Nifty, Sensex Struggling to Head Higher – Tuesday closing report

We had mentioned in Monday’s closing report that Nifty, Sensex were headed higher if Monday’s low held on Tuesday. The major indices of the Indian stock markets were range-bound on Tuesday and ended flat. On the NSE, there were 856 advances, 856 declines and 345 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:


Amid a slight recovery in the domestic currency and mixed global cues the benchmark Sensex gained over 200 points during the afternoon session of the trade on Tuesday. Buying was witnessed in the metal, capital goods and telecom counters whereas auto and metal counters were under selling pressure. By the end of the day’s trading, the gains made during the day were shed and the major indices ended flat. The domestic currency was at 72.97 to a US dollar, from its Monday's close of 73.12. In addition, the benchmark Brent crude was below the $73 a barrel.
The Enforcement Directorate said that it has arrested from Kolkata a director of a shell company of fugitive diamentaire Mehul Choksi in the Rs13,500 crore Punjab National Bank (PNB) fraud case. "We have arrested Deepak Krishna Rao Kulkarni from Kolkata Airport on the basis of a Look Out Circular (LOC) issued against him late on Monday," a senior ED official told IANS. Kulkarni, who was coming from Hong Kong was detained at the airport by the ED officials in Kolkata who then took him to their office. They would seek a transit remand of Kulkarni as the PNB fraud case is registered in Mumbai. Kulkarni was director of one of the dummy companies of the Gitanjali Group owner in Hong Kong, the financial-probe agency official said. He was also made an accused in the charge sheet filed against Choksi and a non-bailable warrant was issued against him. 
German automotive major Bosch on Monday reported Rs420-crore standalone net profit for the second quarter of fiscal 2018-19, registering 19% annual growth from Rs353 crore in the same period a year ago. In a regulatory filing, the city-based Indian subsidiary said standalone revenue from operations for the quarter under review (Q2) grew 13.8% annually to Rs3,201 crore from Rs2,812 crore in the like period a year ago. Sequentially, however, net income marginally dipped 2.6% from Rs431 crore and revenue remained flat (0.3) from Rs3,212 crore quarter ago. "Performance in the second quarter highlights our commitment to delivering best-in-class automotive solutions. We are also helping customers to meet the challenge of manufacturing only vehicles compliant with BS VI emission standards from April 2020 as ruled by the Supreme Court recently," said Bosch Ltd Managing Director Soumitra Bhattacharya in a statement here later. Mobility solutions turnover increased 12.3% while domestic sales increased 15.1%. Within mobility solutions business, powertrain solutions division posted 10.3% growth. The automotive aftermarket division grew 21% after recovering from the impact of GST (Goods and Services Tax) implementation last year. Bosch shares closed at Rs19,360.00, down 0.25% on the NSE.
Tata Steel is targeting a capacity of around 30 million tonne in India by 2025 from its present capacity of 18.5 million tonnes, an official said on Monday. Tata Steel India has manufacturing units at Jamshedpur in Jharkhand with a production capacity of 10 million tonnes per annum and at Kalinganagar in Odisha with a production capacity of 3 mtpa. The steel producer's wholly owned subsidiary Bamnipal Steel Ltd had taken over Bhushan Steel Ltd (BSL) with a capacity of around 5.5 mtpa under corporate insolvency resolution process (CIRP). The company is in the process of expanding its capacity of Kalinganar plant by another 5 mt per annum with an estimated investment of Rs23,500 crore. "We are now at 18.5 million tonne. With expansions and new capacities, we expect to reach 30 million tonne capacity by 2025 in India," company's President (TQM and Steel business) Anand Sen said. The company executed definitive agreements for acquisition of the steel business of debt-ridden Usha Martin for a cash consideration between Rs4,300-4,700 crore. However, these projections are based on current expansions on the existing plants and the projects including taken-over assets. Taking into European operations of the company, the steel major has the total capacity of 27.5 mtpa. Tata Steel shares closed at Rs576.50, down 0.16% on the NSE.
Fortis Healthcare on Monday reported a larger net loss during the quarter ended September due to impairment of "goodwill and investments". According to the company, its net loss for the period under review increased to Rs142 crore from a net loss of Rs23.61 crore in the corresponding period of the previous fiscal year. The company said that its loss was primarily driven by impairment of "goodwill and investments". Besides, the firm's income from operations slipped to Rs1,140 crore from Rs1,197 crore during the corresponding period of the previous fiscal year. The company said that all approvals have been received for fund infusion of Rs4,000 crore by IHH Healthcare Berhad (IHH) and that the transaction will be completed shortly. Fortis Healthcare shares closed at Rs140.30, down 0.43% on the NSE.
Housing finance company DHFL on Monday said that it has repaid a commercial paper (CP) worth Rs1,775 crore. According to the housing finance firm, since September 21, 2018 it has repaid commercial paper holders Rs9,465 crore including buyback of CP worth Rs3,240 crore. "DHFL has either repaid or offered to buy back all commercial papers maturing till November 15, 2018 and provided for CP maturing till November 30, 2018," the company said in a statement.  "DHFL's CP outstanding as on November 30, 2018 is expected to be 1% of the total borrowing, which amounted to Rs 1,125 crore. DHFL has successfully conducted securitisation assignment of over Rs6,600 crore since September 21, 2018." DHFL shares closed at Rs227.60, up 3.29% on the NSE.
Manappuram Finance reported Q2FY19 consolidated results with total revenue at Rs1,014.43 crore (Rs830.61 crore), up 22.1% year-on-year. Net profit was at Rs222.19 crore (Rs159.80 crore), up 39% year-on-year. Earnings per share were Rs2.66 (Rs1.89). Interim dividend of Rs0.55 per share was declared. The company’s shares closed at Rs81.20, down 4.02% on the NSE.
Graphite India reported Q2 FY19 consolidated results with revenue at Rs2,345 crore (Rs528 crore), up 344.1% year-on-year. Net Profit was at Rs1,113 crore (Rs103 crore), up 980.6% year-on-year.  Earnings per share were Rs56.87 (Rs5.25). Interim dividend of Rs20 per share was declared. Graphite India shares closed at Rs982.05, up 1.26% on the NSE.
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 Headed Higher if Today’s Low Holds – Monday closing report

    The major indices of the Indian stock markets were range-bound on Monday and closed with small losses over Friday’s close. On the NSE, there were 870 advances, 887 declines and 318 unchanged. The trends of the major indices in the course Monday’s trading are given in the table below:


    Negative Asian markets and profit booking checked the upmove of equity indices on Monday. Except for IT (information technology), selling pressure was witnessed in almost all the counters led by the oil and gas stocks. Consumer durables, banking and finance stocks also traded lower.  The investor sentiments were also weighed down ahead of the release of the key macro-economic data (PMI service data) and a declining rupee. The domestic currency was trading 59 paise lower, at 73.03 to a US dollar, from its Friday close of 72.44. In addition, the benchmark Brent crude was below the $73 a barrel.
    The US on Monday unleashed its "toughest ever" sanctions against Iran, a move that has already sparked mass protests in the oil-rich nation. US President Donald Trump's administration reinstated all sanctions removed under the 2015 nuclear deal, targeting both Iran and states that trade with it, reports the BBC. More than 700 individuals, entities, vessels and aircraft were now on the sanctions list, including major banks, oil exporters and shipping companies. 
    The Trump administration has granted exemptions to eight countries to continue importing Iranian oil, without naming them. They are reported to include US allies India, Italy, Japan and South Korea. Iranian President Hassan Rouhani has vowed to sell his country's oil and break the sanctions. Iran's military has said that it would hold air defence drills on Monday and Tuesday to prove the country's capabilities. Before travelling to a campaign rally for the US midterm elections, President Trump said Iran was already struggling under his administration's policies.
    Banking and financial services major HSBC and Reliance Industries Ltd on Sunday said that they have executed a first-of-its-kind blockchain trade finance transaction, validating the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation. Reliance Industries shares closed at Rs1,092.00, up 1.59% on the NSE.
    The coming week is truncated on account of festivities in India, but (dotted with an) important series of events within and outside the country. Trading at stock exchanges won't take place on November 7th and 8th on account of Diwali, other than the brief traditional Muhurat Trading on Diwali day.
    Silicon Valley-based online education platform, Udacity announced its collaboration with Pune-based KPIT Technologies to upskill and also, build its engineering talent ecosystem for autonomous technology in India, including self-driving cars and autonomous flight. KPIT Technologies shares closed at Rs217.00, up 3.43% on the NSE.
    The Steel Authority of India Ltd (SAIL) reported a standalone profit after tax of Rs553.69 crore for the second quarter of 2018-19. The company had posted a net loss of Rs539.06 crore in the July-September period of the previous financial year.  "The numbers indicate a fast recovery in the company's profitability, operational performance and a collective effort towards driving the full advantage of modernisation and expansion," the company said in a statement. The company's turnover during the period under review rose 23% to Rs16,541 crore. SAIL shares closed at Rs66.30, down 4.67% on the NSE.
    State Bank of India (SBI) reported Q2FY19 standalone results with net interest income (NII) at Rs20,905.69 crore (Rs18,585.90 crore), up 12.5% year-on-year. Net profit was at Rs944.87 crore (Rs1,581.55 crore), down 40.3% year-on-year. Provisions were at Rs10,184.50 crore (Rs16,715.20 crore). Gross non-performing assets (GNPA) were at 9.95% (9.83%) and Net non-performing assets (NNPA) were at 4.84% (5.43%). SBI shares closed at Rs295.30, up 3.45% on the BSE.
    Indraprastha Gas reported Q2FY19 results with revenues at Rs1,568.73 crore (Rs1,231.35 crore), up 27.4% year-on-year. Profit after tax was at Rs187.23 crore (Rs168.87 crore), up 10.90% year-on-year.  Earnings per share were at Rs2.68 (Rs2.41). Indraprastha Gas shares closed at Rs284.25, up 0.85% on the NSE.
    Natco Pharma reported Q2FY19 consolidated results with revenues at Rs543.50 crore (Rs426.70 crore), up 27.40% year-on-year. Net profit was at Rs182.50 crore (Rs84.80 crore), up 115.20% year-on-year. Earnings per share were at Rs9.89 (Rs4.82). Natco Pharma shares closed at Rs757.00, down 2.29% on the NSE.
    Exide Industries reported Q2FY19 results with revenues at Rs2,720.35 crore (Rs2,58.37 crore), up 15.30% year-on-year. Net profit was at Rs268.41 crore (Rs135.52 crore), up 98.81% year-on-year. Earnings per share were Rs3.16 (Rs1.60). Interim dividend of Rs1.60 per share was declared. Exide Industries shares closed at Rs250.90, down 1.05% on the NSE.
    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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