We had mentioned in Tuesday’s closing report that Nifty, Sensex had gone up on mutual fund buying. The major indices continued to rally for the second day. On the NSE, there were 1,005 advances, 772 declines and 369 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
RBL Bank and Bajaj Allianz Life have entered into a strategic partnership to offer customised life insurance solutions to the bank's customers. Under this partnership, Bajaj Allianz Life will make available all its retail products to the bank's customers including term, savings, retirement and investment products.
The disinvestment department DIPAM will issue expression of interest for railway PSU Concor this month with the stumbling block of railway land issues being on way to be resolved, sources said. The government has decided to sell 30% of its stake in the company to a strategic partner, along with transfer of management control. The government currently holds 54.8% stake in Concor.
V-mart Retail posted 20% year-on-year growth in revenues to Rs562.58 crore for the third quarter ended December 2019. Net profits grew 40% YoY to Rs58.22 crore.
Oriental Aromatics posted 14% year-on-year fall in revenues to Rs176.56 crore. Net profits grew 5% YoY to Rs17.91 crore.
Berger Paints India posted net profit of Rs.165.6 crores as against Rs.119 crores in the corresponding quarter of last year representing an increase of 39.1 % YoY. Revenue from operations was Rs.1,501.8 crores in December quarter as against Rs.1,460.2 crores in the previous year.
MFS, the holding company of Max Life Insurance, reported consolidated revenue of Rs.5,366 crore, growing 19% over the previous year. Profits after tax grew at a robust 168% to Rs.105 Cr. over the previous year, due to one-off gain from successful transition in hedging strategy from Interest Rate Swap (IRS) to Forward Rate Agreement (FRA), aided by higher investment income partly offset by shift in product mix towards NPAR savings and investments in proprietary channels.
State-run ITI withdrew its follow-on public offer to raise up to Rs.1,400 crore, citing prevailing market conditions as the reason. The issue remained undersubscribed despite two extensions in the share-sale period.
Adani Enterprises reported a net profit of Rs.426 crores in the December quarter, as against Rs.92 crores in the same quarter a year ago. Consolidated total income increased by 5% to Rs.11,075 crore.
Cipla posted 5.66% YoY rise in net profits to Rs.351 crore for the December quarter. Total revenue increased 9.06% to Rs.4,371 crore during the quarter under review.
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: