Key benchmark indices were highly volatile in early trade. The barometer index, the S&P BSE Sensex was currently up 42.17 points or 0.15% at 28,462.29. The market breadth indicating the overall health of the market was positive.
Sun Pharmaceutical Industries tumbled after the company in its business update said that its overall revenues and profits are likely to be adversely impacted in FY 2016, owing to various consolidation initiatives post merger of Ranbaxy. Bharti Airtel edged higher after the company said that Bharti Airtel International (Netherlands) BV (Airtel) and Orange have entered into an exclusive agreement concerning four Airtel subsidiaries in Africa. Cipla edged higher after the company said that its board of directors at its meeting held yesterday, 20 July 2015, approved a potential investment by FIL Capital Investments (Mauritius) II, or any of its affiliate in a wholly owned subsidiary of Cipla (proposed to be incorporated) to whom Cipla will be divesting its consumer healthcare business on a going-concern basis.
In overseas stock markets, Asian stocks edged higher today, 21 July 2015. US stocks closed mildly higher yesterday, 20 July 2015, with the Nasdaq at another record, as investors digested earnings reports.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 714.40 crore yesterday, 20 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 848.76 crore yesterday, 20 July 2015, as per provisional data.
At 9:23 IST, the S&P BSE Sensex was up 42.17 points or 0.15% at 28,462.29. The index gained 86.77 points at the day's high of 28,506.89 in early trade. The index fell 65.31 points at the day's low of 28,354.81 in early trade.
The CNX Nifty was up 14 points or 0.16% at 8,617.45. The index hit a high of 8,631.20 in intraday trade. The index hit a low of 8,595.90 in intraday trade.
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The BSE Mid-Cap index was up 19.52 points or 0.17% at 11,269.62, outperforming the Sensex. The BSE Small-Cap index was up 1.01 points or 0.01% at 11,764.35, underperforming the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 707 shares gained and 592 shares fell. A total of 49 shares were unchanged.
Sun Pharmaceutical Industries tumbled after the company in its business update said that its overall revenues and profits are likely to be adversely impacted in FY 2016, owing to various consolidation initiatives post merger of Ranbaxy. The stock tumbled 14.84% at Rs 806.25. Sun Pharmaceutical Industries after market hours yesterday, 20 July 2015 said that following the acquisition of Ranbaxy, the company has embarked on various consolidation initiatives globally to drive future growth and profitability and to enhance long-term shareholder value. However, these measures are likely to adversely impact the overall revenues and profits of the company for FY 2016, Sun Pharmaceutical Industries said. Consolidated revenue is expected to remain flat or show a decline over FY 2015, the company said. Consolidated profit may also be adversely impacted due to certain expenses/charges arising out of integration as well as remedial actions. These initiatives will help the company revert to a more sustainable growth trajectory post FY 2016, Sun Pharmaceutical Industries said.
Bharti Airtel edged higher after the company said that Bharti Airtel International (Netherlands) BV (Airtel) and Orange have entered into an exclusive agreement concerning four Airtel subsidiaries in Africa. The stock was up 1.96% at Rs 437.85. The announcement was made before market hours today, 21 July 2015. Orange and Airtel have entered into an exclusive agreements to explore the possible acquisition by Orange of Airtel's subsidiaries in Burkina Faso, Chad, Congo Brazzaville and Sierra Leone, a statement from Bharti Airtel and Orange said. There is no certainty of any binding agreement as a result of these discussions, the statement said.
Orange is one of the world's leading telecommunications operators with sales of 39 billion euros in 2014 and 1.55 lakh employees worldwide at 31 March 2015.
Cipla edged higher after the company said that its board of directors at its meeting held yesterday, 20 July 2015, approved a potential investment by FIL Capital Investments (Mauritius) II, or any of its affiliate in a wholly owned subsidiary of Cipla (proposed to be incorporated) to whom Cipla will be divesting its consumer healthcare business on a going-concern basis. The stock was up 0.21% at Rs 684.40. The announcement was made before market hours today, 21 July 2015. The approval is subject to execution of binding agreements, and the transaction will be subject to relevant regulatory approvals, Cipla said. None of the persons belonging to Promoter/Promoter Group(s) of the company has any interest in the transaction, it added.
Meanwhile, the three-week monsoon session of Parliament begins today, 21 July 2015. The government is looking forward to push through key bills and get approval for the recently-promulgated ordinances in the monsoon session of the Parliament. The contentious Land Acquisition Bill remains stuck in Parliament due to stiff opposition, and the Prime Minister yesterday, 20 July 2015, urged parties to work collectively to break the logjam.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 20 July 2015, that the Southwest Monsoon was vigorous over West Madhya Pradesh and active over Gangetic West Bengal, East Rajasthan, Coastal Karnataka and South Interior Karnataka during 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 7% below the Long Period Average (LPA) until 20 July 2015. Region wise, the southwest monsoon was 9% above the LPA in Northwest India, 6% below the LPA in East & Northeast India, 12% below the LPA in South Peninsula and 15% below the LPA in Central India until 20 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key, with July being a crucial month for the sowing of Kharif crops. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
In overseas stock markets, Asian stocks edged higher today, 21 July 2015. Key indices in China, Japan, Hong Kong, Singapore, Taiwan and South Korea were up 0.03% to 0.57%. Indonesian stock market was shut for a holiday.
Several Bank of Japan (BoJ) board members said the impact of the bank's massive stimulus might be fading, according to minutes of its June meeting released yesterday, 20 July 2015. The nine-member board agreed underlying inflation, which excludes volatile food and energy prices, would continue to improve in the long term, the minutes showed.
US stocks closed mildly higher yesterday, 20 July 2015, with the Nasdaq at another record, as investors digested earnings reports.
In Europe, Greece reportedly repaid the roughly 2 billion euros ($2.2 billion) it owed to the International Monetary (IMF) yesterday, 20 July 2015. The country is paying its bills using a 7.16 billion euro bridging loan secured last week after it agreed to a series of harsh reforms. The measures, which have to be put into law, should result in the country receiving its third bailout.
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