Key benchmark indices were trading lower in early trade. At 9:23 IST, the barometer index, the S&P BSE Sensex, was down 60.36 points or 0.20% at 30,510.61. The Nifty 50 index was down 15.70 points or 0.17% at 9,422.55.
Among secondary barometers,the BSE Mid-Cap index was down 0.97%. The BSE Small-Cap index was down 0.78%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The broad market depicted weakness. There were more than two losers against every gainer on BSE. 889 shares fell and 424 shares rose. A total of 53 shares were unchanged.
Overseas, Asian shares were mostly higher after police said they were treating an explosion in Manchester, England, that killed at least 19 people as a terror attack.
The explosion struck an Ariana Grande concert in northern England late yesterday, 22 May 2017, killing at least 19 people and injuring dozens. Britain's terrorist threat level has been set at "severe" in recent years, indicating an attack is highly likely. Police said the explosion is being judged a terrorist attack unless new information proves otherwise.
In US, shares rose for the third straight day with technology companies closing in on all-time highs. Aerospace and defense companies rose after President Donald Trump presided over a $110 billion sale of military equipment to Saudi Arabia that could expand to $350 billion over 10 years. The Standard & Poor's 500 index jumped 0.5% to 2,394.02. The Dow Jones industrial average rose 0.4% to 20,894.83 and the Nasdaq composite gained 0.8% to 6,133.62.
Back home, state-run GAIL (India) was down 4.38% to Rs 374. The company's net profit dropped 68.74% to Rs 260.16 crore on 15.86% rise in total income to Rs 13674.09 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 22 May 2017.
The fall in bottomline was due to accounting of impairment of investments in Ratnagiri Gas and Power (RGPPL) of Rs 783 crore in Q4 March 2017. The net profit without the impact of impairment rose 25% to Rs 1043 crore in Q4 March 2017 over in Q4 March 2016.
Brigade Enterprises was up 2.01% after the company consolidated net profit jumped 173% to Rs 82 crore on 11% rise in total revenues to Rs 561 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 22 May 2017.
Hinduja Global Solutions was up 0.99%. The company's consolidated net profit fell 9.6% to Rs 42.7 crore on 1.7% fall in operating revenues to Rs 940 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours yesterday, 22 May 2017.
Seamec was down 2.45%. The company said that the charter for the vessel "HAL SUPPORTER" taken on charter basis from HAL for the contract with National Petroleum Construction Company has ended at 20:30 IST on 20 May 2017. The announcement was made after market hours yesterday, 22 May 2017.
Dwarikesh Sugar Industries was up 2.03%. The company has scheduled a board meeting on 2 June 2017, to consider the sub division of face value of equity shares of the company. The announcement was made after market hours yesterday, 22 May 2017.
MT Educare (MTEL) was down 0.87%. The company announced that it, alongwith its subsidiary Lakshya Educare Private Limited, has been sanctioned a long term debt facility from Xander Finance Private Limited (Xander) of Rs 110 crore. The initial disbursement proceeds from Xander of Rs 80 crore were utilized largely to repay short term debt raised by the company from various lenders who had provided loans to the company against promoter Mahesh Shetty's shares, as primary security. With the above deal, MTEL has been successfully able to convert most of its short term debt outstanding as on 31st March 2017, to long term debt.
This transaction has also enabled MTEL to significantly reduce its average cost of borrowings to the mid-teens. The above clarification is given by MTEL, in continuation of a clarification given to the stock exchanges in response to a new article in a leading newspaper recently. The announcement was made after market hours yesterday, 22 May 2017.
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