Key benchmark indices edged higher in early trade, tracking strong leads from Asian markets and overnight rally on the Wall Street. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 238.15 points or 0.87% at 27,525.81. The 50-unit CNX Nifty was up 69.95 points or 0.85% at 8,321.65.
The market breadth indicating the overall health of the market was strong. On BSE, 845 shares rose and 143 shares fell. A total of 26 shares were unchanged. The BSE Mid-Cap index was up 0.62%. The BSE Small-Cap index was up 0.66%. Both these indices underperformed the Sensex.
In overseas markets, Asia extended a global stocks rally today, 23 October 2015, after the European Central Bank (ECB) signalled its readiness to inject more stimulus, helping the dollar scale a fresh two-month peak against the euro. US stocks ended sharply higher yesterday, 22 October 2015, rallying on economic data, better-than-expected earnings and dovish comments from ECB President Mario Draghi. Draghi indicated the central bank could move next month to expand stimulus measures in the face of sluggish global growth that is exacerbating worries about persistently low inflation in the eurozone.
Sun Pharmaceutical Industries (Sun Pharma) rose 1.34% to Rs 900.80. The company after market hours on Wednesday, 21 October 2015 said that the company along with its subsidiary has entered into a settlement agreement with Acorda Therapeutics. Inc. to resolve the pending patent litigation involving Ampyra (dalfampridine) extended-release tablets in the United States. The pending patent litigation was filed by Acorda Therapeutics in the US District Court for the District of Delaware in response to Sun Pharma's submission of an abbreviated new drug application (ANDA) to the US Food and Drug Administration (FDA), seeking marketing approval for a generic version of Ampyra. As a result of the settlement agreement, Sun Pharma will be permitted to market a generic version of Ampyra in the United States at a specified date in 2027, or potentially earlier under certain circumstances, the company said. Details of the settlement are confidential, and the parties will submit the agreement to the Federal Trade Commission and the Department of Justice, as required by federal law, Sun Pharma said. As per IMS MAT July 2015 data, Ampyra recorded annual sales of approximately $325 million in the US.
Cairn India rose 1.72% to Rs 156.70. The company's consolidated net profit fell 70.46% to Rs 672.67 crore on 39.95% decline in total income to Rs 2743.28 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours on Wednesday, 21 October 2015.
Cairn India's revenue fell 44% to Rs 2242 crore in Q2 September 2015 over Q2 September 2014, mainly due to decline in crude prices.
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In the wake of sustained low crude price environment, Cairn India said that it is actively engaging with the government along with other industry players on various strategic issues, which include a revision of the cess charged on oil production to be in-line with crude prices, PSC Extension policy and fair price realization of domestically produced hydrocarbons amongst others. Cairn India expects that these policy revisions will enhance the investment climate for the oil & gas sector in India.
Mayank Ashar, Managing Director and CEO of Cairn India said that with good visibility in near term on multiple projects in the pipeline, the management is optimistic of meeting its production projections for FY 2016.
With regard to its proposed merger with Vedanta, Cairn India said that both NSE and BSE have provided their no objection to the proposed merger vide their observation letters dated 10 September 2015. The validity of the observation letter is six months, within which the scheme of amalgamation is required to be submitted to the High Court, Cairn India said.
Wipro was down 1.06% to Rs 571.75. The company's consolidated net profit rose 7% to Rs 2240 crore on 7% growth in gross revenue to Rs 12510 crore in Q2 September 2015 over Q2 September 2014. The results are as per International Financial Reporting Standards (IFRS). The company announced the results after market hours on Wednesday, 21 October 2015.
Wipro's revenue from IT services business rose 2.1% to $1.83 billion in Q2 September 2015 over Q1 June 2015. The sequential growth stood at 3.1% in constant currency terms. Wipro expects revenue from its IT services business to be in the range of $1.84 billion to $1.87 billion in Q3 December 2015. The company added 67 new customers in its IT services business in Q2 September 2015.
Idea Cellular was down 1.95% to Rs 148.65. The company's consolidated net profit rose 7.06% to Rs 809.26 crore on 13.48% growth in total income to Rs 8722.72 crore in Q2 September 2015 over Q2 September 2014. Earnings before interest, taxation, depreciation, and amortization (EBITDA) rose 22.7% to Rs 3057 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours on Wednesday, 21 October 2015. Idea Cellular will launch its 4G LTE services in 10 service areas, covering 750 large and small towns by the first half of 2016.
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