After PM’s ‘Patient Hearing’, NBFC & HFCs Are Now Officially Too Big To Fail!
On Wednesday, 26th December, prime minister (PM) Narendra Modi did something quite astonishing. He met representatives from non-banking finance companies (NBFCs) and housing finance companies (HFCs), gave them a ‘patient hearing’ and “hinted at his government’s willingness to do whatever possible for the sector’s growth in the larger interest of the industry and the associated ecosystem,”...
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Nifty, Sensex May Be under Pressure, If US Market Weakens Again – Thursday closing report

We had mentioned in Wednesday’s closing report that Nifty, Sensex might rally if global markets pulled back. The major indices of the Indian stock markets were range-bound on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 913 advances, 795 declines and 353 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:

 
IT (information technology) stocks gained, while the oil and gas and energy stocks edged higher on the BSE. In the past days, investor sentiments were low on concerns that US President Donald Trump would attempt to fire Federal Reserve Chairman Jerome Powell. Key economic adviser Kevin Hassett's reassurances on Wednesday put this to rest. According to reports, the US president was unhappy post the US central bank hiking the short-term interest rate.
 
Credit ratings agency ICRA expects the domestic two-wheeler industry's volumes to grow at 8%-10% during FY2019. According to ICRA, the expected growth rate will be supported by growing per capita income, improved farm sentiment following near normal monsoon over last three fiscal, higher MSP and farm loan waiver in select states. "The two-wheeler industry has reported a 11.1% Year over year (YOY) volume growth in April-October 2019. 
 
This is despite some one-off adverse events during the period increase in insurance premium across the country, floods in Kerala in August 2018 and regulatory changes in West Bengal mandating two-wheeler sale to only valid license holders in July 2018," ICRA said in a statement. "While increase in rural income would support motorcycle demand; the demand for scooters is expected to be led by rapid urbanisation, increased affordability and greater penetration through targeted product launches." Hero MotoCop shares closed at Rs3,127.00, down 1.85% on the BSE.
 
Budget passenger carrier SpiceJet will launch a daily direct service on Kolkata-Lilabari-Kolkata route under the regional air connectivity -- UDAN -- scheme, the airline announced. The un-served market of Lilabari, located in Lakhimpur district of Assam, was awarded to the airline under the phase II of UDAN scheme. In addition, the airline will also start a new direct flight connecting Kolkata with Jabalpur and an additional frequency on Hyderabad-Jabalpur route. "All new flights and frequencies are scheduled to commence from January 15, 2019," the company said in a statement. The airline said that it will deploy its Bombardier Q400s on all these routes. After the addition of the Kolkata-Lilabari-Kolkata flight, SpiceJet will operate 25 flights under the UDAN scheme. SpiceJet shares closed at Rs86.60, down 1.03% on the BSE.
 
Automobile major Maruti Suzuki India has recalled 5,900 units of light commercial vehicle Super Carry. According to the company, it is "proactively and voluntarily" undertaking the recall campaign. "The company will inspect a possible defect in fuel filter of 5,900 Super Carry vehicles manufactured between April 26, 2018 and August 1, 2018. This also includes vehicles in which fuel filter has been replaced in field during this period," the company said in a statement issued on Wednesday. "Starting December 26, 2018, owners of the suspected vehicles will be contacted by Maruti Suzuki dealers for inspection and replacement of the faulty part free of cost." Recall campaigns are undertaken globally to rectify faults that may be potential safety defects. On Thursday, Maruti Suzuki shares closed at Rs7,505.30, down 0.86% on the BSE.
 
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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Nifty, Sensex May Rally if Global Markets Pull Back – Wednesday closing report

We had mentioned in Monday’s closing report that Nifty, Sensex might log more losses. The major indices of the Indian stock markets were volatile on Wednesday and closed with gains over Monday’s close. On the NSE, there were 730 advances, 953 declines and 378 unchanged. Tuesday was a market holiday for Christmas. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

 

 
Despite decline in crude oil prices the Sensex on Wednesday dropped over concerns of a slowdown in global growth and a partial shutdown of the US government. All sectors, except consumer durables and capital goods, traded in red. Selling pressure was seen in finance, banking and IT (information technology) stocks. The benchmark Brent Crude prices declined to 50.15 a barrel following which the domestic currency appreciated to 69.97 per US dollar from its previous close of 70.14. However, late in the trading session, the major indices recovered and rallied to close with gains.
 
All banking operations were paralysed in the country's financial capital on Wednesday, following a strike by various banking employees and officers unions, officials said here. Bank staffers responded enthusiastically to the nationwide strike call for various demands issued by the United Forum of Bank Unions (UBFU). 
 
Vedanta Group, which is looking to invest US$8 billion across businesses in next three years, is considering expansion of the capacity of its newly-acquired Electrosteel Steels (ESL) unit in Jharkhand to about seven million tonnes in phases in the next few years, an official said here. Vedanta Star Limited, which is a wholly owned subsidiary of Vedanta Limited had acquired ESL through the IBC (Insolvency and Bankruptcy Code) route and took the management control of the company. The steel making facility near Jharkhand’s Bokaro is currently producing about 1.5 million tonnes annually and it has an inherent capacity to produce 2.5 million tonnes, the official said. "We will be expanding the capacity to 2.5 mtpa (million tonnes per annum) with an investment of about US$A300 million within two years," Group's Founder and Executive Chairman Anil Agarwal said. "At the moment, we are busy making it to 2.5 mtpa and then, we will look at the feasibility (of adding the capacity further). We are working towards creating another Bokaro in Jharkhand. Currently, Bokaro produces about 7-8 million tonnes," he said adding that the group is looking to add the capacity by another 4-5 million tonnes in the next four years. The expected investment would be US$3-4 billion for the second phase expansion at the ESL facility, he said. "We are working fast and will be doing it (the second phase expansion) in adjacent to the existing one. We have to acquire little more land, which will not be difficult," he told reporters here. Vedanta shares closed at Rs196.75, up 0.18% on the NSE.
 
Diversified conglomerate Piramal Enterprises plans to raise Rs2,500 crore via allotment of 'Secured Redeemable Non-Convertible Debentures' on private placement basis. According to the company, the decision was taken by the 'Administrative Committee of the Board of Directors' on Monday. "The Committee approved the allotment of 25,000 'Secured Redeemable Non-Convertible Debentures' (NCD's), having the face value of Rs10,00,000 each, aggregating to Rs2,500 crore on private placement basis," the company said in a regulatory filing to the BSE. "These NCDs are proposed to be listed on Wholesale Debt Market segment of NSE."  Piramal Enterprises shares closed at Rs2,307.00, up 0.25% 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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