We had mentioned in Tuesday’s closing report that Nifty, Sensex were undecided. The major indices continued to rally for the second day. On the NSE, there were 726 advances, 1,069 declines and 358 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
The Odisha government has signed a MoU with HDFC Bank to provide smart banking solutions to the startups recognised by the Startup Odisha along with opportunity to pitch their solutions to requisite stakeholders and will work towards providing them an opportunity to showcase their solutions.
Allahabad Bank reported a wider net loss for the quarter ended December 31, 2019, due to higher provisioning for non-performing assets (NPAs). Net loss widened to Rs.1,986.27 crore from Rs.732.81 crore in the same period last year.
Amines & Plasticizers reported a 15% year-on-year decline in revenues to Rs95.07 crore for the quarter ended December 2019. Net profits jumped 66% to Rs5.79 crore.
Cochin Shipyard reported a 24% year-on-year rise in revenues to Rs950.34 crore. Net profits rose 32% to Rs169.81 crore.
Spencers Retail reported a 22% year-on-year rise in revenues to Rs706.93 crore. Net losses widened to Rs39.50 crore from Rs11 lakh reported in the same period last year.
JM Financial will raise Rs.100 crore through an NCD issue on Thursday. This is the third tranche of its planned fully-secured NCD sale this year. The NBFC has a greenshoe option to raise additional Rs200 crore, taking the overall issue size to Rs.300 crore.
Ipca Laboratories reported 24% year-on-year rise in net profits to Rs.197.54 crore for the December quarter. Total income jumped to Rs.1,230.99 as against Rs.1,019.48 crore in the same period last year.
Dr Reddy's Laboratories may acquire select divisions of Wockhardt’s branded generics business in India, Nepal, Sri Lanka, Bhutan and Maldives for a consideration of Rs.1,850 crore.
Info Edge India reported consolidated loss of Rs.62.1 crore for the quarter ended December 2019 against net profit of Rs.330 crore in the year-ago period. Total income grew to Rs359.7 crore against Rs323 crore in the same period last year.
Network i2i, a subsidiary of Bharti Airtel, plans to raise funds worth up to $250 million (approximately Rs 1,780 crore) through perpetual bonds. This amount will be in addition to existing securities of $750 million (around Rs 5,343 crore) that it raised.
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: