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03
January 2019
I
had mentioned in Wednesday’s closing report that Nifty, Sensex were under
pressure again due to global trends. The major indices of the Indian stock
markets suffered a correction on Thursday and closed with significant losses
over Wednesday’s close. On the NSE, there were 553 advances, 1,148 declines and
361 unchanged. The trends of the major indices in the course of Thursday’s
trading are given in the table below:
Amid weak factory data from China and India
earlier in the week fuelling concerns of a slowdown in global growth and a
sustained weakness in the domestic currency pulled the benchmark Sensex down on
Thursday. Energy, oil and gas and capital goods came under selling pressure,
while realty traded in the green on the expectation that the GST (Goods and
Services Tax) Council at its January 10 meeting would bring down the tax rate
on under-construction housing to 5% from 12%. FMCG (fast moving consumer goods)
stocks managed to advance. The Total
Investment & Insurance Solutions
The
Indian currency weakened by 12 paise on Thursday to trade at 70.29 per dollar,
against the previous close of 70.17 per dollar.
The
HDFC's Board will consider raising Rs45,000 crore through issuance of secured
redeemable non-convertible debentures (NCDs). Accordingly, the company's Board
will consider the issuance of NCDs on private placement basis in a meeting on
January 29, 2019. "The board of directors of the corporation shall
consider issuance of secured redeemable non-convertible debentures, in various
tranches under Shelf Disclosure Document, aggregation Rs45,000 crore on a
private placement basis in accordance with the approval granted by the
shareholders of the corporation at the 41st Annual General Meeting held on July
30, 2018," the company said in a regulatory filing to the BSE. HDFC shares
closed at Rs1,937.00, down 2.20% on the NSE.
Lending major Bank of Baroda (BoB) finalised
the equity share exchange ratio for amalgamation of Dena Bank and Vijaya Bank,
subject to statutory regulatory approval. Bank of Baroda shares closed at
Rs119.60, up 0.21% on the NSE. Dena Bank shares closed at Rs14.40, down 19.55%
on the NSE. Vijaya Bank shares closed at Rs47.50, down 6.95% on the NSE. The Total Investment & Insurance
Solutions
Rating
agency ICRA has downgraded financially-troubled Jet Airways' short and long
term credit facilities after the company on Tuesday reported a delay in paying
interest and instalment due to banks. The downgrade comes at a time when
India's airline sector faces heavy competition with low air fares. Accordingly,
the airline's long term rating assigned to "Long term Loans" and
"Non-Convertible Debentures" was revised to D (negative outlook) from
C (negative outlook). "The ratings downgrade considers the delays by
the company in the payment of the interest and principal instalment due on
December 31, 2018 due to cash flow mismatches," ICRA said in a statement.
"There have been delays in the implementation of the proposed
liquidity initiatives by the management, which have aggravated its
liquidity." According to the statement, the company has already been
delaying its employee salary payments and lease rental payments to the aircraft
lessors. "Furthermore, the company has large debt repayments due
over December 2018 to March 2019 (Rs1,700 crore), FY2020 (Rs2,444.5 crore) and
FY2021 (Rs2,167.9 crore)," the statement said. Jet Airways shares closed
at Rs246.25, down 6.56% on the NSE.
Two-wheeler major Hero MotoCorp reported a
3.96% decline in its sales for December 2018 on a year-on-year basis. According
to the company, sales of two-wheelers decreased to 453,985 units, compared to
472,731 units sold in December 2017. In terms of calendar year 2018, the
company sold 8,039,472 units of motorcycles and scooters. On Financial Year
2019 basis, the cumulative sales of the company in the nine month period (April-December
2018) have now risen to 6,037,901 units. "Year 2018 was a challenging year
for the global economy. While the continuing volatility in currency and
commodities slowed down the pace of growth, the global geopolitical and trade
conflicts also affected sentiments in markets and industries across the
world," said Pawan Munjal, Chairman, Hero MotoCorp. "The increased
cost of two-wheeler insurance ahead of the Diwali festive season and the
prevailing liquidity crunch in the market impacted the overall momentum of
growth in the industry during the entire third quarter." Hero MotoCorp
shares closed at Rs3,011.15, down 1.16% on the NSE. The Total Investment & Insurance Solutions
Telecom major Reliance Jio led the
subscription race in October with an addition of around 1.05 crore subscribers,
followed by BSNL, as all the other major players registered a decline in their
subscriber base. The subscriber base of the Mukesh Ambani-led Reliance Jio
increased to around 26.27 crore, from 25.22 crore subscribers reported in
September, data released by the Telecom Regulators' Authority of India (TRAI)
showed. Total wireless subscribers, including GSM, CDMA and LTE, increased by
0.6 per cent from 116.92 crore in September 2018 to 117 crore at the end of
October, the statement from TRAI said. "The wireless subscription in urban
areas increased from 647.70 million (64.77 crore) at the end of September 2018
to 648.24 million (64.82 crore) at the end of October 2018, and in rural areas
also it increased from 521.59 million (52.15 crore) to 521.77 million (52.17
crore) during the month," it said. Reliance Industries shares closed at
Rs1,090.30, down 1.46% on the NSE. The
Total Investment & Insurance Solutions
Despite strong demand along with lower input
costs, the growth of India's manufacturing sector eased in December, key
economic data showed. According to the Nikkei India Manufacturing Purchasing
Managers' Index (PMI), the composite indicator of manufacturing performance
showed an index reading of 53.2 in December from 54 in November 2018. An index
reading of above 50 indicates an overall increase in economic activity, or
growth, and below 50 an overall decrease. The Total Investment & Insurance Solutions
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: The Total
Investment & Insurance Solutions
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Major Indices (The Total
Investment & Insurance Solutions)
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