Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 302.68 points or 1.20% at 25,608.15. The Nifty 50 index was up 93.10 points or 1.20% at 7,841.95. Gains in Asian stocks aided the upmove on the domestic bourses.
The broad market depicted strength. There were almost five gainers against every loser on BSE. 870 shares rose and 177 shares fell. A total of 41 shares were unchanged. The BSE Mid-Cap index was currently up 0.70%. The BSE Small-Cap index was currently up 0.75%. Both these indices underperformed the Sensex.
In the overseas market, Asia markets spurted today, 25 May 2016, after encouraging reports on the housing market saw sharp gains in US stocks overnight. US new home sales data out yesterday, 24 May 2016, showed a jump in April to their strongest monthly pace in more than eight years, with prices setting record highs.
IT stocks were in demand. TCS (up 1.53%), Infosys (up 1.30%), Hexaware Technologies (up 1.24%), Wipro (up 0.72%), Oracle Financial Services Software (up 0.68%), HCL Technologies (up 0.67%), Persistent Systems (up 0.52%) and MindTree (up 0.30%), edged higher.
Tech Mahindra was up 4.47%. The company's consolidated net profit rose 18.15% to Rs 897 crore on 2.72% rise in revenue from services to Rs 6883.70 crore in Q4 March 2016 over Q3 December 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 2.2% to Rs 1161.30 crore in Q4 March 2016 over Q3 December 2015. The EBITDA margin dropped to 16.87% in Q4 March 2016 from 16.95% in Q3 December 2015. The result was announced after market hours yesterday, 24 May 2016. Meanwhile, the company has dropped its plan to set up a payments bank. The company had received in-principle approval from the Reserve Bank of India in August 2015 for setting up a payments bank.
Axis Bank was up 1.90%. The bank said that the bank has incorporated a company, A.Treds, which is registered with the Ministry of Corporate Affairs, Registrar of Companies, Mumbai, on 23 May 2016. A.Treds is incorporated as a subsidiary company of the bank, Axis Bank. A.Treds will be engaged in undertaking the business of setting up and operating a trade receivables discounting system, as per the in-principal approval received from the Reserve Bank of India. The announcement was made after market hours yesterday, 24 May 2016.
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Bharti Airtel (Airtel) was up 1.19%. On 17 March 2016, Airtel and Videocon Telecommunications (VTL) entered into a definitive agreement, wherein, Airtel proposed to acquire, for an aggregate consideration of Rs 4428 crore, the rights to use 2 x 5 MHz spectrum in the 1800 MHz band allotted to VTL by the Government of India for six circles - Bihar, Gujarat, Haryana, Madhya Pradesh , UP (East) and UP (West). The proposed transaction has been successfully concluded on 24 May 2016 following all necessary approvals and the satisfaction of all the conditions (including conditions stated in the Spectrum Trading Guidelines), the two companies said in a joint statement after market hours yesterday, 24 May 2016.
Cipla was down 4.22%. The company's consolidated net profit fell 68.85% to Rs 80.87 crore on 5.62% growth in total income from operations (net) to Rs 3266.54 crore in Q4 March 2016 over Q4 March 2015. The company's earnings before interest, taxation, depreciation and amortization (EBITDA) declined 56.9% to Rs 219 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 24 May 2016.
Bank of India was down 0.37%. The bank posted a net loss of Rs 3587.09 crore in Q4 March 2016, higher than net loss of Rs 56.14 crore in Q4 March 2015. Total income fell 7.34% to Rs 11384.91 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 24 May 2016. The bank's gross non-performing assets (NPAs) stood at Rs 49879.13 crore as on 31 March 2016 as against Rs 36519.14 crore as on 31 December 2015 and Rs 22193.24 crore as on 31 March 2015. The ratio of gross NPAs to gross advances stood at 13.07% as on 31 March 2016 as against 9.18% as on 31 December 2015 and 5.39% as on 31 March 2015. The ratio of net NPAs to net advances stood at 7.79% as on 31 March 2016 as against 5.25% as on 31 December 2015 and 3.36% as on 31 March 2015.
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