Key indices are trading higher in early trade on positive Asian stocks. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 153.87 points or 0.41% at 37,647.99. The Nifty 50 index was up 44.95 points or 0.41% at 11,102.80.
The S&P BSE Mid-Cap index was up 0.39%. The S&P BSE Small-Cap index was up 0.34%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 638 shares rose and 266 shares fell. A total of 32 shares were unchanged.
Among stocks, Bank of Baroda rose 2.52%. The Capital Raising Committee of the bank approved issuance of Basel III Compliant Additional Tier I Bonds for aggregate total issue size not exceeding Rs 1650 crore, with a base issue size of Rs. 500 crore and a Green Shoe Option to retain oversubscription up to Rs 1150 crore. The Committee also approved issuance of Basel III Compliant Tier II Capital Bonds for aggregate total issue size not exceeding Rs 500 crore, with a base issue size of Rs 250 crore and a Green Shoe Option to retain oversubscription up to Rs 250 crore. The announcement was made after market hours yesterday, 26 August 2019.
Infosys fell 1.64% to Rs 789.75. Infosys said that the buyback committee has approved the closure of the buyback with effect from 26 August 2019, prior to the expiry of six months from the commencement date. The company has bought back 11.05 crore equity shares at an average price of Rs 747.38 per share and deployed an amount of Rs 8259.99 crore utilising 99.999999% of the maximum buyback size. The announcement was made after market hours yesterday, 26 August 2019.
Pidilite Industries rose 0.79%. Pidilite Industries has entered into a joint venture with Chetana Expotential Technologies (Chetana), a Bangalore based engineering technologies company, to establish a Joint Venture Company (JV company) in India. Chetana has invented a technology in the field of Post Compressed Aerated Concrete Wall Panels. The JV company will be responsible for deploying this innovative technology and other ancillary products in projects in India, Sri Lanka and Bangladesh. The company shall be the majority partner in this joint venture. The announcement was made after market hours yesterday, 26 August 2019.
Kajaria Ceramics gained 1.1%. The board of directors of Kajaria Ceramics approved the Scheme of Amalgamation for merger of Kajaria Tiles Private Limited (formerly known as Kajaria Floera Ceramics Private Limited), wholly-owned subsidiary of the company with the company.
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Kingfa Science & Technology (India) surged 5.62%. The company said that it has started trial production at its new factory located at Plot No. F-5/5, Chakan Industrial Area, Pune. The announcement was made after market hours yesterday, 26 August 2019.
Meanwhile, the Reserve Bank of India (RBI) will transfer a surplus of Rs 1.76 lakh crore to the government as it has approved the recommendations of Bimal Jalan committee at the central board meet held yesterday, 26 August 2019.
Overseas, Asian stocks were trading higher on signs Sino-US trade hostilities might be easing helped restore investor confidence after the previous session's rout.
US stocks rose on Monday, following a sharp sell-off in the prior session, after US President Donald Trump predicted a trade deal with China, cooling investor concerns after a ramp-up in rhetoric derailed markets last week.
President Donald Trump, under pressure to scale back a US-China trade war partly blamed for a global economic slowdown, claimed on August 26 that the two sides will begin serious negotiations soon.
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