Key benchmark indices edged higher in early trade. The S&P BSE Sensex was up 185.93 points or 0.69% at 27,212.53. Cipla rose after the company said that its wholly owned subsidiary Medispray Laboratories at its board meeting held on 5 September 2014 approved the acquisition of two manufacturing undertakings. Sesa Sterlite rose after the company's board of directors approved an enabling resolution for raising the company's borrowing limit.
At 9:28 IST, the S&P BSE Sensex was up 185.93 points or 0.69% at 27,212.53. The index gained 193.97 points at the day's high of 27,220.67 in early trade. The index rose 117.86 points at the day's low of 27,144.56 in early trade.
The CNX Nifty was up 51.75 points or 0.64% at 8,138.60. The index hit a high of 8,140.55 in intraday trade. The index hit a low of 8,126.15 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,227 shares gained and 383 shares fell. A total of 57 shares were unchanged.
The BSE Mid-Cap index rose 47.01 points or 0.49% to 9,715.77, underperforming the Sensex. The BSE Small-Cap index rose 101.86 points or 0.96% to 10,728.93, outperforming the Sensex.
The total turnover on BSE amounted to Rs 299 crore by 09:30 IST.
Among the 30-share Sensex pack, 27 stocks gained and rest of them declined.
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ONGC (up 2.15%), L&T (up 1.21%) and GAIL (India) (up 1.32%) edged higher from the Sensex pack.
Cipla rose 1.13% after the company said that its wholly owned subsidiary Medispray Laboratories at its board meeting held on 5 September 2014 approved the acquisition of two manufacturing undertakings. The consideration for the above two transactions are Rs 29 crore and Rs 71.93 crore respectively. The first manufacturing facility located at Goa is owned by Okasa and the second manufacturing facility located at Satara (Maharashtra) is owned by Okasa Pharma. Entities controlled by relatives of the promoters hold majority interest in the companies which own the aforesaid undertakings, Cipla said.
A significant portion of the capacities of the two undertakings are dedicated for the manufacture of Cipla's products. Acquisition of the aforesaid undertakings is expected to yield operational synergies, Cipla said.
Sesa Sterlite rose 0.5%. Sesa Sterlite's board of directors approved an enabling resolution for raising the company's borrowing limit from Rs 60000 crore to Rs 80000 crore. The announcement was made after market hours on Friday, 5 September 2014.
The company's board of directors also approved a proposal to issue convertible securities of up to Rs 6000 crore and private placement of non-convertible debentures and/or other debt securities with warrants upto Rs 4000 crore. The Board has also approved creation of charge/mortgage over properties of the company for the purpose of the borrowing, Sesa Sterlite said. The company Board has also approved re-appointment of Dindayal Jalan as Whole-Time Director, designated as Chief Financial Officer, for two years till 30 September 2016.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 310.51 crore on Friday, 5 September 2014, as per provisional data from the stock exchanges.
India and Australia signed a civil nuclear deal on Friday, 5 September 2014, providing a boost to India's energy sector. Prime Minister Narendra Modi and visiting Australian Prime Minister Tony Abbott signed the agreement in New Delhi on cooperation in the peaceful uses of nuclear energy. The two leaders also agreed to work towards the long-term, sustainable and reliable supply of Australian resources based on India's energy needs, including increasing sales of conventional fuels such as coal and natural gas to India.
Asian stocks were trading mixed today, 8 September 2014. Key benchmark indices in Hong Kong and Singapore were off 0.13% to 0.34%. Key benchmark indices in Japan and Indonesia rose 0.18% to 0.67%. Markets in China, South Korea and Taiwan are closed for a holiday.
According to a government report today, 8 September 2014, China's exports rose 9.4% in August from a year earlier, down from a 14.5% rise in July. Imports slid 2.4% in August from a year earlier, after a 1.6% drop in July. China's trade surplus with the rest of the world widened to a record of $49.8 billion in August, from $47.3 billion in July.
Japan's economy shrank an annualised 7.1% in April-June from the previous quarter, revised down from a preliminary 6.8% contraction due to weaker-than-expected capital spending, the Cabinet Office said today, 8 September 2014 in Tokyo.
US stocks rose modestly on Friday, 5 September 2014, with the S&P 500 attaining fresh record closing high as a softer-than-expected US jobs report for August 2014 triggered speculation that the Federal Reserve will maintain a cautious approach toward any interest-rate increases. The S&P 500 rose 10.06, or 0.5%, to settle at 2,007.71, its 33rd record close of the year. The Dow Jones Industrial Average gained 67.78, or 0.4%, to settle at 17,137.36, just shy of its July 16 record. The Nasdaq Composite Index added 20.61, or 0.5%, to 4,582.90.
Data released by the US Labor Department on Friday, 5 September 2014, showed that the US economy added 142,000 new jobs in August 2014, the smallest gain since December 2013 and well below expectations of increase of more than 200,000. The jobless rate declined to 6.1% in August, from 6.2% in July.
Investors expect the Fed to wind down its bond-buying program before the end of this year and raise interest rates in mid 2015 as the economy continues to improve at a steady pace. The Fed has kept its benchmark interest rate near zero since December 2008.
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