Banking, healthcare stocks help equity indices end in green

Jun 22, 2018 0

Mumbai– Last hour buying in banking, healthcare and auto stocks lifted the key equity indices after a largely choppy trade on Friday.

Broadly positive European markets also supported the Indian indices, analysts said.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,821.85 points, up 80.75 points or 0.75 per cent from the previous close of 10,741.10 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,428.42 points, closed (3.30 p.m.) at 35,689.60 points (3.30 p.m.) — up 257.21 points or 0.73 per cent — from its previous session’s close of 35,432.39 points.

The Sensex touched an intra-day high of 35,741.26 and a low of 35,344.49 points. The BSE market breadth, however, was bearish with 1,411 declines and 1,167 advances.

The top gainers on the Sensex were Sun Pharma, Mahindra and Mahindra (M&M), HDFC, Axis Bank and State Bank of India whereas Reliance Industries, Wipro, Coal India, Tata Consultancy Services and ONGC were the major losers.

On the NSE, Sun Pharma, Bajaj Pharma and M&M were the highest gainers while Reliance Industries, Hindustan Petroleum and UPL lost the most. (IANS)

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Profit taking, global cues subdue equity indices to end flat

Jun 11, 2018 0

Mumbai– Profit booking and weak global markets subdued the key Indian equity indices to close Monday’s volatile trade session on a flat-to-positive note.

According to market observers, the key indices ceded most of their gains during the last hour of Monday’s trade session, as metal, oil and gas and realty counters came under heavy selling pressure.

In the afternoon trade session, both the NSE Nifty50 and the S&P BSE Sensex made significant gains, with the barometer Sensex rising over 200 points, on the back of buying support in the consumer durables, banking and capital goods stocks.

Index-wise, the wider NSE Nifty50 ended the day’s trade at 10,786.95 points, up 19.30 points or 0.18 per cent from its previous close of 10,767.65 points.

Similarly, the benchmark S&P BSE Sensex, which had opened at 35,472.59 points settled a tad higher. It closed at 35,483.47 points — up 39.80 points or 0.11 per cent — from the previous closing level of 35,443.67 points.

Besides, the intra-day trade saw high volatility as the Sensex swung from a high of 35,704.84 points to a low of 35,444.49 points.

The BSE market breadth was slightly tilted towards the bulls with 1,529 advances against 1,147 declines.

“Markets ended with modest gains after a sharp sell-off in the late afternoon session wiped out most of the morning gains,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Traders and investors seemed to be cautious as they are awaiting a series of domestic and global events this week.”

According to Tradebulls’ Director and Chief Operating Officer Dhruv Desai: “Sensex and Nifty closed flat as investors await the landmark meeting between US President Donald Trump and North Korean leader Kim Jong Un scheduled tomorrow.”

On the currency front, the Indian rupee appreciated by nine paise against the US dollar to 67.42, from its previous close at 67.51 per greenback.

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 1,156.77 crore, while the domestic institutional investors bought stocks worth Rs 1,062.82 crore.

Sector-wise, the S&P BSE consumer durable index gained 210.82 points, the healthcare index was higher by 68.74 points and the FMCG index ended 41.50 points higher.

On the other hand, S&P BSE metal index was down by 48.23 points, followed by the oil and gas index which fell 31.88 points and the realty index was down 15.64 points.

The major gainers on the Sensex were Bharti Airtel, up 3.19 per cent at Rs 388.75; Sun Pharma, up 1.29 per cent at Rs 535; Dr Reddy’s Lab, up 0.90 per cent at Rs 2,081.45; Maruti Suzuki, up 0.84 per cent at Rs 9,021.05; and IndusInd Bank, up 0.76 per cent at Rs 1,904.50 per share.

The top losers were Tata Steel, down 1.79 per cent at Rs 588.75; Power Grid, down 1.21 per cent at Rs 196.10; Coal India, down 0.72 per cent at Rs 287.80, Hero MotoCorp, down 0.60 per cent at Rs 3,612.55 and Yes Bank, down 0.56 per cent at Rs 335.70 per share. (IANS)

 

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Caution over monetary policy review pulls equity market lower

Jun 4, 2018 0

Mumbai–  The key indices of the Indian equity market — S&P BSE Sensex and NSE Nifty50 — ended in the negative territory on Monday after a volatile trade session.

According to market observers, both the key indices had gained nearly a per cent each during the initial trade hour but failed to sustain the northward trajectory as caution over Reserve Bank of India’s (RBI) second monetary policy review of the fiscal eroded investor’s risk-taking appetite.

The Monetary Policy Committee (MPC) of the RBI began its three-day meet from June 4 to 6 here on Monday.

Accordingly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) closed the day’s trade in the red. It closed lower by 67.70 points or 0.63 per cent to 10,628.50 points from its previous close.

The Sensex of the BSE, which opened at 35,503.24 points, closed at 35,011.89 points, 215.37 points or 0.61 per cent lower from the previous session’s close at 35,227.26 points.

The Sensex touched a high of 35,555.59 points and a low of 34,982.25 during the trade session.

“Markets corrected further on Monday after a positive morning session led by banking and realty stocks,” said Deepak Jasani, Head of Retail Research for HDFC Securities.

“Investors turned cautious ahead of RBI monetary policy review meet which began today. Broad market indices like the BSE Mid Cap and Small Cap indices fell more, thereby underperforming the main indices.”

Geojit Financial Services Head of Research Vinod Nair said: “Market erased early gains despite positive momentum in the global market as investors are gradually factoring a rate hike ahead of RBIs monetary policy.”

“As the result season is over, market participants are keen on macros, the movement of oil price and rupee will remain the key trigger. On the other hand, the tailwinds caused by prognosis of good monsoon and uptick in economic activity in Q4FY18 will boost consumption led story and rural economy.”

On the currency front, the Indian rupee weakened against the US dollar to 67.11-12, from its previous close at 67.06 per greenback.

Sector-wise, the S&P BSE banking index fell by 422.97 points, the consumer durables index was down by 376.37 points and the capital goods index ended 236.38 points lower.

On the other hand, S&P BSE IT index gained 55.34 points followed by the metal index which rose by 31.70 points and the TECK index ended 22.53 points higher.

The major gainers on the Sensex were Dr Reddy’s Labs, up 2.86 per cent at Rs 1,996.95; Infosys, up 1.59 per cent at Rs 1,239.60; Mahindra and Mahindra, up 1.45 per cent at Rs 914.60; Tata Steel, up 1.18 per cent at Rs 566.95; and Reliance Industries, up 1.09 per cent at Rs 939.35 per share.

The top losers were HDFC Bank, down 2.99 per cent at Rs 2,046.55; Bharti Airtel, down 2.81 per cent at Rs 371.85; Adani Ports, down 2.47 per cent at Rs 377.60; PowerGrid, down 2.06 per cent at Rs 201.65; and Hindustan Unilever, down 1.73 per cent at Rs 1,562.20 per share. (IANS)

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Value buying, global cues lift equity indices; banking, IT stocks surge

May 24, 2018 0

Mumbai– Broadly positive global markets, along with attractive stock valuations and a strengthened rupee, lifted the key equity indices on Thursday.

According to market observers, healthy buying was witnessed in banking, IT and Teck (technology, entertainment and media) stocks.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,513.85 points — up 83.50 points or 0.80 per cent from its previous close.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) also jumped nearly one per cent. It had opened at 34,404.14 points and closed higher by 318.20 points or 0.93 per cent at 34,663.11 points.

On an intra-day basis, the Sensex touched a high of 34,741.46 points and a low of 34,367.83. The BSE market breadth was, however, slightly tilted towards the bears with 1,391 declines and 1,255 advances.

“Markets rebounded sharply on Thursday after the selloff seen on Wednesday. Sustained buying in the afternoon session by domestic institutions seemed to push the markets higher,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

Jasani said: “Major Asian markets have closed on a mixed note. European indices like CAC 40 and DAX are trading in the green.”

Geojit Financial Services Head of Research Vinod Nair said: “Market reversed from day’s low despite global trade worries as weak INR gave room for export oriented sectors to surge.

“Further US Fed’s softened comment on interest rate trajectory upheld investor’s sentiment.”

On the currency front, the Indian rupee strengthened by eight paise against the US dollar to 68.35, from its previous close at 68.43 per greenback.

Besides, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 701.93 crore, while the domestic institutional investors bought stocks worth Rs 1,480.51 crore.

Sector-wise, the S&P BSE banking index surged by 406.92 points, the IT index rose by 324.16 points and the Teck (technology, entertainment and media) ended higher by 161.95 points.

On the other hand, the S&P BSE auto index fell by 377.80 points, followed by the oil and gas index, which declined by 236.82 points and the consumer durables index that ended lower by 67.88 points.

The major gainers on the Sensex were Bharti Airtel, up 4.11 per cent at Rs 371.45; Infosys, up 3.09 per cent at Rs 1,221.85; Tata Consultancy Services, up 3.08 per cent at Rs 3,604.80; Axis Bank, up 2.65 per cent at Rs 534.15; and Sun Pharma, up 2.23 per cent at Rs 462.05 per share.

The top losers were Tata Motors, down 6.56 per cent at Rs 288.95; ONGC, down 4.50 per cent at Rs 167.65; Tata Motors (DVR), down 4.40 per cent at Rs 168.30; Bajaj Auto, down 1.41 per cent at Rs 2,736.70; and Maruti Suzuki, down 1.07 per cent at Rs 8,409.80 per share.

In an unrelated development, trade on NSE was temporarily disrupted due to a technical glitch in its web-based tool “NOW”.

A spokesperson from the bourse said: “NSE confirms there was no disruption to its trading system today.‘NOW’ is a shared ‘CTCL’ (Computer-to-Computer Link) system which had a disruption which has been rectified and the system is now up and running.

“The members had alternate mode connectivity during the disruption and hence trading was not disrupted. The reasons for disruption are being assessed.” (IANS)

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Equity indices slump around 1% on weak global cues, depreciating rupee

May 23, 2018 0

Mumbai– Persistent outflow of foreign funds along with weak global cues and a depreciation in the rupee led to the key Indian equity indices plunging on Wednesday.

According to market observers, rise in domestic transportation fuel prices as well as renewed global geopolitical tensions and trade disputes between the US and China eroded investor sentiments.

Consequently, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,430.35 points, down 106.35 points or 1.01 per cent from the previous close of 10,536.70 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE tumbled nearly one per cent. It opened at 34,656.63 points and closed at 34,344.91 points — down 306.33 points or 0.88 per cent — from its previous session’s close of 34,651.24 points.

In terms of intra-day trade, Sensex touched a high of 34,668.47 points and a low of 34,302.89 points. The BSE market breadth was bearish with 1,587 declines and 1,168 advances.

“Markets corrected sharply on Wednesday after witnessing a minor bounce on Tuesday. The weakness came on the back of weak global cues as investors were concerned about trade tensions, the possible cancellation of North Korea summit planned in June, economic issues in Turkey and commodity prices fall,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Major Asian markets have closed on a negative note, barring the KOSPI and Jakarta indices. European indices like FTSE 100, CAC 40 and DAX are trading in the red.”

Geojit Financial Services’ Head of Research Vinod Nair said: “Market edged lower amid pessimism on global trade talks and below par fourth quarter earnings.”

“Metals sank while PSU bank outperformed and prevented the market from a nose dive correction. Investors expect that the worst is over related to PSU banks NPA with adequate provisions and expectation of recapitalisation from government.

“On the other hand, rupee continued to fall and the fear of inflationary pressure may lead the market to consolidate,” Nair added.

On the currency front, the Indian rupee weakened by 38 paise against the US dollar to 68.43, from its previous close at 68.05 per greenback.

Besides, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 311.11 crore, while the domestic institutional investors bought stocks worth Rs 789.78 crore.

Sector-wise, the S&P BSE consumer durables index and the capital goods index gained by 62.06 points and 10.54 points respectively.

On the other hand, the S&P BSE metal index plunged by 534.27 points, followed by the oil and gas index, which receded by 491.72 points and the auto index that ended lower by 130.31 points.

The major gainers on the Sensex were State Bank of India, up 3.56 per cent at Rs 263.20; NTPC, up 0.82 per cent at Rs 166.35; Larsen and Toubro, up 0.55 per cent at Rs 1,327.20; Tata Motors, up 0.49 per cent at Rs 309.25; and Mahindra and Mahindra, up 0.05 per cent at Rs 831.25 per share.

The top losers were Tata Steel, down 6.57 per cent at Rs 539.25; ONGC, down 4.75 per cent at Rs 175.55; Dr Reddy’s Lab, down 2.92 per cent at Rs 1,955; IndusInd Bank, down 2.80 per cent at Rs 1,856.70; and ITC, down 1.92 per cent at Rs 273.45 per share. (IANS)

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Karnataka politics, oil prices depress equity market

May 21, 2018 0

Mumbai– The formation of a non-BJP government in Karnataka, along with weakness in global indices and rising crude oil prices, pulled the key Indian equity indices to close in the negative territory for the fifth consecutive session on Monday.

According to market observers, a weak rupee against the US dollar also dampened the sentiments.

After opening on a flat note, the key indices rose during the early trade session but were unable to hold on to the gains for long.

Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,516.70 points, down 79.70 points or 0.75 per cent from the previous close of 10,596.40 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE settled in the red. It had opened at 34,873.16 points, closed at 34,616.13 points — down 232.17 points or 0.67 per cent — from its previous session’s close of 34,848.30 points.

The Sensex touched a high of 34,973.95 and a low of 34,593.82 points.

Broader markets like the S&P BSE mid-cap index ended 1.64 per cent lower, while S&P BSE small-cap plunged 2.2 per cent. The overall BSE market breadth was bearish with 2,003 declines against 653 advances.

“Sentiments were weak due to the political situation in Karnataka. Private banks, realty and pharma stocks came under selling pressure,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

On the currency front, the Indian rupee weakened by 12 paise against the US dollar to 68.13, from its previous close at 68.01 per greenback.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 166.15 crore, while the domestic institutional investors bought stocks worth Rs 149.58 crore.

Sector-wise, the S&P BSE IT, oil and gas and Teck (Technology, Media and Entertainment) indices posted marginal gains, up by only 18.77 points, 13.74 points and 4.72 points respectively.

On the other hand, the S&P BSE auto index fell the most, by 467.06 points, followed by the consumer durables index, which slumped by 445.98 points and the healthcare index that fell by 331.91 points.

The major gainers on the Sensex were State Bank of India (SBI), up 2.47 per cent at Rs 245.10; Tata Consultancy Services, up 1.59 per cent at Rs 3,557.95; Coal India, up 1.26 per cent at Rs 269.75; ICICI Bank, up 1.1 per cent at Rs 289.65; and ONGC, up 0.43 per cent at Rs 185.85 per share.

The top losers were Sun Pharma, down 4.50 per cent at Rs 443.80; Dr. Reddy’s Lab, down 4.23 per cent at Rs 1,894.35; Yes Bank, down 3.27 per cent at Rs 334.15; Tata Motors, down 2.85 per cent at Rs 296.55; and Tata Motors (DVR), down 2.69 per cent at Rs 175.45 per share. (IANS)

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Equities slump on Karnataka political crisis, high oil prices

May 18, 2018 0

Mumbai– The uncertain political environment in Karnataka along with high global crude oil prices and consistent outflow of foreign funds pulled the key Indian equity indices deep in the red on Friday.

According to market observers, depreciation in the rupee eroded investor sentiment which was also impacted by broadly negative global markets.

Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) ended lower by 86.30 points or 0.81 per cent at 10,596.40 points from its previous close of 10,682.70 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE declined to end in the negative territory. It had opened at 35,143.59 points, closed at 34,848.30 points — down 300.82 points or 0.86 per cent — from its previous session’s close of 35,149.12 points.

In the intra-day trade, barometer S&P BSE Sensex touched a high of 35,163.11 and a low of 34,821.62 points. The BSE market breadth was bearish with 1,856 declines against 765 advances.

“Benchmark indices, Nifty and Sensex ended in red for the fourth consecutive session, following mixed sentiment in global stock markets,” said Dhruv Desai, Chief Operating Officer, Tradebulls.

HDFC Securities’ Head of Retail Research, Deepak Jasani said: “A combination of Brent crude oil prices hovering near the $80 per barrel mark, sustained selling from foreign funds and political uncertainty in Karnataka after the Supreme Court reportedly directed for floor test in Karnataka Assembly tomorrow (Saturday) affected the market sentiments.”

“Broad market indices like the BSE mid-cap and small-cap indices lost more, thereby underperforming the main indices,” Jasani told IANS.

Accordingly, the S&P BSE mid-cap declined by 1.47 per cent and the S&P BSE small-cap ended 1.62 per cent lower than its previous close.

On the currency front, the Indian rupee weakened by 30 paise against the US dollar to 68.01, from its previous close at 67.71 per greenback.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 166.15 crore, while the domestic institutional investors bought stocks worth Rs 149.58 crore.

Sector-wise, the S&P BSE FMCG index was the only gainer, rising by 98.76 points.

On the other hand, the S&P BSE capital goods index fell the most, by 579.39 points, followed by auto index, which slumped by 452.36 points and the metal index that fell by 329.14 points.

The major gainers on the Sensex were Hindustan Unilever, up 2.22 per cent at Rs 1,604.10; Kotak Mahindra Bank, up 1.99 per cent at Rs 1,294.25; IndusInd Bank, up 1.23 per cent at Rs 1,936.70; ITC, up 1.13 per cent at Rs 282.15; and Hero MotoCorp, up 0.31 per cent at Rs 3,565.50 per share.

The top losers were Larsen and Toubro, down 3.54 per cent at Rs 1,316.05; Sun Pharma, down 3.21 per cent at Rs 464.70; ICICI Bank, down 3.21 per cent at Rs 286.40; Tata Motors, down 3.14 per cent at Rs 305.25; and Tata Steel, down 3.04 per cent at Rs 591.50 per share. (IANS)

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Uncertainty over Karnataka government formation subdues equities

May 16, 2018 0

Mumbai– Uncertainty over the Karnataka government formation, along with high crude oil prices and outflow of foreign funds dragged the key Indian equity indices in the red on Wednesday.

On Tuesday, none of the major political parties were able to achieve a clear majority in the Karnataka assembly elections, leading to political uncertainty.

According to market analysts, heavy selling pressure was witnessed in banking, oil and gas and automobile stocks.

Index-wise, the wider 50-scrip Nifty of the National Stock Exchange (NSE) closed at 10,741.10 points — down 60.75 points or 0.56 per cent from the previous close of 10,801.85 points.

The barometer Sensex of the BSE, which had opened at 35,452.35 points, closed at 35,387.88 points — lower by 156.06 points or 0.44 per cent — from the previous day’s close at 35,543.94 points.

The Sensex touched a high of 35,543.89 points and a low of 35,241.63 points during the intra-day trade.

The BSE market breadth was bearish with 1,645 declines and 993 advances.

“It was the second consecutive negative closing for the Nifty due to political uncertainty in Karnataka and subdued Asian markets,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Broad market indices like the BSE mid-cap lost less, thereby outperforming the main indices.”

The S&P BSE mid-cap fell by 0.27 per cent, whereas the S&P BSE small-cap ended a tad higher, by 0.06 points from its previous close.

Besides domestic cues, Abhijeet Dey, Senior Fund Manager, Equities at BNP Paribas Mutual Fund said that stock markets in India were impacted by weak US and Asian shares.

Additionally, a hung assembly in Karnataka kept the mood of the markets indecisive and spurred a risk-off sentiment in the market, Dey added.

On the currency front, the Indian rupee strengthened by 72 paise against the US dollar to 67.80, from its previous close at 68.08 per greenback.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 699.22 crore, while the domestic institutional investors bought stocks worth Rs 229.06 crore.

Sector-wise, the S&P BSE FMCG index rose by 184.11 points, the realty index edged higher by 45.42 points and the IT index ended 23.88 points higher.

On the other hand, the S&P BSE auto index plunged 349 points, followed by the oil and gas index, which declined by 232.75 points and the auto index that ended 76.14 points lower.

Scrip-wise, fraud hit Punjab National Bank’s (PNB) stocks slumped around 14 per cent (intra-day) on Wednesday, a day after the bank reported a loss of over Rs 13,000 crore for the fourth quarter of 2017-18.

The stock closed at Rs 75.55 — down Rs 10.45 or 12.15 per cent — from the previous close of Rs 86 per share.

The major gainers on the Sensex were Hindustan Unilever, up 3.84 per cent at Rs 1,574.20; ITC, up 1.47 per cent at Rs 285.95; Wipro, up 1.44 per cent at Rs 274.30; Tata Motors (DVR), up 1.33 per cent at Rs 183.50; and Yes Bank, up 1.11 per cent at Rs 349.50 per share.

The top losers were ICICI Bank, down 3.28 per cent at Rs 297.90; Reliance Industries, down 2.34 per cent at Rs 956.45; State Bank of India, down 2.19 per cent at Rs 243.15; Hero MotoCorp, down 2.10 per cent at Rs 3,576.40; and Adani Ports, down 1.19 per cent at Rs 403.90 per share. (IANS)

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ITC net profit up 10% in Q4

May 16, 2018 0

Kolkata– Cigarette-to-FMCG major ITC Ltd on Wednesday reported a close to 10 per cent increase in net profit to Rs 2,932.71 crore in the quarter ended on March 31, compared with Rs 2,669.47 crore in the year-ago period.

On a comparable basis, gross sales during the quarter stood at Rs 17,933.48 crore, representing a growth of 3.6 per cent, over Rs 17,315.75 crore in the corresponding period of 2016-17.

“Gross sales value excluding agri business grew by 5.7 per cent driven by FMCG others and hotels. Agri business growth was impacted on account of a high base (imported wheat trading), limited trading opportunities in agri commodities such as wheat, soya, coffee and lower leaf exports during the quarter,” the company said in a statement.

Revenue from cigarettes during the March quarter fell by almost 45 per cent to Rs 4,936.45 crore over Rs 8,954.94 crore in same period of previous fiscal. Its cigarette revenue during the year ended March 31, also decreased by 32 per cent to Rs 22,894.01 crore.

The company said the punitive and discriminatory taxation and the regulatory regime continues to exert severe pressure on the domestic legal cigarette industry even as illegal cigarette trade has been growing unabated.

“The legal cigarette industry, already reeling under the cumulative impact of a steep increase in taxation over the last five years and intense regulatory pressures, was further impacted by the sharp upward revision in GST Compensation Cess announced in July 2017,” the company said.

In the segment–FMCG-Others–its revenue rose to Rs 3,051.82 crore during the quarter as against Rs 2,885.76 crore in the corresponding period of previous year.

Despite the challenging conditions prevailing during the year, the company’s FMCG-Others businesses Segment Revenue at Rs 11,329 crore recorded an increase of 11.3 per cent (on a comparable basis) on a relatively firm base.

Its board of directors recommended a dividend of Rs 5.15 per ordinary share of Re 1 each for the financial year ended on March 31, 2018.

The company posted a standalone net profit of Rs 11,223.25 crore in 2017-18 (FY18), up by 10 per cent from Rs 10,200.90 crore in the previous financial year.

On a comparable basis, gross sales value (net of rebates/discounts) stood at Rs 67,081.92 crore in FY18, representing a growth of 4.5 per cent driven mainly by the branded packaged foods, personal care and the education and stationery products businesses offset by the decline in agri business revenue, the company said.

“Gross sales value and post-tax profit for the year up by 4.5 per cent and 10 per cent respectively, amidst a sharp slowdown in the economy, steep increase in tax incidence on cigarettes, subdued demand conditions in the FMCG industry, shortage of tobacco crop in Andhra Pradesh and lack of trading opportunities in the agri business,” it said in a statement.

On its revenue from hotels business, the company said the growth in segment revenue during the year was subdued at 5.6 per cent reflecting inter alia the overhang of excess room inventory and the impact of highway liquor ban.

“Improvement in room rates and operating leverage aided the faster growth of 26 per cent in segment results, notwithstanding the gestation costs of ITC Grand Bharat and the recently commissioned WelcomHotel Coimbatore,” it added. (IANS)

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Karnataka poll result slumps equity indices, rupee

May 15, 2018 0

Mumbai– The Indian equity indices ceded their initial gains to close Tuesday’s trade session on a negative note, as uncertainty loomed over government formation in Karnataka.

According to analysts, panic selling erupted after the poll results showed that no single political party had reached the half-way mark for government formation, despite the fact that early trends had indicated a clear majority for the Bharatiya Janata Party (BJP).

The party, however, fell a few seats short of the clear majority mark. Election trends earlier in the day had led the barometer Sensex of the BSE to gain over 400 points.

Even the broadly subdued Asian indices and the disappointing macro-economic inflation data points released on Monday dented investor sentiments.

Index-wise, the S&P BSE Sensex, which had opened at 35,537.85 points, closed at 35,543.94 points, lower by 12.77 points or 0.04 per cent from the previous day’s close at 35,556.71 points.

It touched a high of 35,993.53 points and a low of 35,497.92 during the intra-day trade. The BSE market breadth was bearish with 1,611 declines and 1,028 advances.

Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) closed in the negative territory. It ended at 10,801.85 points — down 4.75 points or 0.04 per cent — from the previous close of 10,806.50 points.

“Markets ended with marginal losses after a volatile session. The index initially surged higher as trends showed BJP taking a lead in Karnataka Assembly elections,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

Anand Shah, Deputy CEO and Head of Investments at BNP Paribas Mutual Fund India said that apart from the uncertainty in Karnataka’s politics, the increase in inflation rate also caused concern among the investor community.

The election results not only dampened the equity market sentiments but also dragged the Indian rupee down by 56 paise to close at its 15-month low of 68.08 against the US dollar from its previous close at 67.52 per greenback.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 518.47 crore, while the domestic institutional investors bought stocks worth Rs 531.33 crore.

Sector-wise, the S&P BSE IT, metal and Teck (technology, media and entertainment) indices made gains and rose by 63.13 points, 30.12 points and 23.33 points respectively.

On the other hand, the S&P BSE auto index declined the most, by 176.56 points, followed by the healthcare index, which dropped by 60.14 points and the capital goods index that ended 51.37 points lower.

The major gainers on the Sensex were Tata Steel, up 2.29 per cent at Rs 624.05; Power Grid, up 2.27 per cent at Rs 213.80; Tata Consultancy Services, up 1.33 per cent at Rs 3,482.45; Asian Paints, up 0.89 per cent at Rs 1,310; and HDFC Bank, up 0.85 per cent at Rs 2,038.35 per share.

The top losers were Tata Motors, down 4.29 per cent at Rs 310.25; Tata Motors (DVR), down 4.27 per cent at Rs 182.75; Coal India, down 2.11 per cent at Rs 264; State Bank of India, down 1.87 per cent at Rs 248.60; and Sun Pharma, down 1.22 per cent at Rs 468.25 per share. (IANS)

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