Key benchmark indices were trading higher in early trade. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 51.76 points or 0.16% at 31,500.79. The Nifty 50 index was up 14.65 points or 0.15% at 9,808.80.
Among secondary barometers,the BSE Mid-Cap index was up 0.60%. The BSE Small-Cap index was up 0.66%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,067 shares rose and 407 shares fell. A total of 39 shares were unchanged.
Overseas, most Asian shares were trading higher as investors digested earnings releases from regional corporates and a resurgent dollar.
In US, the main benchmarks ended little changed overnight amid better-than-expected retail sales data and an abatement of tensions between the US and North Korea. The Dow Jones Industrial Average finished up 5.28 points, or less than 0.1%, at 21,998.99. The S&P 500 index declined 1.23 points to finish at 2,464.61. The Nasdaq Composite Index slipped 7.22 points, or 0.1%, to close at 6,333.01.
US retail sales recorded their biggest increase in seven months in July as consumers boosted purchases of motor vehicles as well as discretionary spending, suggesting the economy continued to gain momentum early in the third quarter. The Commerce Department said on Tuesday, 15 August 2017, that retail sales jumped 0.6% last month. That was the largest gain since December 2016 and followed June's upwardly revised 0.3% rise.
Coal India was down 1.24%. The company's consolidated net profit fell 23.3% to Rs 2351.13 crore on 3.6% rise in net sales to Rs 18404.32 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours on Monday, 14 August 2017. The market remained closed on 15 August 2017 due to Independence Day.
Lupin was down 0.28%. The company's said that the company and Natco announced the final ANDA approval of Lanthanum Carbonate Chewable Tablets 500 mg (base), 750 mg (base), and 1000 mg (base) from the United States Food and Drug Administration (FDA). The product, as the first generic, will be launched shortly. The announcement was made after market hours on Monday, 14 August 2017.
Natco's Lanthanum Carbonate Chewable Tablets 500 mg (base), 750 mg (base), and 1000 mg (base) are generic equivalents of Shire Development LLC's Fosrenol Chewable Tablets 500 mg, 750 mg and 1000 mg. Lanthanum Carbonate Chewable Tablets 500 mg (base), 750 mg (base), and 1000 mg (base) are indicated to reduce serum phosphate in patients with end stage renal disease (ESRD). Fosrenol Chewable Tablets has US sales of $122.4 million (IMS MAT June 2017). Lupin and Natco had entered into an agreement on 1 September 2008 to jointly commercialize generic equivalents of Fosrenol Chewable Tablets.
Commenting on the approval, Nilesh Gupta, Managing Director, Lupin said that the conpany's proven IP capabilities, marketing reach and expertise coupled with Natco's solid development and manufacturing abilities make a great combination.
JK Tyre & Industries was down 4.87%. On a consolidated basis, JK Tyre & Industries reported net loss of Rs 117.21 crore in Q1 June 2017 as compared with net profit of Rs 100.47 crore in Q1 June 2016. Total income fell 14.9% to Rs 1942.86 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours on Monday, 14 August 2017.
Tata Global Beverages (TGB) was up 4.98%. The company's premium natural mineral water brand 'Himalayan', will now enter the USA market in a phased manner, through an agreement signed by its subsidiary with Talking Rain Beverage Company, the maker of Sparkling Ice flavored sparkling waters to distribute and market the brand. This makes Himalayan which is backed by the trust and credibility of the Tata brand, one of the first premium Indian FMCG brands to target the broader American audience.
This agreement will give Himalayan the benefit of Talking Rain's extensive go to market and execution capabilities in the US, which synergize well with TGB's product expertise and marketing capability. The premium end of the water market in the country is growing rapidly and Himalayan is well positioned to leverage the growth in this segment. The announcement was made on Tuesday, 15 August 2017.
Speciality Restaurants was up 2.62%. The company announced that it has opened a new 'Sweet Bengal' confectionery located at Shop No. 3, Chapel Avenue Premises Co-op. Society Ltd., Plot No. 68, Chapel Road, Opp. Mount Carnel's Church, Bandra West, Mumbai with effect from 14 August 2017. The announcement was made after market hours on Monday, 14 August 2017.
NBCC (India) was up 2.06%. The company's consolidated net profit rose 25.7% to Rs 59.16 crore on 0.8% rise in net sales to Rs 1548.90 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours on Monday, 14 August 2017.
Sun Pharmaceutical Industries was up 0.57%. The company said that it has received approval of Scheme of Arrangement among Sun Pharma Medisales Private Limited, Ranbaxy Drugs Limited, Gufic Pharma Limited, Vidyut Investments Limited and the company and their respective members and creditors from National Company Law Tribunal. The announcement was made after market hours on Monday, 14 August 2017.
HDFC was up 1.21%. The company said that consequent to the approval of the National Company Law Tribunal, the Insurance Regulatory and Development Authority of India on 14 August 2017 has granted its final approval for the merger of HDFC ERGO General Insurance Company, a subsidiary of the company and L&T General Insurance Company. The announcement was made after market hours on Monday, 14 August 2017.
On the macro front, the all-India general Consumer Price Index (CPI)-based inflation rebounded 2.36% in July 2017, compared with 1.46% in June 2017. The data was released after market hours on Monday, 14 August 2017.
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