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27
November 2018
I had
mentioned in Monday’s closing report that Nifty, Sensex were headed higher. The
major indices of the Indian stock markets rallied, after a dip, on Tuesday and
closed with gains over Monday’s close. On the NSE, there were 792 advances, 921
declines and 342 unchanged. The trends of the major indices in the course of
Tuesday’s trading are given in the table below:
The
key equity indices were higher on Tuesday, but banking stocks were subdued.
Buying was witnessed in energy and IT (information technology) stocks. On
Monday, the Centre's recapitalization announcement of Rs42,000 crore to
unhealthy PSU (public sector undertakings) banks boosted investor sentiments.
Currently, 11 of the 21 state-run banks are under RBI's (Reserve Bank of India)
Prompt corrective action (PCA) framework which restricts weak banks from
carrying out certain operations.
Crude
oil prices traded at $60.15 per barrel while the domestic currency was nearly
flat at Rs70.90 per dollar from its previous close of 70.87. The decline in
crude oil prices, which has crashed over 30% since early October, comes amid
expectations of slowing demand and an over-supplied crude oil market led by the
US. The Indian rupee, as a consequence, has gained over 5% against the US
dollar from its life time high of 74.47.
Ahead
of the official release of the second-quarter GDP figures, State Bank of India
(SBI) estimated the country's economy to expand by 7.5%-7.6%, slower than the
prior quarter, mainly on account of a slowdown in rural demand.
Granules
India has received USFDA (Food and Drug Administration) approval for its ANDA
for Methylphenidate Hydrochloride Extended-Release Tablets USP. The approved
ANDA is therapeutically equivalent to the RLD - Ritalin SR Sustained-Release
Tablets of Novartis Pharmaceuticals. Granules India shares closed at Rs87.90,
down 2.93% on the NSE.
Alembic
Pharmaceuticals has received approval from the USFDA for its ANDA Temazepam
Capsules USP, therapeutically equivalent to RLD, Restoril Capsules of SpecGx
LLC. Temazepam Capsules are indicated for short term treatment of insomnia. The
company’s shares closed at Rs561.05, down 0.21% on the NSE.
IIFL
Holdings reported that IIFL Securities was to acquire 15% strategic stake in
Bangalore based fin-tech startup 'Trendlyne' (Giskard Datatech Private Ltd), a
stock market analytics platform for retail investors, analysts, fund managers
and advisors. IIFL Holdings shares closed at Rs477.00, down 0.02% on the NSE.
Graphite
electrodes manufacturer HEG's board has approved a buyback of 3.41% of the
company's equity shares worth Rs750 crore. The firm has set the buyback price
at Rs5,500 per equity share. In addition, HEG also announced an expansion of
its graphite electrode capacity to 100,000 TPA (tonnes per annum) from 80,000
TPA. "The additional 20,000 TPA will be at the cost of 1,200 crore rupee
and is likely to be financed via internal accruals and debt, if required. The
fresh capacity is likely to come on stream within 30-36 months." HEG is
currently operating at a capacity of 85%-90%. HEG shares closed at Rs4,350.00,
down 0.18% 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: The Total
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Major Indices (The Total Investment
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