Key benchmark indices hovered in negative terrain in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex was down 109.92 points or 0.39% at 28,069.16. The losses for the Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty 50 index was currently down 25.35 points or 0.29% at 8,683.60. Weakness in most Asian stocks weighed on sentiment.
In overseas stock markets, most Asian stocks declined following the release of data pointing to a South Korean slowdown. South Korea gross domestic product grew 2.7% year-on-year in the third quarter, down from a 3.3% gain in the prior three-month period, according to preliminary data from the Bank of Korea.
US stocks rose yesterday, 24 October 2016, on flurry of M&A deals, part of the single largest week for M&A since the dot-com era. More than five multi-billion dollar deals were announced over the past week. Latest data showed that the Markit flash US manufacturing purchasing managers' index rose to 53.2 in October from 51.5 in September.
Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 1,317 shares fell and 1,016 shares rose. A total of 174 shares were unchanged. The BSE Mid-Cap index was currently down 0.45%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently down 0.08%. The decline in this index was lower than the Sensex's decline in percentage terms.
Dr Reddy's Laboratories gained 1.63%. The company's consolidated net profit fell 60.12% to Rs 308.90 crore on 10.57% decline in total income to Rs 3660.10 crore in Q2 September 2016 over Q2 September 2015. The announcement was made during market hours today, 25 October 2016. The results are as per International Financial Reporting Standards (IFRS).
The company's earnings before interest, taxation, depreciation and amortization (EBITDA) declined 43.64% to Rs 642 crore in Q2 September 2016 over Q2 September 2015. EBITDA margin edged lower to 17.9% in Q2 September 2016, from 28.6% in Q2 September 2015.
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Commenting on the company's results, Co-chairman and CEO, G V Prasad said that DRL's major businesses have shown sequential improvement in Q2 September 2016 with revenues growing by 11% and EBITDA by 61%. Looking ahead, the company will continue to focus on launching new products in its generics business, improving productivity and strengthening its quality management systems, Prasad said.
GAIL (India) declined 1.18%. The company said that Prime Minister Narendra Modi yesterday, 24 October 2016, laid the foundation stone of the City Gas Distribution (CSD) project in Varanasi. The project is part of the company's Jagdishpur-Haldia and Bokaro-Dhamra Pipeline Project (JHBDPL), known as Urja Ganga. The announcement was made during market hours today, 25 October 2016.
Realty stocks declined. Sobha (down 0.73%), Indiabulls Real Estate (down 1.33%), Unitech (down 2.4%), Oberoi Realty (down 1.28%), DLF (down 1.1%), and Omaxe (down 0.56%) edged lower.
Metal and mining stocks were mixed. Bhushan Steel (up 8.71%), Jindal Steel & Power (up 1.17%), JSW Steel (up 0.15%), and Hindustan Zinc (up 0.57%) gained. Vedanta (down 1.95%), Tata Steel (down 2.86%), NMDC (down 0.45%), Hindalco Industries (down 1.92%), Steel Authority of India (down 0.91%), and National Aluminium Company (down 1.29%) edged lower.
High Grade Copper for December 2016 delivery was currently up 0.86% at $2.111 per pound on the COMEX.
Bharti Infratel rose 1.68% after consolidated net profit rose 31% to Rs 774 crore on 8% increase in revenues to Rs 3292 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 24 October 2016.
Bharti Infratel's consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 10% to Rs 1454 crore in Q2 September 2016 over Q2 September 2015. The company said it had total tower base of 89,791 in Q2 September 2016 with an average sharing factor of 2.21. The total tower base was 87,184 in Q2 September 2015 with an average sharing factor of 2.15.
Akhil Gupta, chairman, Bharti Infratel, said that with the conclusion of recent spectrum auctions, the Indian telecom industry is gearing up for the next round of network rollouts. 960 MHz of data spectrum was sold in 800, 1800, 2100, 2300 & 2500 MHz bands for a sum of approximately Rs 66000 crore, taking the total investment in spectrum since 2010 to over Rs 358000 crore. The telecom sector is already witnessing big increase in demand for high speed data and availability of this additional spectrum will further spur investments from operators towards data rollouts across the country. Bharti Infratel is well poised to capitalize on this opportunity and to support telecom operators in rollout of 3G and 4G networks.
Sasken Communication Technologies gained 6.48% after the company scheduled a board meeting on 27 October 2016 to consider buyback of equity shares of the company. The announcement was made after market hours yesterday, 24 October 2016.
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