Key indices were trading higher with both Sensex and Nifty scaling record high on strong buying in index stocks. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 275.76 points or 0.66% at 41,875.48. The Nifty 50 index was up 72.85 points or 0.59% at 12,329.65.
The S&P BSE Mid-Cap index was up 0.56%. The S&P BSE Small-Cap index was up 0.50%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 889 shares rose and 238 shares fell. A total of 64 shares were unchanged.
Among stocks, Infosys rose 2.58%. Infosys, after market hours on Friday, announced its Q3 results. On a consolidated basis, net profit rose 10.9% to Rs 4,457 crore on 2% increase in revenues to Rs 23,092 crore in Q3 December 2019 over Q2 September 2019. The Q3 numbers are as per International Financial Reporting Standards (IFRS). Operating margin was 21.9% in Q3 December 2019 as against 21.7% in Q2 September 2019. The company increased FY20 revenue guidance. The revised guidance is 10.0%-10.5% in constant currency higher than 9-10% estimated earlier. It maintained FY20 operating margin guidance range of 21%-23%.
Torrent Power advanced 1.02%. Torrent Power informed that CRISIL has upgraded the long term credit rating of non-convertible debentures and long term bank facilities of the company to CRISIL AA/Stable from CRISIL AA-/Stable. CRISIL has reaffirmed its rating on the short-term bank facilities and commercial paper at CRISIL A1+. CRISIL believes Torrent Power will maintain its strong business risk profile, driven by stable cash flows from its regulated businesses over the medium term. Also, financial risk profile expected to remain healthy.
Avenue Supermarts jumped 3.11%. Avenue Supermarts, on Saturday, reported 55.32% rise in consolidated net profit to Rs 384.04 crore on 24.31% rise in total income to Rs 6815.00 crore in Q3 December 2019 over Q3 December 2018. The company added seven stores in Q3 and 20 stores during the 9 months.
Tata Steel gained 1.11%. Tata Steel said that Tata Steel Netherlands Holdings B.V. (TSNHBV), a 100% subsidiary of Tata Steel, has executed agreements for the refinancing of its bank debt. TSNBHV has raised term loan facilities of EUR 1.75 billion from 19 banks. This represents a reduction of EUR 500 million versus the external debt outstanding in Tata Steel Europe as of March 2019, enabling the standalone European business to have a more robust balance sheet while it is also putting in significant efforts at restructuring and improving its operating performance.
Lupin fell 0.80%. Lupin said the completion of a PAI (Prior Approval Inspection) carried out by the United States Food and Drug Administration (US FDA) at its Nagpur oral solid dosage manufacturing facility. The inspection was carried out between 6 January 2020 and 10 January 2020. The inspection closed with two 483 observations.
Yes Bank was down 5.36%. Yes Bank said the Board of Directors of the Bank, have approved raising of funds upto Rs 10,000 crore through a mix of equity and debt and decided not to proceed with the offer from Erwin Singh Braich-SPGP Holdings. The bank will hold extra-ordinary general meeting to obtain shareholders' approval for fund raising.
India's industrial production (base year 2011-12=100) rebounded 1.8% in November 2019, while snapping consistent decline for last three straight months. As per the revised data for industrial production of October 2019, the pace of decline in industrial production is raised to 4.0% compared with 3.8% reported provisionally.
Overseas, Asian stocks were trading mixed on Monday after a decline in US shares following Friday's lacklustre employment report.
In US, stocks ended lower on Friday, after the Dow briefly topped the 29,000 milestone, with investor euphoria over recent record highs deflated by data showing slower-than-expected US jobs and wage growth in December.
All three major benchmarks indexes set new intraday highs on Friday.
The US Labor Department said the US economy added 145,000 new jobs in December less than the 266,000 gain in the prior month. The unemployment rate, meanwhile, held near a 50-year low at 3.5%.
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