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: