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19
November 2018
The
major indices of the Indian stock markets rallied on Monday and closed with
gains over Friday’s close. On the NSE, there were 922 advances, 807 declines
and 345 unchanged. The trends of the major indices in the course of Monday’s
trading are given in the table below:
Key
equity indices jumped amid bets the government and the Reserve Bank of India
(RBI) will bury their differences at a crucial central bank board meeting on
Monday. Subdued global oil prices, and foreign fund inflows amid a stable
domestic currency also burnished the appeal of stocks. The government has been
demanding that the RBI make liquidity available, especially to the shadow banks
after a series of defaults by the Infrastructure Leasing & Financial
Services (IL&FS) triggered a scare and precipitated a credit crunch. The
Centre has also reportedly demanded that the RBI hand over a significant chunk
of its reserves, which was subsequently denied by the Union Finance Ministry as
"misinformed speculation". RBI Deputy Governor Viral Acharya had
warned of economic consequences if the central bank's autonomy was encroached
upon. Interest-rate sensitive stocks like banking, automobile and capital goods
rose, while the oil and gas sector came under pressure.
The
RBI's crucial board meeting on Monday took up the liquidity crisis that
initially triggered a tiff between the government and the central bank,
according to sources. The meeting had been called amid the growing tensions
between the Centre and the Reserve Bank of India (RBI) after the Finance
Ministry recently sought discussions under the never-used-before Section 7 of
the RBI Act which empowers the government to issue directions to the RBI
Governor. RBI Deputy Governor Viral Acharya had in a speech last month talked
about the independence of the central bank, arguing that any compromise could
be "potentially catastrophic" for the economy.
Addressing
the annual Economic Times awards function here on Saturday, Finance Minister
Arun Jaitley said that growth must not be throttled by limiting credit
availability and liquidity. It is necessary that the growth process does not
suffer due to the cleaning up of the banking system from the "collectively
committed sins", he said, referring to the non-performing assets (NPAs),
or bad loans, accumulated in the banking system and which have touched a staggering
Rs10 lakh crore. "This will have to be done in a manner in which you
restore the health of the banks, you restore the discipline as far as the
banking system is concerned and at the same time, we don't end up throttling
growth by throttling credit and liquidity in the market. That is a key
issue," Jaitley said.
Tata
Investment Corporation said that its Board of Directors has approved a proposal
to buyback 8.17% of the total paid-up equity share capital of the company.
According to a regulatory filing, the buyback will be for an aggregate amount
not exceeding Rs450 crore at Rs1,000 per equity share. The firm invests in a
diversified portfolio of quoted and unquoted securities of companies, including
Tata Companies, which are engaged in various businesses. The company’s shares
closed at Rs867.35, up 5.11% on the NSE.
Infosys
has committed on May 2, 2017 to hire about 10,000 American techies to bridge
the IT skills gap in the United States and set up six technology-cum-innovation
hubs across North America by 2022-23. The first hub was opened at Indianapolis
in March where it plans to hire about 3,000 Americans by 2023. It has hired
about 300 so far this year. Infosys shares closed at Rs651.95, up 0.17% on the
NSE.
Mahindra
& Mahindra announced that from January 1, 2019, it will increase the price
of its multi-purpose vehicle (MPV) "Marazzo" by Rs30,000 to Rs40,000.
"As mentioned at the launch, the price of Marazzo was an introductory one.
Effective January 1st 2019, we will be taking a price hike on the Marazzo,
after a reasonable period of 4 months from its launch," said Veejay Ram
Nakra, Chief of Sales and Marketing - Automotive Division, Mahindra &
Mahindra. Marazzo has been co-designed by the Mahindra Design Studio and
Italian design house Pininfarina. It has been engineered in collaboration with
the Mahindra North America Technical Centre and the Mahindra Research Valley,
Chennai. Mahindra & Mahindra shares closed at Rs781.20, up 1.77% on the
NSE.
Surya
Roshni has secured an order worth Rs59 crore for design, manufacture, testing,
supply and O&M of LED Street Lights & Poles and other related works for
implementation of Greenfield Street Lighting Projects for ULBs in Odisha from
Government of Odisha. Surya Roshini shares closed at Rs221.40, up 2.19% on the
NSE.
PSP
Projects has bagged new Institutional & Industrial projects worth Rs372.47
crore from various clients including two projects of Rs208.49 crore in which
the company has been ranked the L1 bidder (Lowest Bidder) by regulatory
authority. The company’s shares closed at Rs398.85, up 1.06% on the NSE.
Kridhan
Infra’s Singapore subsidiary Swee Hong Limited has won an order valued SG$ 37.2
million (approx. Rs195 crore) for the Construction of Link Sewers for the DTSS
Phase 2 Project from the Public Utilities Board, Singapore. The company’s
shares closed at Rs46.00, down 0.65% 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 Investment & Insurance Solutions
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Major Indices (The Total
Investment & Insurance Solutions)
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