We had mentioned in Monday’s closing report that Nifty, Sensex were under pressure. The major indices of the Indian stock markets rallied on Tuesday and closed with gains over Monday’s close. On the NSE, there were 1,038 advances, 712 declines and 316 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
Slide in global crude oil prices along with expectations of fund infusion into public sector banks and value buying lifted the key domestic equity indices higher on Tuesday. However, broadly negative Asian and European indices capped gains. According to market observers, buying was witnessed in banking, oil and gas, automobile and consumer durables stocks.
Airline major Jet Airways has placed an additional order for 75 jets of Boeing "737 MAX 8" aircraft during the 2018 Farnborough International Airshow. In June, the Mumbai-based carrier took delivery of its first MAX, a "new and improved 737" that delivers a double-digit improvement in fuel efficiency and passenger comfort. Jet Airways shares closed at Rs314.00, up 2.66% on the NSE.
Indian defence PSU Bharat Electronics Ltd (BEL) and Swedish manufacturer Saab signed an agreement to market radars they co-developed for civilian and defence users, said the state-run firm on Monday. "The agreement facilitates us to market long range air surveillance radar and a L-band 3D radar we co-developed for multiple end-users," said the city-based BEL in a statement here. The L-band 3D air surveillance radar is used for early detection and tracking of air and surface targets, and also enables engagement of fire control systems to neutralise them. "The RAWL-03 radars will be offered in ship-borne and land-based configuration. Its system is based on Gallium Nitride (GaN) module technology, with the latest signal processing techniques," said the statement. The company’s shares closed at Rs104.05, up 3.02% in the NSE.
State-run Bharat Earth Movers Ltd (BEML) and Indian multinational Larson & Toubro Ltd (L&T) on Monday signed an agreement to jointly explore export markets for defence products and systems. "The agreement is aimed at leveraging on the government's 'Make in India' initiative to add value to developing and manufacturing defence products and systems for export markets," said the city-based BEML in a statement here. The companies will also identify areas, projects and programmes for long-term support for defence and export business. "The Public-Private Partnership (PPP) model is the way forward to meet the growing demands of the defence industry. With experience and expertise in the defence sector, we will address the needs of the Indian market and explore export markets for defence products and systems," said BEML Chairman Deepak Kumar Hota. BEML and L&T collaborated and partnered on co-developing and producing sub-systems involving complex technologies and advanced engineering equipment such as Sarvatra bridging systems and other vehicular platform-based systems for the Defence Ministry. "The agreement paves the way for PPP between two industry leaders. By synergising our capabilities in system design and integration, manufacturing and marketing, we look forward to enhancing product range, evolve new products and improve business prospects," said L&T Director for Defence Jayant D. Patil in the statement. L & T shares closed at Rs1,290.00, up 0.54% in the NSE.
Commercial vehicles major Ashok Leyland Ltd on Tuesday said it closed the first quarter of the current fiscal with a net profit of Rs370.10 crore. In a regulatory filing in BSE, the company said it posted a net profit of Rs370.10 crore for the quarter ended on June 30, 2018, up from Rs111.23 crore posted during the quarter ended on June 30, 2017. The company had earned a total income of Rs6,300.11 crore for the period under review, up from Rs4,572.87 crore earned during the quarter ended on June 30, 2017. Ashok Leyland shares closed at Rs128.70, up 2.39% on the NSE.
The International Monetary Fund (IMF) cut India's growth projections for this fiscal year to 7.3% and for the next to 7.5% on Monday, although the country will still retain its top spot in the global growth league. But "India's growth remains quite robust into the future; it is down but growing very strongly", said Maury Obstfeld, the director of the IMF's Research Department. The World Economic Outlook (WEO) Update reduced by 0.1% the projections made in April for this year and by 0.3% for 2019. At the news conference to release the report in Washington, Obstfeld explained the downgrade by saying that while the main factor is the rise in oil prices, "the general tightening in general global financial conditions is (also) playing a role in affecting India's growth". Gian Maria Milesi-Ferreti, the deputy director of the Research Department, added that another element that went into the downgrade was "the rising inflationary pressures". "Monetary policy has tightened; it's a bit tighter than under our forecast in April and that adds to oil and tighter global financial conditions in taking a little bit off growth for next year," he said.
Blue Star won the Engineering Facility Management (EFM) orders from Airports and Metro rail segments. The approximate total of these orders was Rs25 crore. The company’s shares closed at Rs660.40, down 0.05% on the NSE.
NBCC has received in principle approval from Ministry of Commerce & Industry, Government of India for Conceptualizing, Designing & Construction of "India Pavilion at World Expo2020 to be held in Dubai from Oct-2020 to Apr-2021". The approximate project cost is Rs400 crore. The company’s shares closed at Rs63.00, up 2.44% on the NSE.
Cadila Health - Zydus has received final approval from the USFDA to market Clindamycin Phosphate Topical Solution USP, an antibiotic used to treat acne and helps to decrease the number of acne lesions. The drug will be manufactured at group's Topical facility at Ahmedabad. Cadila Healthcare shares closed at Rs361.80, up 3.45% on the NSE.
Steel Strips Wheels bagged exports order of 18,000 Steel wheels from European aftermarket. The products are to be supplied from Chennai plant in August 2018. The company’s shares closed at Rs1,230.00, down 0.08% on the NSE.
Glenmark Pharma has received ANDA approval for Colesevelam Hydrochloride for Oral Suspension, a generic version of Welchol® for Oral Suspension of Daiichi Sankyo Inc. Welchol® received annual sales of approx. US$ 73 million for the period ending May 2018. The company’s shares closed at Rs565.10, up 2.38% on the NSE.
Adani Ports -Adani Logistics, a subsidiary company, has signed an agreement with NYK Auto Logistics to form a JV (joint venture) which specializes in transportation of finished vehicles using Automobile Freight Trains (AFT). Based on market trends, the JV will have 25 AFT in operation in 3 years. The company’s shares closed at Rs366.00, up 1.65% on the 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: