Contact Your Financial Adviser Money Making MC
9
February 2018
I had
mentioned in last Friday’s closing report that Nifty, Sensex were under
pressure. The major indices of the Indian stock markets suffered a sharp
correction over the week, in line with the global stock market indices. The
trends of the major indices in the course of the week’s trading are given in
the table below: The
Total Investment & Insurance Solutions
 |
| Weekly Indices (The Total
Investment & Insurance Solutions) |
The
major Indian stock market indices continued their slide on Monday, losing 0.87%
over Friday’s close. The fact was that a combination of factors including, weak
global cues, the LTCG (long term capital gains) tax effect, increase in fiscal
deficit and selling pressure in capital goods, banking and finance stocks led
to the continued decline in stock market indices. On the NSE, there were 530
advances, 869 declines and 21 unchanged.
Eicher
Trucks and Buses on Monday launched its first electric bus "Skyline Pro
E". According to the company, the new electric bus model is powered by an
indigenously developed "Revolvo" electrification technology.
"The Smart Electric Skyline Pro E buses are certified to ply on Indian
roads and we are confident they will bring great value to commuters, city
transportation corporations and other organizations in this ecosystem,"
Vinod Aggarwal, MD and CEO, VE Commercial Vehicles said. The company said that
the bus has been manufactured at the Indore manufacturing facility of VE
Commercial Vehicles.
On
Monday, Union Bank of India reported a net loss of Rs1,250 crore for the third
quarter of 2017-18, against a net profit of Rs104 crore in the corresponding
period of 2016-17. "Net loss for October-December 2017 stood at Rs1,250
crore. This includes investment depreciation of Rs700 crore and Rs991 crore of
additional provision for 18 accounts referred to National Company Law Tribunal
(NCLT), as per RBI list-II," the company said in a BSE filing. "The
bank has provided entire amount of additional provision for NCLT accounts up
front which was to be spread till March 2018." Further, the company's net
interest income for October-December 2017 quarter increased to Rs2,548 crore
from Rs2,136 crore earned during the year ago period. The Total Investment & Insurance
Solutions
The
major indices of the Indian stock markets suffered a sharp correction on
Tuesday and closed over 1.5% lower than Monday’s close. On the NSE, there were
238 advances, 1,316 declines and 33 unchanged. A massive downturn in the global
stock markets unleashed a selling frenzy on the domestic bourses during the
day's trade. According to market observers, all the major Asian as well as
European stock markets, edged lower following an overnight downward correction
in Dow Jones by over 1,100 points. The two main indices of the Indian equity
market -- S&P BSE Sensex and NSE Nifty50 -- plunged by around 3.30% each,
with the Sensex plunging by over 1,000 points.
Tata
Steel is looking at Rs1,000 crore revenues over the next three years from its
home solutions business, an official said. "Our revenue from retail
interior steel home solutions in the current fiscal will be about Rs200 crore.
We expect this to be Rs1,000 crore in the next three years," Tata Steel VP
(Marketing and Sales) Peeyush Gupta said. According to him, steel doors
launched by the company under 'Pravesh' brand has been doing well and emerging
as the main revenue contributor in the interior home solution products
segment.
Government-owned
Punjab National Bank (PNB) reported a rise of 11.06% in its net profit to
Rs230.11 crore in the third quarter (Q3) ended December 31, 2017. The bank had
reported a net profit of Rs207.18 crore during the corresponding period of
2016-17. Total income of the bank in the period under review stood at
Rs15,257.50 crore -- up 8% -- from Rs14,123.98 crore in Q3 FY17.
On
Wednesday, the major indices of the Indian stock markets opened higher but gave
up all the gains closed with small losses over Tuesday’s close. On the NSE,
there were 1,209 advances, 323 declines and 55 unchanged.
The
Reserve Bank of India (RBI) kept its key interest rate unchanged at 6% for the
fourth time in succession at its final bi-monthly monetary policy review of the
fiscal, citing concerns about the inflationary push by rising global crude oil
prices. Announcing the policy review, the RBI said its decision is consistent
with the neutral stance of the central bank aimed at achieving its median
inflation target of 4%. The continuing rise in food and fuel prices pushed
India's annual retail inflation rate over the 5% mark in December 2017 to
5.21%, from 4.88% in November 2017.
The Total Investment & Insurance Solutions
Two-wheeler
manufacturer Hero MotoCorp reported a 4.32% year-on-year rise in its standalone
net profit for the quarter ended December 31, 2017. According to the company,
its net profit during the period under review increased to Rs805.43 crore from
Rs772.05 crore reported in Q3 2016-17. The company's total income during Q3
2017-18 rose by 5.47% to Rs7,415.51 crore from Rs7,030.57 crore earned during
the corresponding period of 2016-17.
The
major indices of the Indian stock markets rallied on Thursday and closed with
gains over Wednesday’s close. On the NSE, there were 1,302 advances, 227
declines and 59 unchanged.
The Total Investment & Insurance Solutions
Power
utility firm CESC Ltd on Thursday reported a 1.3% increase in its standalone
profit after tax (PAT) to Rs154 crore in the quarter ended December 31 as
compared to Rs152 crore in the year-ago period. RP Sanjiv Goenka Group's
flagship company also registered a sales growth of over 3% in the quarter. Its
revenue from operations for the December quarter was Rs1,706 crore, up by 5.3%,
as against Rs1,620 crore in the corresponding period of 2016-17. Asked about
the flat profit in the quarter, company Chairman Sanjiv Goenka said:
"There is no increase in tariff." The company's total expenses for
the quarter under review was at Rs1,622 crore as against Rs1,511 crore in the
same period of 2016-17. The
Total Investment & Insurance Solutions
IT
(information technology) services and technology solutions firm Sonata Software
reported Rs49 crore consolidated net profit for the third quarter of 2017-18
from Rs40 crore in the same period year ago, registering 22% annual growth.
"Consolidated revenue for the quarter under review grew 33% annually to
Rs767 crore from Rs575 crore in the like period a year ago," said the
city-based software firm in a statement here. Sequentially, net profit,
however, grew 9% from Rs45 crore quarter ago and revenue a whopping 80 per cent
from Rs427 crore. Earnings before interest, tax, depreciation and amortisation
(Ebitda) grew 10% annually to Rs72 crore from Rs65 crore year ago and 8%
sequentially from Rs66 crore quarter ago. The Total Investment & Insurance Solutions
Indian
equities on Friday plunged into the negative territory following the negative
trend in Asian markets, along with selling pressure in banking, auto, oil and
gas, capital goods and IT stocks. Asian markets slumped on Friday tracking the
decline in US stocks overnight (Thursday). The benchmark Dow Jones declined
over 1,000-points for the second time this week, on Thursday, as rising bonds
yields dented investors' sentiments.
The promoters of Fortis Healthcare resigned from
the company's board. According to a late night BSE filing on Thursday,
promoters Malvinder Mohan Singh and Shivinder Mohan Singh have resigned. The
development happens days after the Delhi High Court upheld an international
arbitral award of Rs3,500 crore to Daiichi Sankyo against the former promoters
of Ranbaxy Laboratories. On Friday, the shares of the company closed at
Rs148.60, up 17.89% on the NSE.The Total Investment & Insurance Solutions
