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19
April 2018
I had mentioned in Wednesday’s closing report that Nifty, Sensex were
showing signs of topping out for the short-term. 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 809 advances, 629 declines and
61 unchanged. The trends of the major indices in the course of Thursday’s
trading are given in the table below: The
Total Investment & Insurance Solutions
Major Indices (The Total
Investment & Insurance Solutions)
The key Indian equity markets traded in the positive territory on
Thursday tracking strong cues from the Asian markets. Buying in the metal, IT
(information technology) and capital goods stocks also helped the market
sentiment to remain positive. The Total
Investment & Insurance Solutions
Sunil
Kant Munjal of Hero Enterprise as wells Anand Burman and Mohit Burman of Burman
family have approached the Board of Fortis Healthcare with a binding offer to
invest Rs 1,500 crore directly in the company, a company statement said here on
Thursday. This offer would replace the original offer made to the Board on
April 12, 2018. On April 12, 2018 Hero Enterprise promoted by Sunil Munjal and
the Burman family offered to invest Rs1,250 crore directly in Fortis Healthcare,
to bail out the cash-strapped company. The improved binding offer, according to
Munjal, is "even simpler, more attractive and faster to implement and
without any due diligence." This is a joint bid by Hero Enterprise and the
Burman family, both of whom have a long-standing presence and interest in the
healthcare sector. "We will invest Rs500 crore through preferential issue
of equity shares and Rs1,000 crore through preferential issue of
warrants," said Munjal in the letter. "Our upfront investment
into the company will be Rs750 crore. This includes Rs500 crore through
preferential issue of equity shares and Rs250 crore, being the amount
equivalent to 25 per cent of the consideration for the warrants at the time of
allotment," he added. The additional Rs1,000 crore after the initial
infusion of Rs500 crore will come at a valuation of Rs161.60 per share. Fortis
Healthcare shares closed at Rs148.45, up 2.28% on the NSE.
Reliance Industries (RIL) and British oil major BP on Thursday jointly
announced the sanction of development work on the "Satellite cluster"
deep-water gas fields in their Krishna Godavari (KG) D6 block on the eastern
offshore. According to a statement here, the "Satellite cluster" is
the second of three projects in block KG D6, being operated by the RIL-led
consortium that includes BP and the Canada-headquartered Niko Resources.
"The companies are moving forward to develop the block's discovered
deep-water gas fields in an integrated series of projects, bringing new gas
production for India," it said. "The 'Satellite cluster' is the
second of three projects in the Block KG D6 integrated development. The first
of the projects, development of the 'R-Series' deep-water gas fields, was
sanctioned in June 2017. "Together the three projects will develop a
total of about three trillion cubic feet of discovered gas resources with a
total investment of Rs40,000 crore ($6 billion). "They are expected
to bring a total of 30-35 million cubic metres (one billion cubic feet) of gas
a day new domestic gas production onstream, phased over 2020-2022," it
added. RIL shares closed at Rs942.30, up 0.43% on the NSE. The Total Investment & Insurance
Solutions
Reliance Infrastructure Limited EPC has received the Letter of Award
(LOA) from Rail Vikas Nigam Limited (RVNL) for its maiden railway project worth
Rs 774 crore for the construction of third rail line between Jimidipeta and
Gotlam on East Coast Railway on Engineering, Procurement and Construction (EPC)
basis, the company said on Thursday. The 105 km-long line will run in Andhra
Pradesh and Odisha. The scope of work includes civil, track, electrification,
signalling and telecom works of the rail line. The work also includes
construction of 13 railway stations and staff quarters. Reliance Infrastructure
shares closed at Rs465.05, up 0.86% on the NSE. The Total Investment & Insurance Solutions
China and the US have still not held any bilateral talks over trade
frictions, China's Ministry of Commerce said on Thursday. The US submitted a
file to the World Trade Organisation (WTO) on April 17 claiming that they are
willing to negotiate over the trade dispute with China, Xinhua news agency
reported. The move follows WTO procedures, which order members to respond to a
request for settlement from another member within ten days, said MOC
spokesperson Gao Feng. Gao reiterated that the US Section 232 and Section 301
measures to slap tariffs on Chinese products seriously violate WTO rules. He
said the two sides have not yet held any bilateral talks over the US Section
301 investigation and the proposed US tariff list on Chinese goods. In the
light of the trade war situation between US and China, the long term bullish
trends of the Indian stock markets have been adversely affected. The Total Investment & Insurance
Solutions
The
top gainers and top losers of the major indices are given in the table below:
Top Gainer (The Total
Investment & Insurance Solutions)
The
closing values of the major Asian indices are given in the table below:
Asian Indices (The Total
Investment & Insurance Solutions)
