We had mentioned in Wednesday’s closing report that Nifty, Sensex were exhibiting strength. The major indices of the Indian stock markets were range-bound on Thursday and closed with small losses over Wednesday’s close. On the NSE, there were 437 advances, 1,293 declines and 318 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
Caution ahead of the Karnataka assembly elections along with subdued global factors including high crude oil prices and geo-political tensions in the Middle East dragged the Indian equity indices lower on Thursday. According to market observers, selling pressure was witnessed in consumer durables, capital goods and healthcare stocks.
Public sector Indian Bank on Thursday said it closed last fiscal with a lower net profit of Rs1,258.99 crore, down from Rs1,405.67 crore logged for the year ended March 31, 2017. In a regulatory filing in BSE, it said it had a total income of Rs19,519.48 crore as against Rs18,251.11 crore earned during 2016-17. The total provisions including for non-performing assets (NPA) but excluding taxes for the last year stood at Rs3,924.56 crore up from Rs2,242.47 crore provided during 2016-17. Indian Bank's gross NPA as on March 31, 2018 stands at Rs11,990.14 crore as against Rs9,865.13 crore as on March 31, 2017. The net NPA as on March 31, 2018 stands at Rs5,959.57 crore as against Rs5,606.56 crore as on March 31, 2017. The bank’s Board of Directors have recommended a dividend of Rs6 per share (Face Value Rs10 per share) for the year ended March 31, 2018. Indian Bank’s shares closed at Rs314.00, down 8.17% on the BSE.
The Central government has "not approved" the merger scheme between Jet Airways and its subsidiary Jet Lite, the company said. "The Ministry of Civil Aviation has not approved the scheme of merger of Jet Lite (India) Ltd. with the company, the same stands revoked, cancelled...," the company said in a BSE filing. Accordingly, the company said that Jet Lite and Jet Airways shall continue with their respective operations as "two separate legal entities with their respective air operator certificates". "Jet Airways respects the decision of the Ministry of Civil Aviation (MoCA) on the proposed scheme of merger," a Jet Airways spokesperson said. Jet Airways India shares closed at Rs484.20, down 3.12% on the BSE.
Jindal Power and Steel (JSPL) reported a consolidated net loss of Rs426 crore for the quarter ended March 31, 2018 due to expenses incurred on a one-time exceptional item. The company had reported a net loss of Rs98 crore during the corresponding period of the previous year. According to the company, its turnover for the quarter ended March 31, 2018 increased by 27% to Rs8,599 crore from Rs6,756 crore for Q4 of the previous year. "JSPL produced 1.72 million tonnes on the consolidated level (up 32% from 1.30 million tonnes in 4QFY17) and sold 1.66 million tonnes (up 27% from 1.31 million tonnes in 4QFY17)," the company said in a statement. "JSPL reported consolidated revenues of Rs8,599 crore (up 27% YoY) while consolidated EBITDA increased to Rs2,136 crore from Rs1,552 crore (in 4QFY17), up 38% YoY." On the fiscal basis, the company reported a decline in its standalone net loss for the financial year ended March 31, 2018. The net loss decreased to Rs1,624 crore from Rs2,540 crore reported for the previous corresponding period. In addition, the company reported that its turnaround for the year ended March 31, 2018 increased by 23% to Rs27,841 crore from Rs22,696 crore for the year ended on March 31, 2017. "The overall EBITDA for FY18 stood at 23% vs. 21% for FY17, supported by better operating profits across all its steel and power business globally," the statement said. "As of year ended 31st March 2018, JSPL consolidated net debt was at Rs42,000 crore levels." JSPL shares closed at Rs244.30, down 6.61% on the BSE.
Two-wheeler maker Eicher Motors Ltd said it closed last fiscal with a net profit of Rs1,712.91 crore. In a regulatory filing in BSE, Eicher Motors said it had posted a net profit of Rs1,712.91 crore for the year ended on March 31, 2018 up from Rs1,560.02 crore logged during the previous fiscal. The Board of Directors has recommended a dividend of Rs110 per share of Rs10 each for the year 2017-18. The profit would have been much higher had it not been for the impairment loss of Rs311.98 crore following the decision to wind up the joint venture company Eicher Polaris Pvt Ltd last fiscal. During the year under review, the company earned a total income of Rs9,544.24 crore, up from Rs8,171.37 crore earned for the year ended on March 31, 2017. According to the company, it would invest Rs800 crore during 2018-19 in all areas of its business -- setting up Phase-2 of the company's third plant at Vallam Vadagal near Chennai, completing construction of the Technology Centre in Chennai this year, investing towards the development of new products to meet upcoming regulations and to expand the product portfolio for global markets. The planned capacity for FY 2018-19 is 950,000 units. Last fiscal, Eicher Motors sold 820,121 units, up from 666,135 units sold during 2016-17. The company’s shares closed at Rs30,605.00, up 0.99% on the BSE.
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: