We had mentioned in Tuesday’s closing report that Nifty, Sensex were to head higher. The major indices of the Indian stock markets closed with gains over Tuesday’s close. On the NSE, there were 1,173 advances, 600 declines and 298 unchanged. On the BSE, 1636 shares advanced, 1025 shares declined, and 147 shares were unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
BPCL, Bajaj Finance, ICICI Bank, Reliance Industries, Vedanta, Power Grid Corp and Bharti Infratel were among major gainers on the indices, while Tata Motors, Axis Bank, HUL, Hero Motocorp, HCL Tech, Zee Entertainment and Indiabulls Housing slid. Among the sectors, except auto all other indices ended in green led by energy, pharma, infra and metal.
A day after Jet Airways informed about grounding of two more aircraft, the scrip price fell over 4% during the intra-day trade, but recovered to end higher. Investors were jittery over the financial health of the company following continuous grounding of aircraft, the latest of which came on Monday. The company in BSE filings had informed that its 19 aircraft were grounded in February over non-repayment of dues to lessors, while 6 aircraft were grounded this month, taking the total to 25. The Jet Airways Group operates a fleet of 123 aircraft. "Further to our letter dated 2 March, 2019, we now write to inform you that an additional two aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the company said in a regulatory filing on late Monday. Lately, Jet Airways has been in a tight spot financially even as a rescue plan is being negotiated between the airline, its partner Etihad and a consortium of banks. Jet Airways shares closed at Rs239.30, up 0.08% on the NSE.
Budget carrier IndiGo commenced a three-day special Holi sale across its network. "Effective March 5, 2019 till March 7, 2019, IndiGo is offering all-inclusive fare starting at Rs899 across domestic and Rs3,399 across international sectors. This sale is valid for travel between March 19, 2019 and September 28, 2019," the company said in a statement. At present, IndiGo with a fleet of over 200 aircraft, the airline offers over 1,300 daily flights and connects 52 domestic and 15 international destinations. InterGlobe Aviation shares closed at Rs1,234.60, up 4.08% on the NSE.
Infrastructure conglomerate GMR Group has not accounted for diminution of GMR Chhattisgarh Energy Ltd's (GCEL) value to the tune of Rs2,250 crore according to its auditor's note in its financial results for the December-ended quarter. It said that, if the management had accounted for the diminution, the loss after tax and minority interest cumulatively, up to December 31, 2018, for GMR Infrastructure would have been "higher by Rs2,250 crore with a consequential impact on the consolidated reserves of the group as at December 31, 2018". "Based on the valuation assessment carried out by an external expert during the year ended March 31 2018, there exists further diminution in the value of Rs2,250 crore for the group's investment in GCEL and certain other entities (associates or joint ventures) as at March 31, 2018," auditor S.R. Batliboi and Associates LLP said in the note. "The aforesaid accounting treatment is not in accordance with the relevant accounting standards," it said. However, a GMR Group spokesperson said, "GMR Group's amount referred to pertains to our energy plants which are under SDR (Strategic Debt Restructuring) arrangements and majority of it pertains to GMR Chattisgarh Energy Ltd where a change in control too is involved. "Any diminution in the value of investment based on estimates would be pre-mature pending outcome of SDR, and hence have been allowed to be recorded as qualification to give a true and fair view of the financial position.” GMR Infrastructure shares closed at Rs16.85, down 0.88% 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: