Trading for the week began on a positive note, with the Sensex scaling a record high in early trade. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 65.31 points or 0.18% at 35,576.89. Gains were led by Reliance Industries and HDFC Bank.
The S&P BSE Mid-Cap index was down 0.05%, underperforming the Sensex. The S&P BSE Small-Cap index was up 0.28%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 896 shares rose and 582 shares fell. A total of 70 shares were unchanged.
Overseas, Asian stocks were trading on a mixed note as investors kept an eye on political developments in the US after a government shutdown began last week. US stocks on Friday, 19 January 2018 finished higher, with both the S&P 500 and the Nasdaq ending at records as optimism over corporate earnings outweighed the US government shutdown.
Republican and Democratic leaders of the US Senate failed to secure a deal on Sunday night seeking to break the impasse that has kept the US government shut down for two days.
Back home, Reliance Industries rose 1.61% to Rs 944.30 after consolidated net profit rose 25.5% to Rs 9445 crore on 25.7% growth in net sales to Rs 99810 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 19 January 2018.
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Mukesh D. Ambani, Chairman and Managing Director, RIL said that the quarter marks the culmination of its petrochemical expansion projects and the first positive net profit contribution from its newest business line - Digital Services (Jio). Jio's strong financial result reflects the fundamental strength of its business, significant efficiencies and right strategic initiatives, he said. Ambani further added that the company is excited about the prospects of its energy and consumer businesses due to strong growth in Indian markets and constructive macro environment.
Tata Steel rose 0.55% to Rs 755.75 after the company's board approved to raise Rs 12800 crore through a rights issue of equity shares. The announcement was made after market hours on Friday, 19 January 2018.
Wipro lost 1.43% to Rs 323.75 after the company's consolidated net profit fell 11.85% to Rs 1930.10 crore on 1.82% growth in net sales to Rs 13669 crore in Q3 December 2017 over Q2 September 2017. The result was announced after market hours on Friday, 19 January 2018.
The company's revenue from IT services in dollar terms in Q3 December 2017 remained flat sequentially and increased by 5.8% YoY. The company expects revenue from IT Services business to be in the range of $2,033 million to $2,073 million for Q4 March 2018.
Abidali Z. Neemuchwala, CEO and member of the board said, the company continued to improve its growth trajectory driven by strong momentum in BFSI and uptick in Healthcare. This is also reflected in its outlook for Q4 March 2018. Wipro's leadership in Digital continues to strengthen with over 25% of its revenues now coming from Digital, Neemuchwala added.
Jatin Dalal, Chief Financial Officer said, the company has made strong progress in its client mining with number of clients contributing revenues over $50 million increasing from 33 to 41 in the last 1 year. In the first 9 months of FY 2018, Wipro generated robust operating cash flows over the same period last year, Dalal added.
ONGC jumped 6.3% to Rs 205.80. HPCL fell 0.98% to Rs 412.45. ONGC on Friday, 19 January 2018, approved acquisition of the entire 51.11% shareholding of Government of India (GoI) in HPCL, at a cash purchase consideration of Rs 473.97 per share with a total acquisition cost of Rs 36915 crore. The parties expect to complete the transaction before end of January 2018. The announcement was made on Saturday, 20 January 2018.
Cipla rose 0.08% after the company said it has completed the divestment of entire equity stake held by its wholly owned subsidiary Cipla Holdings B.V., Netherlands in Cipla Croatia d.o.o, Croatia. Consequently, Cipla Croatia d.o.o has ceased to be a subsidiary of Cipla Holding B.V. with effect from 19 January 2018. The announcement was made after market hours on Friday, 19 January 2018.
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