After a positive start, key benchmark indices extended gains in morning trade tracking firmness in Asian markets. At 10:16 IST, the barometer index, the S&P BSE Sensex was up 209.51 points or 0.78% at 26,989.17. The 50-unit CNX Nifty was up 61.95 points or 0.76% at 8,169.85. The Sensex was currently trading below the psychological 27,000 level after surpassing that level in intraday trade. Broad market depicted strength. There were more than two gainers against every loser on BSE. 1,322 shares rose and 534 shares fell. A total of 73 shares were unchanged. The BSE Mid-Cap index was up 0.68%. The BSE Small-Cap index was up 0.65%. Both these indices underperformed the Sensex.
In overseas stock markets, Asian stocks edged higher after weak US retail sales data overnight heightened expectations that the Federal Reserve will hold off raising interest rates this year. Higher US interest rates will trigger capital outflows from emerging markets. US stocks closed lower yesterday, 14 October 2015, as investors digested earnings reports and weighed weaker-than-expected data.
Closer home, auto stocks gained. Maruti Suzuki India (up 1.96%), Mahindra & Mahindra (up 0.83%), Eicher Motors (up 0.72%), TVS Motor Company (up 0.56%), Ashok Leyland (up 0.21%), Bajaj Auto (up 0.47%) and Hero MotoCorp (up 1%) edged higher.
Tata Motors surged 4.24% at Rs 367.25. The company announced after market hours yesterday, 14 October 2015, that its UK based luxury car unit Jaguar Land Rover's retail sales rose 3% to 47,634 vehicles in September 2015 over September 2014. Jaguar delivered a solid performance in the month, with sales jumping 22% to 10,394 vehicles in September 2015 over September 2014. The increase reflects strong sales of the all-new Jaguar XE sports saloon in markets in which it has gone on sale since May, with China sales only starting in September and US sales starting in 2016. Land Rover retail sales fell 1% to 37,240 units in September 2015 over September 2014.
Jaguar Land Rover's retail sales fell 1% to 110,200 vehicles in Q2 September 2015 over Q2 September 2014, as continuing strong performance in Europe, up 34%, North America, up 23%, and the UK, up 9%, helped offset lower sales in Overseas (including Russia, Brazil, and MENA) and China markets, down 12% and 32% respectively. The lower sales in China in Q2 September 2015 reflect the continued accelerated slowing of economic conditions in China, together with planned new model transitions.
In addition, as previously reported, Jaguar Land Rover had about 5,800 vehicles stored at the port of Tianjin at the time of the explosion and tragic loss of lives in August. Many of these vehicles were destroyed or damaged. Given the exceptional nature of this event, Jaguar Land Rover is still assessing the damages and it may be some time before the company knows what insurance and other recoveries will be. In these circumstances, there is likely to be a one-time exceptional charge in Q2 September 2015 before any potential recoveries in subsequent quarters. The overall Q2 performance has been affected as a result of the above factors. Jaguar Land Rover remains confident about the future and in the second half of the year ending 31 March 2016 (FY 2016) plans to continue to build on the successful launches of the Land Rover Discovery Sport, the Jaguar XE and the new Jaguar XF, as well as launch the new 16 Model Year Range Rover Evoque and Jaguar XJ, followed by the recently unveiled Jaguar F-Pace in late Q4 FY 2016.
Shares of power generation firms edged higher. Adani Power (up 2.67%), Jaiprakash Power Ventures (up 1.36%), GVK Power & Infrastructure (up 2.02%), Torrent Power (up 1.5%), Reliance Power (up 0.84%), JSW Energy (up 0.46%), Tata Power (up 1.22%), NHPC (up 0.58%), Reliance Infrastructure (up 1.51%) and NTPC (up 0.28%) gained.
Shares of state-run power transmission major Power Grid Corporation of India (PGCIL) were up 1.32% at Rs 134.40.
Financial Technologies (India) (FTIL) rose 1.85% at Rs 115.50 after the company said it has concluded the sale of 11% equity stake in Indian Energy Exchange (IEX) on fully diluted basis, with DCB Power Ventures and Kiran Vyapar. Accordingly 33.36 lakh equity shares has been transferred to the two purchasers from the Escrow Account with Axis Bank. With the conclusion of the transaction, FTIL has completed the sale of 13.6% stake in IEX, on fully diluted basis. The company made the announcement after market hours yesterday, 14 October 2015. Last month, FTIL entered into an amended share purchase agreement with five buyers including DCB Power Ventures and Kiran Vyapar, to sell its 19.06% stake in IEX for Rs 409.95 crore.
Punj Lloyd surged 5.58% at Rs 28.40 after the company said it won a Rs 367 crore contract from Indian Oil Corporation. The announcement was made during trading hours today, 15 October 2015.
DIC India rose 3.68% at Rs 705 after net profit jumped 248.4% to Rs 7.42 crore on 4.1% rise in net sales to Rs 191.37 crore in Q3 September 2015 over Q3 September 2014. The result was announced after market hours yesterday, 14 October 2015.
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