The major indices of the Indian stock markets were range-bound on Thursday and closed with small losses over Wednesday’s close. After opening on a positive note, the key Indian equity indices ceded their gains to trade in the negative territory on Thursday. According to analysts, the indices were weighed down by selling pressure on auto, capital goods and banking stocks. On the NSE, there were 486 advances, 1,227 declines and 350 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
German auto component maker Bosch would invest Rs1,700 crore in India over the next three years, a top company official said. "To meet the rising demand in the Indian market and expand its strong role in our global network, we will invest Rs1,700 crore over the next three years," Bosch Group Chairman and Chief Executive Volkmar Denner told reporters here. A major part of the fresh investment will be used to expand the company's smart campus here and modernize its manufacturing facilities in the Indian sub-continent. The 66-year-old Bosch has 18 manufacturing sites and 7 development and application centres across the country, with 31,000 employees, including 18,000 research and development (R&D) associates. Besides three plants in Bengaluru, the company's other production sites are at Chakan near Pune and Nashik in Maharashtra, Jaipur and Chennai and other states in the country. Of the group's consolidated revenue of Rs19,204 crore, Rs13,790 crore was generated by third parties, while its flagship company (Bosch Ltd) contributed Rs10,842 crore in fiscal 2017-18. "We will integrate our mobility services and Artificial Intelligence (AI) in India, as we are committed to address its transition to Bharat Stage (BS)-VI from April 2020 from BS-IV currently," said Denner. Bosch shares closed at Rs17,940.05, up 1.07% on the NSE.
In a sudden development, the Economic Offences Wing (EOW) arrested Ravindra P Marathe, the Chairman and Managing Director of Bank of Maharashtra, in a case of Rs3,000 crore fraudulent loans extended to Pune's DSK Group, an official said. Bank of Maharashtra shares closed at Rs13.45, up 0.75% on the NSE.
Aerospace major Boeing said that it has delivered the first of "737 MAX" aircraft ordered by Jet Airways. According to the company, Jet Airways will be first Indian carrier to fly the new and improved 737 airplane, "which delivers a double-digit improvement in fuel efficiency and improved passenger comfort". "This delivery marks the first of 150 737 MAX airplanes the Mumbai-based airline has on order with Boeing, following two separate orders for 75 jets placed in 2015 and earlier this year," the aerospace major said in a statement. As per Boeing's statement, the "737 MAX" is the fastest-selling airplane in Boeing's history, accumulating more than 4,500 orders from 99 customers worldwide. Jet Airways shares closed at Rs377.00, down 1.11% on the NSE.
Tech Mahindra announced a strategic investment in the US and Germany. The firm inaugurated its research and development centre -- Makers Lab -- in Munich, Germany and at Plano, Dallas, the US. According to Tech Mahindra, "Maker's Lab" is a research and development hub for co-innovation of solutions and services of the future with customers, partner companies, research institutions, universities, and start-ups. With the launch of the Makers Lab in the US and Germany, Tech Mahindra now has seven R&D centres globally. Tech Mahindra shares closed at Rs684.20, down 0.92% on the NSE.
The Interpol will soon issue a Red Corner Notice (RCN) against diamond jeweller Nirav Modi, who is one of the accused in the Rs13,500 crore Punjab National Bank fraud, officials said on Wednesday. A Central Bureau of Investigation (CBI) official said that "we have expedited the process to issue a RCN against Nirav Modi" as it has been known that he travelled to multiple countries between February 10 and March 31 on revoked Indian passport. The CBI officials said that a June 5 letter, shared by Britain, revealed that the fugitive businessman travelled from John F. Kennedy International Airport US, to Britain's Heathrow Airport on February 10; from Frank Pais Airport in Cuba to Heathrow on February 15; from Heathrow to Hong Kong International Airport on March 15; from there back to Heathrow on March 28 and from Heathrow to Charles de Gaulle Airport in France on March 31. On June 11, the CBI approached the Interpol to issue a RCN against Nirav Modi. On June 13, it again approached the Interpol to issue a RCN against Nirav Modi's brother Nishal, who is a Belgian national.
US Commerce Secretary Wilbur Ross on Wednesday said global tariffs on steel and aluminium were necessary to prevent China from routing those metals to the United States via other regions.
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: