We had mentioned in Monday’s closing report that Nifty, Sensex were indecisive.
The major indices rallied today. On the NSE, there were 1,249 advances, 533 declines and 358 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
Slide in global crude oil prices and positive global cues aided the benchmark Sensex to gain over 900 points.
Around 3,000 employees of Life Insurance Corporation of India (LIC) observed a one-hour strike across the north-eastern region to protest against the union government's budget proposal to sell a part of stake in the state-run financial institution.
IFCI has completed the stake sale of NSE and further received an amount of approximately 1178.65 crore.
Tata Communications will launch a 100G media backbone to meet the growing bandwidth demands of the industry. The backbone - delivered in collaboration with Net Insight - will enable broadcasters, sports organisations, OTT companies and eSports businesses to offer their audiences worldwide more immersive viewing and gaming experiences and transform how they operate through full remote production.
Adani Ports and Special Economic Zone reported 20.88% YoY rise in revenues for the quarter ended December 2019, at Rs3,830.43 crore. Net profits declined 4% to Rs1,352 crore.
Jindal Saw reported a nearly flat 0.61% YoY rise in revenues for the quarter ended December 2019, at Rs3,009.89 crore. Net profits declined 35.53% to Rs89.55 crore.
Punjab National Bank reported a standalone net loss of ₹492.28 crore for December quarter 2019-20 due to substantial increase in bad loan provisioning. The bank had posted a net profit of ₹246.51 crore for the same period a year ago. Net interest income rose to ₹ 15,967.49 crore as against ₹14,854.24 crore in the previous year.
Bajaj Auto reported 3.1% decline in total sales at 3,94,473 units in January. The firm had sold a total of 4,07,150 units in January 2019.
Shares of Shriram Transport Finance Company surged 13% as net profits grew 38.1% year on year (y-o-y) to Rs882 crore in the quarter ended December 2019.
Profit before taxes rose 20.6% to Rs.1,186 crore on rise in other income and fall in loan losses and provisions.
Shares of Tata Consultancy Services gained over 1.5% after the company bagged a $1.5 billion (about Rs.10,650 crore) contract from pharma company Walgreens Boots Alliance, spread over a period of 10 years. Under the contract, TCS will provide managed services including application maintenance and support, required infrastructure and security operations.
GlaxoSmithKline Pharmaceuticals reported a consolidated net loss of Rs .661 crore for the December 2019 quarter, mainly on account of financial impact related to the voluntary recall of Zinetac. The drug firm had posted a net profit of Rs.114 crore in the year-ago quarter and Rs553 crore in the September quarter.
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: