LG Balakrishnan & Bros: Pillion Riding the Two-wheeler Boom
LG Balakrishnan (LGB) is an automobile components producer based in south India, manufacturing various transmission components like chains, sprockets, tensioners, belts, brake-shoes, etc, used mainly in the transmission and engines of automobiles. For the quarter ending March 2018, revenue was up by 11.7% year-on-year (y-o-y), operating profit shot up 19.5% y-o-y and net profit was up only...
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Nifty, Sensex on an Uptrend – Weekly closing report

We had mentioned in last week’s closing report that Nifty, Sensex were showing signs of fatigue. The major indices of the Indian stock markets rallied over the week and closed on Friday with weekly gains of over 1.75% over last Friday’s close. The trends of the major indices in the course of the week’s trading are given in the table below:

 

 
The major indices of the Indian stock markets rallied on Monday and closed with gains over Friday’s close. On the NSE, there were 951 advances, 790 declines and 318 unchanged.
 
Broadly positive Asian indices coupled with expectations of healthy quarterly earnings results pushed the key Indian equity indices to trade higher during on Monday. However, gains were capped due to caution over the upcoming assembly polls in Karnataka in the early part of the day. As the day progressed the rally was clear and the gains were significant. According to market observers, buying was witnessed in consumer durables, metals, automobile and banking stocks. Other economic data, investors were looking forward to included fiscal deficit data, industrial production data and consumer price index (CPI) data which were to be released during this week. The IP data released after market show a slump in manufacturing.
 
Fortis Healthcare said that its shareholders have approved a resolution to acquire the "assets of RHT Health Trust". According to a BSE filing, the company said that 98.328% voted for the resolution. Earlier, the company had entered into an agreements with RHT to acquire its assets for Rs4,650 crore.
 
Over 10 lakh bankers in government and private banks were planning to go on a two-day strike by the end of May if the government did not ask the Indian Banks Association (IBA) to make an improved offer, said a leader of the All India Bank Employees Association (AIBEA). 
 
The major indices of the Indian stock markets were range-bound on Tuesday and ended flat over Monday’s close. On the NSE, there were 735 advances, 981 declines and 329 unchanged. The indices traded marginally higher on Tuesday following broadly positive cues in the global markets. Selling pressure on the capital goods and consumer durables stocks restricted further gains, market analysts said. Finally, at the end of the day’s trading the marginal gains were not sustained and the major indices ended flat on Tuesday over Monday’s close.
 
Automobile major Maruti Suzuki on Tuesday said that it would carry out a "Service Campaign" for its new Swift and Baleno models to inspect for a possible fault in their "brake vacuum hose". According to the company, around 52,686 new Swift and Baleno vehicles manufactured between December 1, 2017 and March 16, 2018 would be covered in this campaign.  Starting 14th May 2018 owners of the vehicles included in this service campaign would be contacted by dealers for inspection and replacement of the faulty part, the company said in a notice on its website.  Service campaigns are undertaken globally by automobile companies to rectify faults that might potentially cause inconvenience to customers. The inspection and replacement would be done free of cost for the customer.
 
After reporting a 50% decline in its standalone net profit for the quarter ended March 31, 2018, private sector lending major ICICI Bank said that it planned to deploy a "preserve, change and grow" strategy to get back to the growth trajectory. The major indices of the Indian stock markets were range-bound on Wednesday and closed with small gains over Tuesday’s close. On the NSE, there were 701 advances, 1,006 declines and 335 unchanged.
 
The International Monetary Fund (IMF) reaffirmed on Wednesday that India would be the fastest growing major economy in 2018, with a growth rate of 7.4% that would rise to 7.8% in 2019 with medium-term prospects remaining positive. The IMF's Asia and Pacific Regional Economic Outlook report said that India was recovering from the effects of demonetisation and the introduction of the Goods and Services Tax and "the recovery is expected to be underpinned by a rebound from transitory shocks as well as robust private consumption." Medium-term consumer price index inflation was forecast to remain within but closer to the upper bound of the Reserve Bank of India's inflation-targeting band of 4% with a plus or minus 2% change, the report said. It said the consumer price increase in 2017 was 3.6% and projected it to be 5% in 2018 and 2019. The current account deficit in fiscal year 2017-18 was expected to widen somewhat but should remain modest, financed by robust foreign direct investment inflows, the report said. This is likely to reflect in the long term bullish trend of the Indian stock markets.
 
Jubilant FoodWorks (JFL) selling Domino’s Pizza reported a rise in its net profit for the fourth quarter of 2017-18. According to Jubilant FoodWorks, its profit after tax in the quarter under review increased to Rs68.06 crore from Rs6.71 crore reported for the like period of the previous fiscal. Besides, the company's net profit for 2017-18 rose by 206.91% to Rs206.4 crore from Rs67.25 crore over FY17. The company's Board recommended a dividend of Rs5 per equity share of Rs10 each fully paid up for the financial year ended March 31, 2018 on existing share capital of the company subject to the approval of the shareholders in annual general meeting.
 
The major indices of the Indian stock markets were range-bound on Thursday and closed with small losses over Wednesday’s close. On the NSE, there were 437 advances, 1,293 declines and 318 unchanged.
 
Caution ahead of the Karnataka assembly elections along with subdued global factors including high crude oil prices and geo-political tensions in the Middle East dragged the Indian equity indices lower on Thursday. According to market observers, selling pressure was witnessed in consumer durables, capital goods and healthcare stocks.
 
Public sector Indian Bank on Thursday said that it closed the last fiscal with a lower net profit of Rs1,258.99 crore, down from Rs1,405.67 crore logged for the year ended March 31, 2017. The net NPA as on March 31, 2018 stands at Rs5,959.57 crore as against Rs5,606.56 crore as on March 31, 2017. The bank’s Board of Directors have recommended a dividend of Rs6 per share (Face Value Rs10 per share) for the year ended March 31, 2018.
 
Two-wheeler maker Eicher Motors Ltd said it closed last fiscal with a net profit of Rs1,712.91 crore. In a regulatory filing in BSE, Eicher Motors said it had posted a net profit of Rs1,712.91 crore for the year ended on March 31, 2018 up from Rs1,560.02 crore logged during the previous fiscal. The Board of Directors has recommended a dividend of Rs110 per share of Rs10 each for the year 2017-18. During the year under review, the company earned a total income of Rs9,544.24 crore, up from Rs8,171.37 crore earned for the year ended on March 31, 2017.
 
On Friday, the major indices of the Indian stock markets rallied and closed with gains over Thursday’s close. On the NSE, there were 709 advances, 1,027 declines and 310 unchanged.
 
The decision by the Fortis Healthcare board to recommend the offer of the Hero and Burman Family consortium for sale of its business was primarily guided by the certainty of liquidity flowing in to enable greater efficiency, Fortis Director Brian Tempest said here on Friday. The company’s shares closed at Rs149.50, down 2.22% on the NSE.
 
Nestle India's net profit for the first quarter of 2018 went up by 38%. The company posted a profit of Rs424 crore for the January-March quarter of 2018 compared to Rs306.7 crore posted during the corresponding period in 2017. The company posted a total income of Rs2813.67 crore for the first quarter of 2018 compared to Rs2,633.5 crore clocked during the corresponding period in 2017. The company’s shares closed at Rs9,482.05, up 5.57% on the NSE.
 

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Schaeffler India: Waiting for Growth
Schaeffler India Limited (SIL), part of the global Schaeffler group, manufactures various types of bearings used by industries. Schaeffler AG holds 51.35% in the Indian listed company through its wholly-owned subsidiary FAG Kugelfischer. For the quarter ending March 2018, the company reported a healthy growth in revenue at 13% year-on-year (y-o-y) while operating profit grew 4.5% y-o-y and...
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