Key benchmark indices edged higher in early trade, shrugging off mixed global cues. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex, was currently up 170.88 points or 0.62% at 27,816.41.
Foreign portfolio investors bought shares worth a net Rs 48.06 crore yesterday, 19 May 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 451.02 crore yesterday, 19 May 2015, as per provisional data released by the stock exchanges.
In the overseas market, Asian indices were mixed. In US, stocks lost steam by the end of session and closed mostly lower yesterday, 19 May 2015.
At 9:18 IST, the S&P BSE Sensex was up 170.88 points or 0.62% at 27,816.41. The index rose 177.13 points at the day's high of 27,822.66 at the onset of trading session. The index gained 98.46 points at the day's low of 27,743.99 at the onset of trading session.
The CNX Nifty was up 46.60 points or 0.56% at 8,412.25. The index hit a high of 8,413.85 in intraday trade. The index hit a low of 8,391.45 in intraday trade.
The BSE Mid-Cap index was up 68.47 points or 0.64% at 10,719.49. The BSE Small-Cap index was up 73.75 points or 0.66% at 11,261.48. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 704 shares rose and 169 shares fell. A total of 23 shares were unchanged.
Tata Power Company rose 4.09% to Rs 78.95. Tata Power Company reported consolidated net profit of Rs 159.14 crore in Q4 March 2015 compared with consolidated net loss of Rs 145.33 crore in Q4 March 2014. Total income fell 8.12% to Rs 8227.14 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 19 May 2015.
Net profit in Q4 March 2015 was up at Rs 159 crore mainly due to lower depreciation & lower coal prices in CGPL and better performance of Mumbai Operations. The profits for the quarter also include adverse forex impact at the South African Joint Venture-Cennergi. he impact of low er coal price realization were offset by better operational efficiencies of coal mines as well as forex gains on VAT related settlement during the year. Operating Profit for the quarter was up by 28% at Rs 1408 crore in Q4 March 2015 over Q4 March 2014.
Glenmark Pharmaceuticals rose 3.19% to Rs 928 after the Reserve Bank of India (RBI) after trading hours yesterday, 19 May 2015, notified increase the limit for the purchase of equity shares of the company by foreign institutional investors (FIIs) under the portfolio investment scheme to 49% of the company's paid up capital from earlier 40%. The total FII holding in Glenmark Pharmaceuticals stood at 34.71% as per the shareholding pattern as on 31 March 2015.
Reliance Industries (RIL) was up 0.75%. With respect to media reports titled "Reliance Jio turns to China for cheap phones ahead of 4G rollout", Reliance Industries after market hours yesterday, 19 May 2015, clarified that the company is working with multiple Indian and global manufacturers to test their devices on the company's network.
Syndicate Bank was up 1.74%. The board of Syndicate Bank approved raising equity capital of Rs 2000 crore, including premium to be decided as per the guidelines by way of qualified institutional placement (domestic and foreign financial institutions)/rights issue /follow-on public/or any other mode approved by Reserve Bank of India/Government of India, at an appropriate time. Syndicate Bank's board also approved raising Basel III complaint additional tier I bonds upto Rs 1800 crore and tier II bonds upto Rs 1750 crore, as per eligibility at an appropriate time. The announcement was made after market hours yesterday, 19 May 2015.
Gujarat Gas was up 1.06%. Gujarat Gas has fixed 28 May 2015 as record date for the purpose of determining the names of the shareholders of Gujarat Gas Company, the erstwhile Gujarat Gas Financial Services and erstwhile GSPC Gas Company, who would be entitled to receive equity shares of Gujarat Gas (formerly known as GSPC Distribution Networks) for their equity shares held, pursuant to the Scheme.
Tech Mahindra was up 0.78%. The company announced that it will build an Intelligent Electric Vehicle Charging System (IEVCS) designed to help build Ontario's clean energy future. The project, sponsored by the Ministry of Energy and funded in part through the Ontario Smart Grid Fund initiative, will analyze the effects of electric vehicle charging on transformers by creating a real time transformer monitoring and analytics solution. The key benefit of the solution is the real time monitoring of the transformers and the ability to automatically manage the charging between vehicles to ensure the transformers do not overload as a result of EV charging.
This innovation will use cutting edge techniques in data sciences and embedded systems for the smart grid industry. The highly customizable and scalable platform is set to help utilities reduce their total operating cost.
During the two-year project, Tech Mahindra, along with its partners, will develop and design a reliable distribution system for electric vehicles. This system will manage the load profiles of participant EV's by queuing their charging to prevent transformer overloading, while keeping participants' information private.
Tech Mahindra's IEVCS project comes at a time when the company is actively promoting new ideas and technologies. In February 2015, Tech Mahindra announced plans to invest $150 million over the next three to four years to create innovative solutions and develop next-generation technologies
Asian indices were mixed. Key benchmark indices in China, Indonesia, Japan and South Korea were up by 0.33% to 0.82%. Key benchmark indices in Taiwan, Singapore and Hong Kong were down by 0.04% to 0.37%.
In US, stocks lost steam by the end of session and closed mostly lower yesterday, 19 May 2015, though Dow industrials eked out a small gain to finish at a fresh record. Falling oil prices weighed on energy stocks, with the sector selling off sharply. Meanwhile, investors digested a report showing a sharp increase in housing starts last month, pondering the effect it might have in determining the course of the Federal Reserve's interest rate policy.
The government reported that builders started work on new houses at the fastest pace in seven years. Housing starts jumped 20.2% to an annual rate of 1.1 million homes, the fastest clip since November 2007.
Investors will get a closer look at the US Federal Reserve's thoughts about interest rates and economic data when the minutes of the Federal Open Market Committee meeting from its meeting held in late April 2015 are released later in the global day today, 20 May 2015.
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