Key benchmark indices edged slightly lower in early trade. At 9:16 IST, the barometer index, the S&P BSE Sensex was down 1.69 points or 0.01% at 28,075.31. The Nifty 50 index was currently down 3.75 points or 0.04% at 8,663.15. Meanwhile, the government on Saturday, 20 August 2016, named Reserve Bank of India (RBI) deputy governor Urjit R Patel as new RBI governor. Patel who handles the monetary policy department as the RBI deputy governor will take charge on 4 September 2016, the day when Raghuram Rajan's 3-year term as the RBI governor ends. Patel's term is also for a 3 year period.
In overseas stock markets, Asian stocks were trading mixed amid uncertainty whether the US Federal Reserve is readying an interest rate hike next month. US stocks registered small losses on Friday, 19 August 2016, with traders holding their horses ahead of a speech from Federal Reserve chair Janet Yellen at Jackson Hole this week. US Fed Chair Janet Yellen speech at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming is scheduled on Friday, 26 August 2016. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.
Closer home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 800 shares rose and 300 shares declined. A total of 54 shares were unchanged. The BSE Mid-Cap index was currently up 0.11%. The BSE Small-Cap index was currently up 0.19%. Both these indices outperformed the Sensex.
State Bank of India (SBI) was up 0.56% at Rs 259.95 after the bank announced that the Committee of directors of the bank is scheduled to meet on 24 August 2016, to examine the status and decide on long term AT1 fund raising in single/multiple tranches in domestic/foreign currency through a public offer and/or private placement during the current financial year (FY 2017). The announcement was made on Saturday, 20 August 2016.
Yes Bank was up 0.49% at Rs 1,343.25. The bank announced that it has received the approval from Reserve Bank of India (RBI) for appointment of Ashok Chawla as non-executive part-time Chairman of the bank for a period of three years with effect from 30 October 2016. Ashok Chawla, an independent director, was appointed on Yes Bank's board on 5 March 2016. The announcement was made during market hours today, 22 August 2016.
Sun TV Network was down 3.01% at Rs 467.80. The company's net profit rose 19.02% to Rs 233.06 crore on 9.89% growth in total income to Rs 782.38 crore in Q1 June 2016 over Q1 June 2015. The company's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 7.25% to Rs 436.43 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours on Friday, 19 August 2016.
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