We had mentioned in Monday’s closing report that Nifty, Sensex were under pressure. The major indices of the Indian stock markets were range bound and closed with minor gains over Monday’s close. On the NSE, there were 688 advances, 1,092 declines and 316 unchanged. The trends of the Indian stock markets in the course of Tuesday’s trading are given in the table below:
The Sensex on Tuesday opened marginally higher ahead of the US Federal Reserve policy meet. The two-day US Federal Reserve's monetary policy meeting is scheduled to begin on Tuesday.
Bharti AXA General Insurance on Tuesday said the company registered an increase of 29% in its Gross Written Premium (GWP) to Rs2,285 crore in the financial year 2018-19 from Rs1,772 crore in 2017-18.
Driven by growth across all product segments and channels of distribution, it achieved healthy top line performance against an overall industry growth of 12.9% and private sector growth of 25% in the financial year that ended on March 31, 2019.
Vedanta on June 17 said its first pilot floating solar plant will be completed in the next two to three months. In an investor brief, the company said it is focussing on renewable energy and its group firm Hindustan Zinc plans its "first pilot floating solar to be completed in next 2-3 months". Vikram Solar, module manufacturer and rooftop solar and EPC solutions provider, had earlier in the year announced that it bagged the project order for a 1-MW floating solar plant for Hindustan Zinc Ltd, a Vedanta Group firm.
Shares of YES Bank hit nearly five-year low of Rs107, down 8% on the BSE on Tuesday, falling 20% in the past four days after global brokerage firm UBS cut the target price to Rs90 from Rs170. The stock of the private sector lender was trading at its lowest level since August 12, 2014.
The foreign brokerage firm has maintained ‘sell’ rating on the stock saying sharp turnaround is less likely to fructify. It expects 255/200 basis points (bps) credit costs in FY20/21, higher than management guidance of 125 bps. NPL (non-performing loan) risks seem higher than current expectation, it said.
Indiabulls Housing Finance has appointed a chief risk officer and complied with norms of National Housing Bank (NHB), the housing finance sector regulator. “In compliance with NHB/ND/DRS/Policy Circular No.
95/2018-19 dated 29 May, 2019 issued by NHB, we wish to inform that Naveen Uppal, has been appointed as Chief Risk Officer (CRO) of the company, for a period of three years, with effect from 17 June, 2019," the company said in a notice. Naveen Uppal will directly report to the vice-chairman, managing director and CEO of the company or the board-constituted risk management committee of the company. The stock crashed by -7.35%.
Shares of Jet Airways nosedived to record lows on Tuesday, wiping out more than half of the company's market value, a day after creditors said that they plan to begin insolvency proceedings against the grounded airline. According to news agency Reuters, insolvency proceedings against Jet Airways are likely to begin this week. The National Company Law Tribunal (NCLT) could hear insolvency petitions filed by the carrier's operational creditors for recovery of dues on June 20, the report said.
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: