Key benchmark indices displayed divergent trend in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 14.22 points, or 0.05% at 28,386.45. The Nifty 50 index was down 7.25 points, or 0.08% at 8,719.35. The market breadth, indicating the overall health of the market, was positive. On BSE, 1,331 shares rose and 1,049 shares fell. A total of 153 shares were unchanged. The BSE Mid-Cap index was currently down 0.22%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.37%, outperforming the Sensex.
FMCG shares were mixed. Godrej Consumer Products (up 1.15%), Hindustan Unilever (up 1.03%), GlaxoSmithKline Consumer Healthcare (up 0.58%), Marico (up 0.48%), Dabur India (up 0.12%), Procter & Gamble Hygiene & Health Care (up 0.08%) and Britannia Industries (up 0.02%), edged higher. Tata Global Beverages (down 0.22%), Nestle India (down 0.59%), Bajaj Corp (down 0.6%), Jyothy Laboratories (down 1.57%) and Colgate Palmolive (India) (down 1.84%), edged lower.
Index heavyweight and cigarette major ITC rose 2.06% to Rs 257.20 after the company's chief operating officer (COO) Sanjiv Puri was quoted as saying that the firm's consumer goods business presents the maximum potential for value creation. The company reportedly aims to strengthen its footprints in the FMCG sector by bringing in innovative, differentiated and first time products to the market, Puri added. ITC expects to ramp up revenue from branded packaged foods and personal care products to Rs 1 lakh crore by 2030.
GMR Infrastructure fell 2.47% to Rs 14.20 after the company reported net loss of Rs 123.06 crore in Q1 June 2016 higher than net loss of Rs 1.33 crore in Q1 June 2015. Total income rose 35.99% to Rs 366.39 crore in Q1 June 2016 over Q1 June 2015. The result was announced before market hours today, 15 September 2016.
Yes Bank edged lower on reports that Securities & Exchange Board of India (Sebi) is looking into discrepancies in the bank's planned qualified institutional placement (QIP) of shares. The stock fell 2.51% to Rs 1,221.95. According to reports, the stock market regulator Sebi is looking into Yes Bank's notices to stock exchanges about the planned QIP of shares, the surge in the stock in the run-up to the issue date and its intra-day fall before the announcement to call off the issue. Sebi is reportedly looking into why investment bankers failed to take note of the fact that there was no pre-intimation by Yes Bank to stock exchanges that there would be a board meeting.
It may be recalled that Yes Bank had announced on 8 September 2016 its decision to defer QIP of shares citing extreme volatility during trading day on 8 September 2016 because of misinterpretation of new QIP guidelines. The bank had on 7 September 2016 announced opening of QIP of equity shares of face value Rs 10 each to raise up to $1 billion. Yes Bank had fixed Rs 1,371.84 per share as the floor price at that time.
Realty shares were mixed. Indiabulls Real Estate (up 4.84%), Sunteck Realty (up 4.42%), Omaxe (up 0.41%), Phoenix Mills (up 0.29%), Mahindra Lifespace Developers (up 0.13%), Sobha (up 0.05%) and Godrej Properties (up 0.03%), edged higher. Housing Development and Infrastructure (HDIL) (down 0.22%), DLF (down 0.31%), Parsvnath Developers (down 0.34%), Oberoi Realty (down 0.72%), Peninsula Land (down 1.08%), Anant Raj (down 2.05%), D B Realty (down 3.54%) and Prestige Estates Projects (down 4.89%), edged lower.
Unitech rose 6.73% to Rs 6.50 after the company posted consolidated net loss of Rs 44.82 crore in Q1 June 2016 much lower than net loss of Rs 279.63 crore in Q1 June 2015. Total income rose 26.94% to Rs 495.93 crore in Q1 June 2016 over Q1 June 2015. The company's consolidated net debt as of 30 June 2016 stood at Rs 5265 crore. Net debt to equity ratio as of 30 June 2016 was 0.58. The company achieved sales bookings of 2 million square feet valued at Rs 362 crore during Q1 June 2016. The company delivered 2.35 million square feet of completed property during Q1 June 2016. The result was announced after market hours yesterday, 14 September 2016.
BEML fell 11.49% to Rs 908.05 after the company reported net loss of Rs 107.10 crore in Q1 June 2016, higher than net loss of Rs 68.10 crore in Q1 June 2015. Total income fell 49.7% to Rs 300.52 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 14 September 2016.
CESC was up 0.21% to Rs 656.50. Media reports suggested that a foreign brokerage has maintained its buy rating on the stock. The foreign brokerage has reportedly said that CESC is a play on power reforms. Chandrapur plant load factor (PLF) improvement is a key positive for the company, the brokerage added.
CESC's net profit rose 0.6% to Rs 174 crore on 11.8% growth in net sales to Rs 1888 crore in Q1 June 2016 over Q1 June 2015. The result was announced during market hours yesterday, 14 September 2016.
In overseas stock markets, Asian stocks were mixed as investors grappled with the seemingly diminishing ability of major central banks to stimulate growth, while a tumble in crude oil inflamed already heightened risk aversion. In US, the Dow industrials and the S&P 500 closed in negative territory yesterday, 14 September 2016, in the wake of slumping crude-oil prices, erasing earlier gains for the major benchmarks, while the tech-heavy Nasdaq bucked the losing trend.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
