the key indices.
Rupee weakened marginally in the Non-Deliverable Forward or the overseas markets on Friday. According to analysts, the trend may play out in the domestic currency spot market next week. However, other important developments on the geo-political scale as well as direction of foreign fund flows will also determine the rupee's trajectory in the spot market.
GAIL (India) Limited has awarded the first contract for purchase of 108 km 24-inch diameter line pipes under the Barauni-Guwahati segment of the Jagdishpur-Haldia and Bokaro-Dhamra Natural Gas Pipeline (JHBDPL) project. The contract for purchase of line pipes of 108 km was awarded to M/s Ratnamani at a total cost of Rs125 crore. Line pipe procurement activities for the rest of the 600 km trunkline up to Guwahati is at an advanced stage of tender process, a senior official of the M/s Ratnamani said on Thursday. The company’s shares closed at Rs388.40, down 1.37% on the NSE.The Total Investment & Insurance Solution
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