PSP Projects Limited (PSP) is a recently listed construction company based in Gujarat. The company came into existence in 2009, when it took over the civil construction business of its promoter Prahaladbhai Patel. Over the years, the company has grown from just a construction company to offering a range of related services such as design-to-construction to MEP (mechanical, engineering &...

We had mentioned in Wednesday’s closing report that Nifty, Sensex are directionless. The major indices of the Indian stock markets opened lower on Thursday and ended flat. On the NSE, there were 598 advances, 1,164 declines and 334 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:

 

 

Taking a cue from global markets, the key Indian equity market indices on Thursday opened lower. As many as 14 stocks advanced in the Nifty 50 index while 36 stocks declined. In the BSE Sensex, 20 stocks including Tata Steel, ITC were trading in red while 10 stocks including Coal India, HDFC were trading in green at 9.21 a.m.

 

Shares of YES Bank fell 13% after foreign brokerage UBS cut its target on the stock to Rs90 from Rs170 earlier, a drop of 47%. UBS maintained its sell rating on Yes Bank as it expects more asset-quality pressure than consensus, given the bank’s higher exposure to stressed corporates and lower recognition of these loans as gross non-performing loans. 

 

Shares of Indiabulls Housing Finance and Indiabulls Ventures jumped around 12% after Abhay Yadav, who had filed a writ petition against promoter Sameer Gehlaut and the company over alleged fund misappropriation, withdrew his case in the Supreme Court. Yadav in his affidavit said that he was not aware of the contents and allegations mentioned in the complaints of the petition, Indiabulls said in a statement.

 

Shares of Jet Airways plunged more than 14% intraday after stock exchanges decided to impose trading restrictions on the troubled airline. According to a circular issued by NSE, the decision was taken as a part of preventive surveillance measures to curb excessive volatility. 

 

Concerns over slowing growth along with the outflow of foreign funds pulled the Indian equity market lower on Wednesday.State-run Allahabad Bank is looking at a modest business growth of 9% during fiscal year 2019-20 through a focus on consolidating current account and savings accounts (CASA) base and increasing dependency under the retail sector, according to its latest annual report. The bank’s total deposits stood at Rs2,14,335 crore at the end of the last financial year registering a year-on-year (y-o-y) growth of 0.34%.

 

Foreign Direct Investment (FDI) in India grew by 6% to $42 billion last year, according to the UN Conference on Trade and Development (UNCTAD). UNCTAD's Director of Investment and Enterprise James Zhan, who led the report team, said that an impetus for FDIs came from the new development of India abolishing approval procedures for foreign companies in areas like defence, telecommunications, and private security that want "to open branch offices under certain conditions in the country".

 

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:

 

 

 

We had mentioned in Tuesday’s closing report that Nifty, Sensex were mildly trending up. The major indices opened in the red on Wednesday and ended with losses over Tuesday’s close. On the NSE, there were 695 advances, 1,047 declines and 356 unchanged. The trends of the Indian stock markets in the course of Wednesday’s trading are given in the table below:

 

 

The indices opened on a negative note on Wednesday morning. The beleaguered public sector Punjab National Bank (PNB) has admitted to 1,142 big and small defaulters all over India who have defaulted a stupendous Rs 25,090.3 crore. Of these 1,142, the PNB has so far initiated recovery proceedings by filing suits against 1,108 defaulters to recover Rs 23,879.8 crore. However, no suits have been filed against the remaining 34 defaulters who owe the bank Rs1,210.5 crore.

 

Shares of Tata Steel jumped close to 3% after the European Union's (EU) anti-trust authority on Tuesday blocked its merger with German industrial conglomerate Thyssenkrupp.  The merger had already been abandoned last month by the companies and was communicated to shareholders, on expectations that the EU would refuse the deal.

 

Yes Bank shares slumped more than 3% on Wednesday after independent director Mukesh Sabharwal, chairman of the nomination and remuneration committee, quit on Tuesday citing personal reasons. Former interim CEO Ajai Kumar had quit on Monday, also on personal grounds. The private bank’s founder Rana Kapoor sent two letters seeking re-induction on the board and compensation for lost payment, which seemed unreasonable to many board members.

 

Credit Suisse retained its positive stance on Motherson Sumi Systems, citing attractive valuations and expected growth going ahead. The global brokerage said global auto component suppliers warrant a relook after sharp correction in valuations. Overall auto space had been under pressure before recovery started in May-end. 

 

Indiabulls Housing Finance shares continued to be under pressure as it fell nearly 10% intraday after the company moved the Supreme Court seeking urgent listing of a plea filed against it in which it has been alleged that the company misappropriated Rs98,000 crore of public money.

 

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: