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Markets will remain closed on 26th June, 2017 on account of Ramzan EID.

Indian markets nosedive
Thu, 8 Oct 01:30 pm

After opening the day on a flat note, the Indian Indices have extended their losses and are currently trading in the red. Sectoral indices are trading on a negative note with stocks from the banking and pharma sectors leading the losers.

The BSE-Sensex is trading lower by 215 (down 0.8%) and the NSE-Nifty is trading down by 54 points (down 0.7%). The S&P BSE Midcap index and the S&P BSE Smallcap index are also trading in the red, down by 1% and 0.4% respectively. Gold prices, per 10 grams, are trading at Rs 26,488 levels. Silver price, per kilogram, is trading at Rs 36,735 levels. Crude oil is trading at Rs 3,147 per barrel. The rupee is trading at 65.08 to the US$.

Banking stocks are trading on a negative note with IDBI Bank and Central Bank leading the losses. As per an article in Business Standard, the Reserve Bank of India (RBI) is turning its focus on Allahabad Bank, Central Bank of India and Andhra Bank as rising bad loans is placing them in the same precarious position as that of Indian Overseas Bank (IOB).

The RBI has recently initiated a Prompt Corrective Action (PCA) on IOB which will be triggered if the bad loans rise above 10%. The PCA also comes into action if the capital adequacy ratio of the bank slips below 9% and when the return on assets falls below 0.25%. Under the PAC, IOB will be restricted to open new branches, declare dividend and recruit new employees without RBI's approval. The move to impose this was taken after RBI inspected the bank and found several irregularities.

As per a leading financial daily, Crompton Greaves has informed that it will sell its stake in CG Lucy Switchgear Ltd to its UK-based joint venture partner for over Rs 420 million. The company's Board of Directors have approved divestment of its 6,00,000 shares of Rs 10 each made in 1994 in the share capital of CG Lucy Switchgear Ltd to W Lucy & Co Ltd, UK. The same is for a consideration of 5.5 million euro with the execution of consequent definitive agreements.

The company stated that this deal forms part of CG strategy to focus on its B-to-B activity in the power HV sector. It was reported that, post divestment, Crompton Greaves Limited will continue to supply vacuum bottles and other products to CG-Lucy. It will also continue to have distributorship of RMUs in India.

The company in its first quarter results of financial year 2015-16 has reported 8% YoY fall in topline. The net profits fell by 75% YoY. Surely, not good numbers. The stock price however is flat, trading up by a marginal 0.3%. By the way, Rahul Shah, Managing editor of Microcap Millionaires, recently put out a detailed note sharing his views on these results. You can read the same here (subscription required).

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Jun 23, 2017 (Close)

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