After hovering in a narrow range near the flat line in morning trade, key benchmark indices extended gains in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 73.05 points or 0.26% at 27,847.93. The Nifty 50 index was currently up 5.15 points or 0.06% at 8,580.45. The Sensex rose 80.23 points or 0.29% at the day's high of 27,855.11 in mid-morning trade. The barometer index lost 77.55 points or 0.28% at the day's low of 27,697.33 in early trade, its lowest level since 4 August 2016. The Nifty rose 14.80 points or 0.17% at the day's high of 8,590.10 in mid-morning trade. The index fell 27.85 points or 0.32% at the day's low of 8,547.45 in early trade, its lowest level since 4 August 2016.
In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks closed slightly lower yesterday, 10 August 2016, with the S&P 500 index and Nasdaq Composite index retreating from record levels as crude-oil futures slumped following data on supply and production. The US Energy Information Administration reported an increase crude supplies last week, while Saudi Arabia revealed record crude production in July. Saudi Arabia is Organization of the Petroleum Exporting Countries (OPEC)'s largest oil producer.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,116 shares rose and 1,018 shares fell. A total of 121 shares were unchanged. The BSE Mid-Cap index was currently up 0.05%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.29%, outperforming the Sensex.
Pharma stocks saw mixed trend. Cadila Healthcare (up 0.3%), Cipla (up 0.41%), Alkem Laboratories (up 1.4%), and Wockhardt (up 1.03%) rose. GlaxoSmithKline Pharmaceuticals (down 0.16%), Aurobindo Pharma (down 0.19%), Dr Reddy's Laboratories (down 0.5%) and Glenmark Pharmaceuticals (down 2.61%) fell.
Lupin rose 1.81% after the company announced that its US subsidiary Gavis Pharmaceuticals LLC, USA has received final approval for its Potassium Chloride Extended-Release Tablets USP, 8 mEq (600 mg) and 10 mEq (750 mg) from the United States Food and Drug Administration (USFDA). The drug is a generic equivalent of Upsher-Smith Labs' Klor-Con Extended-Release Tablets, 8 mEq and 10 mEq. It is an electrolyte replenisher indicated for the therapeutic use of patients with hypokalemia, with or without metabolic alkalosis; in digitalis intoxication; and in patients with hypokalemic familial periodic paralysis. Klor-Con Extended-Release Tablets, 8 mEq and 10 mEq had annual US sales of $101.3 million as per IMS MAT June 2016 data. The announcement was made after market hours yesterday, 10 August 2016.
Sun Pharmaceutical Industries lost 3.33% after the company's US subsidiary Taro Pharmaceutical Industries (Taro Pharma) yesterday, 10 August 2016, announced uninspiring Q1 June 2016 results. Taro Pharma's net profit rose 6.08% to $109.9 million on 8.6% increase in net sales to $233.8 million in Q1 June 2016 over Q1 June 2015. The quarter (Q1 June 2016) witnessed slight decrease in the volumes over corresponding previous period. Net sales in Q1 June 2015 were negatively impacted by a $14 million provision for price protections.
Kal Sundaram, Taro's CEO stated that the company's increased R&D investment reflects its continuing focus on developing a strong product pipeline. Sales from new products are beginning to accelerate, however they continue to experience increased competitive intensity, Sundaram said.
Metal and mining stocks saw mixed trend. Hindalco Industries (down 1.58%), NMDC (down 0.7%), JSW Steel (up 0.03%), Tata Steel (up 0.66%), Steel Authority of India (Sail) (up 0.11%) and National Aluminium Company (up 0.32%) rose. Vedanta (down 1.04%), Hindustan Zinc (down 1.02%), Bhushan Steel (down 0.36%), Jindal Steel & Power (up 0.56%) and Hindustan Copper (up 0.84%) edged lower.
Copper edged higher in the global commodities market. High Grade Copper for September 2016 delivery was currently up 0.25% at $2.1765 per pound on the COMEX.
Bank of Baroda lost 8.48% after the bank reported 59.74% slump in net profit to Rs 423.62 crore on 2.99% decline in total income to Rs 11877.91 crore in Q1 June 2016 over Q1 June 2015. The result was announced before trading hours today, 11 August 2016. The bank's gross non-performing assets (NPAs) stood at Rs 42991.68 crore as on 30 June 2016 as against Rs 40521.04 crore as on 31 March 2016 and Rs 17273.95 crore as on 30 June 2015. The ratio of gross NPA to gross advances stood at 11.15% as on 30 June 2016 as against 9.99% as on 31 March 2016 and 4.13% as on 30 June 2015. The ratio of net NPA to net advances stood at 5.73% as on 30 June 2016 as against 5.06% as on 31 March 2016 and 2.07% as on 30 June 2015.
The bank's provisions and contingencies (excluding tax provisions) surged 234.16% to Rs 2004.07 crore in Q1 June 2016 over Q1 June 2015. Provision coverage ratio of the bank stood at 60.17% as on 30 June 2016.
Indiabulls Real Estate rose 2.35% after consolidated net profit rose 29.55% to Rs 116.83 crore on 7.07% growth in total income to Rs 894.32 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 10 August 2016.
Indiabulls Real Estate's consolidated EBITDA (earnings before interest, taxes, depreciation and amortization), excluding non-operating income, rose 8.20% to Rs 299.63 crore in Q1 June 2016 over Q1 June 2015. EBITDA margin (excluding non-operating income) was reported at 34.30% in Q1 June 2016 compared with 33.90% in Q1 June 2015.
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