We had mentioned in last week’s closing report that Nifty, Sensex might head higher. The major indices of the Indian stock markets rallied during the week and closed with weekly gains on Friday over last Friday’s close. The trends of the major indices in the course of the week’s trading are given in the table below:
The major indices of the Indian stock markets were range-bound on Monday and closed with small gains over Friday’s close. On the NSE, there were 793 advances, 728 declines and 58 unchanged.
Both the BSE and NSE opened on a flat note tracking negative Asian cues on Monday. The key Indian equity indices traded higher on the back of buying in IT (information technology), consumer durables and healthcare stocks as the day progressed. But the gains were not sustained, as there was no momentum among the bulls. At the end of the day’s trading the major indices closed with minor gains over Friday’s close.
In a major market development, IT bellwether Tata Consultancy Services (TCS) on Monday emerged as the first Indian listed company to cross the $100-billion mark in terms of market capitalisation (m-cap).
Mahindra Electric and cab service Meru on Sunday announced a joint electric vehicle (EV) pilot project in Hyderabad, to be replicated in other cities soon. Their joint statement here on Earth Day said that under the pilot project, Meru will deploy Mahindra's eVeritos’ all-electric sedans.
The major indices of the Indian stock markets saw an uptrend on Tuesday and closed with small gains over Monday’s close. On the NSE, there were 125 advances, 100 declines and 1,822 unchanged.
Buying in oil and gas, banking and auto stocks, coupled with broadly positive global cues, lifted the key Indian equity indices on Tuesday. Index heavyweights like Reliance Industries (RIL), Yes Bank, Adani Ports, Mahindra and Mahindra, and Larsen and Toubro were the top gainers on the BSE. Selling pressure in metals, IT (information technology) and consumer durables stocks trimmed some gains of the benchmark indices, market observers said.
The State Bank of Pakistan on Monday voiced its concerns over the surmounting value of US dollar against Pakistani rupee in the open market. Currency markets in the Indian sub-continent could see some turbulence in this context.
LIC Housing Finance Company Ltd said it closed last fiscal with a net profit of Rs1,989.58 crore. In a regulatory filing in BSE, the company said it had posted a net profit of Rs1,989.58 crore last fiscal up from Rs1,931.05 crore posted during the year ended March 31, 2017, while its total income for last fiscal stood at Rs15,072.90 crore up from Rs14,080.34 crore for the year ended March 31, 2017. The Board of Directors of the company have recommended a dividend of Rs6.80 per equity share of Rs2 each for fiscal 2017-18. The dividend on equity shares will be paid on or after August 20, 2018, the company said.
The major indices of the Indian stock markets suffered a minor correction on Wednesday and closed with small losses over Tuesday’s close. On the NSE, there were 546 advances, 1,194 declines and 309 unchanged.
The key Indian equity indices traded on a flat-to-negative note on Wednesday afternoon tracking weakness in the global markets coupled with selling pressure on oil and gas, banking and capital goods stocks.
Two-wheeler manufacturer Hero MotoCorp made an upward revision in the ex-showroom prices of its motorcycles and scooters with immediate effect. "The upward revision in the prices has been done to partially offset the consistently rising input costs, including the prices of commodities," the company said in a statement. "The increase in the prices of the two-wheelers is up to Rs625. The exact quantum of the increase will vary, basis the model and the specific market."
IDFC Bank reported a decline of 76% in its standalone net profit for the fourth quarter of 2017-18. According to a BSE filing, the bank's net profit during the quarter under review declined to Rs41.93 crore from Rs175.95 crore reported for the corresponding period of the previous fiscal. On a financial year basis, it reported that its standalone net profit decreased to Rs859.30 crore for the year ended March 31, 2018 from Rs1,019.73 crore for the previous year.
The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 783 advances, 927 declines and 337 unchanged.
Key Indian equity indices on Thursday traded with moderate gains with buying observed in IT (information technology), FMCG (fast moving consumer goods) and consumer durables stocks. Index heavyweights like Tata Consultancy Services, IndusInd Bank, Tata Motors, Reliance Industries and ITC were the top gainers on the BSE. According to market observers, mixed trend in the global markets, along with caution on the day of derivatives expiry and selling pressure in oil and gas, capital goods and telecom stocks, trimmed the gains of the indices.
Global software major Wipro Ltd reported Rs1,801 crore consolidated net profit for fourth quarter of fiscal 2017-18, registering 21% annual decline from Rs2,267 crore in the same period last year. In a regulatory filing on the BSE, the city-based IT firm said consolidated revenue for the quarter under review (Q4) also declined, albeit marginally by 1.6%, to Rs13,769 crore from Rs13,988 crore in the same period the year ago. Under the International Financial Reporting Standards (IFRS), net income is $277 million and gross revenue $2,115 million for the quarter. IT (information technology) services contributed $2,062 million, posting 2.4 per cent sequential and 5.5 per cent annual growth in dollar terms and Rs13,410 crore in rupee terms, up 1.3% sequentially from quarter ago.
On Friday, the major indices of the Indian stock markets rallied and closed with significant gains over Thursday’s close. On the NSE, there were 919 advances, 800 declines and 328 unchanged. The key Indian equity indices on Friday traded in positive territory due to firm global cues and robust buying in banking and capital goods stocks.
Reliance Capital reported a rise of 21% in its consolidated net profit for 2017-18 which rose to Rs1,309 crore ($201 million). According to the company, its total income during the fiscal under review grew by 13% to Rs19,898 crore ($3.1 billion) from Rs17,640 crore in the corresponding previous year. The company further reported that its net worth as on March 31, 2018 stood Rs16,605 crore ($2.6 billion). "As on March 31, 2018, the total assets of the company stood at Rs93,851 crore ($14.4 billion) - an increase of 14%," Reliance Capital said in a statement.
Lending major Axis Bank reported its first net loss since 1998 due to a rise in NPA (non-performing assets) provisioning. According to the lender, its net loss stood at Rs2,189 crore during the fourth quarter (Q4) of 2017-18 from a net profit of Rs1,225 crore reported for the corresponding period of last fiscal. "One area where we have been disappointed with our performance has been credit risk. We made some significant bets on the infrastructure sector, which have turned out poorly in this credit cycle," Axis Bank's Managing Director and CEO Shikha Sharma said. "Consequently, our NPA ratios have risen materially over the last two years. We have been course correcting since as early as 2013, balancing our portfolio mix, strengthening risk management frameworks, focusing on higher rated corporates, and re-orienting the corporate lending business towards working capital loans." As on March 31, 2018, the bank's gross NPA and net NPA levels rose to 6.77% and 3.40% from 5.28% and 2.56% as on December 31, 2017 respectively. On a financial year basis, the bank reported that its net profit for the year ended on March 31, 2018 declined by 93% to Rs276 crore from Rs3,679 crore for the previous year.
Lending major Yes Bank reported a 29% increase in net profit for the fourth quarter (Q4) of 2017-18. According to the lender, its net profit during the quarter under review rose to Rs1,179.4 crore from Rs914.1 crore reported for the corresponding period of last fiscal. The bank said that its net interest income (NII) for the said quarter grew by 31.4% to Rs2,154.2 crore from Rs1,639.7 crore earned during the corresponding quarter of the previous year. On a financial year basis, the bank reported a growth of 26.9% in its net profit for the year ended on March 31, 2018, to Rs4,224.6 crore from Rs3,330.1 crore for the previous year. The 2017-18 NII rose by 33.5% to Rs7,737.1 crore from Rs5,797.3 crore for the previous year. "FY18 has been a landmark year in Yes Bank's ‘Large Bank Growth Phase' with the bank crossing significant milestones in size, outreach and granularity while continuing to deliver on satisfactory earnings," Yes Bank's Managing Director & CEO Rana Kapoor was quoted as saying in a statement.
IT (Information Technology) bellwether Tata Consultancy Services (TCS) said it has added a third office in Texas as part of its agreement with US insurance company Transamerica, which will add more than 200 new employees. The IT sector is looking up for Indian exporters and American multinationals and the stock markets are bullish in this regard.