Nifty, Sensex May Try to Rally a Bit – Monday closing report
We had mentioned in Friday’s closing report that Nifty, Sensex will move higher. The major indices ended with losses. On the NSE, there were 608 advances, 1,179 declines and 358 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:
 
 
Ashok Leyland's shares fell over 5% over production halt for up to 15 days. In an exchange filing, it informed that in order to "align our production in line with our sales, the company's plants at various locations will be observing non-working days ranging from 2-15 days, during the month of October 2019". 
 
Yes Bank informed the exchanges that it has lodged a complaint with Mumbai Police and Cyber Cell against the dissemination of fake news about the bank's financial health. The bank has requested the authorities to form a multi-disciplinary team of experts for detecting the origin of the fake news and assess the short-sell positions, held either directly or indirectly by such accused persons.
 
Petrol and diesel price continued to decline for the fifth consecutive day on Monday. Petrol prices were cut by 13 paisa per litre, while diesel prices were down by 12 paisa per litre in Delhi, Kolkata, Mumbai and Chennai. The fuel prices had seen a sharp rise after the September 14 drone attacks on a Saudi oil facility and a processing plant.
 
GMR Energy has entered into exclusive discussions with JSW Energy for potential divestment of its entire stake in its subsidiary company, GMR Kamalanga Energy Limited, which owns and operates a 1050 MW thermal power plant in Odisha. Both GEL & JSW intend to conclude these discussions in an expeditious manner.
 
Indoco Remedies has received the final approval for its Abbreviated New Drug Application (ANDA) for Rasagiline 0.5 mg and 1 mg tablets from the United States Food & Drug Administration (USFDA). Rasagiline is used for treatment of Parkinson's disease. The market size of this product in the US as per IMS 2018 data is US$ 105 million.
 
JSPL registered a 16% rise in production in Q2FY20 to 1.58 million tonnes in its domestic operations, with sales increasing by 10% to 1.46 million tonnes during the same quarter. The quarterly production and sales of steel & related products stood at 1.36 MT and 1.32 MT respectively in the same period last year.
 
Bajaj Finance new loans booked during Q2 FY20 was 6.5 million as compared to 5.3 million in Q2 FY19. The customer franchise as of September 30, 2019 stood at approximately 38.7 MM as compared to 30.1 MM as of September 30, 2018.
 
During the quarter, the company acquired 1.9 MM new customers. Assets under management stood at approximately Rs135,500 crore as of September 30, 2019 as compared to Rs98,013 crore as of September 30, 2018.
 
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:
 
 
 
  • User

    Beyond the Cheery Consensus of ‘Big Bang’ Tax Cuts
    Exactly two weeks ago, finance minister (FM) Nirmala Sitharaman announced sharp tax cuts for rich taxpaying companies, making investors delirious with joy. But the joy hasn’t lasted too long. Stock prices are wilting again. Take a look at the broader market, Nifty 500. Almost all the gains after the tax cuts have been lost. 
     
    Another uninspiring piece of data is that the number of...
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  • More Dismal Economic News, Pressures Nifty, Sensex - Weekly closing report
    We had mentioned in last week’s closing report that Nifty, Sensex are headed higher. The major indices were range bound and closed with losses. The trends of the major indices in the course of the week’s trading was:
     
     
    On Monday, the major indices ended suffered losses. On the NSE, there were 499 advances, 1,311 declines and 329 unchanged.
     
    Shares of Lakshmi Vilas Bank hit the 5% lower circuit after the Reserve Bank of India initiated Prompt Corrective Action against it on account of its high non-performing assets among other issues. According to the bank, the Reserve Bank has advised it on the restrictions imposed and the actions to be taken. The Lakshmi Vilas Bank said it will report the monthly progress on the RBI directions.
     
    Maruti Suzuki launched a mini-SUV ''S-Presso'' priced in the range of Rs3.69 lakh to Rs4.91 lakh. The company said the mini-SUV has been built afresh on acclaimed 5th generation ''Heartect'' platform and uses 40% high tensile steel.
     
    Signet Industries Limited has bagged an order worth Rs73 Crores from L&T Limited and Shapoorji & Pallonji. 
     
    Reliance Capital received about Rs5,500 crore through sale of its shareholding to Nippon Life Insurance Company and through offers for sale. Reliance Capital Ltd has made interest and principal repayments of Rs72.65 crore on Friday, September 27 and Monday, September 30 on a range of instruments including non-convertible debentures, term loans and inter corporate deposits.
     
    On Tuesday, the major indices ended with major losses. On the NSE, there were 410 advances, 1,367 declines and 348 unchanged. The Delhi High Court issued notices to Prashant Bhushan on applications filed by Indiabulls Housing Finance Ltd for perjury and for dismissal of the PIL. The court directed him to file replies within 10 days and has listed the applications for hearing on 24 October 2019 on which date the court will also consider the application filed by Indiabulls Housing for dismissal of the PIL.
     
    Ashok Leyland reported a 55% drop in sales last month as compared to sales logged during the corresponding month in 2018. In a media statement, the company said it sold a total of 8,780 units last month, down from 19,374 units sold in September 2018.
     
    Mahindra & Mahindra Ltd tractor sales in September 2019 were at 36,046 units, as against 35,953 units during September 2018. Total tractor sales (Domestic + Exports) during September 2019 were at 37,011 units, as against 37,581 units for the same period last year. Exports for the month stood at 965 units.
     
    Escorts sold 10,855 tractors in September 2019 registering a growth of 2.2% against 10,617 tractors sold in September 2018. Domestic tractor sales in September 2019 at 10,521 tractors registering a growth of 1.2% against 10,396 tractors in September 2018. Export for the month of September 2019 at 334 tractors registering a growth of 51.1% as against 221 tractors sold in September 2018.
     
    The equity markets were closed on Wednesday on account of Gandhi Jayanti
     
    On Thursday, the major indices closed with losses. On the NSE, there were 709 advances, 1,081 declines and 341 unchanged. Yes Bank's senior group President Rajat Monga who was with the company since its inception in 2004 resigned. Meanwhile, a sharp rebound was seen in Yes Bank shares after the company on Wednesday issued clarification about its financials, which it described as "intrinsically sound and stable with liquidity position well in excess of regulatory requirements". 
     
    The fourth tranche of Bharat-22 exchange traded fund received an huge response from institutional players with the portion reserved for anchor investors garnering bids worth over Rs13,500 crore, around 27 times the size.
     
    Religare Enterprises will sell its NBFC business, Religare Finvest, to TCG Advisory Services for Rs330 crore. According to the financial services group, a share purchase agreement was signed on Tuesday and that the accrued fund will be used to repay the outstanding loans to group companies, third parties and for other general corporate purpose.
     
    On Friday, the major indices closed with large losses. On the NSE, there were 657 advances, 1,121 declines and 350 unchanged. Bank stocks slid, dragging the Sensex over 440 points lower on Friday as investors reacted to the RBI's cut in the country’s economic growth forecast to 6.1% for 2019-20 from 6.90% earlier.
     
    The benchmark Sensex was trading over 200 points higher ahead of the RBI's fourth bi-monthly monetary policy decision. The RBI reduced its repo rate by 25 basis points to 5.15% in its fourth bi-monthly monetary policy review for 2019-20.
     
    The monetary policy committee (MPC) also decided to continue with an accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target.
     
    The initial public offering of Indian Railway Catering and Tourism Corporation (IRCTC) had overwhelming support from investors as it got subscribed 111.91 times on the final day of bidding on Thursday and is expected to raise Rs645 crore.
     
    The entire shareholding of REC Transmission Projects (RECTPCL) comprising of 50,000 equity shares, have been transferred along with all its assets and liabilities on October 3, 2019, to Power Grid Corporation of India, the successful bidder selected through tariff based competitive bidding process for 'Construction of Ajmer (PG)-Phagi 765 kV D/C line along with associated bays for Rajasthan SEZ'.
     
    Vascon Engineers has received an order worth Rs505.54 crores from Public Works Department for construction of Raj Bhavan, chief minister's house, minister's residential house & higher officer residential house in New Raipur, Chhattisgarh. The work has to be completed within 24 months. Earlier in September, 2019, Vascon received an order worth Rs465 crores from Maharashtra State Police Housing & Welfare Corporation for construction of staff quarters along with multipurpose hall in Mumbai. This work has to be completed within 36 months.
     
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