Key benchmark indices were trading higher in early trade. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 75.28 points or 0.23% at 32,261.69. The Nifty 50 index was up 31.35 points or 0.31% at 10,110.65.
Among secondary barometers,the BSE Mid-Cap index was up 0.81%. The BSE Small-Cap index was up 0.78%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1008 shares rose and 294 shares fell. A total of 50 shares were unchanged.
Overseas, most Asian stocks declined ahead of the US inflation report for August. Financial markets are on tenterhooks ahead of a run of data due later today, 14 September 2017, from China, including factory output, fixed asset investment and retail sales.
US market edged higher overnight, but trading was subdued as investors searched for catalysts that could breathe new life into the rally.The S&P 500 added 1.89 points to finish at 2,498.37. The Dow Jones Industrial Average edged up 39.32 points, or 0.2%, to end at 22,158.18 while the Nasdaq Composite Index rose 5.91 points to close at 6,460.19.
Back home, Wipro was down 3.90%. The company said that it has become the official technology partner to McLaren Technology Group to help drive digitalization across its businesses. The announcement was made before market hours today, 14 September 2017.
Separately, Wipro said after market hours yesterday, 13 September 2017, that it has joined Hyperledger to design and develop open source-based blockchain solutions for enterprise grade blockchain deployments.
Tata Chemicals was up 2.01%. The company said it is in advanced stages of discussions and negotiations with Indorama Holdings BV, Netherlands (subsidiary of Indorama Corporation, Singapore), for the potential sale of its Phosphatic Fertiliser Business located at Haldia and the trading business comprising of bulk and non-bulk fertilisers. The parties have a mutually agreed exclusivity agreement in this regard which expires on 31 October 2017. The announcement was made after market hours yesterday, 13 September 2017.
The potential transaction would be subject to due diligence, agreement on the definitive documents and approvals from the Board, Shareholders and Regulatory Authorities as may be required, and there is no certainty of the transaction being completed. The transaction if materialized would involve transfer of Haldia Plant, Trading Business along with immovable, movable properties, working capital and product brands but excluding outstanding subsidy amounts. The company is expected to receive consideration in the range of Rs 400 crore to Rs 500 crore.
Capital First was up 0.73%. The company said that the meeting of the Debenture Committee of the Board of Directors of the Company will be held on Monday, 18 September 2017 to consider and approve the Private Placement of Rated, Listed, Secured / Unsecured / Perpetual, Redeemable Non-Convertible securities in the nature of Debentures to be listed on the Debt Market segment of National Stock Exchange of India. The announcement was made after market hours yesterday, 13 September 2017.
Thermax was up 2.94%. The company said that the Thermax Group has won a $43 million contract from a leading cement company in the UAE for a turnkey captive power plant. The scope of supply includes design, engineering, manufacturing, construction and commissioning of the solid fuel based power plant with 2 CFBC boilers. Thermax also would be supplying emission control equipment and water treatment plant for the project, to be commissioned within 18 months. The announcement was made after market hours yesterday, 13 September 2017.
Godrej Properties was up 3.18%. The company announced that it has entered into a joint venture with Nirmal Ventures for developing a residential project located on the Lal Bahadur Shastri (LBS) Marg, Thane West. This project will be developed under a development management agreement. The announcement was made before market hours today, 14 September 2017.
Spread over 14 acres, the project will offer approximately 1.95 lakh square metres (2.1 million square feet) of saleable area and will be developed as a residential development comprising of modern residential apartments of various configurations along with a small retail component to support this residential development.
Piramal Enterprises was up 0.99%. The company said that administrative committee of the board of directors approved the issue of privately placed secured non-convertible debentures upto Rs 250 crore with an option to retain over-subscription of upto Rs 150 crore, aggregating the total issue size to Rs 400 crore. The announcement was made after market hours yesterday, 13 September 2017.
Persistent Systems was up 0.70%. The company said that it has been selected to develop the Ohio Department of Commerce's eLicensing system under Ohio's Medical Marijuana Control Program. The announcement was made after market hours yesterday, 13 September 2017.
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