We had mentioned in Friday’s closing report that Nifty, Sensex recorded a strong upmove. The major indices ended suffered a correction today. On the NSE, there were 921 advances, 889 declines and 336 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
Investors distanced themselves from Infosys on the BSE during Tuesday's trade dragging the benchmark Sensex lower by 135 points.
DoT will send a proposal to the cabinet for a revival plan worth Rs74,000 crore for the ailing state-run telecom firms - BSNL and MTNL - where Rs22,000 crore would be in the way of capital infusion for acquiring 4G spectrum, and for a voluntary retirement scheme (VRS), part of the expenditure for which will be borne both companies. The Department of Telecom (DoT) move comes following the appointment of a high-level committee to look into the revival of MTNL and BSNL.
Infosys shares opened with severe losses and plunged 15%, following a whistleblower complaint alleging "unethical practices" by the company’s CEO Salil Parekh and CFO Nilanjan Roy.
In an attempt to soothe investor sentiments, Infosys Chairman Nandan Nilekani assured investigations to the "fullest extent" into allegations of unethical practices by some anonymous employees of the company.
Nearly 3,00,000 bankers in public and private sector banks refused work across the nation protesting merger of 10 government banks into four, affecting normal banking operations, claimed All India Bank Employees' Union (AIBEA).
Jyothy Labs reported year-on-year 9% increase in revenues to Rs480 crore for the quarter ended September 2019. Net profits jumped 16% y-o-y to Rs54 crore.
TV Today Network reported year-on-year 7% increase in revenues to Rs193 crore for the quarter ended September 2019. Net profits declined 21% y-o-y to Rs23 crore.
Solara Active Pharma Sciences reported year-on-year 4% increase in revenues to Rs356 crore for the quarter ended September 2019. Net profits doubled 239% y-o-y to Rs29 crore.
Granules India reported year-on-year 21% increase in revenues to Rs708 crore for the quarter ended September 2019. Net profits doubled 59% y-o-y to Rs96 crore.
Piramal Enterprise has reported net sales of Rs3666.24 crores during the period ended September 30, 2019 as compared to Rs3200.41 crores during the period ended September 30, 2018. Net profit was Rs554.69 crores against Rs481.19 crores.
Lincoln Pharmaceuticals is awarded a patent for its liquid diclofenac metered-dose rectal spray. The patent has been awarded by the Government of India and is valid for 20 years. Lincoln Pharma's liquid rectal spray dosage offers faster and better absorption of die drug resulting in quick relief and speedy recovery to patients compared to the existing therapeutic options.
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: