Nifty, Sensex Continue to Look Overbought – Wednesday closing report
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:
 
 
 
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    Nifty, Sensex in the overbought zone – Tuesday closing report
    We had mentioned in Monday’s closing report that Nifty, Sensex continued to be buoyant. The major indices ended with minor gains. On the NSE, there were 1,054 advances, 736 declines and 343 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
     
     
    Sensex on Tuesday logged a fresh all-time high of 41,903.36 despite a sharp rise in inflation amid already slowing economic activity in the country. 
     
    Crisis-hit IL&FS has sought expressions of interest (EoI) for the acquisition of IL&FS Environmental & Infrastructure Services Ltd and its subsidiaries. Calling for bidders, IL&FS said that it has received a binding offer to buyout IEISL which would have to go through a bidding process.
     
    NAREDCO announced the launch of an e-commerce housing portal, ''HousingForAll.Com''. "The e-commerce housing portal to start with will host a 45-day ''All-India Online Home-Buying Festival'' for ready-to-move-in homes, with over 1,000 projects expected to be listed," it said.
     
    Infosys has signed a 5-year deal with European automotive logistics firm Gefco to digitise its worldwide operation.
     
    The Supreme Court has formed a four-member committee to accelerate the auction of the assets of defunct Amrapali group to generate funds for incomplete housing projects. The committee includes two forensic auditors.
     
    For the quarter ended December 2019, Wipro’s consolidated net profit declined 2.17% year-on-year (YoY) to Rs.2,455.9 crore. Revenue stood at Rs.15,470.5 crore, up 2.73 per cent YoY. Wipro also announced dividend of Re.1 per equity share of par value Rs.2 each.
     
    For the quarter ended December 2019, TV18 Broadcast reported a 39.60% rise in its consolidated net profit at Rs.205.16 crore. Consolidated revenue stood at Rs1,425.37 crore, as against Rs.1,474.70 crore in the quarter ended December 2018.
     
    Rating agency ICRA has placed the long-term rating of double-A plus on outstanding bank facilities and non-convertible debentures of Adani Ports and Special Economic Zone (APSEZL) under rating watch with negative implications.
     
    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:
     
     
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    Trading in Coffee Day Enterprises, CG Power to be suspended from Feb 3
    The major stock exchanges, BSE and NSE, will suspend trading in shares of Coffee Day Enterprises and CG Power from February 3 for not declaring quarterly results.
     
    This is in contravention of SEBI's listing norms pertaining to submission of quarterly financial results. The exchanges have said that if companies comply with the provisions of listing norms before January 29, trading in shares will not be suspended.
     
    These companies have not submitted the financial results for April-June 2019 and July-September 2019 quarters and not paid the fine levied for non-compliance, as required under the listing norms prescribed by SEBI.
     
    The stock exchanges said that trading in securities of these companies will be suspended with effect from February 3, on account of non-compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for two consecutive quarters -- June 2019 and September 2019.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    Ramesh Poapt

    2 weeks ago

    perhaps they will submit before due dates. 2 may
    not be gone companies.

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