A divergent trend was witnessed on the bourses for key benchmark indices in early trade. At 9:18 IST, the barometer index, the S&P BSE Sensex was down 2.68 points or 0.01% at 26,224.94. The Nifty 50 index was currently up 17.90 points or 0.22% at 8,097.85.
In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks registered modest gains yesterday, 17 November 2016, as investors parsed through economic data and Federal Reserve Chair Janet Yellen's testimony. Yellen has stressed the importance of central bank independence in her first public remarks after Donald Trump's election victory as new data showed the president-elect will inherit a strengthening economy. The Federal Reserve chair told a congressional hearing yesterday, 17 November 2016 that an increase in short-term interest rates could become appropriate relatively soon, raising expectations of a rise at the Fed's next meeting in December.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 613 shares rose and 486 shares declined. A total of 53 shares were unchanged. The BSE Mid-Cap index was currently up 0.39%. The BSE Small-Cap index was currently up 0.01%. Both these indices outperformed the Sensex.
Index heavyweight and housing finance major HDFC was up 0.33%. The company after market hours yesterday, 17 November 2016, announced that it intends to raise Rs 1500 crore from issue of non-convertible debentures on private placement basis. The debentures will carry a coupon rate of 7.4% per annum and will have a tenor of 2 years.
IT major TCS was down 0.15%. The company's board of directors at a meeting held yesterday, 17 November 2016, decided to convene an extraordinary general meeting (EGM) pursuant to the special notice & requisition dated 9 November 2016 sent by Tata Sons, shareholder of the company holding 73.26% of the paid-up equity share capital of the company, to consider and if thought fit, to pass a resolution for removal of C. P. Mistry as Director of the company. The EGM will be held on 13 December 2016. The announcement was made after market hours yesterday, 17 November 2016.
Index heavyweight Reliance Industries (RIL) was up 0.48% after the company announced the signing of a global partnership agreement in the Industrial IOT (IIOT) space whereby RIL and GE will work together to build out joint applications on GE's Predix platform. The partnership marks the coming together of two of the world's largest industrial conglomerates to provide Industrial IOT solutions to customers in oil & gas, fertilizer, power, healthcare, telecom and other industries. The announcement was made after market hours yesterday, 17 November 2016.
GE will provide its Predix cloud offering, Industrial Internet applications and data science expertise. RIL will develop solutions on Predix as an Independent Software Vendor (ISV), bringing to bear its over 30 years of data, process and operational expertise. RIL will also offer nationwide connectivity infrastructure to customers through a 4G network powered by Jio. GE would offer the security, availability and monitoring aspects of the platform to RIL and its customers. The potential for other revenue streams includes telecom, healthcare and agriculture.
Power Grid Corporation of India (PGCIL) was up 0.13%. Piyush Goyal, Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, in a written reply to a question in Lok Sabha yesterday, 17 November 2016 said that PGCIL has sought a loan assistance of $1,000 million from the Asian Development Bank (ADB) comprising of Sovereign guaranteed loan of $500 million and Non-Sovereign loan of $500 million. The Minister further informed that the loan would be utilized for funding of the transmission projects including a project under Green Energy Corridor projects in next 3-4 years.
Vedanta was down 0.68%. The company said it proposes to offer rated secured redeemable non-convertible debentures aggregating to Rs 300 crore. In this regard, the company will hold a meeting of its duly constituted committee of the board on 22 November 2016. The announcement was made after market hours yesterday, 17 November 2016.
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