Key benchmark indices edged higher in early trade tracking positive global cues. At 9:17 IST, the barometer index, the S&P BSE Sensex rose 43.65 points or 0.14% at 32,271.92. The Nifty 50 advanced 13.15 points or 0.13% at 9,977.70.
The S&P BSE Mid-Cap index rose 0.2%. The S&P BSE Small-Cap index advanced 0.3%. Both these indices outperformed the Sensex.
Overseas, Asian stocks edged higher tracking positive session from Wall Street overnight. US equities closed higher yesterday, 25 July 2017, after a slew of major companies reported better-than-expected quarterly results. Wall Street had also set its sights on the Federal Reserve, as the central bank kicked off a two-day monetary policy meeting yesterday, 25 July 2017.
The Federal Reserve will announce its interest rate decision later today, 26 July 2017. The Federal Reserve had raised the target range for its federal funds rate by 25 basis points to 1% to 1.25% during its June 2017 meeting.
Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 704 shares rose and 330 shares declined. A total of 42 shares were unchanged.
Cipla rose 0.23% after the company and the product development partnership Medicines for Malaria Venture (MMV) announced the launch of 100 mg Artesunate Rectocaps/Rectal Artesunate Suppositories (RAS), a life-saving, pre-referral intervention for the management of severe malaria in young children. The announcement was made after market hours yesterday, 25 July 2017.
Initially developed by the World Health Organization's (WHO) Tropical Diseases Research programme, RAS 100 mg manufactured by Cipla was recently added to the Global Fund Expert Review Panel's list of quality-assured medicines, while the process of WHO prequalification of this medicine moves through its final stages. This authorization makes it the first quality-assured RAS product.
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Cipla's RAS product contains 100 mg of Artesunate and is indicated in children from 6 months to 6 years. It was developed with the support of MMV (with UNITAID financing) and will now soon be available in four sub-Saharan countries.
Hero MotoCorp was up 0.08% after net profit rose 3.5% to Rs 914.04 crore on 7.7% increase in net sales to Rs 7971.58 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 25 July 2017.
The company's EBITDA (earnings before interest, taxes, depreciation and amortization) rose 5.35% to Rs 1295.90 crore in Q1 June 2017 over Q1 June 2016.
Bharti Airtel fell 1.08% at Rs 423 after consolidated net profit fell 58.4% to Rs 617.70 crore on 14% decline in net sales to Rs 21958.10 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 25 July 2017.
Axis Bank lost 2.02% at Rs 533.65 net profit fell 16.1% to Rs 1305.60 crore on 1.4% growth in total income to Rs 14052.30 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 25 July 2017.
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