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28
January 2019
I had
mentioned in Friday’s closing report that Nifty, Sensex were looking weak. The
major indices of the Indian stock markets suffered a correction on Monday and
closed with losses over Friday’s close. On the NSE, there were 363 advances,
1,375 declines and 339 unchanged. The trends of the major indices during the
course of Monday’s trading are given in the table below:
Selling
pressure in banking, automobile, healthcare and consumer durables stocks pulled
the Indian equity market lower by around 1% on Monday. However, global cues
such as positive Asian markets aided in arresting the downward spiral.
Tata
Steel said its step-down subsidiary, T.S. Global Holdings Pte Ltd (TSGH), has
signed definitive agreements with China's HBIS Group to divest a majority stake
in its South East Asia (SEA) business. Tata Steel also said the consideration
received from such sale would be "$327 million and equity stake of 30% in
the entity held by HBIS Group and TSGH on 70-30 basis". The Chinese group
was established on June 30, 2008, by the merger of Tangshan Iron and Steel
Group and Handan Iron and Steel Group of Hebei province. Tata Steel shares
closed at Rs447.00, down 1.30% on the NSE.
Larsen
and Toubro (L&T) on Friday reported a 33.8% increase in its standalone net
profit for the October-December quarter of the financial year 2018-19. Its
standalone net profit stood at Rs1,634.78 crore, up from Rs1,221.95 crore
reported during the third quarter of the last financial year, the company said in
a regulatory filing to the BSE. The company's total income during the period
under review was Rs23,229.98 crore, 27.9% higher than Rs18,164.29 crore earned
during the corresponding period of FY18. Larsen & Toubro shares closed at
Rs1,302.00, up 1.29% on the NSE.
State-run
Canara Bank reported Rs318 crore net profit for the third quarter of fiscal
2018-19, registering a whopping 152% annual growth from Rs126 crore in the same
period a year ago. In a regulatory filing on the BSE, the city-based bank said
interest earned for the quarter (Q3) under review grew 13% year-on-year (YoY)
to Rs12,189 crore from Rs10,775 crore in the like period a year ago.
Sequentially, the net profit increased 6% from Rs300 crore and interest 9.6%
from Rs11,124 crore a quarter ago. "Operating profit, however, declined
16.7% YoY to Rs2,357 crore from Rs2,831 crore a year ago but 1.3% sequentially
from Rs2,327 crore, said the bank in the filing. Provisions and contingencies
excluding tax declined 26% YoY to Rs1,977 crore from Rs2,674 crore a year ago
and 30% down from Rs2,835 crore a quarter ago. "Provisions for
non-performing assets (NPAs) shot up 43.8% YoY to Rs2,733 crore from Rs1,900
crore a year ago 13.7% from Rs2,403 crore quarter ago. Canara Bank shares
closed at Rs240.70, down 5.37% on the NSE.
Public
sector lender Indian Bank announced about a 50% fall in its standalone net
profit for the third quarter ended on December 31 in the back drop of an
increased provision for bad loans, said a top bank official. For the period
under review, Indian Bank posted a net profit of Rs152.26 crore down from
Rs303.06 crore posted for the quarter ended December 31, 2017. Indian Bank
earned a total income of Rs5,269.10 crore during the third quarter, up from
Rs4,903.07 crore earned for the period ended December 31, 2017. Speaking to
reporters here Padmaja Chunduru, Managing Director and CEO, said the net profit
was impacted during the third quarter of the current fiscal due to higher
non-performing assets (NPA), mainly due to the bank's exposure to IL&FS.
Indian Bank had provided Rs973 crore towards bad loans for the quarter ended
December 31 up from about Rs385 crore that was provided for the period December
31, 2017. Indian Bank shares closed at Rs218.90, down 8.18% on the NSE.
Automobile
major Maruti Suzuki India reported a decline of 17.2% in its net profit for the
quarter ended December 31, 2018. According to Maruti Suzuki, the net profit
during the quarter under review declined to Rs1,489.3 crore from Rs1,799 crore
during the corresponding period of previous fiscal. "The company
registered net sales of Rs189,264 million, lower by 0.1%, and net profit of
Rs14,893 million, lower by 17.2% over the same period previous year," the
company said in a statement on Friday. Besides, the company's net sales slipped
by 0.1% to Rs18,926.4 crore over the same period last year. The auto major
blamed the combination of several adverse factors such as adverse commodity
prices and adverse foreign exchange rates among others which impacted profits.
The company sold a total of 428,643 vehicles during the quarter, a decline of
0.6% over the same period the previous year. Maruti Suzuki India shares closed
at Rs6,510.50, down 0.04% 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: The Total Investment & Insurance
Solutions
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Major Indices (The Total
Investment & Insurance Solutions)
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