Nifty Sensex headed higher – Wednesday closing report
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:
 
 
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    Axtel Industries: Steady Growth
    Axtel Industries (Axtel) is a supplier of process engineering equipment and turnkey systems to the food and pharmaceuticals industries. It was set up in 1991 to manufacture food processing equipment for solid handling, size reduction, mixing & blending, storage & discharge, cleaning & grading, etc. 
     
    Axtel offers complete process plants, as well as individual equipment, covering...
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  • Nifty, Sensex undecided – Tuesday closing report
    We had mentioned in Monday’s closing report that Nifty, Sensex may come under pressure.
     
    The major indices opened high on global cues and ended with minor gains. On the NSE, there were 793 advances, 972 declines and 386 unchanged.
     
    The trends of the major indices in the course of Tuesday’s trading are given in the table below:
     
     
    Sensex added 400 points during the early trade over reports of Chinese workers returning to factories and a drop in new Coronavirus cases.
     
    The Supreme Court declined to pass any order on the plea of Noida Authority seeking claim over 277 acre surplus land allocated to crisis-hit Unitech Ltd on lease for developing housing complexes, which were, however, not built. The total worth of the land is nearly Rs.8,000 crore.
     
    Union Bank of India’s standalone net profit stood at Rs574.58 crore for the quarter ended December 31, higher than the Rs153.21 crore reported in the same period last year. Net interest income for the Q3 FY20 increased by 25.7% to Rs3,134 crore as compared to Rs2,493 crore in Q3 FY19.
     
    Infosys will acquire Simplus, an advisor in cloud consulting, implementation, data integration, change management and training services for Salesforce Quote-to-Cash applications.
     
    GAIL clocked net profit of Rs1,251 crore for the December 2019 quarter. The company has issued a swap tender offering two cargoes of liquefied natural gas (LNG) for loading in the United States and seeking one for delivery to India.
     
    Avenue Supermarts raised Rs.4,098 crore after it issued and allotted 2 crore shares at an issue price of Rs2,049, under a qualified institutional placement, to several investors which included Lone Cypress and the Singapore Government.
     
    Sundaram Finance reported a 3.8% year-on-year rise in net profits at Rs252.90 crore for the quarter ended December 31, 2019. Total income declined to Rs1,338.29 crore in the period under consideration, from over Rs2,224.57 crore a year-ago.
     
    Shares of Lakshmi Vilas Bank rose after reports of a US fund house Tilden Park Capital Management’s interest in buying a sizeable stake in the bank. Officials of the two firms recently met with the RBI to explore the possibility.
     
    Cipla Medpro South Africa secured originator and authorised generic brands of an atypical anti-psychotic drug, Quetiapine. The agreement involves AstraZeneca Pharmaceuticals and Luye Pharma Hong Kong. The transaction allows Cipla Medpro to market and distribute the medicine in South Africa and neighbouring countries.
     
    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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