We had mentioned in Wednesday’s closing report that Nifty, Sensex await RBI’s move on policy rates. The major indices were volatile and closed with losses. On the NSE, there were 778 advances, 992 declines and 370 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
The Indian equity indices opened on a positive note on Thursday ahead of the key monetary policy announcement by the Reserve Bank of India. But the RBI in a surprise move kept the repo rate unchanged, causing the markets to go jittery. RBI Governor Shaktikanta Das defended the decision by recalling the "primary objective" of the central bank, which is inflation targeting and price control.
The much-talked about Jaypee Infratech (JIL) insolvency has another player in the game with JSW Infrastructure partnering with Suraksha Realty to support the latter in building and completing the stalled projects of the bankrupt firm. Mumbai-based Suraksha has submitted a letter from JSW Infrastructure Ltd confirming it will provide financial, technical and strategic support to Suraksha for the project.
Karnataka Bank has reported to RBI a fraud amounting to Rs40.39 crore in the credit facilities extended earlier to Hanung Toys and Textile, on account of diversion of funds. The company had availed various credit facilities under consortium arrangement wherein, Karnataka Bank was one of the member banks.
The borrowing account was classified as non-performing asset in July 2015 and had been fully provided for and as such, no negative impact on the Bank's profitability at present.
Hindalco Industries has launched India's first all-aluminium freight trailer in Jaipur, Rajasthan. The aluminium freight trailer can ferry a wide range of materials such as cement, alumina, fly ash, grains, flour, steel coils and cylinders. The trailer is being engineered with inputs from ARAI (Automotive Research Association of India) to ensure optimum results.
Renascent Power Ventures has acquired 75.01% equity stake and 27 crore preference shares of Prayagraj Power Generation Company. Renascent is a wholly owned subsidiary of Resurgent Power Ventures (JV between Tata Power International, ICICI Bank) and other reputed global investors, set up to acquire assets in the Indian Power Sector. TPIPL owns 26% stake in Resurgent Power and the balance 74% is held by ICICI Bank and other global investors.
State Bank of India may divest its stake in UTI AMC up to 8.25% through IPO by way of offer for sale of up to 1,04,59,949 equity shares, subject to the approval of the SEBI.
Artson Engineering has received a work order of Rs6.30 crores, including taxes.
The order is received from Tata Projects Limited for project management and erection work for ASRS System at Kapurthala. The duration of order is 10 months.
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: