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18
September 2018
I had
mentioned in Monday’s closing report that Nifty, Sensex were trying to find a
bottom for a short-term bounce. The major indices of the Indian stock markets
suffered a sharp correction on Tuesday and closed with losses over Monday’s
close. On the NSE, there were 472 advances, 1,267 declines and 328 unchanged. The
trends of the major indices in the course of Tuesday’s trading are given in the
table below:
The
key Indian equity indices closed in the negative territory for the second
successive day on Tuesday, with the S&P BSE Sensex losing close to 300
points.
The
NSE Nifty50 also dropped nearly 100 points to end below the 11,300 mark, after
global markets fell on the announcement of fresh US tariffs on Chinese imports.
Sector-wise, selling pressure was witnessed in banking, auto and capital goods
counters.
The
State Bank of India (SBI) has put eight non-performing assets (NPAs), or bad
loan accounts, on sale to recover over Rs3,900 crore with the e-bidding auction
process slated for later this month. In a notification last week, SBI asked
interested asset reconstruction companies (ARCs) and financial institutions to
conduct the due diligence of the listed accounts which cumulatively owe the
bank over Rs3,900 crore. The NPA accounts up for sale include Rohit Ferro Tech
with the highest outstanding loan of Rs1,320.37 crore, Indian Steel Corporation
(Rs928.97 crore), Jai Balaji Industries (Rs 859.33 crore), Mahalaxmi TMT
(Rs409.78 crore) and Impex Ferro Tech (Rs200.67 crore). The other
defaulters' assets up for sale are Kohinoor Steel (Rs110.17 crore), Modern
India Concast (Rs71.16 crore) and Ballarpur Industries (Rs47.17 crore). State
Bank of India shares closed at Rs273.60, down 4.10% on the NSE.
Following
up on government announcement on Monday about the proposed amalgamation of Bank
of Baroda (BoB), Vijaya Bank and Dena Bank into the country's third-largest
bank, BoB Managing Director P.S. Jayakumar said it may happen in four to six
months. "Going by past practices, the merger may take four to six months.
It can be speeded up also...it depends," Jayakumar told reporters. The
envisaged amalgamation will be the first-ever three-way consolidation of banks
in India, with a combined business of Rs14.82 lakh crore. The combined entity
will have a net NPA ratio at 5.71%, better than public sector banks (PSB)'s
average of 12.13%. "With the benefit of scale working in, with greater
distribution and more opportunities for products for costumers etc., a
reasonable assumption is that there will be good opportunity to come but it is
something that will happen in due course," he said. The boards of the
three state-run banks are expected to meet shortly and consider the
government's proposal and decide the merger ratio and other details of the
scheme of amalgamation. The government's shareholding will be as per the merger
ratio. Bank of Baroda shares closed at Rs112.20, down 17.04% on the NSE.
Reliance
Communications (RCOM) Chairman Anil Ambani on Tuesday said the company's
subsidiary Reliance Realty would develop Dhirubhai Ambani Knowledge City (DAKC)
to create 30 million square feet of commercial space. Reliance Realty owns and
operates DAKC, a 133-acre registered IT park in Navi Mumbai. Reliance
Communication shares closed at Rs16.10, down 6.12% on the NSE.
Strides
Shasun’s formulations facility in Bangalore recently underwent pre-approval
product inspection by the US FDA (US Food and Drug Administration) which ended
on August 25, 2018. It has been issued a Form 483 with 3 observations. Strides
Pharma Science Limited closed at Rs500.50, down 1.60% on the NSE.
Indian
Hume Pipe has received Letter of Acceptance worth Rs221.72 crore from Madhya
Pradesh Jal Nigam Maryadit for an EPC and O&M project of Indwar-I Multi
Village Rural Water Supply Scheme on 'Turn-key job basis' for a period of 10
years. Indian Hume Pipe Company closed at Rs276.95. up 2.40% on the NSE.
Aurobindo
Pharma has received approval from the South African Health Products Regulatory
Authority (SAHPRA) for its Dolutegravir, Lamivudine and Tenofovir Disoproxil
Fumarate (DLT) tablets, the first-line preferred regimen for HIV patients as
per latest WHO guidelines. Aurobindo Pharma shares closed at Rs779.00, down
1.32% on the NSE.
The
construction arm of Larsen & Toubro has won orders worth Rs2,048 crore
across two business segments. The Power T&D business has secured Rs1,633
crore. The Water & Effluent business has won an order worth Rs415 crore
from Tamil Nadu Water Supply & Drainage Board. Larsen & Toubro shares
closed at Rs1,330.00, down 1.10% 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
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