Key indices were trading marginally higher on select buying in index stocks. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 21.30 points or 0.05% at 40,789.38. The Nifty 50 index was up 16.85 points or 0.14% at 11,996.50.
The S&P BSE Mid-Cap index was up 0.65%. The S&P BSE Small-Cap index was up 0.41%. Both these indices outperformed the BSE Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 632 shares rose and 271 shares fell. A total of 32 shares were unchanged.
Q3 earnings impact:
Among stocks, Bharti Airtel fell 0.02%. Bharti Airtel reported a consolidated net loss of Rs 1035.20 crore against a net profit of Rs 86.20 crore on 2.05% rise in total income to Rs 22,173.90 crore in Q3 December 2019 over Q3 December 2018. The company added around 21 Mn 4G customers to its mobile network. Overall customer base stood at 419 million across 16 countries.
CSB Bank jumped 6.14%. CSB Bank net profit jumped 38.02 times to Rs 28.14 crore on 8.26% rise in total income to Rs 439.29 crore in Q3 December 2019 over Q3 December 2018. Net NPA decreased to Rs 213.7 crore as on 31 December 2019 from Rs 365.5 crore as on 31 December 2018 and Rs 221.5 crore as on 30 September 2019.
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TVS Motor Company rose 2.65%. TVS Motor Company reported 26.14% fall in consolidated net profit to Rs 150.61 crore on 6.73% fall in total income to Rs 4,779.32 crore in Q3 December 2019 over Q3 December 2018. The company declared an interim dividend, for FY 2020, at the rate of Rs 2.10 per share (210%).
Mahindra Logistics was unchanged. Mahindra Logistics reported 18.84% fall in consolidated net profit to Rs 15.55 crore on 7.40% fall in total income to Rs 909.94 crore in Q3 December 2019 over Q3 December 2018. The company is increasing capabilities and is focused on expanding value added services and solutions offerings.
Tata Global Beverages added 1.03%. Tata Global Beverages reported 21.42% rise in consolidated net profit to Rs 120.59 crore on 2.72% rise in total income to Rs 1,987.85 crore in Q3 December 2019 over Q3 December 2018. The merger of the Consumer Products Business of Tata Chemicals Limited (TCL) with Tata Global Beverages Limited is on schedule and is expected to be completed during the fourth quarter of current financial year.
Stocks in news:
Sun Pharmaceutical Industries fell 0.29%. Sun Pharmaceutical Industries said that one of its wholly owned subsidiaries has launched ABSORICA LD (isotretinoin) capsules in US for the management of severe recalcitrant nodular acne in patients 12 years of age and older. ABSORICA LD is the only isotretinoin formulation to feature Sun Pharma's micronization technology, which utilizes micronized particles to optimize absorption at a 20% lower dose. ABSORICA LD can be taken with or without food.
Central Bank of India shed 0.28%. Central Bank of India said that the capital raising committee of the board of directors of the bank approved the proposal for raising capital funds upto Rs. 500 crore by issuance and allotment of non-convertible redeemable unsecured Basel III compliant Tier 2 bonds in the nature of promissory notes.
Cadila Healthcare advanced 2.25%. Cadila Healthcare informed that the USFDA inspected the manufacturing facility of Alidac Pharmaceuticals , the company's wholly-owned subsidiary, without any observation (483). The site manufactures oncology injectables for the regulated markets.
Global Markets:
Overseas, Asian stocks were trading higher on Wednesday as investors took cue from China's effort to stimulate its economy and mitigate the coronavirus outbreak concerns.
In US, stocks finished sharply higher on Tuesday as investors weighed stimulus efforts by the People's Bank of China and actions by Beijing to combat the economic impact of a deadly Asian virus.
The coronavirus has infected more than 20,000 people in China and claimed 465 lives, according to China's National Health Commission.
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