Only Rs 5,000 cr declared under PMGKY for black money: Official-The Total Investment & Insurance Solutions

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1 June 2017

Deposits amounting to only around Rs 5,000 crore have been made under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), launched post-demonetisation, the government said on Thursday, attributing the tepid response to the scheme for declaring unaccounted income to multiple factors. The Total Investment & Insurance Solutions

"The Rs 5,000 crore declared under PMGKY is mainly on account of two factors," Revenue Secretary Hasmukh Adhia said at a media briefing here by the Union Finance Ministry. 

"Even before the scheme was announced, people had put their money in various accounts," he said referring to the rush witnessed to deposit high-value currency notes after these were junked under the November 8 demonetisation measure.

"Besides, the rates (tax) we had fixed under PMGKY, people found 75 per cent of their money blocked," he added. The Total Investment & Insurance Solutions

The scheme allowed deposits to be made in the form of cash or in an account with bank or post office or specified entity, with a tax, surcharge and penalty totalling up to 49.90 per cent. Mandatory deposit of 25 per cent of the undisclosed income is to be made in PMGKY. The deposits are interest-free and have a lock-in period of four years.

Finance Minister Arun Jaitley said PMGKY was competing with other similar schemes.

"First, you had the IDS (Income Declaration Scheme) ... over and above came the PMGKY," Jaitley said. The Total Investment & Insurance Solutions

"Two, three exercises are going on simultaneously. People who had deposits disproportionately larger than their income, the Income Tax Department has asked for their details. Those who have replied, these are being processed... while those who haven't, cases are being filed against them," he said of the exercise dubbed 'Operation Clean Money'.

The Finance Minister also said that the Benami Transactions Act, that has come into operation recently, also has the objective of curbing black money.The Total Investment & Insurance Solutions

Jaitley asks industry to fall in line for July 1 GST roll-out-The Total Investment & Insurance Solutions

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1 June 2017

Seeking to set at rest all doubts, Finance Minister Arun Jaitley on Thursday said the government is in a state of preparedness for the roll-out of the Goods and Services Tax (GST) from July 1 and asked the industry to fall in line as there will be no change in the date of implementation of the new indirect tax regime. The Total Investment & Insurance Solutions

"GST decisions are all taken by consensus and so far we have succeeded in maintaining the consensus. In Srinagar meeting of the Council, ministers of almost all states who spoke to me were absolutely clear on maintaining the July 1 date. We are in a state of preparedness for July 1," he told a media conference here. The Total Investment & Insurance Solutions

He was replying to a question on West Bengal Finance Minister Amit Mitra's comment that there were serious doubts about the preparedness of the industry for GST by July 1.

"We are passing through a phase where government is in all steps ahead of the industry. So I will expect the industry also, all those sections who are saying they are not, to fall in line because we are quite clear about the date," he said. The Total Investment & Insurance Solutions

When asked about the concerns of some of the industry members on the GST rates, the Finance Minister said that there is a mechanism in the Council for fitment where all the officials meet and discuss the existing rates and fit them in the slabs after consideration. 

"First time in the country the consensus on indirect taxation was created through federal institution. The process to implement GST is in its last phase. When it is implemented, it will be a major taxation reform," he said. The Total Investment & Insurance Solutions

Refuting any negative impact of GST on the country's growth, Jaitley said, "I see no reason why there will be any adverse impact of GST. GST by itself should normally add to growth."

Chief economic adviser Arvind Subramanian, who was also present at the press conference, said that GST will bring down the incidence of taxes which will have a positive impact on the country's growth. The Total Investment & Insurance Solutions

"The incidence of taxation is going to come down. It is like a tax cut which will both reduce prices and increase consumption. There may be some teething implementation challenges but economic effects of a tax cut will be positive to reduce inflation and stimulate consumption," Subramanian said.The Total Investment & Insurance Solutions

India's manufacturing sector expansion eases in May: PMI-The Total Investment & Insurance Solutions

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1 June 2017

India's manufacturing sector output slowed down last month due to a softer expansion in new orders and production, a key macro-economic data showed on Thursday.

The Nikkei India Manufacturing Purchasing Managers' Index (PMI), which is a composite indicator of manufacturing performance stood at 51.6 from the index reading of 52.5 reported in April 2017. The Total Investment & Insurance Solutions

An index reading of above 50 indicates an overall increase in economic activity, and below 50 an overall decrease. The Total Investment & Insurance Solutions

"The upturn in the Indian manufacturing sector took a step back in May, with softer demand causing lower expansions in output and the amount of new work received by firms. Moreover, there was a renewed decline in new export orders," said Pollyanna De Lima, economist at IHS Markit and the author of the report. The Total Investment & Insurance Solutions

"Echoing a more positive tone, the PMI dataset highlighted a stronger increase in businesses' input purchasing, while optimism reached a six-month peak. Additionally, cost inflationary pressures cooled."The Total Investment & Insurance Solutions

Global Stocks Mostly Higher As China Falls-The Total Investment & Insurance Solutions

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1 June 2017

Global Stocks (The Total Investment & Insurance Solutions)

Global stock markets were mostly higher Thursday following Wall Street's decline while Chinese stocks fell after a survey showed manufacturing activity weakening.

KEEPING SCORE: France's CAC-40 gained 0.5 percent to 5,308.60 and Germany's DAX advanced 0.4 percent to 12,660.42. London's FTSE 100 retreated 0.3 percent to 7,543.86. On Wednesday, the DAX gained 0.1 percent while the FTSE 100 shed 0.1 percent and the CAC-40 lost 0.4 percent. On Wall Street, futures for the Dow Jones industrial average and Standard & Poor's 500 index were up just under 0.1 percent. The Total Investment & Insurance Solutions

ASIA'S DAY: The Shanghai Composite Index lost 0.5 percent to 3,102.62 while Tokyo's Nikkei 225 advanced 1.1 percent to 19,860.03. Hong Kong's Hang Seng rose 0.5 percent to 25,779.34 and Sydney's S&P-ASX 200 added 0.2 percent to 5,738.10. South Korea's Kospi shed 0.1 percent to 2,344.61 and India's Sensex was unchanged at 31,155.89. Benchmarks in New Zealand, Taiwan and Singapore rose while Bangkok retreated. The Total Investment & Insurance Solutions

WALL STREET: U.S. stocks fell on a sharp drop for banks and a rare loss for tech companies. That offset gains for drug makers and consumer-focused companies. Banks fell after executives from JPMorgan Chase and Bank of America said their trading businesses are having a rough second quarter. Energy companies fell with oil prices. Investors picked consumer-focused companies, drug makers and high-dividend utilities and household goods companies. The S&P 500 lost less than 0.1 percent to 2,411.80. The Dow dropped 0.1 percent to 21,008.65.

CHINESE MANUFACTURING: The Chinese business magazine Caixin said its purchasing managers' index declined for a third month, falling to 49.6 from April's 50.3 on a 100-point scale on which numbers below 50 show activity contracting. That came after a separate PMI on Wednesday by the National Bureau of Statistics and an industry group, the China Federation of Logistics and Purchasing, improved to 54.5 from 54. The Total Investment & Insurance Solutions

ANALYST'S TAKE: "Today's PMI reading points to growth having slowed more rapidly last month than the official PMI initially suggested," said Julian Evans-Pritchard of Capital Economics in a report. Reasons for the conflicting readings were unclear, but one possibility is that Caixin's survey includes more small or private companies than the official measure. "The latest data are still consistent with our broader outlook on the Chinese economy," said Evans-Pritchard. "We have long been warning that the rebound in growth during the second half of last year would prove short-lived."

TRUMP AND CLIMATE: President Donald Trump was preparing to announce whether he will pull the United States out of the 195-nation Paris agreement to combat global warming by reducing carbon emissions. U.S. allies around the world sounded alarms about the likely consequences of an American withdrawal. On Twitter, Trump said he still was listening to "a lot of people both ways." Abandoning the pact would isolate the U.S. from allies who spent years negotiating the 2015 agreement.

KOREA TRADE: May exports rose 13.4 percent over a year earlier but growth decelerated from April. Exports are forecast to maintain relatively robust growth this year, possibly helped by the release of a new Samsung smartphone model. But they also face potential risks from rising pressure in the United States and Europe for restrictions on imports, as well as possible slowing Chinese growth.

INDIAN MANUFACTURING: A survey showed Indian manufacturing activity grew in May but more slowly than April. A purchasing managers' index declined to 51.6 from April's six-month high of 52.5 on a 100-point scale on which numbers above 50 show activity expanding. The measures for output and new orders declined but stayed well above 50. The Total Investment & Insurance Solutions

ENERGY: Benchmark U.S. oil gained 48 cents to $48.80 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $1.34 on Wednesday to close at $48.32. Brent crude, used to price international oils, advanced 45 cents to $51.21 in London. It dropped $1.48 the previous session.

CURRENCY: The dollar gained to 110.95 yen from Wednesday's 110.76. The euro edged down to $1.1246 from $1.1247.The Total Investment & Insurance Solutions

Nifty, Sensex looking toppy – Wednesday closing report-The Total Investment & Insurance Solutions

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31 May 2017

I had mentioned in Tuesday’s closing report that Nifty, Sensex might retreat a bit. The major indices of the Indian stock markets were range-bound on Wednesday and ended flat, as compared to Tuesday’s close. The trends of the major indices in the course of Wednesday’s trading are given in the table below: The Total Investment & Insurance Solutions

Major Indices (The Total Investment & Insurance Solutions)

After a negative start, the Indian equity markets on Wednesday traded at new highs during the mid-afternoon session with buying in automobile, consumer durables and capital goods stocks. Market observers opined that investors traded on a cautious note ahead of the release of India's quarterly estimates of GDP growth for the fourth quarter of 2016-17, and the index of eight core industries (ECI) figures for April 2017. On the NSE, there were 938 advances, 702 declines and 311 unchanged. The Total Investment & Insurance Solutions

The S & P BSE Sensex touched a new intra-day high of 31,233.68 points. The BSE market breadth was bullish -- with 1,384 advances and 1,119 declines.

All the sectoral indices, led by realty, auto and consumer durables, traded in the positive zone with gains up to 1%. Sensex and Nifty both remained range-bound and market analysts do not expect any high volatility with consolidation on the menu for the market.

Private non-life insurer Cholamandalam MS General Insurance Company Ltd on Wednesday said it has raised Rs100 crore by privately placing 1,000 unsecured redeemable non-convertible debentures (NCD). In a statement, the company said the NCD's will be listed in NSE. The 10-year NCD has a coupon rate of 8.75%. The NCD has a call option after five years. "We have augmented our capital base by issuing subordinated debt, post the recent measures announced by the Insurance Regulatory and Development Authority of India (IRDAI), allowing alternative forms of capital," Managing Director and CEO SS Gopalarathnam said in the statement. Cholamandalam Investment and Finance Company closed at Rs1,026.10, up 2.58% on the BSE.

State-run steel manufacturer SAIL reported a net loss of Rs771.3 crore for the fourth quarter ended March, which was lower than the loss incurred in the same quarter of 2016, on the back of higher revenues during the last quarter. The company suffered a net loss of Rs1,184.64 crore in the corresponding quarter a year ago. For the entire fiscal 2016-17, SAIL has narrowed down its losses by 30% and recorded an overall improvement, including in production, sales and productivity, the company said in a stock exchange filing on Tuesday. During the quarter in consideration, the company's total income increased to Rs14,543.50 crore, as compared to Rs12,946.5 crore in the same period a year ago. "The unprecedented increase in coal prices during FY17 impacted the numbers and stunted the overall margins," SAIL said. Chairman PK Singh said in a statement that despite sharp hikes in imported and domestic coal prices, SAIL has "managed to compress the loss."  "There is an improvement in the performance on all accounts," he pointed out. The company’s share price closed at Rs57.15, down 2.22% on the BSE.

Mahindra and Mahindra reported a rise of 19.93% in its standalone net profit for the fourth quarter (Q4) of 2016-17. According to the company, its standalone net profit during the quarter under review rose to Rs725.16 crore from Rs604.63 crore reported in the corresponding period of 2015-16. The Q4 standalone total income of the company inched higher by 4.04% to Rs12,319.64 crore from Rs11,840.47 crore earned in the corresponding period of the previous fiscal. On a full financial year 2016-17 basis, M&M reported that its standalone net profit increased by 23.43% to Rs3,955.65 crore from Rs3,204.57 crore earned in the previous fiscal. On the group level, the company reported a 13.95% surge in its consolidated profit to Rs4,050.53 crore for the fiscal year from Rs3,554.50 crore reported in 2015-16. The company pointed out that the Supreme Court's 29 March 2017, orders on the sales issue of non BS-IV compliant vehicles caused a negative impact of Rs171 crore. "The outlook for 2017-18 is much more robust with a favourable domestic and global backdrop," the company said in a statement. Mahindra & Mahindra shares closed at Rs1,416.35, up 3.99% on the BSE.

The Indian economy will grow at 7.5% in the current fiscal, which rate will accelerate to 8% in about four years, US rating agency Moody's said on Wednesday ahead of the release of GDP figures for 2016-17 later in the day. "We expect marginally faster growth in India. According to our forecast the economy will grow 7.5% in fiscal year 2017 (2017-18) and 7.7% in fiscal year 2018 (2018-19)," Moody's Investors Service said in its Global Macro Outlook. "Overall, we continue to believe that economic growth will gradually accelerate to around 8% over the next three to four years," it said. The American agency also said that the negative impact of the November 8 demonetisation of high-value currency on the economy was limited in size and duration. "The ruling BJP's victory in the Uttar Pradesh state elections indicates that the government has remained politically popular despite the demonetisation exercise," the report said. This augurs well for medium term investors in the stock markets and indirect investors who invest through mutual funds. 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: The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)

Indian economy grew at 7.1% in 2016-17, Q4 GDP growth at 6.1%-The Total Investment & Insurance Solutions

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31 May 2017

India's gross domestic product during the past fiscal grew at a lower rate of 7.1%, the official statistician said on Wednesday. The Total Investment & Insurance Solutions

"Real GDP at constant (2011-12) prices for the year 2016-17 is estimated at Rs121.90 lakh crore showing a growth rate of 7.1% over the year 2015-16 of Rs113.81 lakh crore," the Central Statistics Office said in a statement. The Total Investment & Insurance Solutions

In terms of gross value added (GVA), which excludes indirect taxes, the growth came in even lower at 6.6% over the GVA for 2015-16. The Total Investment & Insurance Solutions

The GDP growth for the fourth quarter of last fiscal also fell more sharply to 6.1%.The Total Investment & Insurance Solutions

Deutsche Bank fined USD 41 mn for money laundering violations-The Total Investment & Insurance Solutions

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31 May 2017

The US Federal Reserve has announced a penalty of USD 41 million on the US operations of Deutsche Bank for its deficiencies in anti-money laundering program.

"The (Federal Reserve) Board identified failures by Deutsche Bank's US banking operations to maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws," said the Fed in a statement on Tuesday, Xinhua news agency reported.

The central bank also issued a cease and desist order against the German bank, which requires the bank to improve its senior management oversight and controls related to its compliance with anti-money laundering laws. The Total Investment & Insurance Solutions

The German bank was fined a total of $156.6 million in April by the Fed for its deficiencies in its foreign exchange trading and its failure to keep a compliance program with the Volcker rule. The Total Investment & Insurance Solutions

Eurozone Inflation Falls To Lowest Level This Year-The Total Investment & Insurance Solutions

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31 May 2017

Eurozone (The Total Investment & Insurance Solutions)

Inflation across the 19-country eurozone has fallen to its lowest level this year, official figures showed Wednesday, in a development that may temper speculation that the European Central Bank will soon consider easing up on its monetary stimulus. The Total Investment & Insurance Solutions

Eurostat, the EU's statistics agency, said that inflation fell to 1.4 percent in the year through May from 1.9 percent the month before. May's rate is the lowest rate since December 2016 when inflation stood at 1.1 percent. The Total Investment & Insurance Solutions

The most important reason why inflation has been so volatile in recent months is connected to the price of oil, which is off the lows recorded last year but still swinging fairly widely. In the year to May, energy prices were up 4.6 percent. However, May's increase was the smallest this year and down sharply on April's equivalent rate of 7.6 percent. The Total Investment & Insurance Solutions

The decline in the rate, which was slightly sharper than anticipated, means that inflation has fallen away from the ECB's target of just below 2 percent. The rise in inflation in April to the target had stoked talk in financial markets that the central bank would soon be in a position to at least start mulling the possibility of withdrawing some of its stimulus, possibly at next Thursday's policy meeting.

The ECB has slashed interest rates, including its main one to zero, and embarked on a big bond-buying stimulus program to keep a lid on market interest rates. Its primary aim is to get inflation back toward its target and then to start easing off the bond-buying program.

A major reason why inflation fell back sharply in May was the decline in the core rate, which strips out the volatile items of alcohol, food, tobacco and energy. That slipped back to 0.9 percent from the previous month's 1.2 percent. The Total Investment & Insurance Solutions

Modest underlying rates of inflation point to sluggish wage demands even at a time when the eurozone economy is performing relatively strongly and unemployment has been dropping. ECB President Mario Draghi has pointed to the subdued core rate in recent months to urge caution over the bank radically changing tack soon. The Total Investment & Insurance Solutions

"That should allow the ECB to continue to stress that underlying inflation pressure in the euro area remains weak, despite strengthening growth, when it meets next week," said Cathal Kennedy, European economist at RBC Capital Markets. The Total Investment & Insurance Solutions

As a result, Kennedy says that while the ECB is likely to upgrade its economic forecasts on Thursday, it will probably remain cautious about any talk of tapering off the stimulus program. The Total Investment & Insurance Solutions

Some economists think Draghi may drop any reference in his statement to the possibility of lowering interest rates or increasing stimulus going forward. A raft of indicators over recent weeks has shown that the eurozone economy has picked up steam, particularly in France and in many of those countries that have been at the heart of Europe's debt crisis, including Spain and Ireland.

The rebounding economy was evident in unemployment figures from Eurostat. The agency found that the eurozone's jobless rate fell 0.1 percentage point in April to 9.3 percent, its lowest level since March 2009, when the region, like the world economy, was in the midst of a savage downturn following the global financial crisis. During April, Eurostat said 233,000 people came off the eurozone's jobless register, taking the total unemployed down to 15.04 million.The Total Investment & Insurance Solutions

World Stocks Mixed On US Political Uncertainty, Pound Slides-The Total Investment & Insurance Solutions

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31 May 2017

World Stocks (The Total Investment & Insurance Solutions)

Global stocks were mixed Wednesday as worries lingered over political uncertainty in Washington while China was boosted by manufacturing data. The British pound fell on concerns that the general election may be a tighter race than expected. The Total Investment & Insurance Solutions

KEEPING SCORE: France's CAC 40 rose 0.4 percent to 5,319 while Germany's DAX gained 0.5 percent at 12,659. Britain's FTSE 100 rose 0.5 percent to 7,561. U.S. shares were set to rise, with Dow and S&P 500 futures both up 0.1 percent. The Total Investment & Insurance Solutions

TRUMP FACTOR: An ongoing probe into Russia's meddling in the 2016 election has set off uncertainty about the administration of President Donald Trump. National Security Adviser Michael Flynn has decided to provide documents to the Senate intelligence committee, while Trump's personal attorney, Michael Cohen, has rejected a House intelligence committee request for information. Former White House staffer Boris Epshteyn confirmed he has been contacted for information as part of the investigation.

CHINA DATA: An official monthly survey showed that growth in China's factory activity was steady last month in a sign that the recovery in the world's No. 2 economy is holding up. The purchasing' managers index, or PMI, released Wednesday came in at 51.2 for May.

THE QUOTE: "This suggests further stablization of the world's second largest economy and will allow policy makers more room to carry out the de-leverage campaign in an attempt to reduce the country's heightened debts," Margaret Yang Yan, analyst with CMC Markets Singapore, said of the China data.

BRITISH RACE: The pound was volatile after polls and surveys suggested the general election of June 8 might be closer than many had expected. Prime Minister Theresa May's Conservative party had been expected to win by a landslide but recent polls have shed doubt on that. Investors are worried that a smaller majority could weaken the government's ability to negotiate a good Brexit deal with the European Union. The currency fell below $1.2800 on Wednesday before recovering slightly to trade down 0.2 percent on the day, at $1.2836. The Total Investment & Insurance Solutions

ASIA'S DAY: Japan's benchmark Nikkei 225 fell 0.1 percent to finish at 19,650.57. Australia's S&P/ASX 200 added 0.1 percent to 5,724.60. South Korea's Kospi gained 0.2 percent to 2,347.38. Hong Kong's Hang Seng inched down 0.1 percent to 25,667.10, while the Shanghai Composite was up 0.2 percent at 3,117.18. The Total Investment & Insurance Solutions

ENERGY: Benchmark U.S. crude lost 99 cents to $48.67 a barrel in New York. It lost 14 cents on Tuesday. Brent crude, the international standard, fell $1.22 to $50.62 a barrel in London.

CURRENCIES: The dollar fell to 110.78 yen from 111.07 yen late Tuesday in Asia. The euro rose to $1.1217 from $1.1181.The Total Investment & Insurance Solutions

Nifty, Sensex may retreat a bit – Tuesday closing report-The Total Investment & Insurance Solutions

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30 May 2017

I had mentioned in our Monday closing report that Nifty, Sensex might struggle to head higher. The major indices of the Indian stock markets were range-bound on Tuesday and closed with marginal gains over Monday’s close. 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)

The Indian equity markets traded on a flat-to-positive note during the early morning trade session on Tuesday, as gains were capped by broadly negative Asian markets, along with a weak rupee. The key Indian equity indices closed at new highs on Tuesday aided by buying in healthcare, banking and automobile stocks. The 30-scrip Sensitive Index (Sensex) of the BSE closed at 31,159.40 points -- a new closing high -- up 50.12 points or 0.16%, after scaling a new intra-day high of 31,220.38 points. The wider 51-scrip NSE Nifty provisionally closed at a new high of 9,624.55 points -- up 19.65 points or 0.20%. On the NSE, there were 666 advances, 808 declines and 54 unchanged. The BSE market breadth, however, was bearish -- with 1,454 declines and 1,224 advances. The Total Investment & Insurance Solutions

Around 8.50 lakh retail chemists, druggists and pharmacies on Tuesday went on a daylong strike all over India in support of their various demands, said All India Organisation of Chemists and Druggists (AIOCD) President Jagannath Shinde. A total 8.50 million employees are directly involved in the retail pharmacy business, he said adding that 72,000 of the striking retailers are from Maharashtra. The strike is in protest against the government's decision to make e-portal registration for chemists-druggists mandatory, including uploading all details of medicine sales, etc, and to press for long-pending demands of the industry, Shinde said. The S & P BSE Healthcare Index closed at 13,517.81, up 2.28% on the BSE.

Civil Aviation Minister Ashok Gajapathi Raju on Tuesday said his ministry will fully cooperate with a CBI probe into alleged corruption and mismanagement that led to the financial crisis in the national carrier Air India. "We will fully cooperate with the CBI on this," Raju said replying to a question during a press interaction. The Minister's response came a day after the Central Bureau of Investigation (CBI) registered three cases against unnamed officials of the Ministry and Air India. The case involves the purchase of 111 Boeing aircraft worth Rs70,000 crore and alleged corruption in handing over international airline routes to private airlines during the UPA regime. The S & P BSE PSU Index closed at 8,673.71, up 0.46% on the BSE.

Hotels and restaurants across Tamil Nadu downed shutters on Tuesday in protest against the levy of 12%-28% Goods and Services Tax (GST) which they said will affect tourism in the state. However, small and roadside eateries functioned as usual. The dawn-to-dusk (6 a.m. to 6 p.m.) shutdown call was given by the Tamil Nadu Hotels and Restaurant Association and is supported by the South India Hotels and Restaurants Association (SIHRA). The S & P BSE Consumer Discretionary Goods & Services Index closed at 3,641.09, up 0.43% on the BSE.

State miner Coal India posted a 38% fall in net profit for the fourth quarter ended March at Rs2,716 crore caused by lacklustre power demand, falling realisations from e-auctions and efforts to keep prices below international levels. The company had posted a profit of Rs4,398 crore in the same period of last year.  For the full fiscal 2016-17, the company's net profit fell 35% to Rs9,266 crore, from Rs14,268 crore in the previous fiscal. Coal India's revenue from operations in the quarter, however, increased by 8.6% to Rs24,780 crore, from Rs22,813 crore in the same period a year ago. During the quarter in consideration, provisioning of Rs1,239 crore increased total expenses by 23% to Rs22,358 crore, Coal India said in a stock exchange filing. Revenue during the year remained static at Rs83,808 crore, while expenses rose 10% to Rs74,890 crore. During the fiscal, the state miner offered 94.23 million tonnes of coal for e-auction as against 56.31 mt during 2015-16. Coal India shares closed at Rs267.10, down 0.21% on the BSE, on Tuesday. The Total Investment & Insurance Solutions

State owned oil marketing company BPCL reported a decline of 12.96% in its net profit for the fourth quarter (Q4) of 2016-17. According to the OMC (oil marketing company), its net profit during the quarter under review declined to Rs1,841.68 crore from Rs2,116.03 crore reported in the corresponding period of 2015-16. However, the Q4 standalone total income of the company edged higher by 24.17% to Rs66,685.61 crore from Rs53,704.43 crore earned in the corresponding period of previous fiscal. On a full financial year 2016-17 basis, BPCL reported that its consolidated net profit edged higher by 17.53% to Rs9,506.97 crore from Rs8,088.87 crore earned in the corresponding period of the previous fiscal. BPCL shares closed at Rs738.00, down 2.38% on the BSE, on Tuesday. 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: The Total Investment & Insurance Solutions

 

Asian Indices (The Total Investment & Insurance Solutions)