Market pares gains

Key benchmarks pared gains the afternoon trade. At 13:40 IST, the barometer index, the S&P BSE Sensex, rose 418.27 points or 1.12% at 37,745.63. The Nifty 50 index was up 130.85 points or 1.19% at 11,163.30.

The S&P BSE Mid-Cap index was up 1.13%. The S&P BSE Small-Cap index also rose 1.37%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,574 shares rose and 744 shares fell. A total of 130 shares were unchanged.

Vedanta (up 3.89%), Eicher Motors (up 3.79%), Bajaj Finserv (up 3.75%), Grasim Industries (up 3.69%) and Maruti Suzuki India (up 3.62%), advanced.

Coal India (down 1.35%), ITC (down 1.09%), Cipla (down 0.86%), GAIL (down 0.66%) and Bharti Airtel (down 0.58%) declined.

Hindalco Industries was down 1.74%. The company's consolidated net profit fell 27.93% to Rs 1,063 crore on 3.56% decline in revenue from operations to Rs 29,972 crore in Q1 June 2019 over Q1 June 2018. The result was announced during trading hours today.

Mahindra & Mahindra was up 1.33%. The company said it will observe ''no production days'' for 8 - 14 days in various plants of the company and MVML during the second quarter of the financial year 2019-2020 to align its production with sales requirements. The management does not envisage any adverse impact on availability of vehicles in the market due to adequacy of vehicle stocks to serve the market requirements.

Yes Bank lost 4.71%. The bank said that its board approved the qualified institutions placement issue opening on 8 August 2019 and also approved the floor price at Rs 87.90 per share. The announcement was made after market hours yesterday, 8 August 2019.

The capital raising committee of the bank's board of directors on Thursday authorised the opening of the issue on 8 August, Yes Bank said. The committee approved the floor price for the issue being Rs 87.90 per equity share and the committee may, at its discretion, offer a discount of not more than 5% on the floor price, it further added.

Yes Bank said in a notice to exchanges that a committee will meet on 14 August to consider and approve the issue price and final discount.

Britannia Industries rose 0.89%. On a consolidated basis, the company's net profit fell 2.78% to Rs 251.03 crore on a 5.93% rise in the net sales to Rs 2677.32 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 9 August 2019.

Dr Reddy's Laboratories gained 0.39%. The drug maker informed that the audit of its formulations manufacturing facility at Shreveport, Louisiana, USA by the US FDA, has been completed on 8 August 2019. No Form 483 was issued at the end of the inspection. The announcement was made during market hours today, 9 August 2019.

Tata Chemicals advanced 1.91%. Its consolidated net profit rose 16.38% to Rs 239.71 crore on 4.99% rise in total income to Rs 3015.90 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after market hours yesterday, 8 August 2019.

Earnings before interest tax depreciation and amortization (EBITDA) grew 20.57% to Rs 592 crore in Q1 June 2019 as compared to Rs 491 crore in Q1 June 2018. The company's net debt dropped 4.49% to Rs 1871 crore in Q1 June 2019 as compared to Rs 1959 crore in Q4 March 2018.

Mahanagar Gas fell 2.99%. Its net profit rose 32.66% to Rs 170.24 crore on 22.55% rise in total income to Rs 777.83 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after market hours yesterday, 8 August 2019.

NBCC (India) tanked 11.73%. The firm's consolidated net profit fell 37.9% to Rs 51.46 crore on 15.85% fall in total income to Rs 1942.28 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after market hours yesterday, 8 August 2019.

Page Industries dropped 4.09%. The company's net profit fell 11.07% to Rs 110.67 crore on 2.19% rise in total income to Rs 840.46 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after market hours yesterday, 8 August 2019.

National Aluminium Company rose 1.26%. National Aluminium Company said that a joint venture agreement was signed with Mishra Dhatu Nigam to incorporate a joint venture company (JVC) with an objective for setting up of high end aluminium alloys plant for manufacturing of plates, sheets, etc. The announcement was made after market hours yesterday, 8 August 2019.

National Aluminium Company (NALCO) rose 1.37%. NALCO signed an agreement with Mishra Dhatu Nigam (MIDHANI) to incorporate a joint venture company (JVC) with an objective for setting up of high end aluminium alloys plant for manufacturing of plates, sheets, etc.

MIDHANI and NALCO shall initially subscribe for shares in the JVC in equal proportion. JVC may agree to induct a technology partner/technology associate/technology provider with shareholding up to a maximum of 10% of the total paid up equity in the JVC during incorporation or else may dilute up to 10% of the total paid up equity (inequal proportion) to them. The announcement was made after market hours yesterday, 8 August 2019.

Hexaware Technologies fell 2.18%. On a consolidated basis, the company's net profit rose 19.07% to Rs 164.89 crore on a 3.51% rise in the net sales to Rs 1308.34 crore in Q2 June 2019 over Q1 March 2019. The result was announced after market hours yesterday, 8 August 2019.

Adani Transmission gained 2.29%. On a consolidated basis, the private transmission company's net profit rose 26% to Rs 213.42 crore on a 360.5% rise in the net sales to Rs 2858.08 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 8 August 2019.

Indian Overseas Bank rose 0.95%. The bank announced that India Ratings has assigned a rating of 'IND AA- / Negative' for the proposed issue of Rs 800 crore Basel III Tier II bonds. The announcement was made during market hours today, 9 August 2019.

Vodafone Idea gained 3.55%. The telecom major informed that Care Ratings, has downgraded its rating on long term bank facilities and non-convertible debentures from CARE A+ (Negative) to CARE A (Negative). The announcement was made after market hours yesterday, 8 August 2019.

Marico rose 2.55%. The company announced further infusion in the equity capital in Revofit such that it eventually holds upto 37% stake in the company. The announcement was made after market hours yesterday, 8 August 2019.

GMR Infrastructure gained 3.23%. The company announced raising of funds up to Rs. 2,500 crore in one or more tranche(s), through issue of equity shares or equity linked instruments, debentures or any other securities. The announcement was made after market hours yesterday, 8 August 2019.

Alembic Pharmaceuticals gained 1.74%. The pharmaceutical company announced that the company has received tentative approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Bimatoprost Ophthalmic Solution, 0.01%. Bimatoprost Ophthalmic Solution, 0.01%. Bimatoprost Ophthalmic Solution, 0.01 % has an estimated market size of US$ 704 million for twelve months ending December 2018 according to IQVIA. The announcement was made during market hours today, 9 August 2019.

Indiabulls Housing Finance spurted 11.34% while Lakshmi Vilas Bank hit 5% upper circuit at Rs 40.85. Media reports suggested that Indiabulls founder Sameer Gehlaut has promised the Reserve Bank of India (RBI) that he will relinquish all control and rights, have no say in the management, and bring the promoter group shareholding below 10% in the proposed bank to be formed after the merger of Indiabulls Housing Finance with Lakshmi Vilas Bank (LVB).

Bharat Petroleum Corporation (up 2.02%) and GAIL (India) (down 0.45%) will announce their Q1 June 2019 results today.

Overseas, European stocks were trading higher. DAX (up 1.43%), CAC 40 (up 2.24%) and FTSE 100 (up 1.88%). Most Asian stocks were trading higher on Friday supported by overnight gains in US stocks and better-than-expected macro-economic data from China.

China released data showing that food inflation soared in July. Meanwhile, Japan's economy grew more than expected in the quarter ending June.

China's consumer price index in July rose 2.8% on-year, according to data from the National Bureau of Statistics. In particular, food prices soared in July to 9.1% from a year ago, amid surging prices of pork as the country battles African swine fever.

Japan's economy saw its third straight quarterly expansion in April-June, growing at an annualized rate of 1.8% in the period, according to government data on Friday.

US stocks advanced on Thursday with technology shares providing the biggest boost as equities continued to rebound along with bond yields.

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