Key benchmark indices provisionally settled with small gains after what was a lackluster and rangebound trading session. The barometer index, the S&P BSE Sensex rose 25.61 points or 0.09% at 27,941.51, as per the provisional closing data. The gains for the Nifty 50 index were higher than the Sensex's gains in percentage terms. The Nifty gained 22.75 points or 0.26% at 8,638, as per the provisional closing data. The market breadth indicating the overall health of the market was strong. On BSE, 1,556 shares rose and 1,094 shares fell. A total of 278 shares were unchanged. The BSE Mid-Cap index provisionally rose 0.95%. The BSE Small-Cap index provisionally gained 0.96%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3317.77 crore, higher than turnover of Rs 3264.55 crore registered during the previous trading session.
Tech Mahindra rose 4.75%. The company's consolidated net profit declined 19.22% to Rs 643.40 crore on 3.56% growth in income from operations to Rs 7167.41 crore in Q2 September 2016 over Q1 June 2016. The result was announced after market hours yesterday, 27 October 2016.
In dollar terms, the company's consolidated net profit declined 13.4% to $96.5 million on 6.1% growth in revenue to $1.072 billion in Q2 September 2016 over Q1 June 2016. Revenue in constant currency terms rose 5% in Q2 September 2016 over Q1 June 2016.
Vineet Nayyar, Vice Chairman, Tech Mahindra said that the company's performance during the quarter indicates that its early investments in new technologies and capabilities are starting to show result.
C P Gurnani, Managing Director & CEO, Tech Mahindra said that overall, it was a very good quarter with the growth well-supported by its key communications and enterprises businesses. The company had some marquee wins which align very well with its strategy of catering to the connected world, he said.
NTPC rose 0.33%. The company's net profit fell 17.87% to Rs 2495.97 crore on 7.52% rise in total income to Rs 19588.56 crore in Q2 September 2016 over Q2 September 2015. The result was announced during market hours today, 28 October 2016.
Grasim Industries gained 0.91% after consolidated net profit rose 50.39% to Rs 845.96 crore on 3.81% rise in total income to Rs 9668.55 crore in Q2 September 2016 over Q2 September 2015. The result was announced during market hours today, 28 October 2016.
Eicher Motors fell 2.21%. The company's consolidated net profit rose 45.19% to Rs 413.16 crore on 35.59% increase in total income to Rs 2047.47 crore in Q2 September 2016 over Q2 September 2015. The result was announced during trading hours today, 28 October 2016.
Bajaj Auto rose 3.35% after consolidated net profit rose 7.2% to Rs 1200.72 crore on 1.49% increase in total income to Rs 6775.03 crore in Q2 September 2016 over Q2 September 2015. The Q2 result was announced during trading hours today, 28 October 2016. Bajaj Auto's operating earnings before interest, taxes, depreciation and amortization (EBITDA) margin improved to 22.3% in Q2 September 2016 from 21.2% in Q1 June 2016. This was achieved due to richer product mix, especially for domestic market, Bajaj Auto said.
Bajaj Auto's total sales fell 2% to 10.31 lakh units in Q2 September 2016 over Q2 September 2015. The company's surplus cash and cash equivalents stood at Rs 11398 crore as on 30 September 2016, as against Rs 10701 crore as on 30 June 2016. Bajaj Auto said in a statement that the company continues to witness headwinds in international markets.
Vedanta rose 1.48% after consolidated net profit rose 17% to Rs 1252 crore on 4% decline in net sales to Rs 15666 crore in Q2 September 2016 over Q2 September 2015. Vedanta's consolidated attributable profit after tax before exceptional items rose 12% to Rs 1252 crore on 4% decline in net sales to Rs 15666 crore in Q2 September 2016 over Q2 September 2015.
Revenues declined in Q2 September 2016 over Q2 September 2015, on account of lower oil and copper prices, lower volumes at Zinc and Cairn India, partially offset by ramp-ups in volume from the Power business. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 8% to Rs 4640 crore in Q2 September 2016 over Q2 September 2015. EBITDA rose on account of higher metal prices, improved cost efficiencies at aluminium business, lower discount to Brent, ramp up of volumes in the power business, partially offset by lower volumes from Zinc India as per the mine plans and lower oil prices. EBITDA margin was reported at 39% in Q2 September 2016, higher than 34% in Q2 September 2015.
Bharat Electronics rose 3.9% after net profit rose 68.21% to Rs 346.25 crore on 15.14% rise in net sales to Rs 1755.89 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 27 October 2016. Bharat Electronics said its order book stood at Rs 34675 crore as on 1 October 2016. The company said it received orders worth Rs 4127 crore in Q2 September 2016. Export order book stood at $102 million as on 1 October 2016.
In overseas stock markets, European stocks edged lower as earnings season continues amid heightened expectations that the US Federal Reserve will raise rates in the near-term. Euro zone economic sentiment was much better than expected in October driven by higher optimism in industry and services, a monthly European Commission survey showed. The Commission said the economic sentiment indicator rose to 106.3 in October from 104.9 in September, well above market expectations. Asian stocks witnessed a mixed trend. US stocks settled with modest losses yesterday, 27 October 2016 as a selloff in government bonds hit yield-sensitive sectors such as real estate and utilities.
Meanwhile, the stock market will remain open for a special trading session (Muhurat trading) on Sunday, 30 October 2016, on account of Diwali. The market remains open from 18:30 to 19:30 IST on that day.
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