Ganesha Ecosphere: Growth at a High Cost
The market is always looking for unusual companies, especially those in emerging areas. Ganesha Ecosphere is one such company. Recycling is a huge emerging theme and Ganesha is among the few listed firms in the recycling business. It makes recycled polyester staple fibre (RPSF) from polyethylene terepthalate (PET) bottles. RPSF is used to make polyester spun yarn for woven textiles,...
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Nifty, Sensex May Log in More Gains – Wednesday closing report

We had mentioned in Tuesday’s closing report that Nifty, Sensex were continuing to rise. The major indices of the Indian stock markets were range-bound on Wednesday and closed with gains over Tuesday’s close. On the NSE, there were 701 advances, 1,009 declines and 356 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

 

 
Sensex gained during Wednesday afternoon's trade session over signs of easing US-China trade tensions and expectation of healthy Q3 corporate results. The third quarter results session will start with the earning announcement of Tata Consultancy Services. The IT (information technology) major is scheduled to announce its results on Thursday. Globally, investors awaited the outcome of US-China trade talks which has been extended. Sector-wise, metal, oil and gas stocks lost over 1% but key finance and banking stocks traded in the green.
 
The government increased the advertisement rates for print media by 25% over the existing rates, which is expected to especially benefit small and medium newspapers. An Information and Broadcasting Ministry release said that the decision has come into force immediately and will be valid for a period of three years. "This decision has been taken based on the recommendations of the 8th Rate Structure Committee constituted by Information and Broadcasting Ministry which took into account several factors, including the increase in the price of newsprint, processing charges and other factors which go into the computation of advertisement rates," the release said. The last such revision had taken place in 2013 when an increase of 19% was made over the rates of 2010. "The decision will be of great benefit especially to the medium and small newspapers including a large number of such papers in regional and vernacular languages," the release said. It is actually a pre-election measure of the ruling government to keep the media happy.
 
State-owned NMDC announced a buyback of 3.23% equity shares at a price of Rs98 per stock for a consideration not exceeding Rs1,000 crore. The buyback decision was taken by the company's Board in its meeting held on Tuesday. The company's regulatory filing to the BSE said that its Board has "approved the proposal to buyback of not exceeding 10,20,40,815 equity shares at a price of Rs98 per equity share payable in cash for an aggregate consideration not exceeding Rs1,000 crore representing 4.11% of the aggregate of the fully paid-up equity share capital and free reserves." NMDC shares closed at Rs91.40, down 3.74% on the BSE.
 
Just a week after lowering its revenue estimate for the first quarter of fiscal 2019, Apple is cutting its current production plan for new iPhones by about 10% for the January-March quarter, the Nikkei Asian Review reported on Wednesday. Apple, being a market leader, is conservative on growth and consequently, equity analysts are conservative about capital appreciation in 2019 in the US stock market as a whole.
 
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 Continue to Rise – Tuesday closing report

We had mentioned in Monday’s closing report that Nifty, Sensex were continuing to be bullish. The major indices of the Indian stock markets were range-bound on Tuesday and closed with small gains over Monday’s close. On the NSE, there were 829 advances, 896 declines and 341 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:

 

 
Caution ahead of the outcome of ongoing US-China trade talks and Q3 corporate earning session kept the major indices in a short range on Tuesday. Sensex and Nifty logged marginal gains during the afternoon session. The US-China trade talks assume special significance as analysts say both sides face a resumption of tariffs in March if they don't strike a deal. The two economic giants agreed on a 90-day trade truce in early December. Also, Q3 corporate earning session starting this week kept the investors from taking position. On the domestic front, RBI Governor Shaktikanta Das will meet representatives of Non-Banking Financial Companies (NBFC) on Tuesday pushing the banking stocks 0.82% higher. In contrast, consumer durable and power sectors traded lower but the finance stocks managed to stay in the green.
 
Most of the central government offices, banks, port trusts and other state government departments wore a deserted look on Tuesday as employees launched a two-day nationwide trade strike, a top organiser said here in Mumbai.
 
Bandhan Bank on Monday said its board of directors has approved merger of GRUH Finance Limited into the lender. On Tuesday, Bandhan Bank shares closed at Rs479.70, down 3.68% on the NSE. Gruh Finance shares closed at Rs255.50, down16.60% on the NSE.
 
The Delhi High Court set aside a Central government notification restricting the manufacture, sale and distribution of an anti-inflammatory medicine manufactured by pharma company Wockhardt Ltd. Ace Proxyvon, a medicine manufactured by Wockhardt Ltd was part of the 328 Fixed Dose Combination (FDC) drugs whose manufacture, distribution and sale was banned by the Ministry of Health and Family Welfare in September last year. Ace Proxyvon, which combines the dosage of aceclofenac, paracetamol and rabeprazole, is used to get relief from pain and inflammation associated with rheumatoid arthritis, osteoarthritis and ankylosing spondylitis. The high court observed that the Centre's decision to ban the drug had been taken without application of mind and order was passed without following certain procedures. Wockhardt shares closed at Rs513.70, up 1.42% on the BSE.
 
US stocks closed higher in volatile trading as investors digested key economic data. The Dow Jones Industrial Average on Monday increased 98.19 points, or 0.42%, to 23,531.35. The S&P 500 was up 17.75 points, or 0.70%, to 2,549.69. The Nasdaq Composite Index increased 84.61 points, or 1.26%, to 6,823.47. On the data front, the US services sector expanded at a slower-than-expected pace in December. The Institute for Supply Management said its non-manufacturing index stood at 57.6 last month, lower than analysts' estimate and the figure in November.
 
On Friday, Federal Reserve chair Jerome Powell hinted at slower monetary tightening. He said Fed officials were keeping a close eye on the voices of financial market, and that Fed policy was flexible and clung to real-time economic developments. He added that the central bank would not hesitate to adjust its balance sheet reduction plan if it causes problems in the markets. The Fed hiked interest rates for four times last year. Its rate hike pace, considered too rapid by some investors, has rattled the market.
 
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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