Key benchmark indices edged higher in early trade. At 9:27 IST, the barometer index, the S&P BSE Sensex was up 73 points or 0.27% at 26,798.60. The Nifty 50 index was currently up 20.65 points or 0.25% at 8,199.15.
In overseas stock markets, Asian stocks witnessed a mixed trend. US stock market was closed yesterday, 30 May 2016, for the Memorial Day holiday.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 674 shares rose and 543 shares declined. A total of 56 shares were unchanged. The BSE Mid-Cap index was currently up 0.18%. The BSE Small-Cap index was currently up 0.09%. Both these indices underperformed the Sensex.
Telecom stocks were mixed. Idea Cellular (up 0.57%) and Reliance Communications (up 0.41%) edged higher. Bharti Airtel (down 2.16%) edged lower.
Bharti Infratel was down 0.73%. Bharti Infratel is a telecom tower arm of Bharti Airtel.
Tata Motors jumped 8.18% at Rs 454.95 after consolidated net profit rose 201.51% to Rs 5177 crore on 19.04% growth in revenue to Rs 80684 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 30 May 2016.
The company's British luxury car unit Jaguar Land Rover's (JLR) net profit rose 56.29% to 472 million pounds on 13.18% growth in revenue to 6594 million pounds in Q4 March 2016 over Q4 March 2015.
Sun Pharmaceutical Industries (Sun Pharma) was down 3.1% at Rs 787.30. The company's consolidated net profit rose 92.71% to Rs 1713.69 crore on 16.82% growth in total income to Rs 7599.21 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 30 May 2016.
Sun Pharma's Managing Director Dilip Shanghvi said that FY 2016 has been a year of consolidation for Sun Pharma. While the company has accrued targeted synergies from the Ranbaxy acquistion, it has also made commensurate investments in building the specialty business in the US, Shanghvi said. These strategic investments will help Sun Pharma drive the sustainable growth of its business, he added.
Sun Pharma's board of directors scheduled a meeting on 23 June 2016 to evaluate a proposal for buyback of equity shares of the company.
Aurobindo Pharma rose 3.17% at Rs 778.40 after consolidated net profit rose 39.4% to Rs 563 crore on 18.5% growth in total operating income to Rs 3747 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 30 May 2016.
The company's earnings before interest, taxation, depreciation and amortization (EBITDA) before forex rose 34.5% to Rs 882 crore in Q4 March 2016 over Q4 March 2015. EBITDA margin edged higher to 23.5% in Q4 March 2016, from 20.7% in Q4 March 2015.
Aurobindo Pharma's Managing Director N. Govindarajan said that the company continues its growth journey with higher number of ANDA approvals, new launches and better integration of acquired businesses. With growth coming from all business verticals, focus remains on new launches in US and improved cost efficiencies in EU, he said. In addition, Aurobindo continues to work on new businesses and differentiated technology platforms which will drive its future growth, he added.
HDFC rose 0.43% at Rs 1,235.85. The company announced that it intends to raise Rs 760 crore through private placement of senior secured redeemable non-convertible debentures. HDFC said that the debentures has issue price of Rs 1 crore each and carry coupon rate of 8.44% per annum with a tenor of 10 years. The issue opens and closes on the same day on 1 June 2016. The object of the issue is to augment the long-term resources of the company. The proceeds of the present issue would be utilized for financing/refinancing the housing finance requirements of the company. The redemption date of the issue is 1 June 2026. The announcement was made after trading hours yesterday, 30 May 2016.
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