Published on 10/01/2018 8:53:04 AM | Source: Religare Securities Ltd
The benchmark indices ended the session on a positive note amidst intra-day volatility - Religare Sec
The benchmark indices ended the session on a positive note amidst intra-day volatility. Investors and traders remained cautious ahead of index heavyweight’s corporate earnings (TCS, INFY, RIL) this week. The sectoral indices exhibited a mixed trend with decent buying witnessed in Realty, FMCG, IT and Consumer durables, while Healthcare, Auto, Power & Telecom were laggards. The BSE Mid-cap index witnessed profit taking on higher levels.
The underlying sentiments remain positive and any correction should be considered as a buying opportunity in fundamentally sound companies. With the start of Q3FY18 earnings season, stock specific volatility will remain high. Macro data like retail Inflation for Dec and Nov IIP growth will also be closely monitored. Traders should avoid leveraged positions at this point as profit taking cannot be ruled out at higher levels.
* South Indian Bank reported 22% increase in the Net interest income to Rs 509.4cr compared to Rs 417.5cr during the same period last year. Its Net profit was almost flat at Rs 115cr against Rs 111.4cr. The bank reported an improvement in its asset quality as well as slippages too. The gross non-performing assets were reported at 3.4% against 3.57% in the previous quarter, while the net NPA percentage came in at 2.35% against 2.57% in Q2FY18.
* Apollo Tyres will invest around Rs 1,800cr on a new plant in Andhra Pradesh, the company's seventh facility globally, to cater to the rising demand for passenger vehicle tyres. The company said in a statement that it has purchased 200 acres of land for the facility and the construction will start within the next 6 months, and the tyres are expected to start rolling out from this facility in the following 24 months.
* Tejas Networks has successfully completed GPON equipment installations in over 40,000 gram panchayats in India as part of the BharatNet Phase-1 Project. BharatNet is an ambitious Government of India project to bring high speed broadband connectivity to 250,000 gram panchayats of the country.
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