Key benchmark indices were trading lower in early trade, tracking mixed cues in the Asian market. At 9:22 IST, the barometer index, the S&P BSE Sensex, was down 63.32 points or 0.19% at 33,202.84. The Nifty 50 index was down 17.10 points or 0.16% at 10,346.55.
Among secondary barometers,the BSE Mid-Cap index was up 0.18%. The BSE Small-Cap index was up 0.13%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 870 shares rose and 526 shares fell. A total of 58 shares were unchanged.
Overseas, Asian stocks were mixed following weak closing in the US market. US stocks ended lower overnight as a report that the House of Representatives is considering phasing in a cut to corporate taxes rather than enacting them immediately weighed on investors' confidence. Tax cuts are the centerpiece in President Donald Trump's business-friendly agenda and are viewed as critical to sustaining the stock market rally. The Dow Jones Industrial Average shed 0.4%, the S&P 500 index fell 0.3%, and the Nasdaq Composite Index set a fresh intraday record, but slid 2.30 points to 6,698.96.
Tata Steel was up 0.45%. On a consolidated basis, Tata Steel reported a net profit of Rs 1017.78 crore in Q2 September 2017 compared with net loss of Rs 49.38 crore in Q2 September 2016. Net sales rose 24.22% to Rs 32101.03 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 30 October 2017.
T V Narendran, Managing Director, said that Tata Steel witnessed strong volume growth during the quarter as the smooth ramp up of its Kalinganagar steel plant coupled with its strong marketing franchise enabled it to expand its customer universe and increase its market share. This is against the backdrop of subdued steel demand during the quarter with slow construction activity, weak rural demand and poor consumer sentiment, he added.
Koushik Chatterjee, Group Executive Director said that Tata Steel Group revenues witnessed a sequential growth of 9% primarily driven by increased volumes across the geographies, with India now contributing to 48% of overall deliveries. However, consolidated EBITDA declined sequentially due to seasonally weaker performance in its European operations, he said. The management is committed to further growing its business in India while building a long term investment in strong European portfolio, he added.
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Bharti Infratel was down 1.42%. The company's consolidated net profit fell 17% to Rs 638 crore on 11% growth in revenue to Rs 3648 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 30 October 2017.
The company's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) rose 12% to Rs 1634 crore in Q2 September 2017 over Q2 September 2016.
Akhil Gupta, Chairman, Bharti Infratel, said that Indian telecom has embraced the data centric model and is emerging as the showcase of digital technology with operators rolling out 4G networks and India planning a leadership role on upcoming 5G technology and associated applications. Leading operators have announced enhanced investment plans towards improvising digital infrastructure during the recently concluded India Mobile Congress.
The Government of India's Smart Cities program presents additional opportunity to create infrastructure for sharing on a non-discriminatory basis. All of this is good for the sector at large. As Bharti Infratel and Indus Towers is well positioned to grab its fair share of market and create sustainable value for all stakeholders, Akhil Gupta said.
Shriram Transport Finance Corporation (STFCL) was up 0.29% and IDFC was down 0.49%. IDFC and Shriram Group called off merger as both parties were unable to agree on a mutually acceptable swap ratio. IDFC made the announcement after market hours yesterday, 30 October 2017.
The board of directors of IDFC at its meeting held on 8 July 2017 had approved entering into confidentiality, exclusivity and standstill agreement (CES agreement) with the Shriram Group to evaluate a potential merger of certain businesses of the Shriram Group with the IDFC Group. The CES agreement provided for a 90 day exclusivity period from 8 July 2017 to 8 November 2017.
IDFC Group and Shriram Group were not able to reach common ground on a mutually acceptable swap ratio. Accordingly, both parties have agreed to call off discussions on a potential merger and the exclusivity period pursuant to the CES agreement entered into between the concerned parties stands terminated with immediate effect, IDFC said in a statement.
Housing Development and Infrastructure (HDIL) was down 0.76%. The company has issued a clarification to the stock exchanges regarding media news item titled Andhra Bank drags HDIL before NCLT. The company said that it is in discussion with the bank for settlement of its balance outstanding dues & in fact have made part payment of its balance dues and are awaiting the bank's decision in the matter. The application is neither admitted nor listed at the NCLT and the company will update the exchange in the matter, HDIL said. The announcement was made after market hours yesterday, 30 October 2017.
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