Key benchmark indices continued to hover within a narrow range in positive terrain in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex was up 37.03 points or 0.13% at 28,460.51. The Nifty 50 index was currently up 7.80 points or 0.09% at 8,782.45. The market breadth indicating the overall health of the market was positive. On BSE, 1,412 shares rose and 997 shares declined. A total of 156 shares were unchanged. The BSE Mid-Cap index was currently up 0.15%. The BSE Small-Cap index was currently up 0.39%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks were mixed ahead of the influential US non-farm payrolls data, which will be released later in the global day today, 2 September 2016. US stocks finished mostly higher yesterday, 1 September 2016, recovering from earlier losses, as investors braced for the much-anticipated August jobs data, which could set the stage for a near-term interest-rate increase by the Federal Reserve. A report from the Institute of Supply Management (ISM) yesterday, 1 September 2016 showed US factory activity contracted for the first time in six months in August as new orders and production tumbled.
Shares of power generation and power distribution companies gained. NTPC (up 0.47%), NHPC (up 0.18%), Tata Power Company (up 0.38%), Adani Power (up 0.56%), Power Grid Corporation of India (up 0.19%), Reliance Infrastructure (up 0.23%) and Reliance Power (up 0.29%) gained. Torrent Power declined 0.38%.
Coal India dropped 1.61% after the company and its subsidiaries achieved lower than targeted production and offtake in August 2016. The company and its subsidiaries on provisional basis achieved 79% of targeted production at 32.43 million tonnes in August 2016. Coal India and its subsidiaries on provisional basis achieved 83% of targeted offtake at 36.72 million tonnes in August 2016. The announcement was made after market hours yesterday, 1 September 2016.
Most capital goods stocks gained. Havells India (up 1.28%), ABB India (up 0.01%), BEML (up 1.9%), and Siemens (up 0.23%) gained. Thermax fell 0.32%.
Bharat Heavy Electricals (Bhel) rose 0.44% after the company said that it has successfully commissioned the fourth and last unit of the 160 megawatts (MW) Teesta Low Dam Hydro Electric Project (HEP) Stage-IV in West Bengal. The announcement was made during market hours today, 2 September 2016. A greenfield project located in Darjeeling district of West Bengal, Teesta HEP has been set up by NHPC, on the River Teesta. Bhel was entrusted with the Electrical & Mechanical (E&M) works for four units of 40 MW each by NHPC. Bhel is presently executing hydro electric projects of around 3,300 MW in the country which are under various stage of implementation. Other projects of NHPC currently under execution by Bhel are the 800 MW Parbati HEP Stage-II and 330 MW Kishanganga HEP. In West Bengal, Bhel is also executing the 120 MW Rammam Stage-III hydro-electric project of NTPC. More than 500 hydro generating sets with a cumulative capacity of more than 29,000 MW of various ratings have been contracted on Bhel in India and abroad. Of this, equipment for about 5,700 MW generating capacity has been contracted outside India, Bhel said.
L&T declined 0.62%. L&T announced during market hours today, 2 September 2016 that its construction division has won orders valued Rs 1458 crore.
More From This Section
Separately, the company announced that the proposed initial public offer (IPO) of its subsidiary, L&T Technology Services Limited will be open for subscription to public on 12 September 2016 and shall close on 15 September 2016. The price band for the IPO has been fixed at Rs 850 to Rs 860 per share. The announcement was made after market hours yesterday, 1 September 2016. L&T proposes to sell 15% stake in L&T Technology Services. L&T Technology Service is a pure play global engineering, research and development services company. Prior to 1 January 2014, the business was conducted as a division of L&T and as a sub-segment business of L&T's unit, L&T Infotech.
PVR rose 5.65% on reports that China's Dalian Wanda Group is eyeing a controlling stake in the multiplex chain operator. According to reports, Asia's largest film group and theatre operator Wanda Cinema, owned by China's richest man, Wang Jianlin has revived talks with Ajay Bijli, the promoter of PVR, to buy a controlling stake in PVR which is India's largest multiplex operator. Dalian Wanda Group has reportedly started diligence on PVR's books as a prelude to make a formal offer to acquire the Indian company. As on 30 June 2016, promoters held 25.26% stake in PVR.
Cadila Healthcare rose 2.54% after the company said its Gujarat-based oral solid dosage drug manufacturing plant received Establishment Inspection Report from the US drug regulator. The announcement was made during trading hours today, 2 September 2016. Cadila Healthcare said that its oral solid dosage drug manufacturing plant located at Special Economic Zone (SEZ) in Ahmedabad has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) following the inspection carried out in January 2016. The receipt of EIR indicates the successful closure of the inspection points (483s) raised. This plant is a separate manufacturing unit and does not form a part of the Moraiya formulations manufacturing facility, the company said.
In its monsoon daily update issued yesterday, 1 September 2016, the India Meteorological Department (IMD) said that for the country as a whole, cumulative rainfall during this year's monsoon so far (till 1 September 2016) was 2% below the long period average (LPA).
Powered by Capital Market - Live News