Key benchmark indices were trading higher in early trade on positive global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 92.02 points or 0.27% at 33,823.21. The Nifty 50 index was up 29 points or 0.28% at 10,480.80.
Among secondary barometers,the BSE Mid-Cap index was up 0.47%. The BSE Small-Cap index was up 0.66%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,077 shares rose and 309 shares fell. A total of 39 shares were unchanged.
Overseas, Asian shares were trading higher tracking positive close in US market. US stocks rose moderately Monday, helping the three main stock benchmarks to close at all-time highs. Healthy corporate earnings and merger talks between chip makers Broadcom and Qualcomm kept stocks in positive territory despite unsettling political developments in Saudi Arabia. The S&P 500 index rose 0.13%, the Dow Jones Industrial Average rose 0.04% and the Nasdaq Composite Index advanced 0.33%.
Back home, Just Dial was down 3.44%. The company's net profit rose 26.47% to Rs 37.46 crore on 3.97% rise in total income to Rs 214.52 crore in Q2 September 2017 over Q2 September 2016. The announcement was made after market hours yesterday, 6 November 2017.
Bank of Maharashtra was up 0.18%. The bank reviewed its marginal cost of funds based lending rates (MCLR) with effect from 7 November 2017. The bank's MCLR for overnight loans is 8.1%, the rate for one month is 8.15% and for three months is 8.2%. The MCLR for 6-month loans is 8.55% and for one-year loans the rate is 8.65%, the bank said. The base rate was kept unchanged at 9.6%. The announcement was made after market hours yesterday, 6 November 2017.
Himachal Futuristic Communications was up 4.95%. The company received the Purchase Order (PO) worth Rs 1248 crore approx. from Bharat Sanchar Nigam, New Delhi for DWDM equipments to be installed on pan India basis for the defence forces (under Network For Spectrum programme) vide its letter dated 6 November, 2017. The order value for material and services is Rs 935 crore and Rs 313 crore approx. is for Annual Maintenance Contract. The announcement was made after market hours yesterday, 6 November 2017.
Biocon was up 1.61%. The company said that its partner Mylan has resubmitted the marketing authorization applications for the company's biosimilar trastuzumab and pegfilgrastim with the European Medicines Agency as per the administrative protocol. The announcement was made before market hours today, 7 November 2017. This follows the earlier withdrawal of both applications in response to the audit of the company's aseptic drug product facility by the designated European authority.
GTPL Hathway was up 3.69%. The company's net profit rose 53.1% to Rs 11.77 crore on 22.2% rise in net sales to Rs 181.01 crore in Q2 September 2017 over Q2 September 2016. The announcement was made after market hours yesterday, 6 November 2017.
Tata Chemicals was up 1.15%. The company's board of directors considered and accepted the recommendations of the committee of directors for sale, disposal and transfer of Phosphatic Fertilisers business, and the trading business comprising of bulk fertilisers and non-bulk fertilisers (Phosphatic Business), by way of a slump sale, on a going concern basis, by the company to IRC Agrochemicals, a wholly owned subsidiary of Indorama Holdings BV, Netherlands (part of Indorama Corporation Pte Ltd., Singapore Indorama) on the terms and conditions laid down in the Business Transfer Agreement (BTA).
The transaction would involve transfer of Haldia plant, trading business of bulk and nonbulk fertilisers along with immovable, movable properties, working capital and product brands but excluding outstanding subsidy amounts.
The lump sum consideration for the transfer of the Phosphatic Business of the company by way of a slump sale is Rs 375 crore, subject to certain adjustments after closing, as agreed between the parties in terms of the BTA. The announcement was made after market hours yesterday, 6 November 2017.
Singer India was up 1.84%. The company board of directors approved 5 for 1 stock split. The announcement was made after market hours yesterday, 6 November 2017.
Thomas Cook (India) was up 2.01%. The company's consolidated net profit surged 267.8% to Rs 73.70 crore on 27.9% rise in net sales to Rs 2675.64 crore in Q2 September 2017 over Q2 September 2016. The announcement was made after market hours yesterday, 6 November 2017.
Narayana Hrudayalaya was up 0.40%. The company announced that it has entered into definitive agreement to buyback 71.4% shareholding in Health City Cayman Islands currently held by Ascension Health Ventures LLC to make it a 100% step-down subsidiary of Narayana Hrudayalaya The announcement was made after market hours yesterday, 6 November 2017.
On macro front, the government announced on Monday, 6 November 2017, a multi-agency investigation headed by the Central Board of Direct Taxes (CBDT) chairman, after media reports leaked financial documents called the Paradise papers that show alleged offshore dealings of 714 Indian individuals and entities. The government said the multi-agency group would also have representatives from the Enforcement Directorate, the Reserve Bank of India and the Financial Intelligence Unit.
A collective of international journalists obtained the Paradise Papers from Bermuda-based offshore law firm Appleby and Singapore's business consulting company Asiaciti. The Finance Ministry said that the investigation units of the Income Tax Department have been alerted to take note of revelations for immediate appropriate action.
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