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12
January 2018
I had
mentioned in last Friday’s closing report that Nifty, Sensex continued to be on
an uptrend. The major indices of the Indian stock markets were range-bound over
the week and closed with weekly gains of a little over 1% on Friday over last
Friday’s close. The trends of the major indices in the course of the week are
given in the table below:
The Total Investment & Insurance Solutions
Weekly Indices (The Total
Investment & Insurance Solutions)
Key Indian
equity indices on Monday closed on a higher note prompted by strong global
cues, along with buying in capital goods, healthcare and banking stocks. The
wider Nifty50 of the National Stock Exchange (NSE) closed above the
10,600-level for the first time. The Nifty50 touched a fresh intra-day high
level of 10,631.20 points. The barometer 30-scrip Sensitive Index (Sensex) of
the BSE too scaled a new intra-day high of 34,385.67 points. On the NSE, there
were 1,048 advances, 700 declines and 273 unchanged.
The
State Bank of India (SBI) on Monday said it will raise over Rs12,600 crore ($2
billion) by issuing bonds in dollar or other convertible currencies. "The
executive committee of the Central Board... has approved long term fund raising
in single/multiple tranches up to $2 billion," the state-run bank informed
in a regulatory filing to the BSE. The BSE filing added that raising of funds
would be done through a public offer and/or private placement of senior
unsecured notes in US dollar or any other convertible currency during FY
2017-18 and FY 2018-19.
On
Tuesday, the major indices of the Indian stock markets closed with minor gains
over Monday’s close. On the NSE, there were 588 advances, 879 declines
and 19 unchanged. The Total Investment & Insurance
Solutions
The
Coal India board on Tuesday approved a non-coking coal price hike for both
power and non-power consumers. The price increase is expected to push the
miner's revenue up by Rs1,956 crore for the remaining period of the current
fiscal. The price revision is effective from Tuesday and the projected
incremental annual revenue would be Rs6,421 crore.
State-run
Indian Overseas Bank (IOB) has announced its plans to set off its accumulated
losses with funds from its share premium account. In a release late on Monday,
IOB said it intends using Rs7,650 crore in its share premium account to write
off its accumulated losses worth Rs6,978.94 crore. The decision, approved by
the bank board last week, will now be put to vote at an extraordinary general
meeting (EGM) on January 30.
The
major indices of the Indian stock markets were range-bound on Wednesday and
closed with negligible losses over Tuesday’s close. On the NSE, there were 589
advances, 922 declines and 37 unchanged.
Broadly
negative Asian markets, coupled with selling pressure in consumer durables,
auto and capital goods stocks, pulled the key Indian equity indices lower on
Wednesday. The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which
opened at a record high level of 34,538.78 points, touched a fresh high of
34,565.63 points on an intra-day basis. Stocks of Oil and Natural Gas Corp rose
after a surge in international crude oil prices.
Debt-ridden
Electrosteel Steels said four companies- Tata Steel, Vedanta, Renaissance Steel
India and Edelweiss Alternative Asset Advisors Pte -have submitted bids to its Resolution
Professional, under the corporate insolvency resolution process in terms of the
Insolvency and Bankruptcy Code, 2016 (IBC).
The
major indices of the Indian stock markets were range-bound on Thursday and
closed with small gains over Wednesday’s close. On the NSE, there were 848
advances, 728 declines and 63 unchanged.
Optimism
ahead of the release of key corporate earnings drove the Indian equity indices
higher during the mid-afternoon trade session on Thursday. According to market
observers, the IT (information technology) index gained the most among the
sectoral indices, followed by healthcare and Teck indices.
The
government is considering merger of Miniratna Indian public sector unit
Dredging Corporation of India (DCI) with another listed PSU company Cochin
Shipyard, TV channel BTVI reported citing sources. "The Shipping Ministry
may shelve its earlier plans for strategic disinvestment of Dredging
Corporation of India and is instead considering the possibility of merging the
two PSU companies," BTVI reported on Thursday. The government has already
begun the process of selling its entire stake in DCI. DCI is the only PSU
company in dredging business and could provide cost-effective dredging
solutions at competitive price for government projects to make inland waterways
navigable, and build and modernise ports. The Total Investment
& Insurance Solutions
On
Friday, the major indices of the Indian stock markets closed with small gains
over Thursday’s close. On the NSE, there were 629 advances, 911 declines and 33
unchanged. Key Indian equity indices recovered from the day's lows to trade on
a flat-to-positive note on Friday with buying support from oil and gas, and
banking stocks. The key indices -- which opened at fresh levels on Friday --
had slipped into the negative territory on a sudden sell-off on account of an
unprecedented event in which four senior judges of the Supreme Court met the
media to complain that the administration of the country's top court was not in
order, said market observers. The Total Investment &
Insurance Solutions
IT
(information technology) bellwether Tata Consultancy Services (TCS) declared
again a whopping 700% dividend (Rs7 per share of Re1 face value) for the third
quarter of fiscal 2017-18. The record dividend for the third consecutive
quarter is in addition to Rs7 per share given for the second and first quarters
in October 2017 and July 2017, taking the cumulative payout to Rs21 per share
or a whopping 2,100% till December 31, 2017.The Total Investment & Insurance Solutions
