Key benchmark indices edged higher in early trade on strong global cues. The barometer index, the S&P BSE Sensex was currently up 58.11 points or 0.20% at 29,058.25. The market breadth indicating the overall health of the market was strong.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 264.35 crore yesterday, 3 February 2015, as per provisional data.
Among global markets, Asian shares were trading higher. US market ended higher for second day in a row on Tuesday, 3 February 2015, led by energy shares as oil prices extended their recent rally, while higher-than-expected January car sales also bolstered the advance.
At 9:18 IST, the S&P BSE Sensex was up 58.11 points or 0.20% at 29,058.25. The index rose 133.48 points at the day's high of 29133.62 at the onset of trading session. The index rose 50.18 points at the day's low of 29,050.32 at the onset of trading session.
The CNX Nifty was up 15.25 points or 0.17% at 8,771.80. The index hit a high of 8,792.85 in intraday trade. The index hit a low of 8,770.40 in intraday trade.
The BSE Mid-Cap index was up 27.08 points or 0.25% at 10,795.31. The BSE Small-Cap index was up 52.31 points or 0.46% at 11,479.09. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 803 shares advanced and 358 shares declined. A total of 32 shares were unchanged.
Reliance Industries (RIL) rose 0.38%. RIL announced before market hours that it has priced a Rule 144A/Regulation S offering of $750 million 4.875% Senior Unsecured Notes due 2045. The Notes have been assigned a rating of BBB+ (S&P) and Baa2 (Moody's). The Notes have been priced at 262.5 basis points over the 30-year US Treasury Note, at a price of 98.865 to yield 4.948%. The Notes will be denominated in US dollars, and will bear fixed interest of 4.875% p.a., with interest payable semi-annually in arrears and shall rank pari passu with all other unsecured and unsubordinated obligations of the company. The funds will be utilized for its ongoing capital expenditure.
Hero MotoCorp fell 1.90%. Hero MotoCorp's net profit rose 11.11% to Rs 582.98 crore on 0.56% decline in total income to Rs 6932.85 crore in Q3 December 2014 over Q3 December 2013. The company announced the result after market hours yesterday, 3 February 2015.
Jindal Steel & Power (JSPL) fell 0.33%. On a consolidated basis, Jindal Steel & Power reported net loss of Rs 1618.78 crore in Q3 December 2014 compared with net profit of Rs 561.51 crore in Q3 December 2013. Total income fell 1.38% to Rs 5078.93 crore in Q3 December 2014 over Q3 December 2013. The company announced the result after market hours yesterday, 3 February 2015.
Britannia Industries rose 1.29%. On a consolidated basis, Britannia Industries reported 36.51% rise in net profit to Rs 137.28 crore on 14.2% rise in total income to Rs 2052.92 crore in Q3 December 2014 over Q3 December 2013. The company announced the result after market hours yesterday, 3 February 2015.
Consolidated profit from operations on an equalised basis (after excluding the impact of additional depreciation basis revision in estimated useful lives of fixed assets as per schedule II of Companies Act 2013) rose 42.85% to Rs 200 crore in Q3 December 2014 over Q3 December 2013.
Commenting on the performance, Mr. Varun Berry, Managing Director, said, This quarter is a pay-off of all our efforts of strengthening our building blocks with great momentum on distribution, building cost ef?ciencies, right sizing our ?xed costs and building a strong & passionate team. We have made our key brands more affordable and have selectively passed off the bene?ts of benign commodity prices to consumers to ensure increased off-take in a sluggish market.
Bharti Infratel rose 2.38%. On a consolidated basis, Bharti Infratel reported 23.48% rise in net profit to Rs 506.90 crore on 8.77% rise in total income to Rs 3070.40 crore in Q3 December 2014 over Q3 December 2013. The company announced the result after market hours yesterday, 3 February 2015. Consolidated EBITDA improved 13% to Rs 1276 crore in Q3 December 2014 over Q3 December 2013, representing an operating margin of 43.3%. Consolidated EBIT rose 19% to Rs 717 crore in Q3 December 2014 over Q3 December 2013. Total towers rose to 85,064 in Q3 December 2014 from 82,813 in Q3 December 2014.
Akhil Gupta, Chairman, Bharti Infratel, said Telecom sector in India is witnessing a rapidly growing demand for data and high speed internet access. The operators have already invested significant amounts for data spectrum and are likely to increase it further in forthcoming auctions. Encouraged by surging demand for data across the country and to monetize this significant investment, the operators have already stepped up the rollout of the data networks. We expect this to further accelerate in the ensuing years. We continue to be the preferred infrastructure partners for telecom operators in India and fully geared to serve their rapidly increasing requirements of rollout.
Crompton Greaves fell 5.96%. On a consolidated basis, Crompton Greaves reported 342.26% surge in net profit to Rs 274.29 crore on 2.09% fall in total income to Rs 3357.67 crore in Q3 December 2014 over Q3 December 2013. The company announced the result after market hours yesterday, 3 February 2015. Crompton Greaves' Q3 December 2014 net profit was boosted by an exceptional income of Rs 267.54 representing profit on sale of portion of land at Kanjurmarg, Mumbai amounting to Rs 278.15 crore and compensation to employees pursuant to Voluntary Retirement Scheme amounting to Rs 10.61 crore.
Asian shares were trading higher. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan were up by 0.25% to 2.17%.
US market ended higher for second day in a row on Tuesday, 3 February 2015, led by energy shares as oil prices extended their recent rally, while higher-than-expected January car sales also bolstered the advance.
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