We had mentioned in Tuesday’s closing report that Nifty, Sensex were directionless. 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 757 advances, 974 declines and 356 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Hindalco Industries temporarily shut the operations of its alumina plant in Jharkhand after a spillage incident injured four people. The incident occurred in the red mud (bauxite residue) storage area connected to the alumina plant in Muri. It involved the spillage in the red mud cake storage area. In a regulatory filing on Wednesday, the company said: "As a precautionary measure, operations have been temporarily suspended to assess the situation." According to the filing, preliminary investigations do not indicate any material impact on the surrounding environment or to property and efforts are ongoing to clear the spillage. Hindalco Industries shares closed at Rs211.60, down 2.56% on the NSE.
The Reserve Bank of India (RBI) may take more time to examine the Lakshmi Vilas Bank (LVB) and India Bulls Housing Finance Ltd (IHFL) merger deal, an official source said on Wednesday. "It (LVB-IHFL merger) may take time for examination," a source said, adding the central bank may seek more information also on the proposed merger after going through the proposals from the entities. An email sent to the RBI on the issue has not elicited any response so far. The All India Bank Employees' Association (AIBEA) had urged RBI Governor Shakthikanta Das not to allow the proposed merger of LVB with IHFL. The central bank should instead merge LVB with one of the public sector banks, AIBEA General Secretary C.H. Venkatachalam had said in a letter to the RBI Governor. RBI earlier said it is yet to approve Lakshmi Vilas Bank-IHFL merger. In a statement the RBI had noted that it would examine the proposal as per extant regulatory guidelines and directions. Last week, the board of Lakshmi Vilas Bank approved a scheme of amalgamation with the IHFL. Lakshmi Vilas Bank shares closed at Rs88.50, down 4.38% on the NSE. Indiabulls Housing Finance shares closed at Rs824.70, down 0.85% on the NSE.
Tata Motors said its global wholesales in March 2019, including Jaguar Land Rover declined by 5%, compared to March last year at 1,45,459. The global wholesales of all passenger vehicles in March 2019, were lower by 9% at 88,314, compared to March 2018, the company said in an exchange filing. "Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in March 2019 were at 57,163 higher by 1%, over March 2018." Global wholesales for Jaguar Land Rover were 70,171 vehicles. Jaguar wholesales for the month were 20,985 vehicles, while Land Rover wholesales for the month were 49,186 vehicles. Tata Motors shares closed at Rs215.80, up 4.81% on the NSE.
Bharti Airtel on Wednesday announced it has selected Swedish telecommunications manufacturer Ericsson to expand its pan-India voice over LTE (VoLTE) services to offer HD-quality calling over 4G smartphones and smart watches. Airtel will deploy the Ericsson Cloud VoLTE solution to deliver VoLTE services onto a customer data centre. "We remain committed to building a future-ready network as part of our network transformation programme 'Project Leap' and deliver best-in-class digital experience to our smartphone customers," said Randeep Sekhon, CTO, Bharti Airtel. As part of "Project Leap", Airtel is offering innovative communication services. The Ericsson Cloud VoLTE solution enables high-definition voice (HD voice) and provides modern communication service experiences across many types of devices, over LTE, Wi-Fi, and future 5G access. According to the latest "Ericsson Mobility Report", India is expected to have more than 780 million VoLTE subscriptions by 2023. VoLTE technology will also be the foundation for enabling 5G voice calls on different types of 5G devices.
"We are delighted to support Airtel by delivering our Ericsson Cloud VoLTE solution. We start today with expanding HD voice over LTE services across India, which will establish a platform to easily introduce new innovative services in the future," informed Nunzio Mirtillo, Ericsson's Head of Market Area, South-East Asia, Oceania and India. Ericsson Cloud VoLTE is an industrialised solution to deliver VoLTE services onto a customer data centre Cloud. Bharti Airtel shares closed at Rs338.45, down 3.74% on the NSE.
The Central government on Tuesday made key management appointments to several public sector banks (PSBs). According to the Department of Personnel and Training (DoPT), the Appointments Committee of the Cabinet (ACC) approved the appointments following proposals from the Department of Financial Services, under the Union Ministry of Finance. The ACC approved the proposal for appointment of Karnam Sekar, MD and CEO, Dena Bank, as MD and CEO in Indian Overseas Bank "with effect from July 1, 2019 till his superannuation..." Similarly, Rajesh Kumar Yaduvanshi, Executive Director, Dena Bank, was appointed as Executive Director in Punjab National Bank with effect from April 1, 2019 till October 8, 2020. In a similar move, the ACC appointed R.A. Sankara Narayanan, MD and CEO, Vijaya Bank, as MD and CEO in Canara Bank with effect from "taking over charge of the post on or after April 1, 2019 till his superannuation..." Indian Overseas Bank shares closed at Rs14.85, with no change from previous close. Punjab National Bank shares closed at Rs93.30, down 1.11% on the NSE.
Even as debt-ridden Jet Airways was served a legal notice from a section of its pilots, airline's CEO Vinay Dube on Tuesday said the company continues to work with lenders on the balance sheet restructuring plan and will inform the employees about the progress of the process by early next week. According to Dube, the company is trying to secure interim funding to sustain, and eventually increase its current level of operations. "Once we restore the much-needed network stability of the airline, our highest priority is to get more planes flying and to pay your salary arrears," Dube said in a communication to employees. "Support the bank-led balance sheet restructuring efforts to bring in fresh equity into the airline. This process has entered a new phase, with the lenders inviting Expressions of Interest (EOIs) this week. On Monday, lenders of the debt-ridden airline invited EoI for stake sale in the company to recover dues worth Rs8,000 crore. Jet Airways India shares closed at Rs262.25, down 1.93% 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: