PNB posts net loss of Rs 13,417 crore for Q4

May 15, 2018 0

Mumbai– The multi-crore fraud hit Punjab National Bank posted a net loss of Rs 13,417 crore for the fourth quarter (January-March) of 2017-18, a regulatory filing by the company on the BSE stated on Tuesday.

The company had posted a net profit of Rs 262 crore for the corresponding quarter in 2016-17.

The gross non-performing assets (NPA) of the company stood at 18.38 per cent for the fourth quarter of 2017-18 compared to 12.53 per cent during the corresponding quarter in 2016-17.

The bank has made provisions and contingencies worth Rs 20,353.10 crore for the fourth quarter while it was Rs 4,466.68 crore for the October-December quarter of 2017-18.

Regarding the multi-crore fraud that came to light under the Q4, the bank said: “The fraud is under investigation by various central investigating agencies.”

The CBI on Monday filed a chargesheet against Allahabad Bank MD and CEO Usha Ananthasubramanian and 21 others, including 11 bank officials, in the over Rs 13,000 crore Punjab National Bank fraud case in which diamantaire Nirav Modi and his uncle Mehul Choksi were allegedly involved.

The agency also named PNB Executive Directors K.V. Brahmaji Rao and Sanjiv Sharan, and General Managers Nehal Ahad (who dealt in international operations) and Rajesh Jindal in its chargesheet filed in a special CBI court here.

CBI officials said the chargesheet names Nirav Modi and his brother Nishal in connection with the issuance of Letters of Undertaking totalling Rs 6,498.20 crore during 2011-17. (IANS)

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Global cues, banking, metal stocks lift Indian equity indices

May 11, 2018 0

Mumbai– Firm global markets along with healthy buying in banking, metal and capital goods stocks lifted the key Indian equity indices on Friday.

According to market analysts, better-than-expected quarterly earnings also supported the indices.

The wider Nifty50 of the National Stock Exchange closed at 10,806.50 points, up 89.95 points or 0.84 per cent from the previous close.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE ended in the green. It had opened at 35,287.99 points and closed at 35,535.79 points — up 289.52 points or 0.82 per cent.

The Sensex touched a high of 35,596.15 and a low of 35,262.06 points during the intra-day trade.

However, the BSE market breadth was bearish with 1,542 declines and 1,123 advances.

“Key benchmark indices opened higher and firmed up as the day progressed to finally close with gains of over 0.50 per cent,” said Abhijeet Dey, Senior Fund Manager, Equities, BNP Paribas Mutual Fund.

He said: “Globally, the sentiment turned risk-on as softer US inflation alleviated worries of a faster rate hike in the country and geo-political tensions ebbed with both the US and North Korea looking to reduce tensions in the region.”

According to Deepak Jasani, Head of Retail Research, HDFC Securities, positive Asian markets and overnight gains on Wall Street helped the Indian equities.

“Encouraging earnings announcements by Indian corporates also helped improve sentiments,” Jasani told IANS.

On the currency front, the Indian rupee weakened by 2 paise to 67.33 against the US dollar from its previous close at 67.31.

Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 325.44 crore while the domestic institutional investors purchased stocks worth Rs 1,163.35 crore.

Sector-wise, the S&P BSE banking index surged by 331.14 points, metal stocks rose by 216.26 points and the capital goods stocks edged up by 190.73 points.

On the other hand, the S&P BSE consumer durables index fell by 265.61 points, the healthcare stocks dropped by 104.55 points and the telecom stocks ended 53.91 points lower.

The major gainers on the Sensex were Asian Paints, up 6.17 per cent at Rs 1,289.60; Tata Steel, up 2.17 per cent at Rs 606.65; Larsen and Toubro, up 1.69 per cent at Rs 1,387.05; Yes Bank, up 1.52 per cent at Rs 349.95; and HDFC, up 1.50 per cent at Rs 1,924.35 per share.

The top losers were Bharti Airtel, down 6.44 per cent at Rs 385.70; Sun Pharma, down 5.05 per cent at Rs 471.85; Tata Motors (DVR), down 1.69 per cent at Rs 194.90; Tata Motors, down 0.78 per cent at Rs 330.75; and Hero MotoCorp, down 0.74 per cent at Rs 3,616.15 per share. (IANS)

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Titan net zooms 70% quarterly, 58% yearly

May 10, 2018 0

Bengaluru– Tata group’s watch and jewellery major Titan on Thursday reported a record quarterly and yearly consolidated net profit for fiscal 2017-18.

“Net profit for the fourth quarter zoomed 70 per cent year-on-year (YoY) to Rs 304 crore from Rs 179 crore in the same period year ago and 8 per cent sequentially from Rs 282 crore quarter ago,” said the city-based firm in a statement here.

For the fiscal (FY 2018), net profit shot up 58 per cent YoY to Rs 1,105 crore from Rs 699 crore in fiscal 2016-17 (FY 2017).

Consolidated sales revenue for the quarter under review (Q4) increased 11.6 per cent YoY to Rs 4,060 crore from Rs 3,637 crore in the like period year ago but declined 5.8 per cent sequentially from Rs 4,312 crore quarter ago.

Consolidated sales revenue for the fiscal under review (FY 2018) increased 20 per cent YoY to Rs 15,983 crore from Rs 13,308 crore year ago (FY 2017).

“The fiscal 2017-18 was remarkable in terms of business despite the changing environment and regulatory moves like the Goods and Sales Tax (GST) since July 1, 2017,” said the company in the statement.

The jewellery business grew 24 per cent YoY to Rs 13,036 crore for the fiscal on diamond activation and huge response to the revised gold exchange policy from customers.

The watches business, however, had a muted growth of 3.5 per cent to Rs 2,126 crore due to the impact of GST on top-line.

Eyewear sales were flat at Rs 415 crore due to GST on sunglasses, while sale of accessories, fragrances and sarees grew 46 per cent YoY to Rs 95 crore.

“We had top-line and bottom-line growth in the jewellery and watches business. The jewellery business was up in revenue growth and profitability. The business also gained from tailwinds provided by regulatory developments like the GST,” the statement quoted Titan Managing Director Bhasakat Bhat.

The company’s board decided to pay Rs 3.75 per share of Rs 1 face value or 375 per cent for the fiscal (FY 2018).

The company’s blue-chip scrip, however, lost Rs 13.10 per share at the end of Thursday’s trading on the BSE to Rs 972.60 against the Wednesday’s closing price of Rs 987.70 and opening price Rs 986. (IANS)

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Fortis Board to recommend aHero-Burman’ bid for shareholders’ approval

May 10, 2018 0

New Delhi– Fortis Healthcare on Thursday said that its Board will recommend the binding offer of the Hero and Burman consortium for shareholders’ approval.

According to the healthcare major, the entire exercise for selecting the Hero and Burman consortium involved a process that witnessed “deliberation and recommendation” by an independent Expert Advisory Committee (EAC).

“The Board considered the views of the EAC, financial and legal advisors, and following extensive discussions arrived at this decision,” the company said in a late night statement on Thursday.

The EAC comprised of Deepak Kapoor, former Chairman of PWC (India) and Lalit Bhasin, Chairman of the Indian Society of Law Firms, along with two financial advisors – Standard Chartered Bank and Arpwood Capital – while Cyril Amarchand Mangaldas were the legal advisors.

The company’s Board had received offers from suitors such as Hero Enterprise Investment Office and the Burman Family Office, Fosun Health Holdings, IHH Healthcare Berhad, Manipal Hospital Enterprises and Radiant Life Care for infusion of funds. (IANS)

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Caution ahead of Karnataka polls, global cues depress Indian equities

May 10, 2018 0

Mumbai– Caution ahead of the Karnataka assembly elections along with subdued global factors including high crude oil prices and geo-political tensions in the Middle East dragged the Indian equity indices lower on Thursday.

According to market observers, heavy selling pressure was witnessed in consumer durables, capital goods and healthcare stocks.

The broader Nifty50 of the National Stock Exchange (NSE) closed at 10,716.55 points — down 25.15 points or 0.23 per cent — from its previous close of 10,741.70 points.

Similarly the barometer 30-scrip Sensitive Index (Sensex) on the BSE closed in the red. It had opened at 35,353.96 points and closed at 35,246.27 points — down 73.08 points or 0.21 per cent — from its previous session’s close of 35,319.35 points.

The Sensex touched a high of 35,500.76 points and a low of 35,203.85 points during the intra-day trade.

The BSE market breadth was bearish with 1,890 declines and 775 advances. On the NSE, too, the market breadth was bearish.

“Sensex and Nifty50 closed lower on Thursday as investors are cautious ahead of elections in the state of Karnataka,” said Dhruv Desai, Director and Chief Operating Officer, Tradebulls.

According to Deepak Jasani, Head of Retail Research at HDFC Securities: “Rising crude oil prices also impacted the sentiments.”

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

The S&P BSE mid-cap fell 1.52 per cent, while the S&P BSE small cap settled 1.36 per cent lower from its previous closing level.

Jasani added: “major Asian markets have closed on a mixed note. European indices like FTSE 100 and CAC 40 are trading in the red.”

On the currency front, the Indian rupee weakened by 4 paise to 67.31 against the US dollar from its previous close at 67.27.

Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 364.88 crore, while the domestic institutional investors purchased stocks worth Rs 900.69 crore.

Sector-wise, the S&P BSE oil and gas index and the S&P telecom index were the only gainers on Thursday. The oil and gas stocks rose by 77.85 points, while the telecom stocks ended 0.27 points higher than its previous close.

On the other hand, the S&P BSE consumer durables index fell by 287.03 points, the capital goods stocks dropped by 214.64 points and the healthcare stocks ended 208.25 points lower.

The major gainers on the Sensex were ONGC, up 2.87 per cent at Rs 188.15; Bharti Airtel, up 1.92 per cent at Rs 410.35; Tata Motors (DVR), up 0.71 per cent at Rs 198.25; Reliance Industries, up 0.55 per cent at Rs 980.70; and HDFC Bank, up 0.54 per cent at Rs 1,989.70 per share.

The top losers were Dr Reddy’s Lab, down 3.70 per cent at Rs 1,988.30; Tata Motors, down 2.34 per cent at Rs 333.35; Sun Pharma, down 1.85 per cent at Rs 496.95; Power Grid, down 1.77 per cent at Rs 207.95; and Bajaj Auto, down 1.62 per cent at Rs 2,827.80 per share. (IANS)

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Equities close flat on geo-political tensions, higher oil prices

May 9, 2018 0

Mumbai– After a largely volatile session, the key Indian equity indices ended Wednesday’s trade on a flat-to-positive note due to broadly weak global cues.

Market analysts pointed out that largely weak Asian equities, along with a rise in geo-political tensions after the US pulled out of the Iran nuclear deal as well as higher crude oil prices capped gains and unleashed volatility.

However, the key indices were somewhat supported by healthy buying in the consumer durables, IT and capital goods stocks.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,741.70 points — up 23.90 points or 0.22 per cent — from its previous close.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) ended the day’s trade higher from Tuesday’s closing level. It opened at 35,198.08 points and closed at 35,319.35, up 103.03 points or 0.29 per cent.

The Sensex touched a high of 35,404.83 points and a low of 35,134.20 during the intra-day trade.

The BSE market breadth was, however, bearish with 1,527 declines and 1,157 advances.

“It has been an indecisive day as mixed global trends and sparse domestic signals kept investor activity muted. Stock markets in India opened the day lower but subsequently firmed up to finally close the day with marginal gains,” said Abhijeet Dey, Senior Fund Manager, Equities, BNP Paribas Mutual Fund.

He said: “Overseas, Asian shares saw a mixed trend while European shares traded higher, supported by strength in oil stocks after Trump pulled the US out of Iran’s nuclear agreement, boosting crude prices.”

According to Deepak Jasani, Head, Retail Research, HDFC Securities: “Markets inched up higher on Wednesday to end with gains for the third consecutive session. Selling pressure in the afternoon session curbed the gains to some extent.

“Major Asian markets have closed on a mixed note. European indices like FTSE 100, CAC 40 and DAX traded in the green.”

On the currency front, the Indian rupee weakened by 19 paise to 67.27 against the US dollar from its previous close at 67.08.

Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 704.03 crore while the domestic institutional investors purchased stocks worth Rs 664.92 crore.

Sector-wise, the S&P BSE consumer durables index rose by 104.17 points, the IT stocks edged up by 97.28 points and the capital goods stocks was higher by 76.82 points.

On the other hand, the S&P BSE healthcare index fell by 64.45 points, the automobile stocks dropped by 56.26 points and the FMCG stocks ended 29.02 points lower.

The major gainers on the Sensex were Tata Motors (DVR), up 3.82 per cent at Rs 196.85; Tata Motors, up 2.79 per cent at Rs 341.35; Asian Paints, up 1.53 per cent at Rs 1,224.10; Tata Consultancy Services (TCS), up 1.39 per cent at Rs 3,489.05; and Axis Bank, up 1.36 per cent at Rs 548.60 per share.

The top losers were Sun Pharma, down 1.02 per cent at Rs 506.30; ICICI Bank, down 0.70 per cent at Rs 307.10; Maruti Suzuki, down 0.70 per cent at Rs 8,713.60; Wipro, down 0.66 per cent at Rs 270.50; and Mahindra and Mahindra, down 0.64 per cent at Rs 860.05 per share. (IANS)

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Equities rise marginally tracking global cues

May 8, 2018 0

Mumbai– The key Indian equity indices traded marginally higher on Tuesday afternoon following broadly positive cues in the global markets.

Heavy selling pressure on the capital goods and consumer durables stocks restricted further gains, market analysts said.

At 12.45 p.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 10,729.40 points — up 13.90 points or 0.13 per cent — from its previous close of 10,715.50 points.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,349.85 points, traded at 35,263.62 points (12.45 p.m.) — up 55.48 points or 0.16 per cent — from its previous session’s close of 35,208.14 points.

The Sensex has so far touched a high of 35,388.87 points and a low of 35,235.88 during the intra-day trade.

The BSE market breadth was tilted towards the bears with 1,236 declines and 1,205 advances.

“Sensex and Nifty traded higher for a second straight session on Tuesday, tracking gains in Asian shares, with a firm positive close from the US markets,” said Dhruv Desai, Director and Chief Operating Officer, Tradebulls.

So far, the major gainers on the BSE were ICICI Bank, State Bank of India, Axis Bank, Tata Consultancy Services (TCS) and Adani Ports while Mahindra and Mahindra, IndusInd Bank, Larsen and Toubro, Infosys and HDFC Bank were the major losers.

On the NSE, the top gainers were ICICI Bank, Hindustan Petroleum and Grasim Industries. The major losers were IndusInd Bank, Mahindra and Mahindra and Larsen and Toubro. (IANS)

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ICICI Bank’s Q4 standalone net profit down by 50%

May 7, 2018 0

Mumbai– Lending major ICICI Bank on Monday reported a massive decline of 49.63 per cent in its standalone net profit for the fourth quarter of 2017-18.

According to the lender, its net profit for the quarter under review decreased to Rs 1,020 crore from Rs 2,025 crore reported for the corresponding period of the previous fiscal.

However, ICICI Bank’s net interest income inched up to Rs 6,022 crore in the quarter ended March 31, 2018 from Rs 5,962 crore earned in the period ended March 31, 2017.

On consolidated basis, the company’s net profit for the fourth quarter declined by 45.17 per cent to Rs 1,142 crore from Rs 2,083 crore reported for the corresponding period of previous fiscal.

As per a BSE filing, the gross NPA (Non-Performing Asset) additions of Rs 15,737 crore in Q4. This includes Rs 9,968 crore of loans which were under RBI schemes and were classified as standard at December 31, 2017

“During Q4-2018, the gross additions to NPA were Rs 15,737 crore in Q4-2018. This included Rs 9,968 crore of loans which were under RBI schemes and classified as standard at December 31, 2017. The Revised Framework for Resolution of Stressed Assets issued in February 2018 discontinued these schemes,” the company said in a statement.

“Recoveries and upgrades from non-performing loans were Rs 4,234 crore in Q4-2018.”

Besides, the company’s standalone net profit for the fiscal ended March 31, 2018 dropped by 30.85 per cent to Rs 6,777 crore from Rs 9,801 crore for the year ended March 31, 2017 (FY2017).

In addition, the company’s consolidated net profit for the fiscal under review declined by 24.30 per cent to 7,712 crore from Rs 10,188 crore in FY2017.

The company’s Board has recommended a dividend of Rs 1.50 per share saying that the declaration of dividend is subject to requisite approvals.

“The bank has classified three borrower accounts in the gems and jewellery sector with fund-based outstanding of Rs 794.87 crore as fraud and non-performing and during Q4-2018 made a provision of Rs 289.45 crore through P&L account and Rs 505.42 crore by debiting reserves and surplus, as permitted by RBI,” the filing said.

“Additionally, during Q4-2018, the Bank has also made provision for certain other fraud and non-performing cases by debiting reserves and surplus amounting to Rs 19.98 crore, as permitted by RBI.”

“The provision made by debiting reserves and surplus will be reversed and accounted through the P&L account over the subsequent quarters of the year ending March 31, 2019.” (IANS)

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Global cues, value buying lift Indian equity indices

May 7, 2018 0

Mumbai– Broadly positive global cues, along with value buying and expectations of firm quarterly earnings, lifted the key Indian equity indices on Monday.

According to market observers, healthy buying was witnessed in automobile, banking and consumer durable stocks.

However, gains were capped due to higher crude oil prices and caution over the upcoming assembly polls in Karnataka.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,715.50 points — up 97.25 points or 0.92 per cent — from its previous close.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) made gains during the day’s trade session. The Sensex opened at 34,983.59 points, closed at 35,208.14 points — up 292.76 points or 0.84 per cent — from its previous session’s close.

It touched a high of 35,259.81 points and a low of 34,977.74 points during the intra-day trade.

The BSE market breadth was bullish with 1,405 advances and 1,272 declines. On NSE, too, the market was positive during intra-day trade.

In the broader market segment, the S&P BSE mid-cap closed 0.55 per cent higher from its previous close, while the S&P BSE small cap inched up by 0.56 per cent.

“Markets rallied on Monday as the Nifty found support around the 10,635 points levels. Monday’s gains came after three sessions of losses,” said Deepak Jasani, Head, Retail Research, HDFC Securities, adding that, “Technically, with the Nifty bouncing back after three sessions of losses, the bulls seem to have made a comeback.”

“The rally came on the back of listless US jobs data on Friday as it eased fears of faster rate hikes by the US Federal Reserve,” Jasani told IANS.

Vinod Nair, Head of Research, Geojit Financial Services said: “Market gained momentum as yield slid after RBIs open market operation, while rupee weakened further due to higher oil prices. PSU banks outperformed in expectation of stability in govt bond yield with RBIs intervention.”

“Results are largely in line with expectation while volatility in rupee and yield and apprehensions about Karnataka election impacting the pace of rally. Additionally, investor’s sentiment improved after a tepid US job data which may slow down FEDs rate hike trajectory.”

On the currency front, the Indian rupee weakened by 27 paise to 67.14 against the US dollar from its previous close at 66.87 per greenback.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 635.24 crore, while the domestic institutional investors purchased stocks worth Rs 1,037.23 crore.

Sector-wise, the S&P BSE auto index surged by 359.53 points, the consumer durable stocks edged-up by 323.57 points and the banking stocks rose by 320.80 points.

On the other hand, the S&P BSE healthcare and IT indices were the only two which fell today. The S&P BSE healthcare index fell by 73.32 points while IT index ended a tad lower, by 1.45 points.

The major gainers on the Sensex during the day were Mahindra and Mahindra, up 3.68 per cent at Rs 885.60; Axis Bank, up 2.82 per cent at Rs 534.95; Tata Steel, up 2.52 per cent at Rs 595.95; ICICI Bank, up 2.30 per cent at Rs 289.40; and State Bank of India, up 1.88 per cent at Rs 246.50 per share.

The top losers were Dr Reddy’s Lab, down 1.75 per cent at Rs 2,068.85; Tata Consultancy Services, down 1.53 per cent at Rs 3,427.70; Coal India, down 1.51 per cent at Rs 267.65; Sun Pharma, down 1.00 per cent at Rs 513.55; and HDFC Bank, down 0.41 per cent at Rs 1,979.75 per share. (IANS)

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Foreign fund outflows, weak global cues depress Indian equities

May 4, 2018 0

Mumbai– Consistent outflow of foreign funds along with global factors, including weak Asian equities, geopolitcal tensions in Middle East and high crude oil prices pulled the key Indian equity indices lower on Friday.

According to market analyts, heavy selling pressure was witnessed in the automobile, healthcare and metal stocks.

Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,618.25 points, down by 61.40 points or 0.57 per cent from the previous close.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed in the red. It opened at 35,144.96 points and closed at 34,915.38 points — down 187.76 points or 0.53 per cent — from its previous session’s close.

The Sensex touched a high of 35,206.55 points and a low of 34,847.61 points during the intra-day trade.

Overall, the BSE market breadth was bearish with 1,631 declines and 1,075 advances. On the NSE, too, the market breadth was negative throughout the day.

In the broader market segment, the S&P BSE mid-cap dropped by 0.35 per cent, and the S&P BSE small cap ended 0.25 per cent lower.

“Markets corrected further on Friday as the Nifty ended in the red for the third consecutive day. Sentiments were hit on the back of data showing that FPIs and domestic institutional investors turned net sellers of Indian stocks yesterday,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

He further said: “Major Asian markets have closed on a negative note barring the Taiwan index.”

Brokerage firm Tradebulls’s Director and Chief Operating Officer Dhruv Desai said: “Indian equities ended in red in-line with global markets, along with political factors of elections in the key state of Karnataka.”

Commenting on the day’s trade, Geojit Financial Services’ Head of Research Vinod Nair said that: “Market continued to fall amid weak global cues and flight of foreign funds ahead of US job data.”

“Rupee weakened as positive US employment data might lead to (US) Feds monetary tightening. Mixed earnings from corporates and valuation concerns compared to other emerging markets influenced investors to book some profit.”

On the currency front, the Indian rupee weakened by 22 paise to 66.87 against the US dollar from its previous close at 66.65 per greenback.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,628.23 crore, while the domestic institutional investors purchased stocks worth Rs 1,084.09 crore.

Sector-wise, the S&P BSE consumer durables index was the only gainer that rose by 262.61 points.

On the other hand, the S&P BSE auto fell by 278.80 points, the healthcare stocks receded by 146.88 points and the metal index declined by 145.92 points.

The major gainers on the Sensex on Friday were Adani Ports, up 2.87 per cent at Rs 408.20; HDFC Bank, up 1.03 per cent at Rs 1,987.85; Hindustan Unilever, up 0.70 per cent at Rs 1,465; Power Grid, up 0.58 per cent at Rs 207.75; and IndusInd Bank, up 0.47 per cent at Rs 1,886.65 per share.

The top losers were Sun Pharma, down 2.95 per cent at Rs 518.75; Bajaj Auto, down 2.74 per cent at Rs 2,890.50; Yes Bank, down 2.43 per cent at Rs 345.40; ITC, down 2.37 per cent at Rs 277.50; and Axis Bank, down 2.27 per cent at Rs 520.30 per share. (IANS)

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