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22
January 2019
I have
mentioned in Monday’s closing report that Nifty Sensex were still moving
sideways. 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 532
advances, 1,171 declines and 355 unchanged. The trends of the major indices in
the course of Tuesday’s trading are given in the table below:
Sensex
and Nifty ended lower on Tuesday in line with global markets over concerns of
global growth as the International Monetary Fund (IMF) cut its GDP growth
forecasts citing concerns over Sino-US trade tensions. The BSE metal index lost
over 2%. Telecom and auto stocks witnessed selling pressure while the pharma
sector gained.
Stock-wise,
Sun Pharma continued to gain on Tuesday. It ended with over 5% gain after its
clarifications in a regulatory filing earlier in the day. Sun Pharma was
followed by Kotak Mahindra Bank which reported a healthy third quarter
earnings. Hero MotoCorp, Bajaj Finance and Bajaj-Auto surged up to 2%. In
contrast, Vedanta, Tata Steel, Mahindra and Mahindra, HCL Tech and Bharti
Airtel lost in the range of 2% to 3.50%.
Two-
and three-wheeler maker TVS Motor Co on Tuesday said it closed the third
quarter of the current fiscal with 15.5% growth in its net profit at Rs178.4
crore. In a statement issued here, the company said its profit after tax (PAT)
for the quarter ended on December 31, 2018 was at Rs178.4 crore, up from
Rs154.4 crore posted for the quarter ended on December 31, 2017. For the period
under review, the company's total revenue grew to about Rs4,664.6 crore, up
from Rs3,703.1 crore in the quarter ended in December 2017. TVS Motor Co shares
closed at Rs553.85, up 2.94% on the BSE.
Reliance
Nippon Life Asset Management (RNAM), asset manager of Reliance Mutual Fund, on
Tuesday said it closed the third quarter of the current fiscal with a net
profit of about Rs110 crore. In a statement issued here the company said it had
earned about Rs350 crore revenue from operations for the quarter ended December
31, 2018. The company board also declared an interim dividend of Rs3 per share.
Reliance Nippon Life Asset Management Limited shares closed at Rs155.55, up
2.13% on the NSE.
Three
persons, including two former Central Bank of India officials, were sentenced
to three years of imprisonment by a CBI court for defrauding the bank to the
tune of Rs122 lakh, the agency said on Monday. A special Central Bureau of
Investigation court here sentenced former bank senior manager KK Chourasia,
former assistant manager Vasant Pawase and Uday Singh Thakur, the managing director
of a Bhopal-based construction company in the fraud case. According to the CBI,
the two bank officials had processed, sanctioned and disbursed housing loan to
the tune of Rs122.48 lakh in the name of 13 Individuals without verifying their
credentials including that of the private company. The three were chargesheeted
by the CBI for various offences including criminal conspiracy by the CBI and
the trial court after convicted them sentenced them to three years of rigorous
imprisonment along with fine.
The
Delhi-bench of National Company Law Tribunal (NCLT) has approved the merger of
financially-stressed Tata Teleservices with Bharti Airtel. With the approval
the merger gets a final shape over one year after it was announced by the
respective companies in October 2017. "The NCLT has sanctioned the
Composite Scheme of Arrangement between Tata Teleservices Limited, Bharti
Airtel Limited and Bharti Hexacom Limited and their respective shareholders and
creditors under Sections 230 to 232 of the Companies Act, 2013," Bharti
Airtel said in a regulatory filing at the BSE. Bharti Hexacom is a subsidiary
of the telecom major," Bharti Airtel said. The tribunal's order said:
"In view of the foregoing, upon considering the approval accorded by the
members and creditors of the Petitioner Companies to the proposed Scheme, and
the affidavits filed by the Regional Director, Northern Region, Ministry of
Corporate Affairs, Income Tax Department and the Department of
Telecommunication, there appears to be no impediment in sanctioning the present
Scheme." Bharti Airtel shares closed at Rs304.45, down 2.22% on the NSE.
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:
 |
Major Indices (The Total
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