We had mentioned in last week’s closing report that Nifty, Sensex may give up some gains. The major indices rallied this week. The trends of the major indices in the course of the week’s trading was:
On Monday, the major indices closed with minor gains. On the NSE, there were 726 advances, 1,065 declines and 366 unchanged.
Global rating agency Moody's said pressure on Indian finance companies continues to build up, with some banks heavily exposed to non-bank credit providers, hinting that India's NBFC crisis is far from over, even after a year since the troubles began when a major shadow bank IL&FS group abruptly defaulted.
JSW Steel reported crude steel production at 12.90 lakh tonnes for November 2019. Crude steel production was at 12.90 lakh tonnes in November 2019 as against 13.90 lakh tonnes in November 2018, a drop of 7% YoY.
Welspun Corp was awarded contracts for supply of 179 KMT of pipes for multiple projects on a global basis. Out of the above orders, 161 KMT will be serviced from its USA facility. Accordingly, the company's order book stands at 1,459 KMT valued at approximately Rs.12,100 crore, after considering execution up to November 2019.
On Tuesday, the major indices slipped and closed with major losses. On the NSE, there were 512 advances, 1,279 declines and 353 unchanged.
Stock price of Yes Bank fell as much as 5% ahead of the crucial board meet to take call on the investment offers that the bank has received. Investors pushed the sell button over reports that the bank may decline to accept the $1.2 billion investments offer by the controversial Canada based Erwin Singh Braich.
Domestic automobile sales continued to decline in November with the overall sectoral off-take plunging 12.05% on a year-on-year basis. Segment wise, the off-take of passenger vehicle sales during the month under review slipped by 0.84% to 263,773 units this November on a year-on-year basis.
Net inflows into equity mutual funds dipped sharply to multi-year lows in November as on one hand, outflows from credit risk funds continued, while inflows into equity funds fell as much as 85%.
CRISIL Limited downgraded PC Jewellers long term and short terms ratings to the bank loan facilities to CRISIL D i.e. default grade.
On Wednesday, the major indices was in the red for most of the days and closed with minor gains. On the NSE, there were 720 advances, 1,045 declines and 377 unchanged. Sensex advanced 129 points during the early trade while the Nifty traded slightly below the 11,900 mark.
Yes Bank shares collpased by more than 15% on worries that bank is running out of time in getting investors. The bank is looking to raise USD 2 billion and, surprisingly, has not found a single large well-known investment institution interested.
Qatar Investment Authority may purchase 25.1% stake in Adani Electricity Mumbai and have also agreed to a shareholder subordinated debt investment by QIA in AEML. The total QIA investment in AEML will be approximately Rs3,200 Crore .
KNR Constructions received a work order for Rs240.60 crore from Greater Hyderabad Municipal Corporation for comprehensive road maintenance of main road in Secunderabad Zone for 5 years.
On Thursday, the major indices opened high and closed with gains. On the NSE, there were 1,058 advances, 715 declines and 369 unchanged.
Navin Fluorine International is planning a capex program at Dahej (Gujarat) through a wholly owned subsidiary with an estimated aggregate capital outlay of over Rs.450 crores over the next 3 - 4 years. The board has initially approved capital expenditure of approx. Rs.90 crores for site development and related infrastructure on approx. 74 acres of land for greenfield projects.
The government ruled out any plans to sell stake or disinvestment of ailing telecom PSUs -- BSNL and MTNL in the Parliament while fixing a target of Rs200 crore and Rs300 crore for them from their asset monetisation in the current fiscal.
Arman Financial Services will raise Rs125 crore through one or more qualified institutions placement.
On Friday, the major indices opened high and closed with major gains. On the NSE, there were 1,172 advances, 609 declines and 359 unchanged. Sensex traded near its life-time highs on Friday after signs of easing in US and China trade tension.
BGR Energy Systems Limited has been awarded a contract by Tamil Nadu Generation and Distribution Corporation for execution of 1x660 MW Supercritical Ennore Thermal Power Station Expansion Project under EPC basis. The total value of the project is Rs.4,442.75. The overall contract completion period is 36 months from the date of letter of intent. The current order book is Rs.8,460 crores including this contract.
Premier Explosives has received a license from Government of Telangana to work a factory at Katepally, near Hyderabad. License is valid until it is cancelled.
Magma Fincorp raised Rs350 crore by way of debentures from Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden to support the company's on-going growth plans. The NCDs are issued on a private placement basis are unlisted, redeemable, senior secured and transferable.
Majesco entered into a share purchase agreement with Mastek (UK) for acquisition of 2 million shares of Majesco (USA), a material subsidiary.