We had mentioned in Monday’s closing report that Nifty, Sensex lack trigger. The major indices were range bound and ended with small losses. On the NSE, there were 645 advances, 1,129 declines and 339 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
The Sensex and Nifty fell after initial gains on Tuesday awaiting a stimulus package from the government.
Private lender Yes Bank fell nearly 7% following revelations of corporate fraud at CG Power and Industrial Solutions. Hit by major corporate governance issues involving unauthorised transactions and understatement of liabilities, Gautam Thapar-led CG Power and Industrial Solutions'' shares plunged 20% on the BSE.
The company's Risk and Audit Committee (RAC) revealed that the firm and the group together could have under-reported liabilities to the extent of over Rs3,600 crore in FY17 and FY18. The corporate fraud, which went unnoticed for almost three years, has raised questions over regulatory oversight.
Mahindra and Mahindra Financial Services has signed a joint venture with Ideal Finance, a subsidiary of Sri Lankan conglomerate Ideal Group and it will acquire 58% stake in Ideal Finance for Rs80 crore.
INEOS Styrolution India promoter, INEOS Styrolution APAC Pte, Ltd, (Promoter), expressed their intention to acquire approximately 25% of the paid-up equity shares presently held by the public and consequently voluntarily delist the equity shares from the stock exchanges.
Opto Circuits India posted net profit of Rs10.79 crores for the quarter ended June 2019 (Rs12.95 crores in Q1 FY19) down 17% year-on-year. Total income declined 30% y-o-y to Rs50.70 crores (Rs71.95 crores in Q1 FY19).
Moody's downgraded Indiabulls Housing Finance long term corporate family rating to Ba2 from Ba1. Moody's has also downgraded the company's foreign-currency senior secured rating to Ba2 from Ba1, foreign- and local- currency senior secured MTN program ratings to (P)Ba2 from (P)Ba1. Moody's has changed the outlook to negative from stable.
Non-life insurance companies earned a premium income of Rs14,378.45 crore in July this year, up nearly 23% from a year ago, data from the Insurance Regulatory and Development Authority of India (IRDAI) showed. The seven standalone private sector health insurers witnessed a 44% jump at Rs1,116.85 crore from Rs777.01 crore premium collected a year before.
Income Tax department had conducted searches at the respective Mumbai offices of Oberoi Realty and Capacit'e Infraprojects. Since Oberoi Realty deals in the luxury home segment, the department suspects benami transactions by flat buyers to hide their identities. "There was suspicion on related party transaction within Oberoi. The I-T department also suspects a difference between the sale price of housing units shown on the books and the registered prices," a senior official of income tax department was quoted by Moneycontrol. Capacite Infra is one of the largest vendors of Oberoi Realty and recently secured Rs 400 crore-worth orders, according to reports. Capacite fell by 17.95% while Oberoi fell by only 3.65% in 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: