We had mentioned in Friday’s closing report that Nifty, Sensex lack upward momentum. The major indices of the Indian stock markets opened in the green and ended with gains. On the NSE, there were 904 advances, 872 declines and 327 unchanged. The indices may attempt to push higher though upward momentum is lacking.
The Bangalore bench of the National Company Law Tribunal (NCLT) will next hear Triveni Turbine’s plea against GE Triveni, a joint venture between the former and GE India, on July 9. Triveni has accused GE of acts of “oppression, fraud and unethical business practices” in the conduct of business at the joint venture (JV) formed in 2010 to leverage and synergise the respective strengths of the JV partners in the 30-100 MW steam turbine range. Admitting the plea, the two-member bench ordered a stay on General Electric Company’s plan of altering its shareholding in its group company Baker Hughes LLC.
Tata Motors share price rose 4% ahead of monthly sales numbers to be announced in the first two days of July 2019. State-owned Power Finance Corporation on July 1 said it has raised $300 million loan from overseas. The loan has been jointly approved by State Bank of India, Hong Kong and MUFG Bank Ltd, Singapore.
Automobile major Mahindra and Mahindra reported 6% fall in total sales to 42,547 units in June 2019. The company had sold 45,155 units in the corresponding month last year. In the domestic market, sales were down 5% to 39,471 units last month, compared with 41,689 units in June 2018. Exports dropped 11 per cent to 3,076 units, against 3,466 units in the year-ago month.
Ashok Leyland reported 19% decline in total vehicle sales at 12,810 units in June as against 15,792 units in the same month last year. Total domestic sales were at 12,085 units last month as compared to 14,091 units in June last year, down 14%, the company said in a regulatory filing.
Air India is looking to raise Rs22,000 crore from the bond market to repay a group of lenders, according to media sources. Air India is attempting to improve its balance sheet before the government puts up its stake in the beleaguered carrier for sale. The fund raising will take place in two tranches – the Rs 7,000 crore bond issue will have a three-year maturity period and the Rs15,000 crore issue will be for 10 years.
ICICI bank has cut its marginal cost of funds based lending rate (MCLR) across all tenors by 0.10%. The one-year MCLR, to which a majority of loans like residential mortgages and auto loans are tied, now stands at 8.65%. At the June 6 review, the Reserve Bank had said banks have cut rates by a measly 0.21% as against the 0.50% cut in key rates, and had asked banks to do more.
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: