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Nifty, Sensex Make a Fresh High

Moneylife 2018-08-08 00:00:00

We had mentioned that Nifty, Sensex were highly overbought. The major indices of the Indian stock markets closed with gains over Tuesday’s close. On the NSE, there were 840 advances, 882 declines and 346 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

 

 

Broadly positive global cues and expectations of quarterly results buoyed the key Indian equity indices on Wednesday. According to market observers, buying in consumer durables, banking and oil and gas stocks lifted the key indices.    Automobile major Maruti Suzuki India launched the "Auto Gear Shift" (AGS) option in the top-end variants of its Swift hatchback. The option has been made available in the top-end "ZXi+ and ZDi+" variants of all-new Swift. The ex-showroom price of Swift Petrol ZXI+ was stated to be Rs7.76 lakh and the Swift Diesel ZDI+ Rs8.76 lakh. "AGS has been very well appreciated by our Swift customers. We had customer feedback seeking convenience of AGS in the high-selling top-end variants," said R. S. Kalsi, Senior Executive Director (Marketing & Sales), Maruti Suzuki India. "Accordingly, we are now offering AGS in the top-end ZXI+ and ZDI+ variants. This will further strengthen the brand Swift and enhance the popularity of Maruti Suzuki's acclaimed two-pedal technology." Maruti Suzuki had launched the third generation of Swift in February 2018. Since the launch in 2005, cumulatively Swift has sold over 1.9 million units in India. Maruti Suzuki shares closed at Rs9,210.00, down 2.14% on the NSE.   Gautam Adani-led Adani Transmission Ltd (ATL) posted an over 100% jump in consolidated net profit at Rs169.34 crore for the first quarter ending June on the back of higher revenues. The company had registered a profit after tax (PAT) of Rs84.10 crore in the April-June quarter of last year, ATL said in a statement here. ATL received Rs543 crore as transmission charges in the quarter in review which were 12% higher than the Rs486 crore in the same period a year ago. The statement said company has received approval of the Maharashtra Electricity Regulatory Commission for acquisition of Reliance Infrastructure's Mumbai power business of generation, transmission and distribution in the city. With the complete acquisition of this business, the total network of ATL will be around 12,480 circuit km. "By the end of 2018, ATL will have 35 substations with 19,300 MVA of transformation capacity across the country. It will continue to be the largest private sector transmission company in the country," it said. The company has also received a letter of intent from REC Transmission Project Co to construct, own, operate and maintain the transmission project in Uttar Pradesh through tariff-based competitive bidding process, it added. Adani Transmission shares closed at Rs171.20, down 2.75% on the NSE.   Birla Corporation reported a 94% increase in its consolidated net profit to Rs83.86 crore during the quarter ended June 30, 2018 as compared to Rs43.21 crore in the year-ago period. The MP Birla Group's flagship company also said that its revenue from operations (net of taxes) was at Rs1,655.75 crore, up 14% from Rs1,458.79 crore in the corresponding quarter last year. "There was improvement in realisations during the quarter under review in all the regions except North, which was partly off-set by sharp increase in input costs, especially fuel," it said in a statement. While the freight cost went up on account of higher diesel prices, power and fuel costs escalated owing to all-time high pet coke prices and high levels of coal prices, the cement maker said. It also said that non-availability of railway rakes affected dispatch of cement and clinker. As part of the overall strategy of growth and increase in footprint across the existing as well as other regions, the Board of Directors of its wholly-owned subsidiary RCCPL Pvt Ltd has approved setting up of a 3.9-million-ton green-field integrated cement plant at Yavatmal in Maharashtra at an estimated cost of Rs2,450 crore, it said. This will increase the capacity of its subsidiary from 5.58 million ton to 9.48 million ton. The project will be financed through a mix of debt and internal accruals. It is expected to be commissioned in the financial year 2021-22. Birla Corporation shares closed at Rs800.00, down 0.86% on the NSE.   Automobile major Mahindra and Mahindra (M&M) reported a 63% rise in its standalone net profit for the quarter-ended June 2018-19. The net profit in April-June 2018-19 stood at Rs1,221 crore, against Rs749 crore reported in the corresponding period of financial year 2017-18 (FY18). According to the company, the total income during the period under review stood at Rs13,784.89 crore, higher by 9.57% from Rs12,580.44 crore earned during FY18. On a combined basis, M&M and Mahindra Vehicle Manufacturers (MVML) net profit during Q1 rose by 67% to Rs1,257 crore from Rs752 crore reported for the corresponding period of the previous fiscal. As per the results, the revenues and other income during the period under review rose to Rs13,551 crore, up 23% from Rs11,006 crore earned during Q1 of 2017-18.  "The demand for both automobiles and tractors was driven by positive sentiment in the economy (both urban and rural) due to a third consecutive year of a normal monsoon, sustained investment in road and infra projects and availability of affordable finance," the company said in a statement. Mahindra & Mahindra shares closed at Rs927.80, up 0.09% on the NSE.   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: