We had mentioned in last week’s closing report that Nifty, Sensex might head higher. The major indices of the Indian stock markets suffered a sharp correction during the week and closed on Friday with losses over last Friday’s close. The trends of the major indices in the course of the week’s trading are given in the table below:
The key Indian equity indices closed in the red on Monday, as the S&P BSE Sensex lost more than 500 points and the NSE Nifty50 slipped by around 140 points amidst negative global cues on concerns over the US-China trade war escalating. Sector-wise, selling pressure was witnessed in banking, consumer durables and auto counters.
California-based Internet of Things (IoT) company Ayla Networks on Monday announced a strategic partnership with global technology and design services provider Tata Elxsi to help communications service providers (CSPs).
Lending major Yes Bank plans to issue bonds worth Rs3,042 crore. According to a BSE filing by the company, the decision was taken by Yes Bank Board's Capital Raising Committee on Friday.
V-MART Retail’s credit rating has been upgraded by ICRA. Alembic Pharma has received USFDA approval for Desvenlafaxine Extended-Release Tablets, 25 mg, an equivalent of PRISTIQ® of Wyeth Pharma Inc. The drug is indicated for the treatment of major depressive disorder (MDD). Estimated annual sales: US$ 13.3 million (ending Dec 2017). Glenmark Pharma has been granted final approval by the USFDA for its Estradiol Vaginal Inserts USP, 10 mcg, a generic version of VAGIFEM®, 10 mcg, of Novo Nordisk Inc. Approx. annual sales achieved: US$ 286.3 million (ending July 2018).
Private sector HDFC Bank has become India’s most valuable brand for the fifth year in a row with a 21% rise in its brand value to $21.7 billion over the previous year, according to a survey. According to a release here, HDFC Bank retained its top spot in the "WPP and Kantar Millward Brown's BrandZ 75 Most Valuable Indian Brands" ranking that was started in 2014 by the global communication services company.
The major indices of the Indian stock markets suffered a sharp correction on Tuesday and closed with losses over Monday’s close. On the NSE, there were 472 advances, 1,267 declines and 328 unchanged.
The State Bank of India (SBI) has put eight non-performing assets (NPAs), or bad loan accounts, on sale to recover over Rs3,900 crore with the e-bidding auction process slated for later this month. In a notification last week, SBI asked interested asset reconstruction companies (ARCs) and financial institutions to conduct the due diligence of the listed accounts which cumulatively owe the bank over Rs3,900 crore. The NPA accounts up for sale include Rohit Ferro Tech with the highest outstanding loan of Rs1,320.37 crore, Indian Steel Corporation (Rs928.97 crore), Jai Balaji Industries (Rs 859.33 crore), Mahalaxmi TMT (Rs409.78 crore) and Impex Ferro Tech (Rs200.67 crore). The other defaulters' assets up for sale are Kohinoor Steel (Rs110.17 crore), Modern India Concast (Rs71.16 crore) and Ballarpur Industries (Rs47.17 crore).
Following up on government announcement on Monday about the proposed amalgamation of Bank of Baroda (BoB), Vijaya Bank and Dena Bank into the country's third-largest bank, BoB Managing Director P.S. Jayakumar said it may happen in four to six months. "Going by past practices, the merger may take four to six months. It can be speeded up also...it depends," Jayakumar told reporters.
Aurobindo Pharma has received approval from the South African Health Products Regulatory Authority (SAHPRA) for its Dolutegravir, Lamivudine and Tenofovir Disoproxil Fumarate (DLT) tablets, the first-line preferred regimen for HIV patients as per latest WHO guidelines.
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 582 advances, 1,139 declines and 347 unchanged.
Broadly negative global cues on the back of escalation in trade tensions dragged the key Indian equity indices into the red on Wednesday. On a provisional basis, the two key indices closed in the negative territory for the third consecutive session, with the S&P BSE Sensex losing over 150 points.
The NSE Nifty50 dropped around 50 points to end below the 11,300 mark. Sector-wise, selling pressure was witnessed in banking, FMCG (fast moving consumer goods) and consumer durables counters.
Reliance Infrastructure (RInfra) Chairman Anil Ambani said that he expects the company to become debt-free by next year with the best credit ratings to match following the sale of its Mumbai power business to Adani Transmission for Rs18,800 crore earlier this year.
Himachal Futuristic bagged Advance Purchase Order worth Rs611 crore approx. from BSNL for OFC laying project, supply of its Accessories and GPON Equipment in Madhya Pradesh under BharatNet Phase-II (for MP-1 Package). This includes O&M at a cost of Rs159 crore for 7 years.
Sun Pharma has received European Commission (EC) approval for ILUMETRI® for the treatment of adults with moderate-to-severe chronic plaque psoriasis. According to studies, more than 92% of patients who responded to ILUMETRI® within 28 weeks maintained a 75% skin clearance response.
On Thursday markets were closed. High volatility, following a likely credit crisis in the infrastructure lending and development sector, dragged the market in the red, with the S&P BSE Sensex swinging in around 1,500-point range on Friday. A plunge of over 1,100 points was witnessed on the BSE Sensex around 1 p.m, only to recover from the day's low within few minutes. Similarly, the NSE Nifty50 also recovered after dropping below the 11,000-mark. The sudden sell-off took place across the board with banking and financial stocks losing the most.
The fourth consecutive session's slide was triggered also by other factors, including lower possibility of the Reserve Bank of India cutting its key lending rates, analysts said.
The Reliance Industries (RIL) on Friday said it has permanently shut down its only oilfield in the eastern offshore Krishna-Godavari (KG) basin D6 block after it stopped producing crude. Reliance Industries shares closed at Rs1,216.20, up 0.45% on the NSE.
Indian software major Infosys on Friday announced hiring 1,000 Americans in the Arizona state as part of its commitment to employ 10,000 Americans to bridge the IT skill gap in the US by 2023. The Arizona hub will focus on autonomous technologies, Internet of Things (IoT), full-stack engineering, data science and cyber security. "We will hire graduates from the state's colleges, universities and local techies for the Arizona hub and train them through our curriculum for upskilling," said the statement. Infosys shares closed at Rs710.00, down 1.35% on the NSE.