Lessons (with Hindsight) from the Corona Crash
We all know that when the coronavirus hit the Indian market, it collapsed like a pack of cards. The Sensex had closed at 41,1170 for the week ended 20th February. In just six weeks, as the panic about pandemic spread, the index was down to 27,590 by the end of 3rd April—a humungous fall of 33%—as India went into a lock-down. At that stage, it was perfectly logical to expect the worst. Those...
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  • Nifty, Sensex continues to head higher – Weekly closing report
    We had mentioned in last week’s closing report that Nifty, Sensex may rally more. The major indices rallied this week and closed with major gains.
     
    The trend of the major indices in the week is given in the table:
     
     
    On Monday, the major indices opened in the green and ended with minor gains. On the NSE, there were 1,047 advances, 802 declines and 384 unchanged.
     
    TCS said it will consider share buyback proposal, at its meeting to be held on October 7, 2020.
     
    ITI signed a Rs 7,796-crore Army Static Switched Communication Network (ASCON) project for deploying strategic network for secured communication across the country and subsequent maintenance for the next 10 years.
     
    Hind Rectifiers secured orders of Rs.51.81 crore in September 2020.
     
    Laurus Labs subsidiary Laurus Synthesis Inc. USA has been merged with step-down subsidiary Laurus Generics Inc. USA.
     
    On Tuesday, the major indices rallied and posted major gains. On the NSE, there were 1,104 advances, 780 declines and 117 unchanged.
     
    Majesco board of directors will meet on October 8, 2020, to consider proposal for buyback of fully paid-up equity shares of the company.
     
    Adani Ports announced the completion of the acquisition of the Krishnapatnam Port Company (KPCL) for an enterprise value of Rs 12,000 crore. APSEZ now has a controlling stake of 75% in KPCL, a multi-cargo port in southern Andhra Pradesh. 
     
    IndusInd Bank’s deposit in July-September quarter grew at 10% compared to same period last year and 8% compared to previous quarter. Advances registered a 2% YoY growth and 1% sequential growth in September quarter.
     
    On Wednesday, the major indices continued to rally and posted decent gains. On the NSE, there were 728 advances, 1,131 declines and 354 unchanged.
     
    Reliance Industries announced that a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore into the company's subsidiary Reliance Retail Ventures (RRVL) for 1.20% equity stake on a fully diluted basis. This investment values RRVL at a pre-money equity value of Rs 4.285 lakh crore.
     
    Infosys bagged order from Switzerland-based co Mobile Health AG for ePRO platform Consilium Care.
     
    Bajaj Finance added 3.6 million new loans during the September quarter, less than half of what it could add in the year ago period. Asset under management growth was only 1.3% year-on-year.
     
    On Thursday, the major indices continued to rise and ended with decent gains. On the NSE, there were 840 advances, 997 declines and 383 unchanged.
     
    Tata Consultancy Services reported a profit after tax of Rs 7,475 crore for the quarter ended September 2020, down 7% YoY. The deal wins for the quarter were strong with total contract value at $8.6 billion against $6.9 billion in Q1FY21.
     
    Wipro will be considering a proposal of buyback of equity shares at the meeting scheduled to be held on October 13, 2020. 
     
    Kishore Biyani-led Future Group received a legal notice from Amazon.com Inc. over the former’s Rs 24,700-crore asset sale to Reliance Retail Ventures Ltd, calling it a breach of a 2019 agreement between Amazon and Future.
     
    On Friday, the major indices continued to rise and ended with decent gains. On the NSE, there were 865 advances, 1,010 declines and 109 unchanged.
     
    Steel Strips Wheels net profit for quarter ended September 2020 went up 82.3% at Rs 14 crore against Rs 7.7 crore (YoY). Revenue was up 11.8% at Rs 405 crore against Rs 362.1 crore (YoY).
     
    Solar Industries bagged an order worth Rs 447 crore from Singareni Collieries Company Limited (SCCL) for the supply of explosives and initiating systems.
     
    ZEN Tech received an order from a government customer for annual maintenance contract for a period of five years for an approximate value of Rs 40 crore.
     
  • User 

    Nifty, Sensex overbought and trending up – Thursday closing report
    We had mentioned in Wednesday’s closing report that Nifty, Sensex were getting overbought. On Thursday, the major indices continued to rise and ended with decent gains. On the NSE, there were 840 advances, 997 declines and 383 unchanged.
     
    The trends of the major indices in the course of Thursday’s trading are given in the table below:
     
     
    Tata Consultancy Services reported a profit after tax of Rs 7,475 crore for the quarter ended September 2020, down 7% YoY. The deal wins for the quarter were strong with total contract value at $8.6 billion against $6.9 billion in Q1FY21. The board has approved a proposal to buy back up to 5,33,33,333 equity shares, which is 1.42% of the total paid-up equity share capital, at around Rs 3,000 per equity share for an aggregate amount up to Rs 16,000 crore.
     
    Wipro will be considering a proposal of buyback of equity shares at the meeting scheduled to be held on October 13, 2020. 
     
    Nitco sales volume during the second quarter ended on September 30, 2020 has improved significantly; almost at 80% of the sales volume achieved in September 2019.
     
    GM Breweries net profit went down 43.5% at Rs 11.2 crore against Rs 19.8 crore YoY. Revenue of the company was down 40% at Rs 72.6 crore against Rs 121.4 crore YoY.
     
    Jet Airways (India) clarified that the consortium of Kalrock Capital and Murari Lal Jalan has not been chosen as the successful resolution applicant by the committee of creditors in the corporate insolvency resolution process.
     
    Dr. Reddy's Laboratories received US FDA nod for icatibant acetate injectable and ephedrine sulphate solution used to treat acute attacks of hereditary angioedema in adults.
     
    Kishore Biyani-led Future Group received a legal notice from Amazon.com Inc. over the former’s Rs 24,700-crore asset sale to Reliance Retail Ventures Ltd, calling it a breach of a 2019 agreement between Amazon and Future.
     
    Lakshmi Vilas Bank said it has received an indicative non-binding offer from Clix Group for the proposed merger. 
     
    Cadila Healthcare launched pressurized metered dose inhaler Forglyn in India to be used in patients suffering from chronic obstructive pulmonary disease.
     
    ABB Power won a project worth more than Rs 100 crore from HPCL Rajasthan Refinery, a joint venture between state-run Hindustan Petroleum Corporation Limited and the Government of Rajasthan.
     
    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:
     
     
  • User 

    COMMENTS

    Newme

    3 weeks ago

    It is said that US Fed is pumping 1 trillion $ a month to keep the US markets from collapsing. The day it stops supporting it, we can see another March crash.

    Wipro, TCS are buying back shares which is sad considering that tech companies are not focusing on investing in new areas rather taking advantage of free money floating around due to low interest rates.

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