25TH MAY 2018

Husains

MARKET WRAP

Benchmark indices regained strength in late trade on short covering, with the Sensex rising

318.20 points or 0.93 percent to 34,663.11.

The 50-share NSE Nifty rallied 83.50 points or 0.80 percent to 10,513.90.

Tata Motors, GAIL and ONGC fell 4-7 percent while TCS, Infosys, Axis Bank and Bharti Airtel gained up to 4 percent.

Nifty Midcap fell 70 points on weak market breadth. About 1,087 shares declined against 997 advancing shares on teh NSE.

REC, Jubilant Foodworks, Parag Milks Foods, Hexaware, KPIT Tech and L&T Infotech gained up to 5 percent.United Spirits, Jet Airways, Bharat Forge and Motherson Sumi fell up to 6 percent.

BROAD MARKET INDICES

INDEX P. Close OPEN HIGH LOW CURRENT %CHANGE

NIFTY 50 10430.35 10464.85 10535.15 10419.8 10513.85 0.8

NIFTY NEXT 50 28411.3 28,509.70 28,569.95 28302.65 28481.2 0.25

NIFTY MIDCAP 50 4924.55 4934.6 4944.15 4863.55 4896 -0.58

NIFTY100 LIQ15 3979.25 4002.1 4045.4 3952 4032.25 1.33

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ASIAN INDEX

INDEX OPEN HIGH LOW CLOSE %CHANGE

NIKKEI 225 22621.29 22644.69 22366.6 22437.01 -1.13

HANG SENG 30718.66 30788.97 30589.38 30760.41 0.31

TAIWAN 10910.61 10942.64 10883.52 10936.93 0.46

SSE 3167.94 3173.53 3152.07 3154.89 -0.45

INDIAN MAJOR SECTORAL INDICES

INDEX P. Close OPEN HIGH LOW CURRENT %CHANGE

NIFTY BANK 25684.95 25722.9 26073.1 25658.4 26016.8 1.29

NIFTY FIN SERVICE 10653.7 10686.85 10809.8 10657.4 10781.75 1.2

NIFTY IT 13464.35 13563.65 13797.95 13543.65 13775.65 2.31

NIFTY PHARMA 8069.7 8115.05 8231.65 8063.3 8207 1.7

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STOCK UPDATE City Union Bank Q4 profit rises 18%, asset quality improves;

announces 1:10 bonus

City Union Bank said the board has approved bonus issue in the ratio of 1:10, i.e. one equity

share for every 10 equity shares held as on record date.

Private sector lender City Union Bank has reported a 18 percent growth year-on-year in profit

for the quarter ended March 2018, with improvement in asset quality.

Profit during the quarter increased to Rs 152.1 crore from Rs 128.9 crore in year-ago period.

Net interest, the difference between interest earned and interest expended, grew by 18.5

percent year-on-year to Rs 368 crore in Q4FY18.

Asset quality improved during January-March quarter as gross non-performing assets were lower

at 3.03 percent compared to 3.30 percent previous quarter. Net NPAs were also lower at 1.70

percent against 1.74 percent on sequential basis.

Provisions remained at elevated levels that limited bank's profitability, reporting at Rs 86.2 crore

for the quarter, up 0.6 percent compared to previous quarter and up 21 percent over same

period last year.

City Union Bank said the board has approved bonus issue in the ratio of 1:10, i.e. one equity

share for every 10 equity shares held as on record date.

At 12:08 hours IST, the stock price was quoting at Rs 182.00, down Rs 2.05, or 1.11 percent amid

high volumes on the BSE.

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STOCK UPDATE

Jet Airways' auditors flag 'going concern' risks post Q4 loss With Jet Airways incurring a huge fourth quarter loss of over Rs 1,000 crore, its auditors have said the "appropriateness of assumption of going concern" for the company depends on its ability to raise necessary funds, among other factors. In accounting parlance, the 'going concern assumption' means that the company will remain in business for the foreseeable future without being forced to halt operations and liquidate its assets. The airline posted a whopping Rs 1,036 crore net loss for the March quarter due to rise in oil prices and weaker rupee, compared to a profit of Rs 602.4 crore in the corresponding period of FY17. The Naresh Goyal-owned full service carrier reported a quarterly loss for the first time in eleven quarters.For financial year 2017-18, the airline reported a standalone net loss of Rs 767.62 crore, against a net profit of Rs 1,482.52 crore earlier, according to the filing. Jet Airways' auditors said the financial statement was prepared on a “going concern basis”. "The appropriateness of assumption of going concern is dependent upon realization of the various initiatives undertaken by the company. the company's ability to raise requisite finance/generate cash flows in future to meet its obligations, including financial support to its subsidiary companies," according to the independent auditors' report. The auditors made these observations in reference to one of the 'notes' attached to the company's financial results wherein Jet said it has incurred losses for the last fiscal and had a negative net-worth as on March 31, 2018 "that may create uncertainties".

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