Key benchmark indices edged higher in early trade. At 9:22 IST, the barometer index, the S&P BSE Sensex was up 34.76 points or 0.14% at 24,859.59. The 50-unit Nifty 50 index was currently up 4.15 points or 0.05% at 7,560.10.
In overseas stock markets, Asian stocks were trading mostly lower after lackluster trading on Wall Street overnight. In China, the Shanghai Composite index was currently up 2.35%. US stocks closed slightly lower yesterday, 1 February 2016.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 748 shares rose and 400 shares fell. A total of 33 shares were unchanged. The BSE Mid-Cap index was currently up 0.15%. The BSE Small-Cap index was currently up 0.27%. Both these indices outperformed the Sensex.
Tech Mahindra dropped after announcing Q3 numbers. The stock was off 0.99% at Rs 493.85. The company's consolidated net profit fell 3.4% to Rs 759 crore on 1.3% increase in revenue to Rs 6701 crore in Q3 December 2015 over Q2 September 2015. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 3.2% to Rs 1136 crore in Q3 December 2015 over Q2 September 2015. The result was announced after market hours yesterday, 1 February 2016.
Coal India rose 0.97% at Rs 331.80. Coal India and its subsidiaries on provisional basis achieved 94% of targeted production at 52.86 million tonnes in January 2016. Coal India and its subsidiaries on provisional basis achieved 95% of targeted offtake at 48.32 million tonnes in January 2016. The announcement was made after market hours yesterday, 1 February 2016.
Sun Pharmaceutical Industries rose 0.91% at Rs 878.15 after the company announced the launch of Imatinib Mesylate Tablets (therapeutic equivalent to Gleevec for indications approved by the FDA) in US market. Sun Pharma's subsidiary received final approval for Imatinib Mesylate from United States Food & Drug Administration (USFDA) in December 2015. Being a First-to-File product, it was granted 180 days of marketing exclusivity by FDA from the time of its launch. The announcement was made by the company after market hours yesterday, 1 February 2016.
More From This Section
As part of this launch, in addition to strengthening distribution in USA, the company has rolled-out unique Sun Pharma Imatinib Mesylate Savings Card program. This program aims to deliver greater access to the drug for patients who have a commercial insurance but their out-of-pocket may exceed an affordable amount. The savings card will reduce patient's co-payment (out-of-pocket) to $10. In line with its philosophy of putting patients first, Sun Pharma's Imatinib Mesylate Savings Card will also offer patients additional savings benefit of up to $700 for a 30-day fill to offset any additional out-of-pocket cost should they be required to meet their deductible or co-insurance. Participating pharmacies across USA can use the patient's Sun Pharma's Imatinib Mesylate Savings Card as part of this program.
Separately, Sun Pharmaceutical Industries announced after market hours yesterday, 1 February 2016 that Strides Shasun has completed the acquisition of CNS divisions of erstwhile Ranbaxy Laboratories. It may be recalled that Sun Pharma had acquired Ranbaxy Laboratories.
Tata Motors rose 1.08% at Rs 342 after the company said total sales of Tata Motors passenger and commercial vehicles rose 10% at 47,034 vehicles in January 2016 over January 2015. The announcement was made by the company after market hours yesterday, 1 February 2016. The domestic sales of Tata commercial and passenger vehicles rose 7% at 41,398 units in January 2016 over January 2015. In commercial vehicles, medium & heavy commercial vehicles (M&HCV) sales grew 30% at 14,693 units in January 2016 over January 2015. The light & small commercial vehicle sales has witnessed a growth of 12% at 15,977 units in January 2016 over January 2015. The overall commercial vehicles sales for Tata Motors in the domestic market rose 20% at 30,670 units in January 2016 over January 2015. This significant increase has been enabled by light commercial vehicles (LCV) growth supplementing the already prevailing M&HCV growth. This is the second consecutive month of growth in LCVs, after many months, and if sustained, could see return of growth in this segment, albeit on a low base, company said.
Tata Motors passenger vehicles sales fell 18% at 10,728 units in January 2016 over January 2015. The company's sales from exports rose 42% to 5,636 units in January 2016 over January 2015.
Bajaj Auto dropped 0.2% at Rs 2,323.50 after the company reported muted growth in total sales in January 2016. The company's total sales rose 2% to 2.93 lakh units in January 2016 over January 2015. Sales of motorcycles rose 2% to 2.52 lakh units in January 2016 over January 2015. Sales of commercial vehicles declined 2% to 40,951 units in January 2016 over January 2015. Exports dropped 8% to 1.32 lakh units in January 2016 over January 2015. The company announced the sales volume data before market hours today, 2 February 2016.
Mahindra & Mahindra (M&M) rose 0.43% at Rs 1,232.25 after the company announced that it has completed the sale of equity shares in its subsidiary Swaraj Automotives. M&M said it has received a consideration of Rs 24.83 crore from the sale of shares. The announcement was made after market hours yesterday, 1 February 2016.
Hero MotoCorp rose 0.26% at Rs 2,541.50 after the company said its two-wheeler sales rose 0.89% at 5.63 lakh units in January 2016 over January 2015. Riding on the success of scooter range, driven by the new Maestro Edge and Duet, the company continues to expand its market share in the scooter segment, Hero MotoCorp said. Hero MotoCorp scooter sales rose 20% in January 2016 over January 2015. The announcement was made by the company after market hours yesterday, 1 February 2016.
The Reserve Bank of India (RBI) is scheduled to announce its sixth bi-monthly monetary policy for the year 2015-16 at 11:00 IST today, 2 February 2016. In the fifth bi-monthly monetary policy on 1 December 2015, the RBI kept its benchmark interest rate viz. the repo rate unchanged at 6.75% and the cash reserve ratio (CRR) for commercial banks unchanged at 4% of net demand and time liability (NDTL).
Data released by the government after market hours yesterday, 1 February 2016 showed that the combined index of eight core industries stood at 175.7 in December 2015, which was 0.9% higher compared to the index of December 2014. The eight core industries comprise nearly 38% of the weight of items included in the Index of Industrial Production (IIP).
Powered by Capital Market - Live News