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Market settles with decent gains
12-Feb-18   15:39 Hrs IST

Trading for the week started on a buoyant note as key indices settled with noteworthy gains as firmness in global stocks perked up sentiment. The barometer index, the S&P BSE Sensex rose 294.71 points or 0.87% at 34,300.47, as per the provisional closing data. The Nifty 50 index gained 77.25 points or 0.74% at 10,532.20, as per the provisional closing data. Trading in US index futures indicating Dow could jump at the open today also boosted sentiment.

The market opened higher on firm global cues. Key indices held steady in morning trade after paring initial gains. Stocks held firm till mid-afternoon trade. Strong European stocks further perked up stocks as indices extended gains and hit fresh intraday highs in late trade.

The Indian stock market will remain shut tomorrow, 13 February 2018, on account of Mahashivratri.

The Sensex jumped 345.58 points or 1.02% at the day's high of 34,351.34 in late trade, its highest level since 8 February 2018. The index gained 109.36 points or 0.32% at the day's low of 34,115.12 in early trade, its lowest level since 28 March 2017. The Nifty surged 100.55 points or 0.96% at the day's high of 10,555.50 in late trade, its highest level since 8 February 2018. The index rose 30.45 points or 0.29% at the day's low of 10,485.40 in early trade.

Among secondary indices, the S&P BSE Mid-Cap index provisionally rose 1.31%. The S&P BSE Small-Cap index provisionally gained 1.6%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was quite strong. There were almost three gainers for every loser. On the BSE, 2,017 shares advanced and 784 shares declined. A total of 177 shares were unchanged.

The total turnover on BSE amounted to Rs 4693.14 crore, higher compared with the turnover of Rs 4044.42 crore registered during the previous trading session.

Lupin gained 2.28% after the company announced the launch of its Oseltamivir Phosphate Capsules, USP having received an approval from the United States Food and Drug Administration (USFDA) earlier.

Lupin's Oseltamivir Phosphate Capsules, USP, 30 mg (base), 45 mg (base), and 75 mg (base) are the generic equivalent of Hoffman-La Roche, Inc.'s Tamiflu Capsules, 30 mg, 45 mg, and 75 mg. Oseltamivir Phosphate Capsules USP, 30 mg (base), 45 mg (base), and 75 mg (base) are indicated for the treatment of acute, uncomplicated influenza A and B in patients 2 weeks of age and older who have been symptomatic for no more than 48 hours, and prophylaxis of influenza A and B in patients 1 year and older.

Oseltamivir Phosphate Capsules, USP had annual sales of approximately $518 million in the US as per IQVIA MAT December 2017. The announcement was made during market hours today, 12 February 2018.

Separately, Lupin announced during market hours today, 12 February 2018, that it has received tentative approval for its Hydrocortisone Butyrate Lotion, 0.1% from the United States Food and Drug Administration (USFDA) to market a generic version of Precision Dermatology, Inc.'s Locoid Lotion, 0.1%.

Lupin's Hydrocortisone Butyrate Lotion, 0.1% is the generic equivalent of Precision Dermatology, Inc.'s Locoid Lotion, 0.1%. It is indicated for the topical treatment of mild to moderate atopic dermatitis in patients 3 months of age and older. Hydrocortisone Butyrate Lotion, 0.1% had annual sales of approximate $16.1 million in the US as per IQVIA MAT October 2017.

Coal India gained 0.18% after consolidated net profit rose 4.21% to Rs 3004.79 crore on 4.42% rise in total income to Rs 22484.14 crore in Q3 December 2017 over Q3 December 2016. The result was announced on Saturday, 10 February 2018.

Tata Steel rose 4.42% after consolidated net profit surged 389.83% to Rs 1135.92 crore on 20.05% rise in net sales to Rs 33099.95 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 9 February 2018.

Consolidated pre-exceptional profit before tax (PBT) from continuing operations rose 221% to Rs 3210 crore in Q3 December 2017 over Q3 December 2016. However, exceptional charges of Rs 1116 crore arising mainly from certain demands and claims from regulatory authorities relating to mining operations, dented profits.

State Bank of India (SBI) fell 2.33% after the bank announced weak Q3 results after market hours on Friday, 9 February 2018. State Bank of India (SBI) reported net loss of Rs 2416.37 crore in Q3 December 2017 as against net profit of Rs 2610 crore in Q3 December 2016. Total income rose 17.4% to Rs 62887.06 crore in Q3 December 2017 over Q3 December 2016.

The bank's gross non-performing assets (NPAs) stood at Rs 199141.34 crore as on 31 December 2017 as against Rs 186114.60 crore as on 30 September 2017 and Rs 108172.32 crore as on 31 December 2016. The ratio of gross NPAs to gross advances stood at 10.35% as on 31 December 2017 as against 9.83% as on 30 September 2017 and 7.23% as on 31 December 2016.

The ratio of net NPAs to net advances stood at 5.61% as on 31 December 2017 as against 5.43% as on 30 September 2017 and 4.24% as on 31 December 2016. The bank's provisions and contingencies rose 111.08% to Rs 18876.21 crore in Q3 December 2017 over Q3 December 2016. Of this, provisions for NPAs rose 145.15% to Rs 17759.72 crore in Q3 December 2017 over Q3 December 2016.

In a separate announcement after market hours on Friday, 9 February 2018, SBI said that its Central board approved issuing equity shares of face value of Re 1 each, ranking pari-passu with the existing equity shares of the bank in all respect including payment of dividend, by way of preferential issue to the Government of India (GoI), not exceeding Rs 8800 crore.

Mahindra & Mahindra dropped 0.65%. The company's net profit rose 12.5% to Rs 1215.91 crore on 4.45% rise in total income to Rs 12060.12 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours on Friday, 9 February 2018.

Net profit of the combined entity Mahindra & Mahindra (M&M) and Mahindra Vehicle Manufacturers (MVML) rose 17% to Rs 1306 crore on 10% rise in revenues and other income to Rs 11593 crore in Q3 December 2017 over Q3 December 2016.

MVML was set up as a 100% subsidiary of M&M with a view to source contemporary products for expanding the market offerings of the company.

In its outlook, M&M said that a balanced and pro-agrarian budget should help prop farm incomes and stimulate rural consumption demand and further nurture the green shoots of economic recovery. With the effects of some of the recent transient factors fading away and the economy adjusting to GST implementation, growth momentum is likely to stay buoyant. However, rising global crude oil prices and any sudden asset market stall pose key risks to the outlook.

BPCL lost 2.12% after net profit declined 5.64% to Rs 2143.74 crore on 13.21% rise in net sales to Rs 60616.36 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 9 February 2018. The average gross refining margin (GRM) in Q3 December 2017 is $7.89 per barrel compared with $5.90 per barrel in Q3 December 2016, BPCL said.

ONGC rose 1.76% after net profit rose 15.22% to Rs 5014.67 crore on 14.90% rise in net sales to Rs 22995.88 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 9 February 2018.

In a separate announcement on Saturday, 10 February 2018, ONGC announced that ONGC Videsh-led Indian consortium has been awarded 10% stake in Lower Zakum Concession, Offshore Abu Dhabi. The concession award by the Supreme Petroleum Council (SPC), on behalf of the Abu Dhabi government, to the Abu Dhabi National Oil Company (ADNOC) and the Indian Consortium, is the first time that Indian oil and gas companies have been given a stake in the development of Abu Dhabi's hydrocarbon resources.

The Indian consortium comprising of Indian petroleum sector public enterprises is led by ONGC's international arm ONGC Videsh and includes Indian Oil Corporation and the international arm of Bharat Petroleum Corporation (Bharat Petro Resources). The Indian consortium would contribute a sign-up bonus of $600 million to enter the concession for a 10% stake. The concession has a term of 40 years with an effective date of 9 March 2018.

ADNOC is finalizing the potential partners for the remaining 30% of the available 40% stake in the Lower Zakum Concession earmarked for international oil and gas companies. The current production of this field is about 400,000 barrels of oil per day (bopd) and Indian consortium annual share shall be about 2 MMT. The field profile is to set to achieve plateau target of 450,000 bopd by 2025.

Kitex Garments tumbled 13.87% after net profit dropped 44.59% to Rs 17.62 crore on 2.42% fall in total income to Rs 145.88 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours on Friday, 9 February 2018.

Amara Raja Batteries rose 5.82% after net profit rose 19.70% to Rs 134.45 crore on 17.07% rise in net sales to Rs 1553.46 crore in Q3 December 2017 over Q3 December 2016. The result was announced after trading hours on Saturday, 10 February 2018.

On the macroeconomic data front, the government will announce inflation data based on consumer price index (CPI) for January 2018 after market hours today, 12 February 2018. Consumer prices rose 5.21% in December 2017 over December 2016.

The government will also announce industrial production data for December 2017 after market hours today, 12 February 2018. India's industrial production rose sharply by 8.4% in November 2017 over November 2016.

Meanwhile, the provisional figures of direct tax collections up to January 2018 showed that net collections are at Rs 6.95 lakh crore which is 19.3% higher than the net collections for the corresponding period of last year. The net direct tax collections represent 69.2% of the revised estimates of direct taxes for FY 2018 (Rs 10.05 lakh crore). Gross collections (before adjusting for refunds) have increased by 13.3% to Rs 8.21 lakh crore during April 2017 to January 2018. Refunds amounting to Rs 1.26 lakh crore have been issued during April 2017 to January 2018.

Overseas, European registered strong gains, erasing part of their sizable monthly loss. Asian stocks gained after a late-day rally on Wall Street on Friday, 9 February 2018, as investors fretted about the risks from looming US inflation data. Japanese markets are closed today in observance of a public holiday.

Trading in US index futures indicated that the Dow could jump 280 points at the opening bell today, 12 February 2018.

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