We had mentioned in Tuesday’s closing report that Nifty, Sensex were in the overbought zone. The major indices opened low and closed with minor losses. On the NSE, there were 1,095 advances, 684 declines and 355 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
The benchmark index, Sensex, closed 80 points lower as global investors turned cautious after US said that tariff on China would continue till the US Presidential elections were over.
IndusInd Bank’s stock price fell more than 5% after the lender reported sharp increase in gross slippages due to one travel account. Slippages increased significantly to Rs.1,945 crore in Q3, from Rs.1,102 crore in Q2FY20.
To meet the AGR dues of Rs.35,500 crore by January 23, Bharti Airtel came closer to arrange the funds as it announced allotment of Rs.32.35 crore equity shares to eligible buyers at an issue price of Rs.445 apiece as part of $2 billion qualified institutional placement.
Claiming that e-commerce giants like Amazon import as much as 80% of the items sold on their platforms, small manufacturers'' body has said that their business models do not benefit local industry and are creating jobs of delivery boys only.
The Enforcement Directorate (ED) arrested G.S.C. Raju, promoter of Leo Meridian Infrastructure Projects and Hotels and his close associate A.V. Prasad in connection with its probe into a money laundering case worth Rs.1,768 crore.
Deepak Nitrite has acquired industrial land of around 125 acres situated at Industrial Phase, Dahej-2 in Gujarat for Rs.99.25 crores. The land will be utilized for future growth and expansion plans.
For the quarter ended December 2019, Larsen & Toubro Infotech posted 14.84% growth in revenues at Rs2,875.3 crore. Net profits remained flat at Rs21.50 crore.
Future Retail has raised USD 500 million through fixed rate, senior, secured bonds of a 5-year (non-call 3-year) tenor at 5.600%. FRL's debut bond transaction also marks the first international bond deal from the retail & consumer sector space in India.
Sun Pharma’s subsidiary has entered into exclusive licensing and supply agreements with Rockwell Medical Inc. to commercialize Rockwell's Triferic, a proprietary iron replacement and haemoglobin maintenance drug, for treating anaemia in hemodialysis patients in India.
Mindtree reported a 3% year-on-year rise in consolidated net profit to Rs197 crore for the December 2019 quarter. Revenues grew 10% to Rs.1,965.3 crore from Rs.1,787.2 crore in the year-ago period.
The Bombay High Court has set up a three-member committee for valuation and sale of encumbered assets of Housing Development and Infrastructure to expeditiously recover dues payable by the firm to crisis-hit PMC Bank.
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: