Carborundum Universal: Grinding Well
Carborundum Universal Limited (Carborundum) manufactures abrasives, electro-minerals, industrial ceramics and refractories. These products have applications in almost every industry, discussed in detail below. Carborundum manufactures and sells these products not only in India but in export markets as well through numerous subsidiaries. For the quarter ending March 2018, the company...
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  • Nifty, Sensex in no man's land – Thursday closing report

    We had mentioned in Wednesday’s closing report that Nifty, Sensex continue to be on an uptrend. The major indices of the Indian stock markets were range-bound on Thursday and closed with small losses over Wednesday’s close.  On the NSE, there were 664 advances, 1,064 declines and 338 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:

     

     
    According to analysts, selling pressure was witnessed in the consumer durables, IT (information technology) and metal stocks. Riding high on Jio tide, Reliance Industries (RIL) Chairman and Managing Director Mukesh D Ambani on Thursday said the company has doubled its subscriber base to 215 million in 22 months. Announcing that the company's fixed line broadband service, JioGigaFiber, Ambani said: "We will now extend fiber connectivity to homes, merchants, small and medium enterprises and large enterprises simultaneously across 1,100 cities to offer the most advanced fiber-based broadband connectivity solutions." Starting this Independence Day, August 15 people can start registering for JioGigaFiber through both MyJio and Jio.com. Reliance Industries purchased 12.5% equity stake in Future101 Design Private Limited (Future101) for Rs9.50 crore.
     
    Future101 was engaged in manufacturing, distribution and sale of luxury apparels in India. Reliance Industries shares closed at Rs964.45, down 2.57% on the NSE.
     
    In corporate news today, Infosys has partnered with Siemens to develop Advanced IoT Engineering Solutions on MindSphere, the open cloud-based IoT OS from Siemens. MindSphere connects real things to the digital world and provides powerful industry applications & digital services to help drive business success. Infosys shares closed at Rs1,286.50, down 4.36% on the NSE.
     
    Cadila Healthcare - CSIR-Imtech, a premier microbial institute under Ministry of Science and Technology, Government of India, has partnered with Zydus Cadila for development of newer drugs for drug-resistant infectious diseases. Cadila Healthcare shares closed at Rs388.00, down 1.70% on the NSE.
     
    Suven Life Sciences has secured product patents in India, Singapore, South Korea and Israel corresponding to the new chemical entities for the treatment of disorders associated with neurodegenerative diseases and these patents are valid through 2031, 2034, 2034 and 2036 respectively. Suven Life Sciences shares closed at Rs218.10, down 0.07% on the NSE.
     
    Dr Reddy’s Laboratories has launched Repatha™ (evolocumab) 140 mg/ml, the first and only PCSK9 Inhibitor* available in India, approved by the DCGI. Repatha™ (evolocumab) was a patented product of Amgen global. In India, Repatha™ was distributed by Dr Reddy's and manufactured by Amgen. Dr Reddy’s Laboratories shares closed at Rs2,297.95, down 0.55% on the NSE.
     
    Bharti Infratel has received approval of Competition Commission of India (CCI) for the proposed merger of Bharti Infratel Limited and Indus Towers Limited. Bharti Infratel shares closed at Rs303.00, up 1.17% on the NSE. 
     
    IIFL Holdings - India Infoline Finance Limited, a subsidiary of the company, has raised Rs325 crore from CDC Group Plc, the United Kingdom's government-owned development finance institution through issue of INR Denominated Tier II Bonds. IIFL Holdings shares closed at Rs663.00, down 1.01% on the NSE.
     
    Apollo Hospitals has acquired a 50% stake in Medics International Lifesciences Ltd., a 330 bedded super-speciality hospital in Lucknow for a consideration of Rs91 crores.
     
    G M Breweries was the first to report the Q1FY18-19 results. It reported a 10.4% year-on-year (y-o-y) growth in total revenue at Rs404.45cr. The PAT jumped to Rs22.19 (117.5% y-o-y growth), resulting in a 6.98% y-o-y growth in EPS (Rs12.14).
     
    The closing values of the top gainers and top losers are given in the table below:
     
     
    The closing values of the major Asian indices are given in the table below:
     
     
  • User

    Nifty, Sensex continues to be on an uptrend – Wednesday closing report

    We had mentioned in Wednesday’s closing report that Nifty, Sensex might move up further. The major indices of the Indian stock markets rallied on Wednesday and closed with gains over Tuesday’s close. On the NSE, there were 826 advances, 903 declines and 336 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

     

     
    Healthy rise in new businesses accelerated the growth of India's service sector in June, a key economic data point showed on Wednesday. Accordingly, the seasonally adjusted Nikkei India Services Business Activity Index rose at the fastest pace since last June, despite the input cost inflation at overall high level.  The index rose from 49.6 in May to 52.6 in June. An index reading of above 50 indicates an overall increase in economic activity and below 50 an overall decrease. "The service economy returned to expansion territory in June. Encouragingly, the latest performance was the strongest seen in a year, against a backdrop of improving demand conditions, as evidenced by the fastest gain in new business since last June," Aashna Dodhia, Economist at IHS Markit, and author of the report, was quoted as saying in a statement. Consequently, the seasonally adjusted Nikkei India Composite PMI Output Index rose from 50.4 in May to 53.3 in June, supported by output growth in both the manufacturing and service sectors. As per the report, the latest reading was the strongest seen since October 2016 and indicative of a solid rate of expansion. "The PMI data signalled the best improvement in the overall health of the economy since October 2016, propelled by solid growth in both the manufacturing and service economies, with the sharper rise in the former," Dodhia said.
     
    ICICI Bank announced that it has crossed the milestone of disbursing mortgage loans of over Rs1.5 trillion. It aims to grow its pan-India mortgage book to Rs2 trillion by end of FY20, a company statement said. ICICI Bank shares closed at Rs273.25, up 0.13% on the NSE. Fortis Healthcare (FHL) on Tuesday said that its Board has received "Binding Bids" from suitors under the new transaction process. "The 'Binding Bids' will be evaluated by the Board of Directors of the company in consultation with its advisors," FHL said in a BSE filing on Tuesday. On June 29, FHL had extended the deadline for submission of binding bids to July 3. FHL had earlier said that it will consider the bids of four suitors -- Hero Enterprise Investment Office and Burman Family Office, IHH Healthcare Berhand, Radiant Life Care and TPG Asia and Manipal Health Enterprises -- in the new transaction process. The earlier date of bid submission was June 28. Fortis Healthcare shares closed at Rs144.60, up 1.76% on the NSE.
     
    Shares of Shriram Transport Finance Co. Ltd. fell sharply, the biggest single-day drop since October 2016, after the commercial vehicle financier disclosed an “off-balance sheet” exposure to an unlisted group company. The company provided a corporate guarantee of Rs870 crore on non-convertible debentures sold by SVL Ltd. The debt instruments, issued in June 2015, will be due for repayment on June 28, 2019. Shriram Transport Finance’s previous years’ annual reports didn’t include a disclosure about the guarantee, according to a Jefferies report. Shriram Transport Finance is confident that SVL would be able to repay the loan. The non-bank lender is in touch with the SVL management to ensure that the issue gets resolved, Umesh Revankar, managing director and chief executive officer at Shriram Transport Finance, told Bloomberg Quint in an interview. Our board has been looking at the performance of the company [SVL] and they are confident that the issue will get resolved when repayment becomes due. SVL invests in infrastructure, renewable power, real estate, wind turbine manufacturing and cooling and pollution control businesses. Even in the worst-case scenario of the guarantee being invoked by June next year, Revankar said it wouldn’t have any significant impact on Shriram Transport Finance’s loan book. Shriram Transport Finance shares closed at Rs1,144.85, down 11.83% 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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