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12
December 2018
I had
mentioned in Tuesday’s closing report that Nifty, Sensex might rally a bit
more. The major indices of the Indian stock markets rallied on Wednesday and
closed with gain over Tuesday’s close. On the NSE, there were 1,418 advances,
317 declines and 328 unchanged. The trends of the major indices in the course
of Wednesday’s trading are given in the table below:
The
key equity indices rose over 1.75% during trading on Wednesday, led by gains in
financials and auto stocks. According to analysts, the markets ignored the
sudden resignation of Urjit Patel, perhaps because it might lead to a more
liberal monetary policy with the appointment of Shaktikanta Das as the new
Reserve Bank of India Governor. All the sectors on the BSE, except the energy
stocks, traded in the green. Also key sectors finance and banking outperformed
the benchmark index.
Positive
Asian markets have contributed to today’s gains in the domestic market, pointed
out market analysts.
The
state government elections’ results have given new energy to the bulls in the
domestic stock markets. However, there is a last word of caution from analysts
on Lok Sabha 2019 election results - a possible hung Parliament in 2019 will be
a concern to the market and make it bearish.
FMCG
(fast moving consumer goods) major ITC said its subsidiary Technico Agri
Sciences (TASL) has tied up with Scotland-based James Hutton Institute to
introduce 16 new varieties and 600 new clones of potato in India for trials and
tests. The agreement is initially for a period of five years and can be
extended thereafter, ITC said in a statement. "They will help address the
demand of processors and exporters for new varieties and are expected to
further improve yields by 15%-20% and enhance farmer incomes by better
realisation," it said. It also said these varieties are likely to benefit
the potato processing industry, as well as help in promoting potato exports.
ITC shares closed at Rs277.00, up 0.86% on the BSE.
Reliance
Jio said its Board of Directors has decided to hive off its fibre and tower
businesses and form two separate companies. The move is likely to help in
monetisation process for the businesses in future. In a statement, Reliance Jio
said its board approved "a scheme of arrangement for transfer of its fibre
undertaking, on a going concern basis, to a separate company". "A
scheme of arrangement for transfer of its tower undertaking, on a going concern
basis, to a separate company" was also cleared, it said. The schemes would
be subject to requisite statutory and regulatory approvals, the company said.
Reliance Industries shares closed at Rs1,110.50, up 1.30% on the BSE.
Larsen
& Toubro Infotech (LTI), IT services arm of engineering and construction
conglomerate Larsen & Toubro (L&T) Ltd., on Wednesday said it has
appointed Nachiket Deshpande as its Chief Operating Officer. Deshpande was with
Cognizant Technology Solutions before joining LTI. "LTI is at the
forefront of building the next generation IT Services company, and I am excited
to be part of this outstanding team. We will be bolstering the industry
expertise and deep technology capabilities that have made LTI the growth leader
in the sector," Deshpande said on his appointment. He brings to the new
role more than 23 years of experience in delivery management, customer
relationships management, account and profit and loss (P&L) management
across verticals, technologies and geographies. Larsen & Toubro Infotech
shares closed at Rs1,620.00, up 6.32% on the BSE.
Ramco
Systems has secured another deal from a leading adversary air (ADAIR) services
provider to the U.S. Defense Forces, to manage its fleet of fighter aircraft used
for highly complex training fleet and Defense contract requirements. Ramco
Systems shares closed at Rs287.35, up 2.31% on the BSE.
NBCC
India has received a LoA (Letter of Assurance) of work from Ministry of Skill
Development and Entrepreneurship, Government of India for construction of
office building at New Delhi. The estimated cost of project is approximately
Rs172 crore. NBCC India shares closed at Rs52.25, up 4.19% on the BSE.
Ashok
Leyland and ELBIT Systems, Israel signed a MoU (Memorandum of Understanding)
for providing High Mobility Vehicles (HMV) for mounting Elbit Systems'
artillery guns and systems. The integrated systems are targeted for
worldwide export markets. Ashok Leyland shares closed at Rs105.40, up 2.43% on
the BSE.
Aurobindo
Pharma's subsidiary Helix Healthcare, Netherlands, has entered into a JV (joint
venture) agreement with Shandong Luoxin Pharma, China to setup facilities to
manufacture nebuliser inhaler and other products for China, US and EU markets.
Helix is likely to invest $15 Mn and Luoxin will invest $35 Mn. Aurobindo
Pharma shares closed at Rs740.10, up 0.51% on the BSE.
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
 |
Major Indices (The Total Investment
& Insurance Solutions)
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