Nifty, Sensex Upmove Continues – Wednesday closing report
We had mentioned in the Tuesday’s closing report that Nifty, Sensex will head higher. The major indices opened low and closed with gains. On the NSE, there were 867 advances, 931 declines and 346 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
 
Indian markets on Wednesday logged fresh highs on the back of strong inflow of foreign funds and earning optimism in select stocks.
 
Infosys inked a six-year digital transformation deal with US-based mortgage bank Movement Mortgage. "Infosys will support Movement Mortgage's 650 locations in 47 states to ensure the smooth transition of business models in the company's transformation projects”.
 
In a jolt to the Jaypee Group, the Supreme Court on Wednesday directed completion of corporate insolvency resolution process within 90 days for Jaypee Infratech Ltd and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. The apex court said the pendency of any other application before the NCLT or NCLAT, including any interim direction, shall be no impediment for the IRP to receive and process the revised resolution plan from the two bidders.
 
The government is looking to divest up to 25% stake in RailTel Corporation through initial public offering (IPO), and is scouting for advertising agencies to manage the listing process. According to sources, the IPO will hit the market around mid-January 2020. RaiTel is a Miniratna PSU and is one of the largest neutral telecom infrastructure providers in the country owning an optic fiber network on exclusive Right of Way (RoW) along railway tracks. The company provides broadband telecom and multimedia network across the country.
 
Maruti Suzuki will set up its vehicle dismantling and recycling unit in Noida within 2020-21 via a joint venture company with the Toyota Tsusho Group. Accordingly, Maruti Suzuki India and Toyota Tsusho Group own 50% each in -- Maruti Suzuki Toyotsu India Private Limited -- which has been established to set up its vehicle dismantling and recycling unit in Noida, Uttar Pradesh within 2020-21.
 
Boeing expects a demand for 2,380 new aircraft in India, valued at $330 billion, over the next 20 years. According to the Boeing’s annual India Commercial Market Outlook (CMO) 2019, factors such as exponential domestic passenger traffic growth, new long-haul opportunities and infrastructure development will lead to the fulfilment of the demand forecast.
 
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Walmart owned e-commerce company, Flipkart for defaulting on Rs18 crore payment to one of its suppliers. The Bengaluru bench of NCLT has initiated Corporate Insolvency Resolution Process (CIRP) against Flipkart India under the Insolvency and Bankruptcy Code, 2016. Deepak Saruparia has been appointed as Interim Resolution Professional.
 
Subhash Chandra will own less than 1% of his group flagship Zee Entertainment after the share sale by lenders. Chandra's current holding is 22.39% while the pledged shares are 21.4%. Out of the tranche of pledges shares, the lenders have put in the escrow account 10.71% of the shares. The rest is with VTB Bank.
 
Bosch reported decrease in revenues by 25% y-o-y for the quarter ended September 2019 to Rs2,480 crore. Net profits dropped 76% y-o-y to Rs103 crore.
 
Emami reported increase in revenues of 7% year-on-year for the quarter ended September 2019 to Rs676 crore. Net profits increased 16% y-o-y to Rs96 crore.
 
Cipla reported increase in revenues of 8.50% year-on-year for the quarter ended September 2019 to Rs4,496 crore. Net profits increased 25% y-o-y to Rs471 crore.
 
Corporation Bank reported increase in revenues of 12% year-on-year for the quarter ended September 2019 to Rs4,715 crore. Net profits increased 27% y-o-y to Rs131 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

    Nifty, Sensex struggling to head higher – Tuesday closing report
    We had mentioned in Monday’s closing report that Nifty, Sensex are trending. The major indices ended suffered minor losses. On the NSE, there were 691 advances, 1,092 declines and 362 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
     
     
    Sensex and Nifty opened higher on Tuesday over firm global cues and slightly better than expected earnings results so far.
     
    Punjab National Bank posted a net profit of Rs507.05 crore for the second quarter ending September, against a loss of Rs4,532.35 crore incurred in the corresponding quarter of last year, although the bank's latest performance comes amidst a weakening of its asset quality. Net interest income during the July-September quarter increased 7.3% YoY to Rs4,263.8 crore, with credit de-growth of 0.7% YoY.
     
    Intellect Design  Arena share price closed 19.95% lower after the digital technologies firm reported a net loss of Rs17 crore for the second quarter ended September 30, 2019 compared to net profit of  Rs31 crore for the corresponding quarter last year as licence revenue from a large deal got deferred.
     
    Tech Mahindra reported year-on-year 5% increase in revenues to Rs9,286 crore for the quarter ended September 2019. Net profits grew 5% y-o-y to Rs1,111 crore.
     
    Titan Company reported year-on-year 2% increase in revenues to Rs4,693 crore for the quarter ended September 2019. Net profits declined 1% y-o-y to Rs303 crore.
     
    REC reported year-on-year 20% increase in revenues to Rs7,484 crore for the quarter ended September 2019. Net profits declined 24% y-o-y to Rs1,322 crore.
     
    JMC Projects India reported year-on-year 27% increase in revenues to Rs986 crore for the quarter ended September 2019. Net profits jumped 40% y-o-y to Rs14 crore.
     
    Berger Paints India reported growth of 7.30% in revenues (excluding GST) for the quarter ended 30 September, 2019 was Rs1,598.6 crores (previous year: Rs1,490.1 crores). Net profit was Rs194.7 crores as against Rs116.5 crores in the corresponding quarter last year, representing an increase of 67.1%.
     
    Procter & Gamble Hygiene and Health Care delivered sales of Rs852 crores, up 8% vs. year ago for the quarter ended September 2019. The profit after tax was Rs137 crores, down 5% vs. year ago behind increased spending on advertising and innovation.
     
    Apollo Tyres reported year-on-year 7% decrease in revenues to Rs3,990 crore for the quarter ended September 2019. Net profits declined 43% y-o-y to Rs83 crore.
     
    Grindwell Norton reported year-on-year 5% decrease in revenues to Rs402.61 crore for the quarter ended September 2019. Net profits increased by 29% y-o-y to Rs52 crore.
     
    The family of Santosh Kumar Bagla has sought the cancellation of the banking licence of Kotak Mahindra Bank Ltd for its role in a scam of forgery of documents. According to a statement, an FIR No. 0120/2019 dated October 19 has been registered at Barakhamba Road police station in Delhi against Kotak Mahindra Bank and six other accused including Uday Kotak, MD & CEO.
     
    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

    The Farce of Independent Directors - I
    “You don’t get invited to be on boards if you belch too often at the dinner table,” said Warren Buffett at the company’s annual meeting in Omaha, Nebraska, in May 2019. “I’ve been on 20 public company boards; I’ve seen a lot of corporate boards operate. The independent directors, in many cases, are the least independent,” he explained. If directors get about $250,000 a year, and that’s an...
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