Key benchmark indices edged lower in early trade tracking weakness in global stocks. At 9:23 IST, the barometer index, the S&P BSE Sensex was down 85.17 points or 0.34% at 25,144.53. The Nifty 50 index was currently down 29.05 points or 0.37% at 7,717.95.
In overseas stock markets, Asian stocks edged lower amid renewed global growth concerns after weaker-than-expected Chinese manufacturing data. US stocks closed lower yesterday, 3 May 2016, led by declines in energy and materials stocks amid renewed global growth worries.
Closer home, the market breadth indicating the overall health of the market was weak. On BSE, 653 shares declined and 433 shares rose. A total of 61 shares were unchanged. The BSE Mid-Cap index was currently down 0.32%. The BSE Small-Cap index was currently down 0.18%. The decline in both these indices were lower than the Sensex's decline in percentage terms.
Telecom stocks declined. Idea Cellular (down 1%), Mahanagar Telephone Nigam (down 0.54%) and Tata Teleservices (Maharashtra) (down 0.45%) edged lower. Reliance Communications (up 0.26%) edged higher.
Bharti Airtel fell 1.09% at Rs 363. The company announced after market hours yesterday, 3 May 2016, that its subsidiary Airtel M-Commerce Services has been renamed as Airtel Payments Bank after receiving necessary approvals from all concerned authorities. The company also unveiled a new logo to reflect its new identity. On 11 April 2016, Airtel Payments Bank became the first entity in India to receive a payments bank license from the Reserve Bank of India (RBI). The company plans to start rolling out its banking network in the second quarter of the current financial year. Airtel Payments Bank (which began operations in 2011 as Airtel M-Commerce Services) currently provides money transfer services and semi-closed wallet services (Airtel Money). The company has presence in 800 plus towns across India.
Shares of telecom towers company Bharti Infratel fell 0.25% at Rs 382.05.
Adani Ports and Special Economic Zone (APSEZ) lost 5.15% at Rs 223.75. The company's consolidated net profit rose 38.34% to Rs 914.06 crore on 18% increase in total income to Rs 2161.65 crore in Q4 March 2016 over Q4 March 2015. EBITDA (earnings before interest, taxes, depreciation and amortization) excluding other income rose 12% to Rs 1225 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 3 May 2016.
Cargo across all ports handled by the company rose 5% to 152 million metric tonnes (MMT) in the year ended 31 March 2016 over the year ended 31 March 2015. The company has given guidance of 10% to 15% growth in cargo volumes for the year ending 31 March 2017 (FY 2017). It has given guidance of 10% to 15% growth in net profit for FY 2017.
In a separate announcement, APSEZ said that its board of directors has decided to seek shareholders' approval to raise funds by issue of equity shares/convertible bonds for an aggregate amount of up to Rs 10000 crore. The board has also decided to seek shareholders' approval to issue secured/unsecured redeemable non-convertible debentures on private placement basis within the overall borrowing limits of the company.
Yes Bank rose 0.06% at Rs 932.55 after the bank announced reduction in lending rates by 10 basis points (bps) across all tenures with effect from 1 May 2016. The bank's Marginal Cost of Funds based Lending Rate (MCLR) for one-year loans now stands at 9.50%, the bank said. The announcement was made after trading hours yesterday, 3 May 2016.
NTPC rose 0.95% at Rs 137.95 after the company announced that the 200 megawatts (MW) out of 250 MW of Stage-I Ananthapuramu Ultra Mega Solar Power Project has been synchronized on 30 April 2016. With this, the total capacity of non-conventional energy projects of NTPC has become 310 MW. Further, in continuation to the company's disclosure dated 16 October 2015, Government of Jharkhand has notified 'PTPS Transfer Scheme, 2015' on 1 April 2016 transferring specified assets of Patratu Thermal Power Station to PUVNL, a subsidiary company of NTPC, resulting in addition of 325 MW to NTPC's Group capacity. Consequently, the total commissioned capacity of NTPC and NTPC group has become 40,212 MW and 47,178 MW respectively, NTPC said. The announcement was made after market hours yesterday, 3 May 2016.
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