Key benchmark indices continued to trade firm in early afternoon trade as firmness in Asian stocks boosted sentiment. At 12:20 IST, the barometer index, the S&P BSE Sensex rose 211.90 points or 0.62% at 34,367.85. The Nifty 50 index gained 63.70 points or 0.61% at 10,564.60.
Indices opened higher on firm global cues. Stocks extended gains and hit fresh intraday high in morning trade. The market held firm later during the session so far.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.21%. The S&P BSE Small-Cap index fell 0.14%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,440 shares fell and 1,173 shares rose. A total of 123 shares were unchanged.
Cement stocks rose. ACC was up 1.12%, Shree Cement 2.94%, Ambuja Cements 0.98%, and UltraTech Cement rose 0.96%.
Grasim Industries declined 0.5%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Capital goods stocks were mixed. Havells India was up 0.64%, ABB India 0.42% and Siemens gained 0.68%. However, ABB India shed 0.66%, Bharat Heavy Electricals (Bhel) 0.97%, Thermax 1.49% and Bharat Electronics dropped 0.96%.
L&T gained 0.26% after the company said that its construction arm won orders worth Rs 1585 crore across various business segments. The announcement was made during market hours today, 15 February 2018.
Infibeam Incorporation advanced 3.7% after consolidated net profit surged 146.25% to Rs 30.83 crore on 107.61% rise in net sales to Rs 212.70 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours yesterday, 14 February 2018.
Meanwhile, the board of Infibeam Incorporation approved preferential issue of fully convertible warrants, convertible into equivalent number of equity shares, to Network18 Group at a conversion price of Rs 186.91 per equity share, for an aggregate consideration of not exceeding Rs 40 crore.
Zee Learn and MT Educare rose by 1.23% and 1.86% after Zee Learn agreed to acquire a 44.53% stake in MT Educare for Rs 200 crore. Zee Learn announced after market hours yesterday, 14 February 2018, that it signed definitive agreements to invest Rs 200 crore in MT Educare through a preferential allotment of equity shares (face value Rs 10 per share) for a stake of 44.53% in the expanded share capital of MT Educare. The execution of definitive agreements has triggered the requirement to make an open offer and the regulations therewith will be complied.
GTPL Hathway added 1.37% after net profit spurted 478% to Rs 23.80 crore on 23% rise in revenue to Rs 195.50 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours yesterday, 14 February 2018.
Anirudhasinhji Jadeja, Managing Director, GTPL Hathway, said during Q3 December 2017 the company seeded 180,000 set-top boxes and added 110,000 digital paying subscribers. Increase in phase III and phase IV average revenue per user and reduction in finance costs have helped the company improve profitability significantly.
Cox & Kings rose 2.26% after consolidated net profit jumped 431.47% to Rs 85.46 crore on 1.51% fall in total income to Rs 1370.91 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours yesterday, 14 February 2018.
On the macro front, the government announced that inflation based on wholesale price index (WPI) eased to 2.84% (provisional) for the month of January 2018 as compared to 3.58% (provisional) for the previous month and 4.26% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2.3% compared to a build up rate of 4.55% in the corresponding period of the previous year.
Overseas, Asian stocks gained taking cues from the rally on Wall Street overnight following the release of stronger-than-expected US inflation data. The consumer price index in US rose 0.5% last month, topping the forecast. Other economic data released overnight included US retail sales for the month of January, which missed expectations. Retail sales decreased 0.3% last month.
It is a shortened week for greater China markets, with mainland China markets remaining closed from 15 to 21 February 2018 and Hong Kong markets shut from 16 to 19 February 2018 for the Lunar New Year. Markets in South Korea, Taiwan and Vietnam are closed today for the Lunar New Year holiday.
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