Key benchmark indices were trading lower in early trade as weakness in most Asian stocks dampened sentiment. At 9:30 IST, the barometer index, the S&P BSE Sensex was down 69.16 points or 0.25% at 27,846.74. The Nifty 50 index was currently down 17.95 points or 0.21% at 8,597.30. Bank and power stocks led losses on the bourses.
In overseas stock markets, most Asian stocks dropped tracking overnight losses in US stocks. US stocks fell yesterday, 27 October 2016 as a selloff in government bonds hit yield-sensitive sectors such as real estate and utilities.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 942 shares rose and 438 shares fell. A total of 73 shares were unchanged. The BSE Mid-Cap index was currently up 0.49%. The BSE Small-Cap index was currently up 0.35%. Both these indices outperformed the Sensex.
Bajaj Auto rose 0.71% ahead of its Q2 today, 28 October 2016. Grasim Industries fell 0.1% ahead of its Q2 today, 28 October 2016. NTPC declined 0.33% ahead of its Q2 today, 28 October 2016.
Tech Mahindra rose 4.86% after the company announced Q2 results. The company's consolidated net profit declined 19.22% to Rs 643.40 crore on 3.56% growth in income from operations to Rs 7167.41 crore in Q2 September 2016 over Q1 June 2016. The result was announced after market hours yesterday, 27 October 2016. In dollar terms, the company's consolidated net profit declined 13.4% to $96.5 million on 6.1% growth in revenue to $1.072 billion in Q2 September 2016 over Q1 June 2016. Revenue in constant currency terms rose 5% in Q2 September 2016 over Q1 June 2016.
Vineet Nayyar, Vice Chairman, Tech Mahindra said that the company's performance during the quarter indicates that its early investments in new technologies and capabilities are starting to show result. C P Gurnani, Managing Director & CEO, Tech Mahindra said that overall, it was a very good quarter with the growth well-supported by its key communications and enterprises businesses. The company had some marquee wins which align very well with its strategy of catering to the connected world, he said.
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Wipro declined 0.29%. The company announced after market hours yesterday, 27 October 2016 that it has won a five-year engagement with Speciality Restaurants for offering energy management services to the latter, which would help pare energy and operational costs.
NMDC gained 1.7% after the company said after market hours yesterday, 27 October 2016 that it has signed a tripartite memorandum of understanding (MOU) with Government of Madhya Pradesh and Madhya Pradesh State Mining Corporation (MPSMCL) for geological & geophysical exploration of various minerals in Madhya Pradesh. NMDC had made intentions to invest during the global investors summit held in October 2016 for exploration for different minerals in various districts of Madhya Pradesh over an area of approximately 7,200 square kilometers. As per the MOU, on successful establishment of mineral blocks through this proposed exploration, NMDC would be forming a joint venture with MPSMCL with equity 51:49 (NMDC-MPSMCL) for mining of such blocks.
Tata Steel rose 0.33% after the company announced equity partnership for its Canadian Iron Ore mines, significant milestone in Kalinganagar India and continued pursuit of its European strategy. The announcement was made after market hours yesterday, 27 October 2016. Tata Steel Mineral Canada together with its parent companies signed definitive agreements for concluding investments of C$125 million as equity and C$50 million as debt with Government of Quebec's investment entities. Resources Quebec (RQ) and Investment Quebec (IQ) respectively, totalling C$175 million. The investment will result in 18% equity stake for Resources Quebec in Tata Steel Minerals Canada in line with the carrying value of the investment in Canadian iron ore assets for Tata Steel. Consequently, the shareholdings of Tata Steel and New Millennium iron will be adjusted to 77.68% and 4.32% respectively.
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