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27
March 2018
I had
mentioned in Monday’s closing report that Nifty, Sensex might head higher. The
major indices of the Indian stock markets were range-bound on Tuesday and
closed with gains over Monday’s close. On the NSE, there were 1,016 advances,
327 declines and 31 unchanged. The trends of the major indices in the course of
Tuesday’s trading are given in the table below: The Total Investment & Insurance
Solutions
Major Indices (The Total Investment
& Insurance Solutions)
Buying
in banking and capital goods' stocks led the key Indian equity indices to trade
higher during the early morning session on Tuesday. Buying was also observed in
metals and consumer durables stocks. Positive global cues on the prospects of
easing trade war fears, along with buying across almost all sectors led by
banking, metals and healthcare stocks, lifted the key Indian equity indices during
the mid-afternoon trade session on Tuesday.
Private
airline Jet Airways said it is going to expand its operations in the northeast
region while making Assam's capital its regional gateway to and from the
region. Jet Airways Chief Executive Officer Vinay Dube said the proposed move
is a part of its plan to strengthen its domestic footprint to 45 cities in the
country, and complementing its three hubs at Mumbai, Delhi and Bengaluru.
"Jet Airways has decided to increase the number of weekly flights between
the Northeastern region and the rest of the country to 184 - adding 30 new
flights weekly," he told media persons here. "The new schedule
features a combination of non-stop services - several of them on unique,
pioneering routes being introduced for the first time in the industry, as well
as direct, one-stop services between new city pairs in the airline's existing
pan-India network, bolstering it further," he said. Dube said that Jet
Airways introduces non-stop services including thrice a week flights to Aizawl
and Jorhat and four times a week flights to Silchar from New Delhi. "The
airline also resumes its operations from Imphal," he said adding that
Delhi and Aizawl are now connected by a daily service. The airline is also
connecting Delhi with Jorhat. Silchar is now also connected with Delhi by a
daily Jet Airways service, he added. Jet Airways India shares closed at
Rs637.20, up 3.64% on the BSE. The Total
Investment & Insurance Solutions
Automobile
major Tata Motors on Monday launched a new variant of its compact SUV -- Nexon
XZ -- in both petrol and diesel engine options. According to the company, the
new variant comes with a starting price of Rs7.99 lakh for the petrol variant
and Rs8.99 lakh for the diesel fuelled vehicle (ex-showroom Delhi). "With
fourteen exciting features, the NEXON XZ is yet another step towards making the
brand more aspirational," said Vivek Srivatsa, Head of Marketing, PVBU,
Tata Motors. The company’s shares closed at Rs331.15, down 0.47% on the NSE.
Reliance
Infrastructure's (RInfra) subsidiary Delhi Airport Metro Express Private Ltd
(DAMEPL) on Tuesday said the Delhi High Court has directed the Delhi Metro Rail
Corporation (DMRC) to pay Rs306 crore as immediate interim relief to the
company. The company said 11 banks will benefit from the Delhi HC's latest
order. Accordingly, DMRC has been directed to pay Rs306 crore to a consortium
of banks to ensure that no account of DAMEPL turns a non-performing asset (NPA)
by March 31, 2018. "The Court passed an order to this effect on March 23,
2018 in response to an execution petition filed by DAMEPL under Section 36 of
the Arbitration and Conciliation Act, 1996 seeking to enforce the arbitral
award dated May 11, 2017," RInfra said in a statement. DAMEPL had filed
the petition after an earlier petition by DMRC challenging the arbitral award
was dismissed by the Delhi High Court on March 6. Following the court's order,
the banks are expected to get Rs306 crore from DMRC, the statement said. The
court held that a party successful in arbitration and Section 34 cannot be
allowed to become an NPA for want of the award's enforcement. RInfra shares
closed at Rs431.60, up 1.60% on the NSE. The
Total Investment & Insurance Solutions
The
merger between telecom majors Idea Cellular and Vodafone India is in the final
stages of approval, Telecom Secretary Aruna Sundararajan said on Tuesday.
"The Idea-Vodafone merger is in the final stages of approval. Because they
have got the NCLT (National Company Law Tribunal) and Sebi (Securities and
Exchange Board of India) clearances, but there are some FDI (Foreign Direct
Investment) approvals that are involved, there are some liberalisation of
licences," Sundararajan said on the sidelines of an event organised by the
Cellular Operators Association of India (COAI). "So, there are a number of
clearances, it is not a one-step clearance," she added. Idea Cellular
shares closed at Rs80.60, up 0.37% on the NSE.
Tata
Power said that its board has approved the sale of company's stake in Tata
Communications and Panatone Finvest to Tata Sons and its affiliates, subject to
shareholders approval. "Panatone Finvest holds 30.1% of Tata
Communications. As part of the company's plan to monetise its non-core assets
and improve the balance sheet to set the stage for next phase of growth,"
the company said in a regulatory filing. "The estimated realisation will
be about Rs2,150 crore and is subject to shareholders approval." Tata
Power shares closed at Rs80.10, up 0.50% on the NSE. Tata Communications shares
closed at Rs625.65, up 0.86% on the NSE. The
Total Investment & Insurance Solutions
State-run
equipments major Bharat Heavy Electricals Ltd (BHEL) on Monday said it has won
its largest solar photovoltaic (PV) power project for setting up a 75 MW power
plant in Gujarat. In a stock exchange filing, BHEL said the order has been
placed by Gujarat Industries Power Company for setting up a plant at the
Gujarat Solar Park in Charanka. "Against stiff competitive bidding, BHEL
has won an order for setting up a 75 MW solar PV power plant on engineering,
procurement and construction (EPC) basis, in Gujarat. This will be BHEL's largest
solar PV project till date," the statement said. With this order, BHEL's
solar portfolio has risen to 545 MW. The company is currently executing over
150 MW of ground-mounted and rooftop solar PV projects across the country. Bhel
shares closed at Rs82.80, up 0.55% on the NSE.
Faced
with a multi-billion dollar fraud, along with the problem of non-performing
assets (NPAs), state-run lending major Punjab National Bank (PNB) has decided
to form a separate "vertical to deal with its stressed assets". According
to sources, the move is expected to aid the lender in effectively dealing with
NPAs and increase possible recoveries. The move being initiated on a pilot
basis is a first for state-run banks, said a PNB source. The vertical will
solely focus on stressed assets and recovery of NPAs, according to the source.
This will be tried out as a pilot before a roll out nationally in next six
months, the source said. Another move that the lending major plans to set up
"separate pre-sanction appraisal and post sanction monitoring teams"
for credit disbursal. This measure, the source said, will ensure better
governance and transparency. "A new monitoring group will be set up
to keep track of whether cash flow from projects is being used to repay bank
loans and that there are no slippages," the source said. PNB shares closed
at Rs99.45, up 3.50% on the NSE.
MindTree,
a global digital transformation and technology services company, on Monday
launched "Decision Moments" -- a data science platform which is built
on the Microsoft Azure Platform and now leverages Adobe Experience Cloud to
help marketers drive faster conversions. "Marketers are evaluating ways to
deliver connected experiences in the right context across touchpoints to their
customers. Taking the data science view will help marketers unearth and apply
insights to achieve their marketing goals," said Sreedhar
Bhagavatheeswaran, Senior Vice President and Global Head - Digital Business for
Mindtree, in a statement. MindTree shares closed at Rs772.80, up 0.10% on the
NSE.
The
top gainers and top losers of the major indices are given in the table below: The Total Investment & Insurance Solutions
Top Gainer (The Total
Investment & Insurance Solutions)
The
closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions
Asian Indices (The Total
Investment & Insurance Solutions)
