Key equity benchmarks sharply pared losses in the afternoon trade. At 13:40 IST, the barometer index, the S&P BSE Sensex, was down 32.31 points or 0.09% at 37,036.62. The Nifty 50 index was down 16.70 points or 0.15% at 10,931.60.
Broader market was positive. The S&P BSE Mid-Cap index was up 0.22%. The S&P BSE Small-Cap index rose 0.24%.
The market breadth was negative. On the BSE, shares 1,046 rose and 1,145 shares fell. A total of 116 shares were unchanged.
Sun Pharmaceutical Industries (up 2.84%), Vedanta (up 2.50%), Tata Steel (up 1.56%), Zee Entertainment Enterprises (up 1.31%), and ITC (up 1.20%) advanced.
Bharti Infratel (down 4.06%), Power Grid Corporation of India (down 3.69%), NTPC (down 3.25%), Coal India (down 3.25%) and Eicher Motors (down 2.81%) declined.
HDFC Bank rose 0.52%. The private sector lender has agreed to sell its entire stake of 10% in the equity share capital of Goods & Services Tax Network consisting of 10,00,000 equity shares of Rs 10 each, for a total consideration of Rs 1 crore to various State Governments and Union Territories. The announcement was made after market hours yesterday, 29 August 2019.
Wipro was up 1.10%. The IT major announced the expansion of its strategic partnership with Google Cloud to accelerate cloud adoption and digital transformation for global enterprises. By collaborating with Google Cloud, Wipro will catalyse innovation for enterprises in industry verticals such as consumer goods, BFSI, semiconductor, and healthcare, through a 'business-first' strategy. The announcement was made after market hours yesterday, 29 August 2019.
ICRA lost 3.89%. The board of directors of ICRA after due consideration and taking into account the best interests of the company and its various stakeholders have decided to terminate the employment of Naresh Takkar, the managing director and group CEO of ICRA effective immediately. The ICRA board will commence a search for a replacement. Vipul Agarwal, who was appointed Interim COO on 1 July 2019, remains responsible for the day-to-day operation of the company until a CEO is appointed. The announcement was made after market hours yesterday, 29 August 2019.
Adani Green Energy jumped 6.57%. The company signed a securities purchase agreement for acquisition of 205 MW operating solar assets of Essel Green Energy and Essel Infraprojects. The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 22 years. The announcement was made after market hours yesterday, 29 August 2019.
Glenmark Pharmaceuticals gained 1.33% after the company received ANDA approval for Pimecrolimus Cream, 1%. Glenmark Pharmaceuticals Inc, earned a final approval by the United States Food and Drug Administration (USFDA) for Pimecrolimus Cream, 1%, a generic version of Elidel Cream, 1%, of Bausch Health US. According to IQVIA sales data for the 12 month period ending July 2019, the Elidel Cream, 1% market achieved annual sales of approximately $198.8 million.
Larsen & Toubro (L&T) lost 2.13% to Rs 1,314.25. The joint venture company owned by Larsen & Tourbro and Mitsubishi Hitachi Power Systems secured a 'large' order from THDC India. The scope of work includes design, engineering, manufacture, supply, erection and commissioning of Steam Generator and associated packages, including site levelling, for THDC's 2x660 MW Khurja Super Thermal Power Project in Bulandshahar district, Uttar Pradesh. THDC India is a joint venture of Government of India and Government of Uttar Pradesh. The order falls under "Large" category which ranges between Rs 2,500 crore and Rs 5,000 crore as per its classification of contracts.
Dilip Buildcon rose 0.63% to Rs 366.80 after the company reported a successful completion of the EPC agreement with the Ministry of Road Transport & Highways, New Delhi, in the state of Karnataka. The company successfully completed the construction of extra-dosed bridge across Sharavathi Backwaters between Ambargodu and Kalasavalli of NH-3698 in the state of Karnaraka. The Rs 360 crore project was completed in 36 months.
Hindalco Industries gained 1.61% to Rs 182.70 after media reports suggested that U.S. aluminum producer Novelis is set to secure EU antitrust approval for its $2.6 billion bid for Aleris. Novelis, a subsidiary of Hindalco Industries based in US, has agreed to sell Aleris' Belgian plant to address European Commission worries that the deal may reduce competition and lead to higher prices, hitting carmakers in particular. The Commission is scheduled to decide on the case by 7 October 2019.
Premier Explosives advanced 2.27% to Rs 166.95 after the company said it received the license from Chief Controller of Explosives, Nagpur for manufacturing solid propellant at its factory near Hyderabad.
Shriram Transport Finance Company declined 2.25%. The firm is considering raising funds through various options of borrowings including by way of issue of debt securities in onshore/offshore market by public issue and/ or private placement basis.
TTK Prestige rose 0.42%. The firm has reported that Horwood Homewares, 100% subsidiary of TTK Prestige is entering into definitive agreements for acquisition of the business of Ecolife International Pty, an Australian outfit trading under the brand EcoSoullife. On completion of legal formalities, Horwood Homewares will own 51% of the new subsidiary which will house the Ecolife business.
Bharat Heavy Electricals (Bhel) was down 0.99%. The company is setting up a network of Solar-based Electric Vehicle Chargers (SEVC) on the Delhi-Chandigarh highway.
Kalpataru Power Transmission fell 0.06%. The firm has informed that it has secured new orders worth approximately Rs 1,263 crore from PGCIL and South America in T&D business, orders were received for the design, supply, erection, testing and commissioning for railway electrification, including OHE, TSS & associated works in India from RVNL and EPC order for oil & gas pipeline laying and associated works in India from IOCL.
Yes Bank slumped 0.17% ahead of its board meeting to raise funds. Earlier this month, Yes Bank had raised Rs 1,930 crore through Qualified Institutional Placement (QIP). The cash-strapped bank is expected to raise funds worth $1.2 billion, as per media reports.
Overseas, shares in Europe and Asia advanced after China struck an accommodating tone over its trade war with the US, while British opposition lawmakers plan to trigger an emergency debate to prevent a no-deal Brexit.
US stocks advanced Thursday after Beijing indicated it wasn't in a rush to respond to the latest round of tariffs imposed by Washington.
A spokesman for China's commerce ministry reportedly said the country wouldn't immediately respond to the latest round of tariff increases announced by President Donald Trump on Friday. Those increases came after Beijing announced a round of retaliatory tariffs.
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