We had mentioned in Wednesday’s closing report that Nifty, Sensex have turned weak. The major indices suffered a huge decline today. On the NSE, there were 368 advances, 1,433 declines and 302 unchanged. The trends of the Indian stock markets in the course of Thursday’s trading are given in the table below:
The Sensex and Nifty came under heavy selling pressure over fading hopes of a stimulus to revive economic growth. Chief Economic Advisor (CEA) K. Subramanian at a summit in New Delhi said the Indian economy does not need a fiscal stimulus to tackle the ongoing economic slowdown. "We can't expect the government to intervene every time some sectors go through sunset. Not all sectors are doing bad, some are doing well," the CEA said.
Tata Sons announced the appointment of Pratik Pal as the CEO of Tata Digital. With effect from August 21, "Pal will head the new entity which has been formed to incubate new digital businesses", a Tata Sons statement said. Pal has been with Tata Consultancy Services (TCS) for over 27 years and has held several key positions across multiple business units and industry verticals, said the statement. In his most recent role, he was the Global Head of Retail, Travel, Transportation, Hospitality and Consumer Packaged Goods Industry Unit.
Lupin announced the launch of Fluoxetine Tablets USP, 10 mg and 20 mg, having received an approval from the United States Food and Drug Administration (U.S. FDA) earlier. Lupin's Fluoxetine Tablets USP, 10 mg and 20 mg, is the generic equivalent of Eli Lilly and Company's Prozac® Tablets, 10 mg and 20 mg. It is indicated in the treatment of Major Depressive Disorder (MDD), Obsessive Compulsive Disorder (OCD), Bulimia Nervosa and panic disorder.
Gillette India Limited (GIL) today announced its financial results for the fiscal ended June 30, 2019. The company delivered sales of Rs1,862 crores, up 11% vs. year ago behind strong brand fundamentals. Profit after tax stood at Rs253 crores up 10% vs. year ago. For the quarter ended June 30, 2019, the sales were Rs464 crores up 13% vs. year ago. The board has declared a final dividend of Rs25/- per equity share.
Procter & Gamble Hygiene and Health Care Ltd. (PGHHCL) announced today its financial results for the fiscal ended June 30, 2019. The company delivered sales of Rs2,947 crores, up 20% vs. year ago (comparable sales* up 14%) behind strong brand fundamentals and strength of the product portfolio. Profit after taxes stood at Rs419 crores, up 12% vs. a year ago. For the quarter ended June 30, 2019, the sales were Rs637 crores up 21% vs. a year ago (comparable sales* up 12%). The board has declared a final dividend of Rs48/- per equity share.
US FDA has completed inspection of the facility of Granules Pharmaceuticals, Inc., a wholly-owned foreign subsidiary of the Company located in Chantilly, Virginia, USA on 21st August 2019 with two (2) minor observations. This is a pre-approval inspection for seven products filed from this facility. Granules Pharmaceuticals, Inc. will respond to these observations within the stipulated time period.
Adani Renewable Energy, a stepdown subsidiary of Adani Green Energy has commissioned balance 100 MWac capacity on 21st August, 2019 in the state of Rajasthan out of 200 MWac Solar Power Project, having Power Purchase Agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL) at Rs2.71/kWh for a period of 25 years. The first 100 MWac capacity of the said project has already been commissioned on 2 August 2019.
Sun Pharma Advanced Research will host a Management Presentation over an audio conference September 19 to share and provide an update and progress on its R&D pipeline.
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: