Key benchmark indices were trading higher in early trade on positive cues from Asian stocks. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 108.53 points or 0.37% at 29,473.83. The Nifty 50 index was currently up 32.55 points or 0.36% at 9,151.95.
Among secondary barometers,the BSE Mid-Cap index was currently up 0.35%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.62%, outperforming the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 868 shares rose and 277 shares fell. A total of 50 shares were unchanged.
Overseas, most Asian shares rose on improved risk appetite after centrist Emmanuel Macron took the lead in the French presidential election. A snap Ipsos survey late on Sunday, 23 April 2017, indicated that the pro-growth centrist Macron would win by 62% to 38% for Le Pen, who wants to take France out of the euro and clamp down on immigration. The two candidates will now face off in a 7 May 2017 runoff.
US markets ended Friday's session lower ahead of the French vote, with the Dow Jones Industrial Average shedding 0.15% and the S&P 500 Index losing 0.30%.
Cement major ACC rose 2.56%. The company's consolidated net profit fell 8.9% to Rs 211.06 crore on 8.83% rise in total income to Rs 3663.18 crore in Q1 March 2017 over Q1 March 2016. The announcement was made on Friday, 21 April 2017.
Car major Maruti Suzuki India was up 0.21%. The company unveiled the sketch of its all new DZIRE on 21 April 2017. The car will make its global debut in May 2017. The new DZIRE is designed to leave a lasting impression with its rich sculpted side body and enhanced proportions. It is modern, sleek and agile. The unmistakable sedan proportions with low and wide stance lends an elegant road presence to the new DZIRE, company added. The announcement was made on Friday, 21 April 2017.
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Indiabulls Housing Finance was up 1%. The company said that in terms of the board authorization dated 21 October 2016, the company has on 21 April 2017, allotted its twentieth tranche of secured, redeemable, non-convertible debentures of face value Rs 10 lakh each (NCDs) aggregating to Rs 25 crore. On 10 November 2016 the company had intimated proposal to issue, secured, redeemable, non-convertible debentures of face value Rs 10 lakhs each aggregating Rs 6000 crore, on a private placement basis. The announcement was made after market hours on Friday, 21 April 2017. The company will announce Q4 results today, 24 April 2017.
Reliance Industries (RIL) was up 1%. The company will announce Q4 results today, 24 April 2017. Meanwhile, RIL commenced commercial production from its coal bed methane (CBM) block SP(West)-CBM-2001/1 from 24th March 2017 and is currently supplying CBM for commissioning the Shahdol Phulpur Pipeline (SHPPL). The production from RIL's Sohagpur CBM fields will gradually ramp-up in the next 15-18 months making RIL among the largest unconventional natural gas producers in India.
CBM is an environmental friendly natural gas extracted from coal-bed and has become an important source of unconventional gas in many parts of the world. RIL was awarded the licence to explore two adjacent CBM blocks SP(West) and SP(East) with an area of 995 square kilometers in the round 1 of CBM block bidding by the Government of India in 2001.
RIL has drilled more than 200 wells connected to two gas gathering stations in the first phase of development. RIL expects to drill 600-800 wells further and develop associated infrastructure over the next phases of development.
Reliance Gas Pipelines (RGPL) a wholly owned subsidiary of RIL, laid a 302 kilometers Shahdol Phulpur gas pipeline that connects Sohagpur CBM fields from Shahdol to Hazira- Vijaipur-Jagdishpur (HBJ) pipeline Network of GAIL at Phulpur. With this new pipeline network these CBM gas fields are now connected with the Indian gas grid. The announcement was made after market hours on Friday, 21 April 2017.
Drug major Dr Reddy's Laboratories was up 0.24%. The company announced the launch of Progesterone Capsules, 100 mg and 200 mg, a therapeutic equivalent generic version of Prometrium (Progesterone) Capsules in the US Market. The drug was approved by the USFDA. The announcement was made after market hours on Friday, 21 April 2017. The Prometrium brand had US sales of approximately $153 million MAT for the most recent twelve months ending in February 2017, according to IMS Health.
Drug major Sun Pharmaceutical Industries was down 0.79%. With respect to news article titled "FDA issues 11 observations for Dadra unit," Sun Pharmaceutical Industries clarified that company's Dadra facility underwent an inspection by USFDA recently. This inspection was completed on 13 April 2017. A Form-483 observation letter was issued by the USFDA post the inspection, listing 11 observations. The company is currently in the process of responding to the said letter to the USFDA within the stipulated timeline of 15 days. The announcement was made on Saturday, 22 April 2017. It added that Sun Pharma and its subsidiaries have many facilities which supply products to the US market. These facilities undergo periodic routine inspection by the USFDA in normal course of business. As indicated above, the company is in the process of responding to the USFDA for the Form-483 observation letter issued for the Dadra facility. If there are any material developments related to this inspection, the company will promptly inform the stock exchanges.
Drug maker Divi's Laboratories was down 1.61%. The company has updated that the USFDA has issued a warning letter for the company's unit-II at Visakhapatnam. The company responded to the USFDA inspection observations with an appropriate remediation process to overcome the deficiencies observed. As part of the company's commitments, it also provided periodic updates to the USFDA. In the import alert issued, USFDA has exempted several products manufactured at the company's unit-II at Visakhapatnam, Andhra Pradesh. The company will continue to supply these active ingredients to meet its obligations to customers. Divi's Labs, along with external consultants and subject matter experts, are working to address the concerns of the USFDA and is making all efforts to fully meet the compliance requirements. The company will respond to this warning letter with a detailed plan within the stipulated time. The announcement was made on Saturday, 22 April 2017.
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