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27
June 2018
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were low on
volatility. Would it last? The major indices of the Indian stock markets
suffered a correction on Wednesday and closed with losses over Tuesday’s close.
On the NSE, there were 273 advances, 1,490 declines and 300 unchanged. The
trends of the major indices in the course of Wednesday’s trading are given in
the table below:
Negative
global cues, including rise in crude oil prices and escalating trade war
concerns, pulled the key Indian equity indices deep into the red on Wednesday.
Major global indices traded in the negative territory during the day. In the
domestic market, analysts said, oil and gas, capital goods, auto and banking
stocks witnessed selling pressure.
Airline
major Jet Airways on Wednesday announced discounts up to 25% on select domestic
routes and up to 30% on its international flights. The offer is available on
tickets booked during June 26-30 and would be applicable for travel from July
11, the airline said in a statement. "Jet Airways is offering guests
discounts up to 30 per cent on their international travel using the airline's
vast network, with immediate effect," it said. It added: "Guests
travelling to Abu Dhabi, Bahrain, Bangkok, Dammam, Dhaka, Doha, Dubai, Hong
Kong, Jeddah, Kathmandu, Kuwait, London, Manchester, Muscat, Riyadh, Sharjah
and Singapore can enjoy substantial discounts on their premiere and Economy
class bookings." In the case of travel to Manchester, however, the offer
would be valid from November 5, 2018, the statement said. Further, "on
select domestic routes, the airline will also offer 'Economy' guests discount
of up to 25% applicable on tickets booked within the sale period until June 30,
2018," it said. The five-day fare sale would be applicable for guests
booking "both one-way and/or return journeys". Jet Airways share
closed at Rs351.90, down 6.25% on the NSE.
State-run
lender Allahabad Bank is looking at a recovery of around Rs5,500 crore in the
current fiscal, an official said on Wednesday. The bank has submitted a roadmap
to the Centre and if everything goes "well and smooth" as per its
projections, it was likely to come out of prompt corrective action (PCA),
imposed by the Reserve Bank of India (RBI), by March 2020, the official said.
"We are expecting Rs3,000 crore recovery through resolution in NCLT
(National Company Law Tribunal) in the entire financial year, another Rs2,000 crore
through normal recovery process and Rs400-500 crore through asset sales,"
Allahabad Bank Executive Director N.K. Sahoo said. "We have recently
recovered around Rs1,300 crore from the resolution of Bhushan Steel and
Electrosteel Steels," he added. The bank has an outstanding exposure of
Rs4,000 crore in several accounts referred to NCLT including Uttam Galva, Alok
Industries, Essar Steel, he said, adding that it was hopeful of recovering from
these accounts in the current fiscal. The bank may have to take a hair-cut upto
50%-60% in these accounts, he added. Allahabad Bank shares closed at Rs41.25,
down 0.72% on the NSE.
HCL
Technologies on Wednesday announced the acquisition of Germany-based IT
(information technology) and engineering services provider H&D
International Group for an undisclosed sum. H&D International Group is one
of the largest IT service providers in the German automotive industry and
operates in over 20 locations globally. The acquisition will help HCL gain
significant front office and delivery capabilities in Germany and further
enhance the company's domain expertise in the global automotive sector.
"Germany is a critical market for HCL as we continue to expand our
business in Europe. We feel the German market is at an inflection point and it
is the right time for HCL to expand and make significant investments
here," Ashish Gupta, Corporate Vice President at HCL Technologies, said in
a statement. Wolfsburg-based H&D specialises in IT infrastructure,
application services particularly in R&D IT, shop-floor IT and industry 4.0
solutions and has extensive expertise in SAP, computer-aided technologies
(CAx), engineering services and customer-specific product development. “By
combining H'D's delivery capabilities with those of HCL, we have an
unprecedented opportunity to add tremendous value to the services we provide to
support our clients' IT transformation ambitions," said Bernhard
Honigsberg, CEO of the H&D International Group. H&D's existing delivery
centre in Gifhorn will become part of HCL's global delivery footprint and will
focus on IT and engineering services both in Germany and globally. HCL
Technologies shares closed at Rs922.00, up 1.27% on the NSE.
Cigarette-to-FMCG
(fast moving consumer goods) major ITC Ltd said it would seek shareholders'
approval to re-appoint its non-executive chairman YC Deveshwar for another two
years from 2020 to 2022, given the increasing size and complexity of the
diversified conglomerate. "...given the increasing size and complexity of
the organisation, the Committee and the Board are of the view that it would be
in the best interest of the Company for Y.C. Deveshwar to continue in his
capacity as Chairman for some more time," said notice for its 107th Annual
General Meeting to be held here next month. ITC shares closed at Rs263.00, down
0.68% 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:
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Major Indices (The Total
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