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 on Tuesday and closed with losses over Monday’s close. On the NSE, there were 847 advances, 870 declines and 347 unchanged.
Sensex and Nifty traded lower following the Asian stocks on Tuesday after the US brought criminal charges against Chinese telecom giant Huawei that could escalate the US-China trade tensions. In an overnight development, the US Justice Department filed criminal charges against Huawei accusing the world second largest smart phone marker of bank fraud, obstruction of justice and theft of technology. The financials, IT (information technology) and metal sectors on the BSE were in the red while the telecom and metal stocks gained. The laggards were Yes Bank, Reliance Industries, Power Grid, Infosys and HDFC declining up to 2%.
State-owned lender Bank of India's net loss widened during the quarter ended December 31, 2018 due to higher provisioning for non-performing assets (NPAs). According to the state-run lender, its net loss in the three months through December 2018 widened to Rs4,738 crore from a net loss of Rs2,341 crore reported for the same period of the last fiscal year. However, the lender's net interest income increased by 33.23% to Rs3,332 crore in the quarter under review from Rs2,501 crore in Q3FY18. The bank made provision worth Rs9,179.48 crore for NPAs during the quarter under review from Rs4,373.06 crore made during the previous corresponding quarter of 2017-18. Bank of India shares closed at Rs98.45, up 8.66% on the NSE.
Diversified conglomerate Piramal Enterprises Ltd (PEL) reported a rise of 23% in its consolidated net profit during the third quarter of 2018-19. According to the company, its net profit during the quarter under review rose to Rs603 crore, up from Rs490 crore reported for the corresponding quarter of the previous fiscal. Besides, the total income shot up 23% from Rs2,922 crore in the year-ago-quarter to Rs3,592 crore in the third quarter of this fiscal. Piramal Enterprises shares closed at Rs2,140.00, down 1.41% on the NSE.
Tata Power reported 67.42% plunge in consolidated net profit for the third quarter ending in December at Rs204.61 crore mainly caused by lower profits from its coal business and higher losses due to fuel under-recovery from its Mundra plant. In a statement here, Tata Power said it had posted a profit after tax (PAT) at Rs628.16 crore in the same quarter a year ago mainly on the back of exceptional gain of Rs299 crore for deferred tax on sale of investment included in the previous year. Tata Power Company shares closed at Rs70.90, down 0.07% on the NSE.
The Board of the beleaguered Jet Airways will meet on February 21 to discuss a fresh resolution plan being considered by lenders triggering speculation whether it will end up as a redux of the Kingfisher Airlines disaster that eventually led to Vijay Mallya being declared a fugitive economic offender. In a stock exchange filing on Monday, Jet Airways said an Extraordinary General Meeting (EGM) of the company would be held on February 21. It said a special resolution would be put forth in the EGM to consider and "to approve conversion of loan into shares or convertible instruments or other securities". Jet Airways India shares closed at Rs245.00, up 0.08% 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: