We had mentioned in Wednesday’s closing report that Nifty, Sensex may try to push higher. The major indices of the Indian stock markets suffered a correction.
On the NSE, there were 453 advances, 1,301 declines and 341 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
Reliance Brands has completed acquisition of 100% stake in British toy retailer Hamleys for GBP67.96 million (about Rs620 crore) in an all-cash deal from Hong Kong-based C.banner International. Hamleys, founded in London in 1760, is one of the world's oldest retailers of toys and has changed hands several times.
Private-lender Yes Bank hit its lowest level in 52 weeks after it fell 12.8% on Thursday. Investors distanced themselves from Yes Bank counter after the bank reported a 91% fall in its profit at Rs113.76 crore, down from Rs1,260.36 in the comparable period last year. The amount that a company sets aside for a known liability or “provisioning” in banking parlance surged to Rs1,784.11 crore from Rs625.65 crore in the June quarter last year.
Allahabad Bank has reported about being defrauded for the second time in just a week. After Bhushan Power and Steel, SEL Manufacturing Ltd. (SELM) has defrauded the bank of Rs688.27 crore. However, the bank on Thursday said "we have to inform that a fully provided Non Performing Account, viz. SEL Manufacturing Ltd. (SELM) with an outstanding due of Rs688.27 crore for which NCLT proceedings are in progress, has also been declared as fraud and reported to RBI as per regulatory requirement," the bank said in a regulatory filing. The stock fell 3.79% today.
IT consulting firm Mindtree reported Rs93 crore net profit for the first quarter of fiscal 2019-20 against Rs158 crore in the same period a year ago, which is a 41% annual decline. Sequentially too, the software services firm, reported 53% plunge in net profit from Rs198 crore a quarter ago. Revenues grew 11.8% annually for the quarter (Q1) under review to Rs1,834 crore from Rs1,640 crore in the like period year ago. The stock fell 7 .99% today.
In a first for any segment in the auto sector, India now sells more electric three-wheelers than the conventional ones that run on petrol, diesel or CNG. As per data shared by the Society of Manufacturers of Electric Vehicles (SMEV), the apex lobby body for electric vehicles, sales of electric three-wheeler segment grew 21% during 2018-19 to 630,000 as against 520,000 sold in 2017-18. In 2018, sales of petrol, diesel and CNG-powered passenger three wheelers grew by just 10.6% to 572,400 units, compared to 517,400 units sold in 2017-18, according to data shared by the Society of Indian Automobile Manufacturers.
L&T Hydrocarbon Engineering has been awarded a 'mega' project in the range of over Rs7,000 crore in the Marjan Field by Saudi Aramco. The project scope for oil facilities for the Marjan Incremental Development Project consists of four tie-in platforms, one tie platform module, nine production deck modules (wellhead decks), 217 kilometers of subsea pipelines across 25 segments, and 145 kilometers of subsea cables across 16 segments.
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: