Nifty, Sensex Unimpressed by Modi Talk, Want the FM to React – Tuesday closing report
We had mentioned in Friday’s closing report that Nifty, Sensex will be disappointed with Finance Minister’s move on the tax surcharge on the super-rich. Since FM only decided to listen patiently to the foreign portfolio investors and refused to make any major commitment the major indices suffered a correction today. On the NSE, there were 550 advances, 1,228 declines and 327 unchanged.
The trends of the major indices in the course of Monday’s trading are given in the table below:
The Sensex fell by over 200 points during the early trade on Tuesday. Index-heavyweight Reliance Industries Ltd. (RIL) jumped nearly 9% after Saudi Aramco signed a letter of intent for a proposed investment in RIL's oil-to-chemical division. The deal is likely to fetch RIL $15 billion for a 20% stake.
Indiabulls Housing Finance stocks surged 14% on the NSE after the law firm Managium Juris tendered a public apology for an earlier false suit alleging that Indiabulls was involved in fraud. The law firm had earlier alleged that Indiabulls was involved in misappropriation of public money to the tune of Rs98,000 crore.
The slump in domestic passenger cars' sales continued with the segment's off-take plunging by 35.95% in July. Industry observers cited high cost due to GST and lack of adequate liquidity as the main reasons for the sales slowdown. According to the Society of Indian Automobile Manufacturers (SIAM), passenger cars sales in the domestic market dropped to 122,956 units from 191,979 units sold during July 2018.Overall, passenger vehicle sales declined 30.98% in July to 200,790 units from 290,931 units.
Specialised automotive component manufacturer Motherson Sumi Systems (MSSL) on Monday reported a decline of 41.67% in its consolidated net profit for the first quarter of 2019-20. The company's consolidated net profit during the quarter under review receded to Rs360.64 crore from Rs618.35 crore reported for the previous corresponding period. However, the company's consolidated gross sales grew to Rs 16,557.33 crore from Rs 14,562.98 crore earned during Q1 of 2018-19.
The Asian Development Bank (ADB) has signed an agreement to invest USD 23 million (about Rs160 crore) in a debt instrument being issued by GR Infraprojects to help the company scale up construction of roads and highways in India through purchase of new building equipment.
Tata Motors on Tuesday reported 14% decline in the group's global wholesales, including those of Jaguar Land Rover, in July at 78,600 units. Global wholesales of all passenger vehicles in July 2019 stood at 52,432 units, a growth of 4% from the year-ago month, Tata Motors said in a regulatory filing.
Bosch posted net profit of Rs279.95 crores for the quarter ended June 2019 (Rs430.98 crores in Q1 FY19) down 35% y-o-y. Total income declined 13.50% y-o-y to Rs2,877.57 crores (Rs3,326.81 crores in Q1 FY19).
Drug firm Alembic Pharmaceuticals has received approval from the US health regulator for Fenofibrate tablets, used to lower cholesterol. The approved product is therapeutically equivalent to the reference listed drug Tricor tablets of AbbVie Inc.
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: