Key benchmark indices were trading near the flat line after opening with decent gains. At 9:20 IST, the barometer index, the S&P BSE Sensex was up 13.16 points or 0.05% at 24,687. The Nifty 50 index was currently up 5.45 points or 0.07% at 7,561. Capital goods and realty stocks led the gains.
The market breadth indicating the overall health of the market was strong. On BSE, 866 shares rose and 414 shares fell. A total of 66 shares were unchanged. The BSE Mid-Cap index was currently up 0.37%. The BSE Small-Cap index was currently up 0.36%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks were mixed. US stocks closed marginally higher on Friday, 8 April 2016 with petroleum-linked stocks posting strong gains, even as worries about earnings cut into gains.
Telecom major Bharti Airtel gained after the company said that it will pay Rs 3500 crore to acquire rights to use 4G spectrum of Aircel in eight telecom circles. The stock rose 2.9%. Bharti Airtel and its subsidiary, Bharti Hexacom, have on 8 April 2016 entered into a definitive agreements with Aircel and its subsidiaries Dishnet Wireless and Aircel Cellular (together Aircel) to acquire rights to use 20 megahertz (MHz) 2300 Band 4G TD spectrum for eight circles namely, Tamil Nadu (including Chennai); Bihar, Jammu & Kashmir, West Bengal, Assam, North East, Andhra Pradesh and Orissa at an aggregate consideration of Rs 3500 crore. The announcement was made after market hours on Friday, 8 April 2016.
The spectrum was allotted to Aircel and Dishnet by the Government of India, Ministry of Communication & IT, Department of Telecommunication (DoT) and is valid upto 20 September 2030. The transfer of the right to use for the circles of Andhra Pradesh and Orissa is subject to the revision of spectrum caps with the upcoming auction to be conducted by DoT. With the above acquisition, Bharti Airtel will become pan India 4G operator. The closing of the transaction is subject to satisfaction of the standard conditions as are normal to such transactions, Bharti Airtel said in a statement.
Sun Pharmaceutical Industries gained after the company announced on Sunday, 10 April 2016, that one of its wholly owned subsidiaries has received approval from US Food and Drug Administration (USFDA) for its non-steroid drug BromSite used to treat inflammation and prevent pain in patients undergoing cataract surgery. The stock gained 1.41%.
Kotak Mahindra Bank rose 0.23%. The bank announced after market hours on Friday, 8 April 2016, that its subsidiary, Kotak Mahindra (International) (KMIL) a foreign portfolio investor (FPI) on its client account, has acquired 12.89 lakh shares at Rs 92.69 each, aggregating to Rs 11.90 crore being 7.61% of the paid-up capital of Banswara Syntex. Banswara Syntex was incorporated on 5 May 1976 and registered total income of Rs 1243.05 crore in FY 2015. It has operations in textiles industry.
ONGC (up 1.29%), Tata Motors (up 1.11%) and Bharat Heavy Electricals (Bhel) (up 2.65%) were the major gainers from the Sensex pack.
Tata Steel rose after the company said its total steel sales increased 12.87% to 27.18 lakh tonnes in Q4 March 2016 over Q4 March 2015. The stock rose 0.4%. Hot Metal production rose 1.42% to 27.14 lakh tonnes in Q4 March 2016 over Q4 March 2015. Crude Steel production rose 4.88% to 25.60 lakh tonnes in Q4 March 2016 over Q4 March 2015. Saleable Steel production rose 6.57% to 25.46 lakh tonnes in Q4 March 2016 over Q4 March 2015.
Meanwhile, Tata Steel's British subsidiary Tata Steel UK clarified that the company has been cooperating fully with regard to a criminal investigation initiated by the Serious Fraud Office which relates to events in 2015 when during an internal audit conducted by the company, certain inappropriate testing and certification procedures at the South Yorkshire-based speciality steels business were identified. Tata Steel UK took immediate action to address the issues uncovered and the practices were immediately stopped. There have been no recalls of material in service by any customer and no customer has brought a legal claim so far, Tata Steel UK said in a statement.
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