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21
September 2018
I had
mentioned in last week’s closing report that Nifty, Sensex might head higher.
The major indices of the Indian stock markets suffered a sharp correction
during the week and closed on Friday with losses 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
key Indian equity indices closed in the red on Monday, as the S&P BSE
Sensex lost more than 500 points and the NSE Nifty50 slipped by around 140
points amidst negative global cues on concerns over the US-China trade war
escalating. Sector-wise, selling pressure was witnessed in banking, consumer
durables and auto counters.
California-based
Internet of Things (IoT) company Ayla Networks on Monday announced a strategic
partnership with global technology and design services provider Tata Elxsi to
help communications service providers (CSPs).
Lending
major Yes Bank plans to issue bonds worth Rs3,042 crore. According to a BSE
filing by the company, the decision was taken by Yes Bank Board's Capital
Raising Committee on Friday.
V-MART
Retail’s credit rating has been upgraded by ICRA. Alembic Pharma has received
USFDA approval for Desvenlafaxine Extended-Release Tablets, 25 mg, an
equivalent of PRISTIQ® of Wyeth Pharma Inc. The drug is indicated for the
treatment of major depressive disorder (MDD). Estimated annual sales: US$ 13.3
million (ending Dec 2017). Glenmark Pharma has been granted final approval by
the USFDA for its Estradiol Vaginal Inserts USP, 10 mcg, a generic version of
VAGIFEM®, 10 mcg, of Novo Nordisk Inc. Approx. annual sales achieved: US$ 286.3
million (ending July 2018).
Private
sector HDFC Bank has become India’s most valuable brand for the fifth year in a
row with a 21% rise in its brand value to $21.7 billion over the previous year,
according to a survey. According to a release here, HDFC Bank retained its top
spot in the "WPP and Kantar Millward Brown's BrandZ 75 Most Valuable
Indian Brands" ranking that was started in 2014 by the global
communication services company.
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
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).
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.
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.
The
major indices of the Indian stock markets suffered a correction on Wednesday
and closed with losses over Tuesday’s close. On the NSE, there were 582 advances,
1,139 declines and 347 unchanged.
Broadly
negative global cues on the back of escalation in trade tensions dragged the
key Indian equity indices into the red on Wednesday. On a provisional basis,
the two key indices closed in the negative territory for the third consecutive
session, with the S&P BSE Sensex losing over 150 points.
The
NSE Nifty50 dropped around 50 points to end below the 11,300 mark. Sector-wise,
selling pressure was witnessed in banking, FMCG (fast moving consumer goods)
and consumer durables counters.
Reliance
Infrastructure (RInfra) Chairman Anil Ambani said that he expects the company
to become debt-free by next year with the best credit ratings to match
following the sale of its Mumbai power business to Adani Transmission for
Rs18,800 crore earlier this year.
Himachal
Futuristic bagged Advance Purchase Order worth Rs611 crore approx. from BSNL
for OFC laying project, supply of its Accessories and GPON Equipment in Madhya
Pradesh under BharatNet Phase-II (for MP-1 Package). This includes O&M at a
cost of Rs159 crore for 7 years.
Sun
Pharma has received European Commission (EC) approval for ILUMETRI® for the
treatment of adults with moderate-to-severe chronic plaque psoriasis. According
to studies, more than 92% of patients who responded to ILUMETRI® within 28
weeks maintained a 75% skin clearance response.
On
Thursday markets were closed. High volatility, following a likely credit crisis
in the infrastructure lending and development sector, dragged the market in the
red, with the S&P BSE Sensex swinging in around 1,500-point range on
Friday. A plunge of over 1,100 points was witnessed on the BSE Sensex around 1
p.m, only to recover from the day's low within few minutes. Similarly, the NSE
Nifty50 also recovered after dropping below the 11,000-mark. The sudden
sell-off took place across the board with banking and financial stocks losing
the most.
The
fourth consecutive session's slide was triggered also by other factors,
including lower possibility of the Reserve Bank of India cutting its key lending
rates, analysts said.
The
Reliance Industries (RIL) on Friday said it has permanently shut down its only
oilfield in the eastern offshore Krishna-Godavari (KG) basin D6 block after it
stopped producing crude. Reliance Industries shares closed at Rs1,216.20, up
0.45% on the NSE.
Indian
software major Infosys on Friday announced hiring 1,000 Americans in the
Arizona state as part of its commitment to employ 10,000 Americans to bridge
the IT skill gap in the US by 2023. The Arizona hub will focus on autonomous
technologies, Internet of Things (IoT), full-stack engineering, data science
and cyber security. "We will hire graduates from the state's colleges,
universities and local techies for the Arizona hub and train them through our
curriculum for upskilling," said the statement. Infosys shares closed at
Rs710.00, down 1.35% on the NSE.The Total
Investment & Insurance Solutions
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Weekly Indices (The Total
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