Nifty, Sensex on an uptrend – Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex may be headed higher. On Wednesday, the major indices ended with gains. On the NSE, there were 957 advances, 838 declines and 401 unchanged.
 
The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
 
Sterlite Tech and Bharti Airtel have entered into a partnership to build a modern optical fibre network across 10 telecom circles. 
 
Lakshmi Vilas Bank said the mutual due diligence process for the merger with Clix Group is substantially complete and both parties are in discussions on the next steps. 
 
The Supreme Court has rejected the government's plea challenging $499 million arbitral award for Ravva Oil Fields in Vedanta’s favour. The court has upheld the Delhi High Court order which refused to interfere with the arbitral award.
 
Russia's sovereign wealth fund said it will supply India's Dr. Reddy's Laboratories 100 million doses of the Sputnik-V vaccine against COVID-19 once it receives regulatory approval in India. The Russian Direct Investment Fund added that it had agreed to cooperate on clinical trials and the distribution of the vaccine with the Indian firm.
 
Aurobindo Pharma announced collaboration with the Biotechnology Industry Research Assistance Council (BIRAC), set up by the Department of Biotechnology, for the development of COVID-19 vaccine. BIRAC has facilitated the establishment of the 'r-VSV vaccine’ manufacturing platform for the first time in India by supporting Aurobindo Pharma’s COVID-19 vaccine development.
 
Power Mech Projects reported a net loss of Rs 33.07 crore in the quarter ended June 2020 as against a net profit of Rs 26.46 crore YoY. Sales declined 46.92% to Rs 248.64 crore against Rs 468.44 crore YoY.
 
Jain Irrigation Systems reported a net loss of Rs 156.87 crore against a net profit of Rs 22.08 crore YoY. Sales declined 26.63% to Rs 1387.62 crore against Rs 1891.32 crore YoY.
 
ITD Cementation reported consolidated net loss of Rs 16.96 crore compared with a net profit of Rs 16.92 crore YoY. Consolidated net sales were down 43.3% YoY to Rs 399.73 crore.
 
Allcargo Logistics reported 24% YoY fall in consolidated net profit at Rs 47.9 crore compared to Rs 63 crore YoY. Consolidated revenue went up 14.4% at Rs 2,077.6 crore against Rs 1,815.3 crore YoY. 
 
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 

    Nifty, Sensex may be headed higher – Tuesday closing report
    We had mentioned in Monday’s closing report that Nifty, Sensex were trading in a narrow range. On Tuesday, the major indices ended with decent gains.
     
    On the NSE, there were 1,105 advances, 713 declines and 372 unchanged.
     
    The trends of the major indices in the course of Tuesday’s trading are given in the table below:
     
     
    Gayatri Projects was declared the lowest bidder for a project in Uttar Pradesh worth Rs 196 crore. 
     
    Minda Industries raised over Rs 242 crore through rights issue to existing investors.
     
    Future Retail incurred a net loss of Rs 561.95 crore against a profit of Rs 159.24 crore in the corresponding quarter a year ago. Revenue from operations stood at Rs 1,358.11 crore against Rs 5,197.11 crore YoY.
     
    PVR’s consolidated loss after tax for the quarter was Rs 226 crore as compared to a profit of Rs 18 crore during the corresponding period of last year. Consolidated revenues were Rs 55 crore as compared to Rs 887 crore YoY.
     
    JB Chemicals’ net profit was reported at Rs 119.5 crore up by 92.4% YoY. Consolidated net revenue stood at Rs 522.28 crore, which was up 17.07% YoY.
     
    ICICI Bank received exemption from paring stake to 30 percent in its insurance subsidiaries for three years.
     
    Mirza International reported a consolidated loss of Rs 23.62 crore against a profit of Rs 15 crore YoY. Consolidated income fell to Rs 83.25 crore against Rs 308.09 crore in the corresponding quarter a year ago. 
     
    SAIL reported consolidated net loss at Rs 1,226.5 crore against profit of Rs 102.7 crore YoY. Consolidated revenue was down 38.8% YoY at Rs 9,067.5 crore against Rs 14,820.9 crore YoY.
     
    Bannari Amman Spinning Mills reported net loss of Rs23.41 crore compared to profit of Rs5.95 crore YoY. Revenues declined 51% YoY to Rs137.26 crore.
     
    Alankit reported 14% YoY decline in net profits to Rs2.76 crore. Revenues declined 16.77% YoY to Rs28.24 crore.
     
    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 

    PPAP Automotive: Long-term or Short-term Value?
    PPAP Automotive Ltd (PPAP) has been making extrusion products for automotive parts since 1985. It is now a leading manufacturer of automotive sealing systems as well as interior and exterior automotive parts in India. Its core competence is in developing automotive body sealing systems as well as interior and exterior injection-moulded parts. It has a technical collaboration with Tokai...
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