Key benchmark indices continued hovering in positive terrain with small gains in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex was up 72.88 points or 0.26% at 28,150.06. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. The Nifty was currently up 12.40 points or 0.14% at 8,705.95. Firmness in Asian stocks supported gains on the bourses.
In overseas stock markets, Asian stocks gained in volatile trade led by gains in Chinese stock market. China's Shanghai Composite index was currently up 1.19%. Latest data showed that the Nikkei Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose to 51.7 in October from September's 50.4, improving at the sharpest rate in nine months. Most US stocks closed slightly lower on Friday, 21 October 2016 after earnings from McDonald's helped offset a fall in energy and healthcare shares.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,597 shares rose and 928 shares fell. A total of 203 shares were unchanged. The BSE Mid-Cap index was currently up 0.23%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.71%, outperforming the Sensex.
Cement stocks dropped. ACC (down 0.27%), Shree Cement (down 0.41%), Ambuja Cements (down 0.69%), and UltraTech Cement (down 0.34%) declined.
Grasim Industries declined 0.11%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Auto stocks were mixed. Mahindra & Mahindra (M&M) (up 0.08%), Ashok Leyland (up 0.81%), Maruti Suzuki India (up 1.03%), and Tata Motors (up 1.31%) gained. TVS Motor Company (down 0.3%), Eicher Motors (down 0.22%), Bajaj Auto (down 0.33%), and Hero MotoCorp (down 0.04%) declined.
MindTree fell 4.71% after consolidated net profit fell 23.2% to Rs 94.80 crore on 2.4% decline in revenues to Rs 1295.40 crore in Q2 September 2016 over Q1 June 2016. The result was announced after market hours on Friday, 21 October 2016. MindTree's consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) fell 16.9% to Rs 162.10 crore in Q2 September 2016 over Q1 June 2016. EBITDA margin was reported at 12.5% in Q2 September 2016, lower than 14.7% in Q1 June 2016.
In a separate announcement after market hours on Friday, 21 October 2016, the company said that its board at its meeting on 18 July 2016 had approved the scheme of amalgamation of Magnet 360, LLC with Mindtree. The board, at its meeting held on 21 October 2016 have decided not to pursue further and has approved withdrawal of the scheme of amalgamation of Magnet 360, LLC with Mindtree.
Oberoi Realty gained 4.26% after consolidated net profit rose 12.45% to Rs 83.72 crore on 29.94% growth in total income to Rs 264.63 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 21 October 2016. Oberoi Realty said that total area booked was 1.77 lakh square feet in Q2 September 2016 as against 0.63 lakh square feet in Q2 September 2015. The latest order book stands at Rs 4043 crore as against Rs 2723 crore at the end of half year ended September 2015.
Inox Wind rose 1.32% after the company said it bagged repeat order for 50 megawatts wind power project from ReNew Power Ventures. The announcement was made before trading hours today, 24 October 2016. ReNew Power Ventures, India's leading clean energy company, has issued a repeat order to Inox Wind for a 50 megawatts (MW) wind power project to be executed in the state of Gujarat in India. ReNew Power is India's leading independent power producer of clean energy with more than 3,000 MW of commissioned and under construction assets. This is a turnkey project and is scheduled to be commissioned by March 2017. The 50 MW order from ReNew Power is part of the 350 MW of orders announced by Inox Wind on 3 October 2016.
As part of the order, Inox will supply and install 25 units of its advanced 2MW DFIG 113 rotor dia Wind Turbine Generators (WTGs) for Renew Power. Inox Wind's 113 meter rotor dia WPG is the newest variant of the company's market leading 2 MW platform. It significantly increases annual energy production and is especially suited for low wind segments in the country.
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