Nifty, Sensex May Be Headed Lower – Thursday closing report
We had mentioned in Wednesday’s closing report that Nifty, Sensex may try to push higher. The major indices of the Indian stock markets suffered a correction.
 
On the NSE, there were 453 advances, 1,301 declines and 341 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
Reliance Brands has completed acquisition of 100% stake in British toy retailer Hamleys for GBP67.96 million (about Rs620 crore) in an all-cash deal from Hong Kong-based C.banner International. Hamleys, founded in London in 1760, is one of the world's oldest retailers of toys and has changed hands several times.
 
Private-lender Yes Bank hit its lowest level in 52 weeks after it fell 12.8% on Thursday. Investors distanced themselves from Yes Bank counter after the bank reported a 91% fall in its profit at Rs113.76 crore, down from Rs1,260.36 in the comparable period last year. The amount that a company sets aside for a known liability or “provisioning” in banking parlance surged to Rs1,784.11 crore from Rs625.65 crore in the June quarter last year.
 
Allahabad Bank has reported about being defrauded for the second time in just a week. After Bhushan Power and Steel, SEL Manufacturing Ltd. (SELM) has defrauded the bank of Rs688.27 crore. However, the bank on Thursday said "we have to inform that a fully provided Non Performing Account, viz. SEL Manufacturing Ltd. (SELM) with an outstanding due of Rs688.27 crore for which NCLT proceedings are in progress, has also been declared as fraud and reported to RBI as per regulatory requirement," the bank said in a regulatory filing. The stock fell 3.79% today.
 
IT consulting firm Mindtree reported Rs93 crore net profit for the first quarter of fiscal 2019-20 against Rs158 crore in the same period a year ago, which is a 41% annual decline. Sequentially too, the software services firm, reported 53% plunge in net profit from Rs198 crore a quarter ago. Revenues grew 11.8% annually for the quarter (Q1) under review to Rs1,834 crore from Rs1,640 crore in the like period year ago. The stock fell 7 .99% today.
 
In a first for any segment in the auto sector, India now sells more electric three-wheelers than the conventional ones that run on petrol, diesel or CNG. As per data shared by the Society of Manufacturers of Electric Vehicles (SMEV), the apex lobby body for electric vehicles, sales of electric three-wheeler segment grew 21% during 2018-19 to 630,000 as against 520,000 sold in 2017-18. In 2018, sales of petrol, diesel and CNG-powered passenger three wheelers grew by just 10.6% to 572,400 units, compared to 517,400 units sold in 2017-18, according to data shared by the Society of Indian Automobile Manufacturers.
 
L&T Hydrocarbon Engineering has been awarded a 'mega' project in the range of over Rs7,000 crore  in the Marjan Field by Saudi Aramco. The project scope for oil facilities for the Marjan Incremental Development Project consists of four tie-in platforms, one tie platform module, nine production deck modules (wellhead decks), 217 kilometers of subsea pipelines across 25 segments, and 145 kilometers of subsea cables across 16 segments.
 
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 May Try to Push Higher – Wednesday closing report
    We had mentioned in Tuesday’s closing report that Nifty, Sensex may head higher. The major indices closed with gains. On the NSE, there were 849 advances, 897 declines and 352 unchanged. The trends of the Indian stock markets in the course of Wednesday’s trading are given in the table below:
     
     
    The Sensex on Wednesday opened slightly higher above the 39,000 mark as result of several corporate biggies were awaited. Corporate earnings of companies like Yes Bank, Wipro and Mindtree will be announced later in the result-heavy day.
     
    Larsen & Toubro Infotech (LTI), the IT services arm of engineering and construction conglomerate Larsen & Toubro (L&T) Ltd., has signed a definitive agreement to acquire Bengaluru-based Artificial Intelligence (AI) and advanced analytics firm Lymbyc for an enterprise value of Rs38 crore.
     
    Multi Commodity Exchange of India (MCX) reported a 496% increase in its net profit to Rs43.70 crore for the first quarter (Q1) of 2019-20. Besides, MCX's total income increased by 30% to Rs110.84 crore. "The average daily turnover (ADT) on the exchange has increased by 12.80% to Rs27,473 crore in Q1 FY2019-20 from Rs24,360 crore in the corresponding quarter of Q1 FY2018-19," the MCX said in a statement.
     
    Larsen & Toubro (L&T) said its arm L&T Construction-led joint venture has bagged contract for desalination plant from Gujarat Industrial Development Corporation (GIDC)."The water and effluent treatment business of L&T Construction and Tecton Engineering and Construction LLC, UAE JV have secured a prestigious contract for a 100 MLD desalination plant from Gujarat Industrial Development Corporation, Gujarat, India," L&T said in a regulatory filing.
     
    USFDA issued a warning letter against Strides Pharma’s Puducherry formulation plant pointing out significant violations of current good manufacturing practice (CGMP), including data integrity lapses. "During the inspection, our investigator observed discarded CGMP documents and evidence of uncontrolled shredding of documents," USFDA said in its warning letter.
     
    DCB Bank reported a disastrous June quarter performance. It reported a net profit growth of 15.7%, which missed the analyst’s estimates. The stock was down by a huge 17%. 
     
    After the market close, Yes Bank Ltd posted a net profit Rs113.76 crore in net profit for the three months ended 30 June compared to Rs1,260.36 crore for the same period last year, a 90.97% drop, on the back of lower other income and higher provisioning. The analysts were expecting a profit of Rs148 crore. The stock was down 5.25% in anticipation of poor results. It may go down further on Thursday.
     
    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 May Head Higher – Tuesday closing report
    We had mentioned in Monday’s closing report that Nifty, Sensex were in no man’s land. The major indices opened in the green and closed with gains over Monday’s close. On the NSE, there were 853 advances, 912 declines and 329 unchanged.
     
    The trends of the Indian stock markets in the course of Tuesday’s trading are given in the table below:
     
     
    Private lender, Yes Bank on Tuesday logged sharp gain on the BSE over reports that the company is set to get capital infusion from a US-based private equity investor, however, the company termed it "speculative". Denying the reports of capital infusion, the bank said it "would not like to comment on such speculation". The stock price rose 11.48%.
     
    Gross written premium collection of General insurance companies grew 9.91% year-on-year (YoY) in the June quarter. Data from Insurance Regulatory and Development Authority of India (IRDAI) showed that the standalone health insurance companies had a higher rate of growth at 41.57% YoY growth. Life insurers first year premiums grew 65% YoY of Rs60,637 crore for the quarter ended June 30. 
     
    Drug maker Cipla entered into an agreement with Shanghai-based Jiangsu Acebright Pharmaceuticals to set-up a joint venture company in the People’s Republic of China for local manufacture of respiratory products. As per the agreement, the JV will become a subsidiary of Cipla. Cipla's wholly-owned subsidiary Cipla EU will hold 80% stake and Acebright will retain the balance for a combined investment of $30 million. The stock price rose 0.63%.
     
    Hero Electric plans to expand its capacity from 100,000 units per annum at present to 500,000 units as the demand for electric two-wheelers is expected to rise significantly in the coming years. The company will also invest in increasing localization of components and establish an ecosystem for manufacturing its e-scooters, enthused by the push towards electric mobility by the Union government.
     
    Federal Bank's profits grew by 46.2% year-on-year to Rs384.2 crore for the quarter ended 30 June 2019, though provisions remained elevated and asset quality weakened. Higher other income and operating profit boosted earnings.  Net interest income increased 17.80% YoY to Rs1,154.2 crore. The stock declined 1.17%.
     
    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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