Key indices were trading higher on positive Asian stocks. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 230.54 points or 0.56% at 41,197.40. The Nifty 50 index was up 72.80 points or 0.60% at 12,128.60.
The S&P BSE Mid-Cap index was up 0.92%. The S&P BSE Small-Cap index was up 0.60%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 811 shares rose and 192 shares fell. A total of 31 shares were unchanged.
Q3 earnings impact:
Among stocks, Central Bank of India rose 2.33%. Central Bank of India reported net profit of Rs 155.32 crore against a loss of Rs 718.23 crore on 15.00% rise in total income to Rs 7,278.29 crore in Q3 December 2019 over Q3 December 2018. In a new set up, 7 Stressed Asset Management Branches (for stressed assets above Rs 25 crore) and 8 Asset Recovery Branches (for stressed assets of Rs 5-25 crore) are reporting directly to Corporate Office for ensuring faster resolution.
Cummins India jumped 7.65%. Cummins India reported 1.21% rise in consolidated net profit to Rs 199.88 crore on 3.47% fall in total income to Rs 1,548.84 crore in Q3 December 2019 over Q3 December 2018. The company also announced payment of interim dividend for FY 2019-20 of Rs 7 per share. The company continues to invest judiciously in product enhancements, increasing customer focus, while maintaining strong controls on cost of operations.
Tata Coffee surged 6.26%. Tata Coffee reported 121.73% rise in consolidated net profit to Rs 24.90 crore on 8.40% rise in total income to Rs 511.50 crore in Q3 December 2019 over Q3 December 2018. Instant Coffee exports continue to be strong, running to full capacities. The company saw good performances across geographies. On Plantations, improvement in prices and operating efficiencies resulted in better profits. The newly established state-of-art plant in Vietnam has also registered robust sales. The company has a robust sales order pipeline.
Stocks in news:
Infosys rose 1.05%. Infosys informed that with regard to the minority investment made during 2016 in Unsilo A/S, the company announced that it has, on 28 January 2020, completed the divestment of its shares in Unsilo A/S for a total consideration of approximately $ 0.8 million.
Tata Coffee surged 6.26%. Tata Coffee said that the board of directors has approved disposal of upto 1,60,000 equity shares of Rs 10 each held by the company in Tata Chemicals, through secondary market.
Allcargo Logistics gained 1.37%. Allcargo Logistics informed that the company has till now acquired 2,54,03,340 equity shares i.e. 20.83% stake of Gati.
KEI Industries fell 0.43%. KEI Industries said the company's qualified institutions placement committee approved the issue and allotment of 10,000,000 equity shares to eligible qualified institutional buyers at an issue price of Rs 500 per equity share, aggregating to Rs 500 crore.
Maruti Suzuki was up 0.90%. Maruti Suzuki informed that Super Carry (Petrol) is now BS-VI compliant. This will result in price increase in all the variants of Super Carry (Petrol). The revised Ex-showroom price in Delhi and NCR region shall vary from Rs 4,14,000 to Rs 4,24,00. The same is effective from 28 January, 2020. Also TOUR S (Petrol) is now BS-VI compliant. This will result in price increase in TOUR S (Petrol). The revised Ex-showroom price in Delhi and NCR region shall be Rs 5,76,700 effective from 28 January, 2020.
Global Markets:
Overseas, most Asian stocks were trading higher on Wednesday as better-than-expected Apple Inc. earnings drove some regional tech gains although broader confidence was capped by worries about the economic impact of China's virus outbreak.
In US, stocks recovered some ground on Tuesday, after worries about the impact of China's coronavirus outbreak on global economic growth sparked the biggest one-day selloff since early October on Monday.
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